GlobalData Global Light Vehicle Sales Update (February 2024)
2024/03/18
- Summary
- Commentary
Summary
- The Global Light Vehicle (LV) selling rate rose to 85 mn units/year in February, up from 82 mn units/year in January, though still weak compared to the second half of last year. Over 6 mn vehicles were sold last month, though the YoY result was down 2.8% YoY primarily because of a contraction in China.
- Many key markets saw moderate selling rate growth in February. In Europe, it was a mixed picture as Western Europe’s selling rate grew while Eastern Europe’s rate slowed. China’s selling rate improved moderately from January, though it remains somewhat weaker than at the end of 2023. In the US, prices continued to ease, and incentives ratcheted up, supporting market expansion.
- Reminder: from last month’s report onward, we are excluding exports from the China sales total, where we had previously been including them. We have backdated this adjustment to 2018.
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