The 2024 Q1 sales results are in with some of the same old, same old, and a few surprises as well, including the Toyota Tundra and the Ford Maverick.
These quarterly results show the industry is still handling the high interest rates and a lot of new models just now starting to ship to dealers.
2024 Q1 sales
Here are the sales results with commentary below on each segment.
| 2024 Q1 Pickup Sales | ||||||
|---|---|---|---|---|---|---|
| Full-Size Truck Sales | Q1 Sales | Last Year Q1 Sales | Quarterly % Change | Year-to-Date | Last Year-to-Date | Year-over-Year % Change |
| Ford F-Series | 152,943 | 170,337 | -10.2 | 152,943 | 170,337 | -10.2 |
| Chevy Silverado LD HD |
126,502 84,586 41,916 |
123,994 87,111 36,883 |
2.0 -2.9 13.6 |
126,502 84,586 41,916 |
123,994 87,111 36,883 |
2.0 -2.9 13.6 |
| Ram Truck | 89,417 | 105,350 | -15 | 89,417 | 105,350 | -15 |
| GMC Sierra LD HD |
68,597 46,223 22,374 |
67,198 46,382 20,816 |
2.1 -0.3 7.5 |
68,597 46,223 22,374 |
67,198 46,382 20,816 |
2.1 -0.3 7.5 |
| Toyota Tundra | 36,215 | 27,651 | 27.6 | 36,215 | 27,651 | 27.6 |
| Nissan Titan | 4,145 | 4,038 | 2.6 | 4,145 | 4,038 | 2.6 |
| Midsize Truck Sales | Q1 Sales | Last Year Q1 Sales | Quarterly % Change | Year-to-Date | Last Year-to-Date | Year-over-Year % Change |
| Toyota Tacoma | 21,558 | 53,583 | -60.8 | 21,558 | 53,583 | -60.8 |
| Nissan Frontier | 19,744 | 16,926 | 14 | 19,744 | 16,926 | 14 |
| Chevrolet Colorado | 14,922 | 13,256 | 12.6 | 14,922 | 13,256 | 12.6 |
| Jeep Gladiator | 12,989 | 13,575 | -4 | 12,989 | 13,575 | -4 |
| Honda Ridgeline | 11,296 | 12,918 | -14.8 | 11,296 | 12,918 | -14.8 |
| GMC Canyon | 5,484 | 5,016 | 9.3 | 5,484 | 5,016 | 9.3 |
| Ford Ranger | 1,918 | 11,500 | -83.3 | 1,918 | 11,500 | -83.3 |
| Compact Pickup Sales | Q1 Sales | Last Year Q1 Sales | Quarterly % Change | Year-to-Date | Last Year-to-Date | Year-over-Year % Change |
| Ford Maverick | 39,061 | 21,478 | 81.9 | 39,061 | 21,478 | 81.9 |
| Hyundai Santa Cruz | 8,417 | 9,307 | -10 | 8,417 | 9,307 | -10 |
| EV Truck Sales | Q1 Sales | Last Year Q1 Sales | Quarterly % Change | Year-to-Date | Last Year-to-Date | Year-over-Year % Change |
| Rivian – R1T, R1S, Van | 13,980 | 7,946 | 43.2 | 13,980 | 7,946 | 43.2 |
| Ford Lightning | 7,743 | 4,291 | 80.4 | 7,743 | 4,291 | 80.4 |
| GMC Hummer EV | 1,668 | 2 | 83300.0 | 1,668 | 2 | 83300.0 |
| Chevrolet Silverado EV | 1,061 | – | – | 1,061 | – | – |
Full-size truck sales
Starting with the most profitable trucks on our list, the Ford F-Series continues to dominate the segment.
There is a new 2024 Ford F-150 that is finally starting to ship after being delayed thanks to the 2023 UAW strike. It has a new trim level, trick tailgate and an inexpensive-ish entry off-road truck.
Next, the Chevy Silverado is flat year over year. The 2024 Silverado has some small changes and was just refreshed in 2023.
Coming in 3rd is Ram trucks which include heavy-duty models. With a new 2025 Ram 1500 full-size coming out this Spring and more new Ram trucks coming in the form of a RHO and a heavy-duty truck refresh, sales should rebound.
The GMC Sierra is flat just like the Chevy Silverado and the 2024 Sierra has the same story with small changes after being refreshed recently.
A big winner on our chart is the Toyota Tundra with an impressive 27.6% increase in sales. With some changes for the 2024 model and the San Antonio, Texas plant now running at full steam building just the Tundra and Sequoia (Tacoma is now built exclusively in Mexico), I’d expect sales to keep climbing.
Rounding out the list is the Nissan Titan. It has been discontinued for the 2024 model year and Nissan is pushing out its remaining inventory.
Lackluster midsize sales
For the midsize sales, they are all lackluster except for the Nissan Frontier.
These sales results have more to do with what’s available and what’s new more than what customers are buying.
For example, the Chevy Colorado, GMC Canyon, Ford Ranger and Toyota Tacoma are all in various stages of rolling out a new model year or a completely new model.
The Nissan Frontier has been out for a while and with the Titan sales ending, the growth could be explained by more Frontiers built as well as customers wanting a naturally aspirated engine. It also looks like it will live on for a while longer. Nissan’s future plans look more like an EV truck is coming through its partnership with Mitsubishi.
Ford Maverick sales explodes
Looking at compact truck sales, the news here is the Ford Maverick with a stunning 81.9% increase in sales.
The Maverick has been and continues to be a big hit with customers and journalists who praise its smaller size, fuel economy and good price point.
For the Hyundai Santa Cruz, it should rebound after being recently refreshed. It remains one of the better selling Hyundai vehicles and has been a hit for the brand.
EV truck sales continue to grow
As we have seen in the past year, the EV truck market has been growing with sales and new models.
Rivian sees a big jump in deliveries and has some new models it will release in the coming years. With Rivian expanding their delivery van sales beyond Amazon and consumers desiring the R1T and R1S trucks, I’d say the company is doing just fine for a start-up company.
The Lightning sees a big growth as well although Ford just announced it will reduce the number of shifts at the plant.
GMC and Chevy are hard at producing more models and we should see more offerings in the coming months. The sales results are too little and too early to draw any real conclusions.
What about the Tesla Cybertruck? Unfortunately, Tesla hasn’t released official sales numbers and all we have is speculation.
The bottom line
It looks like the Federal Reserve could cut interest rates this year and automakers are rebounding post-pandemic with dealer lots starting to get stocked.
Also brands like Ram are offering pretty big incentives to move old inventory.
This should all translate into another healthy year of truck sales.
