After a period of turbulence, the U.S. auto industry roared back to life in 2023, posting a nearly 20% production jump to 10.66 million vehicles, driven by surging demand for trucks, SUVs, and electric models.
Key Takeaways
- In 2023, total US light vehicle production reached 10.66 million units, a 19% increase from 2022.
- US new vehicle sales in Q4 2023 totaled 4.08 million units, up 14% year-over-year.
- Ford produced 1.99 million vehicles in the US in 2023, ranking second among manufacturers.
- The US auto manufacturing sector employed 950,000 workers in February 2024.
- Automotive assembly jobs totaled 560,000 in the US as of 2023.
- US auto parts manufacturing supported 4.1 million jobs in 2022.
- The US auto industry contributed $580 billion to GDP in 2023.
- Auto manufacturing GDP share was 2.9% of US total in 2023.
- US auto exports generated $120 billion in value in 2023.
- GM held 16.5% US light vehicle market share in 2023.
- Ford's US market share was 13.4% in 2023.
- Toyota US market share reached 14.5% in 2023.
- Battery electric vehicles: 6.6% US new car sales Q4 2023.
- US EV sales totaled 1.18 million units in 2023, up 49%.
- Tesla delivered 654,000 EVs in US in 2023.
The US auto industry saw strong production and sales growth in 2023, led by trucks and a rapid rise in electric vehicles.
EVs and Sustainability
- Battery electric vehicles: 6.6% US new car sales Q4 2023.
- US EV sales totaled 1.18 million units in 2023, up 49%.
- Tesla delivered 654,000 EVs in US in 2023.
- Ford EV sales: 116,000 units in US 2023.
- GM EV sales reached 75,000 units in 2023.
- Rivian produced 57,000 electric vehicles in 2023.
- US public EV chargers: 168,000 in 2023.
- EV battery production capacity in US: 200 GWh targeted by 2025, 80 GWh in 2023.
- Average EV range in US models: 300 miles in 2023.
- US GHG emissions from light-duty vehicles: 1,000 MtCO2e in 2022.
- CAFE standards: fleet average 36 mpg for MY2023.
- Biofuel use in US vehicles: 15 billion gallons E85 equivalent 2023.
- US auto fleet average fuel economy: 26.4 mpg in 2023.
- Recycled auto materials: 95% of vehicle weight recyclable.
- US EV tax credits claimed: $1.3 billion under IRA in 2023.
- Hydrogen fuel cell vehicles in US: 16,000 cumulative 2023.
- Auto industry CO2 reduction target: 50% by 2030 from 2010 levels.
- US NEVI funding: $5 billion for 500,000 chargers by 2030.
- Battery mineral domestic sourcing: 10% of lithium in 2023.
- Autonomous vehicle testing miles: 50 million in US 2023.
- US hybrid sales: 1.1 million units in 2023.
- EV adoption rate: 10% of new sales projected 2025.
- Carbon intensity of US gasoline: 93 gCO2/MJ in 2023.
- US auto fleet electrification: 3% EV/hybrid in 2023.
- Investment in EV supply chain: $50 billion announced 2023.
- Toyota Prius hybrid sales: 125,000 units US 2023.
- Ford Mustang Mach-E: 40,000 sold US 2023.
- Chevy Bolt EV sales: 35,000 in 2023.
EVs and Sustainability Interpretation
The electric revolution is charging ahead, hitting 6.6% of new sales and a 49% jump in 2023, but with only 168,000 public chargers and an 18-tonne elephant of 1,000 MtCO₂e from gasoline cars still in the room, we're not exactly zipping past the problem yet.
Economic Impact
- The US auto industry contributed $580 billion to GDP in 2023.
- Auto manufacturing GDP share was 2.9% of US total in 2023.
- US auto exports generated $120 billion in value in 2023.
- Federal tax revenue from auto industry: $95 billion in 2023.
- Auto retail sector added $250 billion to US GDP in 2023.
- Investment in US auto plants: $55 billion in 2023.
- Auto supplier purchases totaled $450 billion domestically in 2023.
- US auto trade deficit narrowed to $240 billion in 2023.
- Personal income from auto industry: $450 billion in 2023.
- Auto R&D spending by US firms: $85 billion in 2023.
- State & local taxes from auto: $60 billion in 2023.
- US auto aftermarket industry value: $400 billion in 2023.
- Financing auto purchases contributed $1.2 trillion in loans outstanding 2023.
- Auto insurance premiums totaled $320 billion in US 2023.
- EV incentives boosted auto sales tax revenue by $15 billion in 2023.
- Michigan auto GDP contribution: $120 billion in 2023.
- US auto recycling industry: $50 billion value in 2023.
- Corporate profits in auto manufacturing: $110 billion in 2023.
- Auto dealer profits: $180 billion gross in 2023.
- Import tariffs on autos generated $25 billion revenue in 2023.
- Supply chain spending by OEMs: $300 billion domestic 2023.
- US auto industry paid $120 billion in employee compensation 2023.
- Property taxes from auto plants: $8 billion annually 2023.
- Used car market turnover: $1.1 trillion in 2023.
- Ford Motor Co. revenue from US operations: $180 billion in 2023.
- GM North America revenue: $170 billion in 2023.
Economic Impact Interpretation
In a nutshell, the American auto industry in 2023 was a colossal, multi-trillion-dollar economic engine, quietly funding everything from highways to hospitals while simultaneously putting half the country either behind the wheel, under the hood, or on the payroll.
Employment
- The US auto manufacturing sector employed 950,000 workers in February 2024.
- Automotive assembly jobs totaled 560,000 in the US as of 2023.
- US auto parts manufacturing supported 4.1 million jobs in 2022.
- Michigan auto industry employed 295,000 workers in 2023.
- Average hourly wage in US auto manufacturing was $32.45 in 2023.
- UAW represented 383,000 auto workers after 2023 organizing drives.
- US auto R&D employment reached 310,000 jobs in 2023.
- Female employment in US auto manufacturing was 25% of total workforce in 2023.
- Auto dealer employment totaled 1.1 million in the US in 2023.
- Entry-level auto manufacturing jobs grew 5% YoY to 120,000 in 2023.
- US auto supplier jobs numbered 3.8 million direct and indirect in 2023.
- Labor productivity in US motor vehicle manufacturing rose 2.1% in 2023.
- Temporary auto assembly workers averaged 45,000 monthly in 2023.
- Ohio auto industry employed 120,000 manufacturing workers in 2023.
- Average tenure for US auto workers was 9.2 years in 2023.
- Auto engineering jobs in US totaled 250,000 in 2023.
- Unionization rate in US auto assembly was 52% in 2023.
- Indiana auto manufacturing jobs: 85,000 in 2023.
- US auto industry added 50,000 jobs post-2023 strikes.
- Logistics jobs in auto sector: 650,000 in 2023.
- Diversity: 18% Hispanic workers in US auto manufacturing 2023.
- Auto retail sales jobs: 980,000 full-time equivalents 2023.
- Kentucky auto jobs: 92,000 in manufacturing 2023.
- US auto apprenticeships trained 15,000 workers in 2023.
- Older workers (55+): 22% of US auto manufacturing workforce 2023.
- Auto parts tier 1 suppliers employed 1.2 million in 2023.
- Tennessee auto manufacturing: 135,000 jobs 2023.
- US auto industry total employment multiplier effect: 7.5 million jobs 2023.
Employment Interpretation
America’s auto industry is an enormous, humming engine of 7.5 million livelihoods—though occasionally needing a tune-up for equity and fresh talent while its well-tenured, well-paid union workers keep the pistons firing.
Market Share
- GM held 16.5% US light vehicle market share in 2023.
- Ford's US market share was 13.4% in 2023.
- Toyota US market share reached 14.5% in 2023.
- Stellantis market share: 12.8% in US 2023.
- Honda US market share: 8.7% in 2023.
- Hyundai-Kia combined US share: 9.2% in 2023.
- Tesla US market share: 4.0% overall, 50% in EVs 2023.
- Nissan US market share: 6.1% in 2023.
- Subaru US share: 4.6% in 2023.
- Luxury segment: BMW 2.3% total market share US 2023.
- Pickup trucks: 20% of total US market in 2023.
- Midsize SUV share: 15% of US sales 2023.
- Imported vehicles: 48% US market share in 2023.
- Domestic nameplate share: 52% in US 2023.
- Full-size pickup share among trucks: 75% US 2023.
- Compact car segment: 8% total market US 2023.
- EV market share reached 7.6% of US new sales in 2023.
- PHEV share: 1.2% US market 2023.
- Volkswagen Group US share: 4.4% 2023.
- Mazda US market share: 2.1% in 2023.
- Rivian market share in electric trucks: 5% US 2023.
- Mercedes-Benz US luxury share: 9.5% 2023.
- Audi US share: 1.3% total market 2023.
- Large SUV share: 12% US sales 2023.
- Minivan segment: under 1% US market 2023.
- US EV market leader Tesla: 55% EV share 2023.
- US light truck share: 77% of sales in 2023.
- US plug-in hybrid sales share: 1.3% total 2023.
Market Share Interpretation
The automotive pecking order shows GM is still King of the Hill, but its throne wobbles as Toyota climbs, Stellantis lingers, and Ford fumes, while Tesla runs away with the electric crown, proving that in a market addicted to trucks, the future is quietly but disruptively electric.
Production and Sales
- In 2023, total US light vehicle production reached 10.66 million units, a 19% increase from 2022.
- US new vehicle sales in Q4 2023 totaled 4.08 million units, up 14% year-over-year.
- Ford produced 1.99 million vehicles in the US in 2023, ranking second among manufacturers.
- General Motors led US production with 2.49 million vehicles in 2023.
- Toyota's US production hit 1.98 million units in 2023, up 41% from prior year.
- US heavy-duty truck production reached 413,000 units in 2023.
- Light truck sales accounted for 79% of total US new vehicle sales in 2023.
- Retail sales of new vehicles in the US averaged 15.5 million units annually from 2019-2023.
- US auto exports totaled 2.1 million vehicles in 2023, valued at $75 billion.
- SUV sales in the US reached 5.2 million units in 2023.
- Pickup truck sales hit 2.3 million units in the US in 2023, led by Ford F-Series.
- Electric vehicle sales in the US grew to 1.18 million units in 2023, 49% YoY increase.
- US vehicle production capacity utilization was 92% in Q1 2024.
- Honda produced 1.08 million vehicles in the US in 2023.
- Stellantis US production was 1.59 million units in 2023.
- US new car sales per capita stood at 37 vehicles per 1,000 people in 2023.
- Average US new vehicle transaction price was $48,759 in December 2023.
- US used vehicle sales totaled 36 million units in 2023.
- Imports accounted for 44% of US light vehicle sales in 2023.
- Nissan US production reached 706,000 vehicles in 2023.
- US light vehicle sales forecast for 2024 is 16.3 million units.
- Tesla Model Y was the best-selling vehicle in the US with 385,900 units in 2023.
- Ford F-Series sold 750,789 units in the US in 2023.
- Chevrolet Silverado sales reached 555,148 units in 2023.
- Ram Pickup sales were 444,926 units in the US 2023.
- Toyota RAV4 sold 434,943 units in the US in 2023.
- Honda CR-V sales hit 361,457 units in 2023.
- US vehicle scrappage rate was 11 million units in 2023.
- Total US auto industry output value was $850 billion in 2023.
- US light vehicle assembly plants numbered 89 in 2023.
Production and Sales Interpretation
Despite roaring back with a surge in production and a relentless American thirst for pricey trucks and SUVs, the industry’s apparent revival is still a high-stakes balancing act between electrification’s impressive growth, hefty import reliance, and the ever-present pressure to keep those nearly-full factories humming.
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