As automakers released financial results for the first quarter of 2024, some reported sales growth while others reported sales declined. Yet, one pattern seems to emerge — hybrids and electric vehicles showed the largest growth when measured as a percentage of sales increase.
Auto producers have been reporting their first-quarter sales numbers and most have noted growth over US first-quarter sales volumes from a year ago. But some, FCA and General Motors, saw declines. However, whether overall sales are up or down, for the most part across the industry hybrid and electric vehicles are selling strong.
Ford’s sales grew by 7%, but its Maverick hybrid sales increased by 77%. FCA’s overall sales trended down 10%, yet sales of its plug-in-hybrid vehicles grew by 82%. Toyota, likewise, reported a 76.4% increase in sales of electric vehicles in the first quarter of 2024.
Ford - Sales of Transit and Maverick Hybrid Set Records
Ford reported strong sales numbers in the first quarter of 2024, both in commercial and consumer classes. Overall, the company reported it outpaced the industry by increasing sales by 7%.
Ford said its Maverick hybrid was the number one selling hybrid truck, 19,660 sold, in the first quarter with a 77% increase from its sales in the same quarter a year ago. Total Maverick sales, both hybrid and traditionally-fueled, reached 39,061 for the quarter and market an 82% increase over last year.
The bigger picture shows that across the company, hybrid vehicle sales were up 42% from the company’s best quarter ever. The first quarter now has set a new benchmark as Ford’s best-ever sales quarter for hybrids over the company’s 20-year track record of selling hybrids.
Sales of the company’s new F-150 tallied 152,943, which Ford said maintains its position as America’s best-selling truck, and Super Duty sales increased 23%.
Ford Has Best SUV Sales Quarter Ever
The company hit another milestone by seeing its all-time best first quarter of SUV sales of 216,997, which was an increase of 15% over last year. Those sales numbers were led by:
Explorer— 58,465
Escape —36,995
Bronco Sport — 31,565
Ford reported Expedition sales grew by 11% over the prior quarter, which was greatly overshadowed by Escape’s 73% sales growth.
Ford Electric Vehicle Sales See Significant Growth
The company’s electric vehicles saw 86% growth over last year in the first quarter, ending the period with 20,233 sales. Ford admits it holds second place in EV sales, ranking behind EV leader Tesla. However, the Mustang Mach-E powered the Ford EV sales growth of 77% and 8,589 were sold during the first quarter.
Other key EVs in the lineup, the F-150 Lightning and the E-Transit, both showed significant increases in sales over the prior year. The F-150 Lightning ended the quarter with 7,743 sales, an 80% increase, and the E-Transit had 2,891 in sales, a 148% increase.
Ford Pro Commercial Finds Success in Van Sales
For Ford, on its 10th anniversary of selling the Transit in the US, commercial van sales were strong.
Transit van sales totaled 39,890 for the quarter, which, according to the company, is an increase of 25% over the first quarter of last year.
Ford commercial vans as a whole were also up, totaling 55,295 sales in the quarter for a 10% increase.
General Motors - Retail Sales Up in First Quarter, But Overall Sales Down
General Motors reported a 6% increase in retail sales in the first quarter of 2024, compared to the same period a year ago. Despite the retail sales increase, the company reported a total sales decrease of 1.5% and attributed that to lower fleet deliveries. Overall, 594,233 vehicles were delivered in the US during the quarter.
For GM, those sales numbers marked the best first-quarter retail sales since 2021.
The company reported sales of:
197,000 sales for full-size pickup trucks
51,000 sales for full-size SUVS
90,000 sales of what it terms affordable SUVs
The company said Chevrolet and GMC full-size pickup trucks grew retail market share by 1.7% to a 43.7% market share.
According to GM, the Chevrolet Silverado Crew Cab LD and HD saw best-ever first-quarter sales numbers, with the HD improving 56% over the same quarter a year ago. The company also reported the 2024 Colorado was the fastest growing midsize pickup in March.
Among GMC trucks, the Sierra LD and HD produced best-ever sales, growing by 4%. Canyon sales increased by 9% and Terrain sales by 22%. Overall, GMC retail sales for the quarter increased 3%.
The Chevrolet Trax, a small SUV, increased sales more than 350% over last year’s first quarter, the company said.
GM Evolve Sales Struggle in First Quarter
GM reported sales for the Evolve line were down 23% in the first quarter but the company attributes that to temporary production constraints for midsize pickups and vans and noted those constraints are now resolved.
However, the company noted it had the best first quarter of LCF sales to commercial and government customers since launching in 2017.
The company also reported the best first-quarter sales of the Chevrolet Equinox and the GMC Terrain to government customers.
FCA - Overall US Sales Down 10% in First Quarter, Yet Hybrid Sales Up
Fiat Chrysler Automobiles (FCA) reported a 10% decline in US sales during the first quarter of 2024 compared to a year ago, however plug-in hybrid sales grew significantly. During the first quarter, FCA sold 332,540 vehicles in total.
The brands under the FCA umbrella saw varied results in the first quarter, such as:
Jeep — 2% increase in sales, 157,039 total sales
Ram — 26% decrease in sales, 95,308 total sales
Chrysler — 9% increase in sales, 34,806 total sales
Dodge — 16% decrease in sales, 42,948 total sales
Fiat — 12% increase in sales, 154 total sales
Alpha Romeo — 4% decrease in sales, 2,285 total sales
Ram Brand Sees First-Quarter Decline in Sales
The Ram brand, known for pickups and vans, saw a 26% decline in sales. Sales numbers from Ram, included:
Ram pickup — 89,417 sold, a 15% decrease in sales
ProMaster Van — 5,853 sold, a 67% decrease in sales
ProMaster City — 38 sold, a 99% decrease in sales
The most significant sales drop was the ProMaster City, which in the first quarter of 2023 had sales of 5,678 compared to the 38 vehicles sold this year.
Watch: Vehicles Moving Fleets: 2023 Ram ProMaster
PHEV Vehicles See Major Sales Growth in First Quarter
FCA’s plug-in-hybrid vehicles sales grew by 82% in the first quarter, as compared to last year and the company reported four of its vehicles rank among the five best-selling hybrids in the US, according to an outside source.
Those four FCA vehicles are:
Nissan - Increased Sales in First Quarter, Including Truck Sales
Nissan Group reported a 7.2% sales growth in the US during the first quarter, with total car sales growing by 20.9% and total truck sales by only 1.8%.
In the first quarter of 2024, Nissan sold 252,735 vehicles compared to 235,818 a year ago.
Sales of the Nissan Titan grew from 4,038 a year ago to 4,145 in the first quarter of 2024, a 2.6% increase in sales.
The Frontier exceeded the Titan both in total sales and in sales percentage growth with 19,744 sold this year, a 16.6% growth over the first-quarter 2023 sales of 16,926.
Toyota North America’s Sales Up, EVs a Key Element
Toyota North America reported 565,098 vehicle sales in the first quarter, which is a 21.8% increase from the first quarter of 2023. However, electric vehicles comprised more than one-third of that sales volume.
The Toyota division saw a 21.3% growth in sales. In the same timeframe, Lexus sales grew 15%. For Lexus, 2024 produced its best-ever sales during the first quarter – 78,471 vehicles. Toyota sold 486,627 vehicles in the quarter.
The breakdown of Toyota Division sales percentage changes for the quarter, by vehicle type or model, showed:
Trucks — sales increase of 15.2%
SUV — sales increase of 31.9%
Tundra — sales increase of 31%
Tacoma — sales decrease of 59.8%
4Runner sales up 60.2%
The Lexus Division reported truck sales grew 20% in the first quarter.
Toyota Grows Electrified Vehicle Sales Volume
The company reported strong sales of electrified vehicles, 206,850, during the first quarter and those vehicles sold make up 36.6% of the company’s total sales volume. Twenty-seven electrified Toyota and Lexus vehicle options can currently be found at dealerships.
For the Toyota Division, electrified vehicle sales were 177,778 for the first quarter, an increase of 76.4% over a year ago. Lexus had 29,072 electrified vehicle sales in the first quarter, a 61.1% increase.
