November 2024 has been a month of significant activity in the automotive industry, with several key events and trends making headlines:
1. U.S. New-Vehicle Sales Forecast
Cox Automotive forecasts that new-vehicle sales in November 2024 will maintain a steady seasonally adjusted annual rate (SAAR) of 16.0 million units, consistent with October's pace. The sales volume is expected to reach 1.32 million units, a slight decline of 1.3% from October but a 6.6% increase from last year. Higher incentives and improved vehicle inventory levels are driving this growth.
2. Electric Vehicle (EV) Sales Surge
With the recent U.S. election, there is speculation about potential changes to federal tax credits for EVs. This has led to a surge in EV sales as consumers rush to take advantage of current incentives. Analysts predict that EV sales will continue to rise in the coming months.
3. Clash Over EV Policy
California Governor Gavin Newsom and former President Donald Trump have clashed over EV policies, with Tesla caught in the middle. Trump's recent election victory has raised concerns about the future of EV incentives and regulations.
4. Nissan Slashes U.S. Production
Nissan has announced a 17% reduction in U.S. production due to slumping sales. This move is part of a broader strategy to adjust to market conditions and improve profitability.
5. 2024 Los Angeles Auto Show
The 2024 Los Angeles Auto Show has highlighted the enduring value of auto shows as platforms for automakers, dealers, and consumers to connect. Notable debuts include Hyundai's IONIQ 9, Volkswagen's third-generation Tiguan, and Kia's high-performance EV9 GT.
6. Federal EV Mandate
The National Highway Traffic Safety Administration (NHTSA) has stood firm on its mandate for automatic emergency braking (AEB) systems, despite pushback from the industry. This mandate is part of ongoing efforts to improve vehicle safety.
7. AI and Automation in Dealerships
Artificial intelligence (AI) and automation are revolutionizing dealership operations, particularly in sales. Predictive analytics and automation tools are helping dealerships engage with customers more effectively and streamline workflows.