October Sales Up 1.2% as Mixed Gains Offset EV Losses
Manufacturers reporting U.S. new vehicle sales to the Automotive News Data Center registered a 1.2% overall improvement in October despite waning EV demand, led by increases for Toyota, Ford, Honda and Kia.
Toyota sales improved by nearly 12% year-over-year, shared evenly by its Toyota and Lexus marques, while Ford (1.5%), Honda (0.7%) and Kia (0.1%) reported more modest gains.
Mazda suffered its second consecutive double-digit decrease with 32.6% fewer sales compared with October 2024. Subaru sales were down 6.4% and Hyundai reported a 2% decrease.
Other U.S.-facing factories, including General Motors and Stellantis, report new vehicle sales on a quarterly basis.
AN’s David Phillips noted incentive spending remained strong in October, the first month following the expiration of a $7,500 federal tax credit for buyers of EVs and some hybrids.
“Discounts on EVs last month increased to $13,161, up $2,211 from October 2024 and $2,047 higher than September, J.D. Power and GlobalData estimated, as automakers replace a portion of the expired tax credit,” Phillips writes. “Among non-EV models, discounts were $2,423 last month, a decline of $282 from a year earlier.”
