Over the past year, the auto industry has faced numerous challenges, from declining electric vehicle sales to strikes at U.S. factories, supply chain issues and expensive materials. But hey, it wasn’t all doom and gloom! Sales of passenger cars and commercial vehicles reached a high of more than 90 million units, and some even saw significant double-digit increases. India has even become the fourth largest market for light vehicles. Despite some decline in electric vehicle sales, the situation looks good in 2024.
In the US, electric vehicle sales are expected to increase by 16% year-on-year in 2024, while in China they are expected to grow by 11.1%. China leads global electric vehicle sales, with a sophisticated supply chain and world-class innovation, securing a 60% market share. The company plans to capture 12% of the European electric vehicle market by 2025. Luxury cars are also changing, with SUVs becoming a popular choice for the wealthy. In the luxury car market, the installation of electric vehicle engines is accelerating, with the company aiming for a 15-17% sales share by 2024.
In contrast, the Asia-Pacific used car market is on the rise, with 94 million to 96 million vehicles expected to be sold in 2023, and 5-6% growth in 2024. The B2C segment is on the rise and is aiming for more than 50% market share in Asia Pacific and North America. Things seem to be shaping up for a well-organized market.
Look at the Top 5 Best Selling Car Brands in the World.
5. Hyundai Motor Company (OTC:HYMTF)
2023 Sales Volume (Millions): 4.22
South Korean car company Hyundai Motor Company (OTC:HYMTF) had a big hit in 2023. Hyundai sold 4,216,680 cars in the world, an increase of 6.9% from 2022. Despite the global financial whirlwind caused by rising interest rates and inflation, Hyundai has done serious business, especially in South Korea, North America, Europe, and India. Hyundai Motor Company’s (OTC:HYMTF) sales have soared thanks to new SUVs such as the new Kona and Santa Fe, as well as the expansion of its electric vehicle offering. In South Korea, 762,077 units were sold, an increase of 10.6% from the previous year. Overseas sales amounted to 3,454,603 units, a significant increase of 6.2% compared to the same period last year.
4. Ford Motor Company (NYSE:F)
2023 Sales (in millions): 4.41
Ford Motor Company (NYSE:F) is a leading company in Dearborn, Michigan. They were a huge success in his 2023, raking in a lot of money, with revenues increasing by 11% to $176 billion. Net income also increased, reaching $4.3 billion. Even Ford Motor Company’s (NYSE:F) adjusted EBIT was a solid $10.4 billion, roughly in line with its goals after new contracts with the UAW and Unifor.
3. General Motors Company (NYSE:GM)
2023 Sales (in millions): 6.19
General Motors Company (NYSE:GM) is a major automobile manufacturer located in Detroit, Michigan. The company owns major companies such as Chevrolet, GMC, Cadillac, and Buick, making it a true powerhouse in the American market.
In 2023, General Motors Company (NYSE: GM) sold 2.6 million vehicles in the US market alone, a 14% jump over the previous year. Buick sales were a shining star, increasing by 61% in 2023, and in the fourth quarter he increased by a whopping 57%, and Encore GX SUV sales increased by his 92%.
And guess what? In 2023, GM’s sales of electric vehicles increased and set new records. Sales of their Bolt EV and EUV models increased by 63% to reach 60,045 units in 2023, despite their slowing down of new vehicle releases to meet market demand.
2. Volkswagen AG (OTC:VWAGY)
2023 Sales volume (millions): 9.24
Volkswagen AG (OTC:VWAGY) is one of the leading German companies, producing all types of wheels from motorcycles to cars. doing. In 2023, it was a complete success in Europe, selling 3,774,500 vehicles, the majority of which were fully electric models.
They have definitely turned the electric car market upside down and secured more market space in this corner. In Western Europe, growth reached a solid 20.6%, with 3,271,000 people setting off in shiny new Group-branded cars.
And in its home country of Germany, deliveries increased by 15.1% to 1,185,100 units. In Central and Eastern Europe, Volkswagen AG (OTC: VWAGY) sold 503,500 vehicles, an increase of 13.9%. North America is no exception, with the Volkswagen Group increasing its deliveries by 17.9% to 993,100 vehicles.
1. Toyota Motor Corporation (NYSE:TM)
2023 Sales volume (million): 11.2
Based in Toyota City, Toyota Motor Corporation (NYSE:TM) is a major Japanese automobile manufacturer. Along with other automakers, Toyota Motor Corporation (NYSE:TM), which was founded by Kiichiro Toyoda in 1937, has been killing it in terms of sales in 2023.
With supply chain problems improving, inventories rising, and people eager to get behind the wheel, Toyota and Lexus (both owned by Toyota Motor Corp.) sold an incredible 10.3 million vehicles in 2023, an increase of 7.7% over the previous year. Don’t forget about the Daihatsu and Hino brands, which further contributed to Toyota’s impressive sales figures.
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