LAWRENCEVILLE, Ga.—New vehicle sales, notably electric vehicles, made impressive gains in 2023, Black Book is reporting.
“New vehicle sales experienced an impressive upswing, totaling 15.4 million units as the industry made significant strides toward recovery,” Black Book stated. “Noteworthy within this growth is the electric vehicle (EV) segment, which surpassed one million units sold.”
According to Black Book, the milestone “signals a significant shift in consumer preferences as more buyers embrace sustainable and eco-friendly transportation options, Black Book noted.
“Leading manufacturers are now navigating the challenges of balancing inventory with demand, a challenge accentuated by the emergence of new models from conventional and EV-only manufacturers alike.”
‘Replenishing Stocks’
“Despite a challenging economic backdrop marked by high MSRPs and rising interest rates, the automotive industry has been successful in replenishing stocks to levels not seen since before the pandemic, thanks to strategic efforts by OEMs and dealerships. Incentives have modestly recovered from historic lows, indicating a return to more traditional sales strategies,” Black Book added.
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