US Auto Sales Expected to Rise in October with EVs Gaining Market Share

According to S&P Global Mobility, U.S. light vehicle sales in October are projected to see a year-over-year increase of 11%.

What Happened: Chris Hopson, a principal analyst at S&P Global Mobility, remarked, "As we begin the final quarter of the calendar year, there’s potential that automakers will look to provide some additional support for consumers." He noted that such moves would be beneficial for new vehicle buyers who are facing challenges from high interest rates and persistently high vehicle prices, leading to elevated monthly payments.

Furthermore, October will have two additional selling days compared to the same month last year, which is expected to positively influence sales. The analysis also highlighted that current inventory levels are strong, which could facilitate this growth.

EV Sales: The report predicts that the electric vehicle (EV) market share will surpass 9% of all vehicle sales in October. New battery electric vehicles (BEVs) are being introduced in the last quarter, including models like the Volkswagen ID. Buzz, Polestar 3, and Jeep Wagoneer S. Recent launches such as the Chevrolet Equinox EV are also expected to contribute to increased EV sales through the remainder of the year, according to S&P's assessment.

Notably, Tesla Inc. (NASDAQ: TSLA) is aiming for increased sales in the final quarter to boost its overall delivery figures for the year. In 2023, Tesla has delivered a total of 1,808,581 vehicles. To show growth compared to last year, the company needs to deliver at least 514,926 vehicles in the upcoming three months. So far this year, its quarterly deliveries have not exceeded 500,000 units.

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Auto, Sales, EVs