North America

The US LV market grew by 2.2% YoY in October, to 1.2 million units, while the selling rate decelerated slightly, to 15.6 million units/year, down from the 15.8 million units/year recorded in September. As the UAW strikes were ongoing throughout October, there was some impact on the Detroit 3 OEMs, preventing more substantial growth.

In addition, transaction prices remain extremely high, though the figure declined slightly in October, by US$120 to US$45,644. Meanwhile, incentives barely increased last month, up by a mere US$10 MoM, to $1,847. Dealers had little reason to entice customers as the strikes reduced inventory in some cases.

In October Canadian LV sales reached 151,000 units, an increase of 17.8% YoY, as well as marking the third month in a row where sales have been above the 150k unit level. The selling rate in October was 2.0 million units/year, the highest monthly rate since September 2020, up from the 1.8 million units/year reported in September.

In Mexico, sales increased by 24.8% YoY, to 113.2k units. The selling rate dropped to 1.38 million units/year in October, down from the 1.48 million units/year reported in September.

Europe

The Western Europe LV selling rate rose to 13.6 million units/year in October from 13.1 million units/year in September, following a raw monthly registration figure of 1.1 million units (+13.3% YoY). The region continues to exhibit double-digit YoY growth as supply constraints fade and deliveries recover. Growth is expected to continue through 2024, albeit at a slower rate. YTD the region has grown 16.9% YoY with total sales at 11 million units.

The East European LV selling rate rose to 4.0 million units/year in October from an upwardly adjusted September figure of 3.9 million units/year. The raw monthly registration figure saw growth of 49.3% YoY to reach 353k units, helped largely by strong recovery in Russia, surpassing 101k units (+109% YoY). The YTD figure is up 31.5% YoY with 3.1 million in sales.

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