Q3 2024 shows significant changes in the automotive sector

According to Road and Track, this is the list of the best full-size SUVs in the US.

On the other hand, these are the best full-size SUVs, according to Consumer Reports. 

Looking at the list as a whole, you find almost no surprises. When you compare them, you realize that rankings are pretty much opinions.

(That’s another episode entirely). However, it brings out something interesting, which is what our article is about: the reality behind Q3 2024.

America used to love full-size SUVs. I still do, and I find them comfortable, valuable, and practical (in a non-urban environment). 

But it turns out that the country doesn’t love them anymore, and consumer tendencies are changing rapidly. 

Q3 2024 has drawn to a close, and the entire automotive media rushes to diagnose one thing: How are automakers doing? This way, we can sound alarms, speculate, come up with conspiracy theories, and all that. 

But, most importantly, we can tell you which car is a best-seller. And, let me tell you: full-size SUVs aren’t. 

Four Wheels Trends analyzes every bit of information it has so you can understand what’s happening in the automotive world. Spoiler alert: there are some surprises. 

Q3 2024: Sales are slowing down

The pandemic occurred six years ago. That’s how long we’ve seen the automotive industry turn on its head, and yet we’re still reeling from the consequences. 

Car sales aren’t picking up. They’ve idled (get it?) at around 4 million per quarter for quite a while now. There are a lot of factors at play here. 

Buying a new car is expensive.

This article discusses when buying a new car is worth it and when you’re better off with a used one. 

Inflation, interest rates, shameless dealers, and MSRP chaos are reasons sales slow down. 

Although, some believe it will crash.

The following chart shows how sales have performed in past quarters. 

But 2023 was a good year. After all, the following table shows how growth spiked. 

So, while the automotive sector managed to spark growth in 2023, it has failed to overcome the various reasons and keep that momentum going for 2024.

Plus. it’s easy to grow after going through a pandemic. 

However, once we dive into the figures more precisely, we can see that they tell a varied, complex story about how the automotive sector is shaping up for the future. 

The losers and winners (primarily losers) of Q3 2024

Let’s return to the list of “Best full-size SUVs” we mentioned. 

The Chevy Suburban has been a legendary GM product for decades, but its sales dropped by 25% this past quarter. Moreover, Tahoe sales decreased by 15%, and the Silverado saw a decrease of 10%. 

The big winner? The Chevy Trax. Its sales increased by 56%. 

It’s a small, fuel-friendly SUV that gives everything you need and nothing you don’t. 

Here’s the list of all GM products and how they faired. You’ll see some statistical outliers because they are new cars. 

However, even the Trax’s success couldn’t help GM. It struggled, as did many others, as the following chart shows. 

One vehicle rules them all.

The following are the best sales figures for each company in Q3 2024, as shown above, by units sold. 

• GM: Chevy Trax
• Toyota: RAV4
• Honda: CR-V
• Hyundai: Tucson
• Kia: Sportage
• Ford: F150 (considering all its variants)
• Mazda: CX-30
• Stellantis: RAM
• Subaru: Crosstrek
• Nissan: Rogue
• Tesla: Model 3 

We’ve linked every company’s statement, except for Tesla, in case you want to examine the numbers. By the way, finding official Tesla sales figures is almost impossible. 

Do you notice a trend in Q3 2024?

There are only a few large vehicles here, such as the full-size F150 and RAM. By the way, the Grand Cherokee is another excellent seller for Stellantis.

Still, the company has failed to grasp the market. 

Also, EVs and Hybrids are still lagging behind.

This image speaks volumes of the current state of the automotive market. No matter how strong the push for electrification has been, it’s still failing to attract buyers. 

The links show how they’re actually gaining strength and could soon change the scales. 

The individual stories behind the numbers

While the list of best-selling vehicles in Q3 2024 isn’t that surprising, some models caused a stir, for better or worse. 

Let’s take Honda, for example. People love the Pilot, which has grown in sales by 25% from last year. 

The Nissan Leaf has grown almost 200% in sales. 

Then, there’s the Mitsubishi Mirage. That’s right, Mitsubishi. Its offering, a small, cheap, and versatile sedan, is all most people need. 

Looking at the other end of the scale, we see that numbers aren’t everything. While RAM is Stellantis’ best-selling brand, its sales have dropped 25%. 

Then there’s Toyota. The Highlander used to be a big hit, but people are over it, and now it’s lagging in sales. Other models, including hybrids and EVs, are stepping in to replace it. 

Last, but not least, there’s politics. 

We’ve heard all these talks about tariffs on Chinese vehicles and even banning them. 

But what about those cars made in China that are selling well?

That’s where the Lincoln Nautilus comes in. This Chinese-made SUV received a facelift that buyers loved.

Sales are now up 280%, and Lincoln, as a brand, has grown 25%, which is seriously helping Ford. 

But will this change if any bans are put in place? We’ll keep an eye on it. 

With 

Here are other winners and losers from this Q3 2024. 

What will happen? 

Overall, Q3 2024 has given us plenty of surprises and allowed us to make some predictions. That’s what automotive media does, right?

Full-size vehicle sales will continue to drop. The market has significantly shifted, and more people are interested in saving money. A Suburban isn’t exactly the ideal choice for people who want to save money. 

EV sales won’t spike. Growth will be consistent but slow. People are still preferring ICE vehicles over EVs. 

GM’s progress with the Trax will be sustainable. It’s a good product that solidly wedges into the competition. 

People will want smaller, yes, but they will also want better. That’s why brands such as Mazda will continue to grow consistently. 

For now, this Q3 has been fascinating. Let’s see what the rest of the year brings us.