The automotive market in 2024: Predictions, trends, and insights – Charleston Gazette-Mail

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When 2023 ended, total new car sales hit approximately 15.5 million, as predicted by Cox Automotive, based on vehicle counts by Kelley Blue Book. That’s an increase of 11.5% from the 13.9 million vehicles sold the previous year, after a steady 11-year drop in sales due to factors like supply chain, chip shortages, and COVID-19 restrictions, to name a few.

Wards Intelligence reports the majority of sales were cars and light trucks. Only in the last year has the automobile industry seen positive growth. Cox Automotive is predicting a 2% increase in 2024, but January numbers were muted, so no one knows anything for sure. Interest rates are still up, hybrid sales are up, and while electric vehicle sales have slowed, some carmakers are exploring alternative fuels.

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