Pent up demand meant sales were projected to increase 5.8% YoY, to 18.9 million units.
EV sales were forecast to surge, with nearly 2 million units sold by year end.
Production was poised to rise by 3.4%, reaching 15.8 million units.
Capacity was set to rise 700k to 19.1 million units, with utilization remaining similar.
The forecasts were made with headwinds of a potential recession and ongoing supply-chain disruptions in mind, and since then the UAW strikes have added further complexity to the industry landscape.
Want to check out our full 5-year forecasts? You canread them here.
At the Wards Intelligence Q1 Outlook Conference, Haig Stoddard, Principal Analyst, Forecast & Markets, will unveil and analyze the latest sales, production, inventory and capacity figures and provide updated outlooks for the remainder of 2024. The production look will also include an analysis on the top 7 manufacturers.
He will compare Q1 2024 results to pre-2020 levels, and provide invaluable perspectives to steer your strategies and investments in the right direction.
Secure your spot today for only $595 to stay ahead of the curve and ensure your competitive edge in an evolving market landscape.
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