Honda is one of the most popular and reliable auto brands in the US, and its sales performance in November 2023 proves it. The Japanese automaker posted robust results across its car and truck segments, achieving double-digit growth and setting new records. Honda also earned the recognition of being the #1 mainstream brand in residual values for the third straight year, according to ALG, an industry leader in forecasting vehicle depreciation. What are the factors behind Honda’s success, and how does it plan to sustain its momentum in the future? Let’s take a closer look at the data and insights from Honda and other sources.
Honda’s November Sales Highlights
According to the official press release, Honda sold 137,777 vehicles in November 2023, a 10.9% increase from the same month last year. This was the best November sales result for the brand since 2017 and the fourth consecutive month of double-digit growth. Honda also set a new November truck sales record, with 83,179 units sold, a 12.4% increase from last year. The truck segment includes the HR-V, CR-V, Passport, Pilot, Ridgeline, and Odyssey models.
Some of the best-selling models for Honda in November were:
- Honda Civic: The compact car sold 28,314 units, a 16.9% increase from last year. This was the best November sales result for the Civic since 2016 and the third consecutive month of growth. The Civic is the best-selling car in the US for the year-to-date period, with 302,737 units sold.
- Honda Accord: The midsize sedan sold 23,283 units, a 10.8% increase from last year. This was the best November sales result for the Accord since 2017 and the fourth consecutive month of growth. The Accord is the second best-selling car in the US for the year-to-date period, with 254,612 units sold.
- Honda CR-V: The compact SUV sold 36,068 units, a 9.8% increase from last year. This was the best November sales result for the CR-V ever and the fourth consecutive month of growth. The CR-V is the best-selling SUV in the US for the year-to-date period, with 367,618 units sold.
- Honda Passport: The midsize SUV sold 4,441 units, a 20.4% increase from last year. This was the best November sales result ever for Passport and the fifth consecutive month of growth. The Passport is the fastest-growing SUV in the US for the year-to-date period, with 51,857 units sold, a 54.3% increase from last year.
Honda also saw strong sales for its electrified vehicles, which include the Accord Hybrid, Insight, Clarity, and CR-V Hybrid models. The brand sold 31,776 electrified vehicles in November, a 12.2% increase from last year. This was the best November sales result for the electrified segment ever and the fourth consecutive month of growth. The electrified vehicles accounted for 23% of Honda’s total sales in November and 21.5% for the year-to-date period.
Honda’s Residual Value Awards
In addition to its impressive sales performance, Honda received awards for its high residual values. According to the official press release, Honda was named the #1 mainstream brand in residual values for the third straight year by ALG, an industry leader in forecasting vehicle depreciation. This means that Honda vehicles are projected to retain higher value after three years of ownership than any other mainstream auto brand.
ALG recognized Honda for continuing to deliver industry-leading value to its customers, thanks to its measured approach in releasing new products, trim levels, and powertrains. Honda also had four models that won their respective segments in ALG’s Residual Value Awards, which are based on analysis of historical performance, industry trends, and vehicle quality. The four models were:
- Civic: The compact car won the ALG residual value award in the Compact Car segment for the third straight year. The Civic is the most fun-to-drive and technologically advanced Civic in the model’s 50-year history, and it offers a range of powertrain options, including a hybrid and a performance-oriented Type R variant.
- Accord: The midsize sedan won the ALG residual value award for the second straight year in the Midsize Car segment. The Accord has a sleeker design and a more advanced sporty hybrid system than its previous generation, and it offers a spacious and comfortable interior and a range of safety and connectivity features.
- CR-V: The compact SUV won the ALG residual value award in the Compact SUV segment for the second straight year. The CR-V combines a sporty and modern exterior, a refined and versatile interior, and an adventurous and fun-to-drive experience. The CR-V also offers a hybrid option with excellent fuel efficiency and performance.
- Passport: The midsize SUV won the ALG residual value award in the Midsize SUV 2-Row segment for the fifth year in a row. The Passport offers a top-of-class combination of off-road capability and nimble on-road dynamics, a spacious and functional cabin, and a range of advanced safety and technology features.
Honda’s Future Outlook
Honda’s strong momentum in the US auto market is not a coincidence but a result of its consistent focus on delivering value, quality, and innovation to its customers. The brand has a clear vision of its future, and it is investing in new technologies and products that will meet consumers' changing needs and preferences.
One of the key areas that Honda is pursuing is electrification as part of its global goal to achieve carbon neutrality by 2050. The brand plans to introduce more electrified vehicles in the US market, including the Prologue, its first volume battery-electric vehicle, which will debut in 2024. The Prologue will be based on the GM Ultium platform, and it will offer a spacious and versatile design, a long driving range, and a fast charging capability. The Prologue will be followed by a series of new electric vehicles based on Honda’s own e:Architecture platform, which will be developed in-house.
Another key area that Honda is pursuing is safety as part of its global goal to eliminate traffic fatalities involving its vehicles by 2050. The brand is enhancing its Honda Sensing suite of advanced driver-assistive and safety technologies, which is standard or available on most of its models. The brand is also developing new technologies that will enable vehicle-to-vehicle and vehicle-to-infrastructure communication and autonomous driving capabilities. Honda collaborates with other automakers and stakeholders to create a safer and smarter mobility ecosystem.
Honda is not resting but striving to improve its products and services and create new value for its customers and society. The brand has a solid foundation of loyal and satisfied customers, a diverse and competitive portfolio of vehicles, and a clear and ambitious vision of its future. Honda is well-positioned to maintain its strong momentum in the US auto market and remain a leader in the auto industry.
