While the industry celebrated producing over 10.6 million vehicles in 2023, the engine of American auto manufacturing roared back with significant gains, surprising shifts in production, and a rapid charge toward an electric future.
Key Takeaways
- In 2023, the US motor vehicle manufacturing industry produced 10.6 million light vehicles, marking a 10% increase from 2022
- US automakers assembled 1.2 million passenger cars in Q4 2023, down 5% year-over-year due to supply chain issues
- Truck production in the US reached 2.8 million units in 2023, led by Ford and GM
- The US motor vehicle manufacturing industry employed 950,000 workers in 2023
- Average hourly wage in US motor vehicle manufacturing was $32.50 in 2023, up 4.2% from 2022
- Michigan had 180,000 auto manufacturing jobs in 2023, 19% of national total
- The industry contributed $250 billion to US GDP in 2023
- Total revenue for US motor vehicle manufacturers was $650 billion in 2023
- Profit margin averaged 6.2% for US automakers in 2023
- US light vehicle sales reached 15.5 million units in 2023
- Ford held 13.5% market share in US light vehicles in 2023
- GM's US sales: 2.6 million vehicles in 2023, 16.5% share
- US auto industry CO2 emissions from manufacturing: 120 million metric tons in 2023
- 45% of US auto plants achieved zero-waste to landfill in 2023
- Water usage in US auto manufacturing: 15 billion gallons annually 2023
US auto production rebounded strongly in 2023 while shifting significantly toward trucks and electric vehicles.
Employment and Workforce
- The US motor vehicle manufacturing industry employed 950,000 workers in 2023
- Average hourly wage in US motor vehicle manufacturing was $32.50 in 2023, up 4.2% from 2022
- Michigan had 180,000 auto manufacturing jobs in 2023, 19% of national total
- Union membership rate in US auto manufacturing was 45% in 2023
- In 2023, 120,000 women were employed in US motor vehicle manufacturing, 12.6% of workforce
- Turnover rate in US auto plants was 8.5% in 2023
- 250,000 jobs added in auto parts manufacturing since 2021
- Average age of US auto manufacturing workers was 44.2 years in 2023
- Ohio employed 95,000 in motor vehicle manufacturing in 2023
- 15% of US auto manufacturing jobs were in R&D and engineering in 2023
- Labor productivity grew 3.1% in motor vehicle manufacturing in 2023
- Kentucky had 68,000 auto jobs in 2023
- Injury rate in US auto manufacturing was 2.8 per 100 workers in 2023
- 40,000 new hires in EV-related auto manufacturing jobs in 2023
- Alabama's auto sector employed 50,000 in 2023
- Training hours per worker averaged 120 in US auto plants 2023
- Indiana had 72,000 motor vehicle manufacturing jobs in 2023
- Diversity: 25% minority workers in US auto manufacturing 2023
- Tennessee employed 85,000 in auto manufacturing 2023
- Overtime hours averaged 5 per week in auto plants 2023
- Georgia added 10,000 auto jobs in 2023
- Apprenticeships in auto manufacturing: 15,000 active in 2023
- Texas auto manufacturing employment: 45,000 in 2023
- Part-time workers: 5% of US auto manufacturing workforce 2023
- South Carolina: 38,000 auto jobs in 2023
Employment and Workforce Interpretation
The industry's engine is humming with a nearly million-strong workforce earning higher wages, showing a resilient heartland anchored by unionized veterans in Michigan, though it's cautiously shifting gears toward EVs, an aging workforce, and a welcome, if gradual, infusion of diversity.
Financial Performance
- The industry contributed $250 billion to US GDP in 2023
- Total revenue for US motor vehicle manufacturers was $650 billion in 2023
- Profit margin averaged 6.2% for US automakers in 2023
- R&D spending by US auto industry: $45 billion in 2023
- Capital expenditures totaled $60 billion in 2023 for new plants
- GM's US revenue from manufacturing: $170 billion in 2023
- Ford's operating profit: $10.4 billion in 2023
- Stellantis North America revenue: $95 billion in 2023
- Industry debt levels: $120 billion outstanding in 2023
- Taxes paid by auto manufacturers: $35 billion federal in 2023
- Export value of US vehicles: $55 billion in 2023
- Import costs for parts: $200 billion in 2023
- ROI on EV plant investments: 8% average in 2023
- Cost per vehicle produced: $28,500 in 2023
- Supply chain costs rose 12% to $150 billion in 2023
- Warranty costs: $12 billion industry-wide in 2023
- Cash reserves held by top 5 US automakers: $80 billion in 2023
- Dividends paid: $5 billion by US auto firms in 2023
- Energy costs: $8 billion for US auto plants in 2023
- Insurance premiums: $3.5 billion industry total 2023
Financial Performance Interpretation
The US auto industry is a high-stakes, capital-intensive machine, roaring along on a thin 6.2% profit margin while simultaneously feeding the economy $250 billion, investing $105 billion into its own future, and nervously eyeing its $120 billion debt and $200 billion parts import bill.
Production and Output
- In 2023, the US motor vehicle manufacturing industry produced 10.6 million light vehicles, marking a 10% increase from 2022
- US automakers assembled 1.2 million passenger cars in Q4 2023, down 5% year-over-year due to supply chain issues
- Truck production in the US reached 2.8 million units in 2023, led by Ford and GM
- In 2022, total US vehicle production was 9.2 million units, affected by semiconductor shortages
- Michigan accounted for 25% of US vehicle production in 2023 with 2.65 million units
- US engine production totaled 11.5 million units in 2023, including 4.2 million for light trucks
- In 2023, electric vehicle production in the US hit 1.4 million units, up 40% from prior year
- Parts manufacturing output for motor vehicles reached $450 billion in 2022
- Q1 2024 saw US light truck production at 2.1 million units
- In 2023, GM produced 2.1 million vehicles in the US, highest among OEMs
- Ford's US production was 1.8 million units in 2023, including 600k F-Series trucks
- Stellantis US output was 1.5 million vehicles in 2023
- Toyota US production reached 1.7 million units in 2023
- Honda produced 1.1 million vehicles in the US in 2023
- In 2023, US motor vehicle body and trailer manufacturing output was $120 billion
- Capacity utilization in US motor vehicle manufacturing was 78% in 2023
- US produced 250,000 heavy-duty trucks in 2023
- In 2022, stamping and forging output for vehicles was 15 million tons
- Q3 2023 US SUV production: 1.9 million units
- US axle production totaled 12 million units in 2023
- In 2023, battery production for EVs in US reached 150 GWh capacity
- US transmission production: 9.8 million units in 2023
- Casting production for vehicle parts: 8.5 million tons in 2022
- In 2023, US motor vehicle manufacturing added 50,000 new production jobs
- Plant utilization rate averaged 75% in Midwest US auto plants in 2023
- US produced 1.2 million hybrid vehicles in 2023
- Forging output for engines: 2.1 million tons in 2023
- US chassis assembly: 10.5 million in 2023
- In 2023, US light vehicle production per worker was 12.5 units
Production and Output Interpretation
The American auto industry in 2023 was a tale of robust recovery and electric ambition, though it still occasionally stubbed its toe on the same old supply-chain furniture.
Sales and Market Share
- US light vehicle sales reached 15.5 million units in 2023
- Ford held 13.5% market share in US light vehicles in 2023
- GM's US sales: 2.6 million vehicles in 2023, 16.5% share
- Toyota US sales: 2.2 million units, 14% share in 2023
- Tesla captured 50% of US EV market with 650k sales in 2023
- Pickup truck sales: 2.9 million units in 2023, 19% of total market
- SUV/Crossover sales: 9.1 million, 59% market share in 2023
- Passenger car sales fell to 2.1 million, 13% share in 2023
- Stellantis US sales: 1.5 million vehicles, 9.7% share 2023
- Honda US sales: 1.3 million, 8.4% share in 2023
- Nissan US market share: 6.2% with 900k sales in 2023
- Hyundai-Kia combined 8% share, 1.25 million sales 2023
- EV sales grew to 1.2 million units, 7.6% of total US sales 2023
- Fleet sales: 3.5 million units, 22% of market in 2023
- Retail sales: 12 million light vehicles in 2023
- Average transaction price: $48,200 for new vehicles in 2023
- Incentives spending: $2,500 per vehicle average 2023
- Used vehicle sales: 36 million units in 2023
- Luxury vehicle market share: 12% in 2023
- F-Series Ford sales: 750,000 units, #1 model 2023
- Ram pickup sales: 444,000 in 2023
Sales and Market Share Interpretation
Ford continues to rule a kingdom where the average citizen pays $48,200 for the privilege of joining a 15.5-million-unit traffic jam that is now 59% SUV, where trucks are the new national bird, sedans are an endangered species, and Tesla, with a mere 650,000 sales, somehow managed to claim half the conversation.
Sustainability and Innovation
- US auto industry CO2 emissions from manufacturing: 120 million metric tons in 2023
- 45% of US auto plants achieved zero-waste to landfill in 2023
- Water usage in US auto manufacturing: 15 billion gallons annually 2023
- Renewable energy use: 25% of total in auto plants 2023
- EV battery recycling rate: 60% in US 2023
- NOx emissions reduced 20% since 2020 in auto manufacturing
- 1,200 patents filed for autonomous driving tech by US firms in 2023
- ADAS features in 85% of new US vehicles in 2023
- Hydrogen fuel cell production: 5,000 units in US 2023
- Plant electrification: 30% of US auto facilities by 2023
- Lightweight materials usage up 15% to 40% vehicle weight 2023
- Software-defined vehicles launched: 10 models by US OEMs 2023
- Cybersecurity incidents in auto supply chain: 150 reported 2023
- 3D printing parts production: 500,000 units saved 20% costs 2023
- Fuel efficiency average: 28.5 mpg for 2023 model year fleet
- VOC emissions from painting: down 25% to 50k tons 2023
- Robot density: 1,500 per 10k workers in US plants 2023
- OTA updates deployed to 10 million US vehicles 2023
- Sustainable sourcing: 70% recycled steel in vehicles 2023
Sustainability and Innovation Interpretation
This portrait of the US auto industry shows a sector feverishly scrubbing its own engine bay with one hand while furiously sketching a sci-fi novel with the other, making undeniable progress but still wrestling with a legacy of massive resource consumption.
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