Modest Growth Seen for U.S. Auto Sales Through 2024, EVs Slowly Gain Share
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U.S. new vehicle sales expected to rise just 1% to 15.7 million units in 2024 (Reuters forecast)
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Electric vehicle market share expected to rise slightly to 8% in 2024, from 6.9% in 2023 through November
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High interest rates in 2023 expected to linger and put pressure on demand in 2024
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New vehicle pricing has likely peaked as inventory improves and incentives return
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Transition to full electric vehicles has slowed; hybrids remain more comfortable choice for most Americans seeking electrified options