US Auto Market: Tesla Tops, GM Again Ahead of Toyota

The world's leading automobile manufacturers reported an increase in their sales in the USA for the first quarter. According to analysts, this is mainly due to improved deliveries to dealers. Toyota is still struggling with supply bottlenecks and is losing ground.

High-Flyer Tesla

Tesla shows a strong result. The American electric car manufacturer sold 180,993 vehicles in the first quarter, according to data from market research company Cox Automotive. This allows the US company to record an increase of 37.6 percent and achieve a market share of 5.1 percent in the USA. This way, Tesla not only leaves premium brands like BMW far behind, but the electric car maker also surpasses the Volkswagen Group. Despite the record sales, Tesla's stock lost value. Although Tesla has very good vehicle sales to show, a lower profit is expected due to the price reductions of Tesla electrical vehicles in recent months, stock market analysts explained.

BMW and VW – Profits, but at a Low Level

The Volkswagen Group and BMW were able to increase their sales in the United States. The VW Group, with VW and its subsidiaries Audi, Bentley, and Lamborghini, sold 122,481 vehicles in the first quarter, an increase of 19.8 percent compared to the same quarter of the previous year. BMW, with Mini and Rolls-Royce, improved by 10.7 percent and sold 89,691 vehicles in the first quarter of the year.

GM back to First, Ford in Second

General Motors, which replaced Toyota as the leading US automaker in 2022, recorded a 17.6 percent increase in car sales in the first quarter and sold 599,187 cars in the first quarter. GM's market share thus rose to 16.4 percent.

"We gained significant market share in the first quarter, pricing was strong, inventories are in very good shape, and for the first time, we sold more than 20,000 electric vehicles in a quarter," said GM Executive Vice President Steve Carlisle in a statement.

Ford overtook Toyota this quarter and secured the second position with 477,755 vehicles and an increase of 11.3 percent.

Toyota and Stellantis Take a Hit

Toyota continues to struggle with a parts shortage. The automaker had to endure a decline of 8.8 percent compared to Q1 2022, with 469,557 vehicles. Stellantis, which oversees brands such as Alfa Romeo, Chrysler, Dodge, Fiat, Jeep, Maserati, and Ram, also saw a 9.1 percent decrease in sales. In particular, the US brands Jeep (-20.2 percent) and Ram (-6.8 percent) contributed to the lower vehicle sales. Dodge's increase of 24.2 percent wasn't enough to correct this downward trend. Overall, Stellantis sold 370.427 vehicles in the first quarter of 2024.

Honda (+6.8 percent, 284,507 vehicles) and Subaru (+8.3 percent, 143,376 vehicles) continued to perform strongly in the US market. Nissan/Mitsubishi also saw gains, selling 256,756 vehicles (+12.9 percent).