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China sales surpassed U.S. brands for first time as Europe sees most growth and SUVs gain biggest market share to date.
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Supply backlog of 2023 vehicles nearly at prepandemic level.
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Growing inventory, incentives shrink dealer profit, though sales are strong.
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Fewer selling days explain the difference. Sales pace on track to be the best sales year since 2019.
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NADA sees the trend continuing all year as inventories, incentives balance consumer finance woes.
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Early figures put volume up 1.4%, SAAR also up on higher inventory, incentives.
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Continued incentive increases weren’t enough to stop sales pace decline.
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Tepid growth could signal an up-and-down year ahead, S&P says.
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J.D. Power and GlobalData forecasts 13.2% year-over-year growth.
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S&P Global Mobility offers a conservative 2024 outlook as it sees financial pressures continuing to limit demand.
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