Honda is one of the world's most popular and reliable car brands, and its latest sales and residual value figures prove it. According to the official reports from Honda and ALG, the company achieved impressive results in 2023 despite many challenges and the global chip shortage. Here are some of the highlights of Honda’s performance in the U.S. market:
#1 Mainstream Brand in Residual Value for Three Years in a Row
- Honda was named the #1 mainstream brand in residual value for the third consecutive year by ALG, a leading provider of data and analytics for the automotive industry. This means that Honda vehicles retain their value better than any other non-luxury brand over a three-year period.
- Four Honda models also made it to ALG’s annual list of the top 10 vehicles with the highest retained value: the Civic, the CR-V, the Odyssey, and the Honda Passport. These models have proven to be durable, reliable, and desirable among consumers, resulting in strong resale values and lower ownership costs.
Robust Sales Growth in 2023
- Honda posted robust sales growth in 2023, with a total of 1.2 million units sold, up 20-25% from 2022. Honda also outperformed the industry average, which saw a 9.5% increase in sales. Honda’s strong sales were driven by its popular SUVs and crossovers, such as the CR-V, the HR-V, the Pilot, and the Honda Passport, which all posted double-digit gains.
- The Honda CR-V also set a new record for hybrid sales, with 72,864 units sold, up 35.4% from 2022. The CR-V Hybrid is part of Honda’s electrified lineup, which includes the Accord Hybrid, the Insight, and the Clarity Plug-in Hybrid. Honda surpassed 100,000 electrified vehicle sales for the year, which was a new milestone for the company.
These achievements demonstrate Honda’s commitment to delivering high-quality, fuel-efficient, and innovative vehicles that meet the needs and expectations of its customers. Honda is also investing in the future of mobility, with initiatives such as the Honda e:Technology, which aims to electrify all of its core models by 2030, and the Honda e:Progress, which offers a smart charging service for electric vehicles in Europe. Honda is also developing advanced technologies for autonomous driving, connected services, and safety features, such as the Honda Sensing suite, which is now standard on all 2023 Odyssey models.
Honda is a brand that stands for excellence, value, and sustainability, and its latest results prove that it is well-positioned to face the challenges and opportunities of the automotive industry. Honda is a brand that customers can trust and rely on, and that will continue to deliver on its promise of “The Power of Dreams.” @via JD Power.
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