“Even though headlines around Electric Vehicles (EVs) have generally been focused on the negatives, brands with a range of electrified offerings, including hybrids, tended to see an enthusiastic response in November. However, some consumers could now be moving to take advantage of EV tax credits, given that the incoming Trump administration has signaled that these credits could be scaled back or removed entirely. Credit availability appears to be improving as interest rates on auto loans slowly creep down, but some of that positivity is being tempered by lower trade-in equity for consumers,” said David Oakley, Manager, Americas Sales Forecasts, GlobalData.

Highlights

The annualized selling rate for the month was 16.7 million units/year, up from 16.3 million in October, and the strongest since May 2021. The daily selling rate was estimated at 52,800 units/day in November, up from 49,900 in October. October was an upbeat start to Q4. The stimulus continued into November, as higher levels of inventory, increasing incentives, and the return of some models after the ending of stop-sale orders propelled gains. According to initial estimates, retail sales totaled 1.16 million in November, while fleet sales finished at 213,000, accounting for 15.5% of total volumes.