News Summary

• That means the figure is unlikely to top 17 million in annual vehicle sales anytime soon, as they did for five consecutive years prior to the pandemic.“The new norm for the industry because of reduced affordability is closer to 16 million,” Smoke said..
• And South Korea’s Hyundai brand sales gained 5% in the period, marking a record, it said.Toyota’s big gains came from its compact Corolla hybrid sedan, which more than doubled, and RAV4 small SUV, which rose 37% in the fourth quarter..
• The automaker attributed the strong showing to increased availability of product in the second half of the year as supply-chain and logistical woes eased, and from product launches such as the Grand Highlander mid-size SUV.“We hit our stride in the fourth quarter..
• A drop in interest rates would help ease financing costs and staunch growth in dealer lot inventories at many manufacturers.“Interest rates are starting to come down now,” she said..
• Consumer spending on new vehicles reached a record $578 billion in 2023, its third consecutive year exceeding a half-trillion dollars, according to researcher J.D..
• “That will make a major difference for consumers because they will have a little more money in their pocket now.”Nissan’s 5.6% sales gain in the quarter marked a sharp slowdown from its full-year performance, which was up 23%..