agent Entrepreneur logo
MenuMENU
SearchSEARCH

Global Auto Sales Jumped Last Year

China sales surpassed U.S. brands for first time as Europe sees most growth and SUVs gain biggest market share to date.

June 14, 2024
Global Auto Sales Jumped Last Year

The Tesla Model Y was the top global seller last year, the first purely electric model to lead.

Credit:

Pexels

2 min to read


Worldwide auto sales rose 10% last year, despite economic and political challenges, according to a new analysis by Jato Dynamics.

The bump in new passenger car deliveries across 151 markets to 78.3 million units was dominated by SUVs, which made up nearly half of sales, their biggest share on record, according to the report. The top vehicle seller was the midsize electric Tesla model Y SUV, the first purely electric model to lead global sales, Jato says.

Ad Loading...

“The growth seen in 2023 is remarkable, especially considering the ongoing geopolitical tensions between China and the USA; the instability generated by conflicts across Europe; the high interest rates that persisted in most of the Western world; and the high price of vehicles,” said Jato Senior Analyst Felipe Munoz.

Notably, Chinese brands passed American competitors for the first time, the report says, selling 13.4 million units, up 23%, as U.S. automakers sold 11.9 million, up 9%. Japanese brands led with 23.6 million units.

The report pointed out that China has bumped up against protective measures this year, including U.S. and European Union tariffs, as its tries to grow its overseas sales while domestic demand “shows signs of deceleration.”

Meanwhile, Europe saw the most sales growth last year, up by 16%, as governments incentivized electric-vehicle purchases and demand in Turkey surged, the report indicates.

LEARN MORE: Five Ways to Bridge the EV Gender Gap

Originally posted on Auto Dealer Today

More Industry

Two white men's shaking hands
Industry•October 15, 2026

Penske Auto Group Deal a Record

The deal to take the dealership and transportation services company private sets a new pace for industry buy-sell transactions.

Read More →
Rows of cars parked in exterior lot
Industry•by Hannah Mitchell•October 8, 2026

War Toll a Damper on Used Auto Prices

Cox Automotive found wholesale depreciation to be elevated in September amid high fuel prices and this year's unusual hurricane season.

Read More →
Mechanic cleaning interior of engine
Industry•by Lauren Lawrence•October 8, 2026

Bridge the Maintenance Gap

With many drivers missing recommended maintenance, service departments offering transparency and efficiency have a better chance of reaching financially strained consumers.

Read More →
Ad Loading...
Ford F-150 truck rounding a curve
Industry•by Hannah Mitchell•October 1, 2026

California Store Has New Owner

The longtime dealership in the northern part of the state is known for robust fleet sales and has served the state capital for 115 years.

Read More →
crane lowering a pipeline into the ground
Industry•by Lauren Lawrence•October 1, 2026

BMW Plant Pursues Cleaner Energy

BMW Group Plant Leipzig has utilized hydrogen to help power its production since 2013, but a new pipeline is planned to take it to another level.

Read More →
Two dodge cars outside of dealership.
Industry•by Lauren Lawrence•September 17, 2026

Auto Affordability Inches Up

The latest Cox Automotive and Moody’s Analytics index shows a slight increase in new-vehicle affordability despite high prices.

Read More →
Ad Loading...
Five men smiling for photo in front of Honda car dealership.
Industry•by Lauren Lawrence•September 10, 2026

Ohio Auto Group Under New Ownership

After 79 years with the Schluter family, Mansfield Auto Group has been acquired by Missouri-based Clement Auto Group.

Read More →
Blue and white RV parked on beach facing the ocean.
Industry•by Lauren Lawrence•September 3, 2026

RV Group Expands Carolina Footprint

Blue Compass RV Columbia Northeast is the 13th RV dealership owned by Blue Compass in the Carolinas.

Read More →
Photo of two men and one woman on a discussion panel
Industry•by Hannah Mitchell•September 1, 2026

Agent Acumen

An Agent Summit panel of people who’ve been supporting auto dealers for years gave both timely and timeless advice for those starting out or mulling the prospect.

Read More →
Ad Loading...
Gloved hand holding two wrenches next to “Turn Overdue into Opportunity” Graphic
Industry•by Lauren Lawrence•August 27, 2026

Missed Maintenance Creates Opportunity

As families get back on the road and into daily school routines, service drives have an opportunity to capture customers who are behind on recommended vehicle maintenance.

Read More →
Ad Loading...