Topic Brief

Market Trends – Model Year 2024

February 28, 2024

The automotive industry in 2023 was characterized by a return toward normalcy on price and an easing of supply-chain issues even as automakers navigated a strike and the ongoing transition to electric vehicles. The Environmental Protection Agency and the Department of Transportation each proposed new rules for passenger vehicles to reduce emissions and increase efficiency, respectively, and new federally-funded chargers were built.

Electric vehicle (EV) sales had another record year despite some negative headlines on EV sales numbers. EV sales reached 1.2 million, an increase of 46 percent, and prices for EVs fell due to increased competition and lower battery prices. Most major automakers also announced that they would be adopting Tesla’s charging standard for future vehicles, enabling broader use of the automaker’s extensive charging network. Hybrid vehicles also had a great year with traditional hybrid vehicles reaching a new high of 8.3% of new sales and multiple automakers having hybrid sales shares greater than 15%. 

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