U.S. light-vehicle sales slowed in October as the market absorbed the loss of key electric vehicle tax credits and a seasonal dip in consumer demand, according to preliminary data from GlobalData.
Total sales fell 4.3% year-over-year to 1.28 million units, with a daily selling rate of 47,300 units—down from 52,100 in September. The annualized pace of sales dropped to 15.4 million vehicles, the lowest in three months.
While retail sales were nearly flat, rising 0.3% year-over-year to 1.13 million units, fleet deliveries plunged 28.8%, reflecting a sharp pullback in commercial demand.
GM maintained its lead with 219,000 units and a 17.2% market share, but Toyota closed the gap to its narrowest since April, selling 208,000 vehicles for a 16.3% share. Ford remained in third place with roughly 170,000 units and a 13.3% share. At the brand level, Toyota led with 178,000 units, followed by Ford (162,000) and Chevrolet (140,000). Stellantis’ brief surge faded, with its market share easing to 8.3% from 8.8% in September, GlobalData said.
Among individual models, Ford’s F-150 held the top spot at 40,700 units, narrowly ahead of the Toyota RAV4. The Chevrolet Silverado, Honda CR-V, and Toyota Camry rounded out the top five. The Tesla Model Y slipped from the rankings as the loss of EV tax credits weighed on demand.
Segment-wise, Compact Non-Premium SUVs continued to dominate, but their share fell to 21.4%, the lowest since June. Large Pickups gained the most ground, rising to 14.7% of total sales—their highest share of 2025.
“As the weather turned colder during October, the light vehicle market was also expected to cool down, and in general this proved to be the case,” said David Oakley, manager of americas sales forecasts at GlobalData. “The loss of EV tax credits was certainly a factor in a more subdued October, with some well-known EVs suffering a sharp reduction in sales, whether in year-on-year or month-on-month terms.”
He added that manufacturer incentives “failed to support demand in most cases,” suggesting the current pool of EV buyers “is depleted, as many pulled forward purchases into Q3.” Still, Oakley noted, “the broader picture is that most OEMs reported steady sales outside of EVs, as the industry continued to absorb tariff costs, shielding the consumer—for now—from the majority of their impact.”
From a financial perspective, the data highlight a market still outperforming early-year expectations, even as sales momentum moderates and smaller, import-heavy brands face tougher conditions. For lenders and auto-finance providers, the report signals a near-term plateau in vehicle demand—particularly for EVs—while established truck and SUV lines continue to anchor consumer spending.
Source: cutoday