Hybrid vehicle sales increased by 23 percent in the fourth of 2024, compared to the same period in 2023, showing a “dynamic shift” in the automotive market entering 2025, according to a new report from Detroit-based Lotlinx, a VIN-specific data company for dealership inventory management.
Hybrid vehicles comprised 22 percent of all new vehicle sales in Q4 2024. The report also reveals full electric vehicle sales increased 22 percent during the last three months of last year.
The EV day supply for new vehicles dropped by 12 days from Q4 2023 to 2024, signaling high turnover.
“Despite these advancements, internal combustion engine (ICE) vehicles still dominate the used market, comprising over 90 percent of sales,” the report says. “Dealers continue to be challenged with rising inventory levels and increasing aged inventory, underscoring the need for advanced inventory management and strategic pricing.”
New- and used-vehicle inventories both grew in Q4 as dealers prepared for the holiday season.
Other findings in the report:
- New vehicle day supply climbed to 76 days, up 20 days year over year.
- Aged inventory hit 54 percent, its highest level of the year.
- Used vehicle day supply increased by five days quarter over quarter but remained two days lower year over year.
- Acura saw a 25 percent decrease in carryover inventory due to reductions in QX60 and QX80 stock.
- Jeep Grand Cherokee 4XE sales surged by 86 percent quarter over quarter, driving a drop in hybrid day supply.
- Chevrolet’s hybrid and EV portfolio expanded, capturing 17 percent of the electrified market share.
“Dealerships are navigating a challenging environment marked by rising aged inventories, evolving consumer demands, and intensifying competition,” says Len Short, executive chairman of Lotlinx.
“Our Q4 Vincensus Report underscores the necessity of leveraging cutting-edge tools like VIN-specific data and predictive modeling. Dealers equipped with AI-driven insights can better anticipate trends, optimize inventory, and execute pricing strategies that maximize profitability.”
Click here to download the full report.
