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