The Best And Worst Car Companies of 2024

A Look at the US Auto Market in 2024

Sales in the US auto market have shown a slight uptick overall. Total vehicle sales in the United States for the first half of 2024 hovered around 8.6 million units, marking a 2% increase compared to the same period in 2023. That’s up from the roughly 15.5 million sold in 2023, which suggests the industry is regaining some momentum.

Consumers have also been spending more. The average transaction price of a new car climbed to around $45,500 in mid-2024, showing that people remain willing to pay for premium features and advanced technologies 333. 

Shifting consumer taste for SUVs continued into 2024. Compact and mid-size SUVs have accounted for nearly 52% of total light-vehicle sales in the US market so far, with some manufacturers finding real success in this arena. It seems folks still love the higher ride height and roomy interiors, especially when combined with hybrid or fully electric powertrains.

The Winners

GM Remains a Market Leader

General Motors maintained its position as a top-selling automaker in the United States. Thanks to healthy demand for Chevy and GMC pickup trucks, alongside a strong SUV lineup, GM’s total US sales for the first half of 2024 exceeded 1.4 million units, reflecting a 5% year-over-year growth. The company’s bold decision to roll out more electrified options under the Chevrolet brand has helped attract new customers who are seeking both eco-friendly and conventional models.

One GM executive was quoted as saying, “We’re focusing on reliability and tech-forward features without sacrificing what our loyal customers already like about our trucks.” That direct approach—keeping the best of what’s tried-and-true while offering modern solutions—has worked well, especially in the pickup and SUV segments.

BYD’s Impressive Record Sales

While BYD might be known more in Asia, it set new records for sales in the US plug-in market during the first quarter of 2024. Although the brand’s US presence is still smaller compared to Tesla, it saw a 40% jump in year-over-year sales. BYD’s expansion was driven by competitive pricing, good battery range, and consumer interest in alternative EV brands.

Back in 2022 and 2023, there were rumblings that BYD would struggle to make a dent in a market dominated by Tesla, GM, Ford, and Stellantis. However, a combination of aggressive pricing strategies and incremental brand recognition allowed BYD to gain traction. Some dealers even reported waiting lists for certain BYD models, which wasn’t something many analysts predicted.

The Rise of Hybrid Vehicle Sales

While fully electric vehicles have gained more media attention, hybrid vehicle sales in 2024 also showed impressive growth. Hybrids captured around 10% of the total US market in the first half of the year, an uptick from the 6% they held just two years ago. Consumers who aren’t fully ready to go all-electric found comfort in hybrid systems that offer better fuel economy and fewer range limitations. Toyota, Honda, and Ford all saw good traction in that segment, with Toyota’s RAV4 Hybrid and Honda’s CR-V Hybrid both charting strong numbers.

‍The Losers

Tesla’s Slowing Sales

One of the biggest surprises for 2024 was Tesla’s sales decline in the US. Although it remains a strong player in the EV market globally, it faced growing competition from new electric models introduced by GM, Ford, and BYD, among others. Tesla’s US sales for the first half of 2024 dropped by around 12% compared to the same period in 2023. Some point to Tesla’s price adjustments and concerns about the brand’s direction as reasons behind the slowdown.

An industry analyst was quoted as saying, “Tesla’s had an amazing run, but people now have more EV options. Brand loyalty only goes so far if the competition offers similar range and better price points.” There’s also the matter of buyer preferences shifting—some folks are hesitant to purchase a Tesla due to uncertainties around service support and changing tax incentives that may or may not favor Tesla’s product lineup.

Stellantis’s Struggles

Stellantis experienced a bit of a sales drop in certain segments. Stellantis’s overall US sales for the first half of 2024 dipped by 8% 888. The Jeep brand, once a big revenue driver, faced stiffer competition in the crowded SUV space. Meanwhile, Dodge’s muscle cars showed signs of losing steam amid growing consumer interest in hybrid and electric performance vehicles.

Stellantis didn’t deliver enough variety of EV or hybrid options to compete with more aggressive rivals. Some Jeep and Dodge enthusiasts continue to stick with the brand, but newcomers are looking elsewhere, especially if they want advanced driver-assist features or better efficiency.

Challenges in the UK EV Market (and Its Impact on Global Brands)

Though we’re focusing on the US market, UK EV market challenges have spilled over into global headlines. Automakers with substantial exposure to Europe—like Ford and Volkswagen—had to juggle development costs for EVs that satisfy different emissions standards. Some brand executives said the unpredictability surrounding UK regulations caused them to shift resources, which might have impacted the US lineup indirectly. Buyers in the US are sometimes left waiting longer for the latest EV tech if brands prioritize other regions. This doesn’t necessarily mean a total slowdown, but it’s a reminder that the auto industry’s global connectedness can affect US consumers too.

EV Competition Heats Up

There was no shortage of electric vehicle competition in 2024. Established brands and newcomers kept releasing fresh models, from compact city EVs to high-performance luxury crossovers. GM’s expanded Bolt lineup continued to lure in budget-conscious EV seekers, while Ford’s electric F-150 Lightning capitalized on the country’s love for pickups.

Meanwhile, Hyundai and Kia also grew their EV footprints, offering competitive range and distinctive styling. Though Tesla still has the top EV brand recognition, rising players are keeping the segment dynamic.

SUV Market Growth and Shifts

Consumer interest in SUVs remained strong, with SUV market growth signaling that these vehicles aren’t going away anytime soon. Some automakers took advantage by rolling out hybrid or EV versions of popular SUV models, hoping to capture both the lifestyle appeal and eco-friendly crowd.

Ford saw a steady climb in sales for its Explorer Hybrid, and Toyota’s redesigned 4Runner Hybrid generated positive buzz. Meanwhile, Nissan introduced a refreshed lineup, but results have been mixed—some critics praised the comfortable interior, though others felt the brand’s design language needed a refresh. Still, SUVs accounted for about 70% of Nissan’s US sales in 2024, showing that even when a brand struggles in certain areas, strong SUV offerings can keep them afloat.

Auto Market Shifts in 2024

With so many auto market shifts, it’s easy to overlook the stability that some brands maintained. Honda, for instance, posted flat or slightly higher sales in several core segments. Its Civic and Accord sedans still hold a loyal following, and the CR-V Hybrid continues to attract family-oriented buyers. At the same time, Subaru’s emphasis on safety and reliability helped it inch up in market share, especially in northern states where all-wheel-drive is a major plus.

At the global level, global car sales 2024 hovered around 86 million units. This number includes everything from low-cost economy cars in emerging markets to luxury electric crossovers in established regions. Trade policies, supply chain disruptions, and shifting consumer tastes can always throw a wrench in these forecasts, but so far, the industry seems to be stabilizing after a few turbulent years.

The Road Ahead

Overall, 2024 has been a year of changes. We saw Automotive winners 2024 like GM and BYD scoring higher sales and capturing new customers, while Automotive losers 2024 such as Tesla (in the US market) and Stellantis faced hurdles. The competition in EV and hybrid segments became fiercer than ever, with fresh models popping up almost monthly. It’s not surprising that consumer choice is at an all-time high, especially when mainstream and luxury brands are doubling down on electrification.

Of course, brand loyalty still matters. The US market continues to show that trucks and SUVs hold a place in the hearts of many, whether they run on gas, hybrid systems, or electric power. Looking forward, manufacturers that maintain a balanced approach—offering both traditional vehicles and innovative electrified options—may have the upper hand. Meanwhile, those that lag in new technology adoption could find it harder to hang onto a restless consumer base, especially as buyers become more comfortable with EV technology.

The market remains competitive, consumers aren’t afraid to shift loyalties, and the drive toward cleaner, smarter vehicles continues gaining momentum. After all, the real test isn’t just about short-term sales figures, but about how well these brands adapt to changing demands and keep their innovations rolling.

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