Cox Automotive released its December sales forecast for the United States and anticipates that the automotive industry will end 2023 with an increase of more than 11% year-over-year. It also foresees General Motors retaining its top spot, and Hyundai Motor stepping ahead of Stellantis.
In a news release, the company said December new-vehicle sales are expected to show gains over last year’s “product-constrained market,” which means that sales volume for the month should increase 6.2% over December 2022. Furthermore, they expect the seasonally adjusted annual rate (SAAR) to finish around 15.1 million in December — 1.6 million higher compared to 2022’s sales pace, but slightly lower than November’s 15.3 million level.
“December is generally a strong month for new-vehicle sales as holiday shoppers look for year-end deals, and this year will be no exception,” said Charlie Chesbrough, Senior Economist at Cox Automotive, in a statement. “With supply much higher now and incentives higher as well, this December is expected to finish significantly better than last year.”
However, he also noted that high vehicle prices and high interest rates “remain the industry’s Grinch right now, and that trend will continue into next year.”
As for the automakers, Honda, Nissan, General Motors and Tesla benefited from large year-over-year gains this year. The Hyundai Motor Group (Genesis, Hyundai, and Kia brands) enjoyed a strong year in the U.S. market, with sales up more than 12%. The group surpasses Stellantis (Jeep, Ram, Dodge, Chrysler and other brands) to slot fourth in overall U.S. sales, right behind Ford. Stellantis is the only OEM expected to post lower YOY sales, due to a lower volume/higher revenue per sales strategy.
