S&P Global Mobility: U.S. auto sales showing signs of progress
Rhea-AI Summary
S&P Global Mobility projects November US light vehicle sales to reach 1.31 million units, representing a 6% growth year-over-year. The seasonally adjusted rate (SAAR) is expected to hit 15.9 million units, aligned with October's 16.0 million. Retail sales show sustained progress, supported by rising inventory, year-end promotions, and potentially lower interest rates. Available retail advertised inventory reached 3.06 million vehicles in October, marking the second consecutive month above three million units since the pandemic. Battery Electric Vehicle (BEV) share has maintained above 8% since June, with November projected at 8.7%.
Positive
- Light vehicle sales growth of 6% year-over-year
- Retail advertised inventory reached 3.06 million vehicles, highest since pandemic
- BEV market share consistently above 8% since June, reaching 8.6% in September
- Strong SAAR of 15.9 million units, maintaining October's momentum
Negative
- None.
News Market Reaction – SPGI
In the trading session that priced this news, SPGI gained 1.18%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
While the projected monthly volume remains familiar, retail sales levels reflect sustained advances
"Retail sales are showing sustained progress in November, aided by a combination of rising inventory, the beginning of year-end clearance promotional activity, and quite possibly relief from lower interest rates," said Chris Hopson, principal analyst at S&P Global Mobility. "The overall pace of sales would be relatively unchanged from the previous month, but advancing consumer demand could signal some easing of affordability issues."
Support from inventories also provides some indications that auto sales could indeed provide auto sales with a happy holiday season.
According to S&P Global Mobility Retail Advertised Inventory data, at the end of October 2024, available retail advertised inventory in the US was 3.06 million vehicles, a slight
US Light Vehicle Sales | ||||
Nov 24 (Est) | Oct 24 | Nov 23 | ||
Total Light Vehicle | Units, NSA | 1,309,400 | 1,325,263 | 1,235,583 |
In millions, SAAR | 15.9 | 16.0 | 15.5 | |
Light Truck | In millions, SAAR | 12.9 | 13.0 | 12.4 |
Passenger Car | In millions, SAAR | 3.0 | 3.0 | 3.1 |
Source: S&P Global Mobility (Est), | ||||
According to S&P Global Mobility new registration data, BEV share of sales has been above
About S&P Global Mobility
At S&P Global Mobility, we provide invaluable insights derived from unmatched automotive data, enabling our customers to anticipate change and make decisions with conviction. Our expertise helps them to optimize their businesses, reach the right consumers, and shape the future of mobility. We open the door to automotive innovation, revealing the buying patterns of today and helping customers plan for the emerging technologies of tomorrow.
S&P Global Mobility is a division of S&P Global (NYSE: SPGI). S&P Global is the world's foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity, and automotive markets. With every one of our offerings, we help many of the world's leading organizations navigate the economic landscape so they can plan for tomorrow, today. For more information, visit www.spglobal.com/mobility.
Media Contact:
Michelle Culver
S&P Global Mobility
248.728.7496 or 248.342.6211
Michelle.culver@spglobal.com
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SOURCE S&P Global Mobility