USA November 2025: Toyota (+4.4%), Kia (+2.7%) islands of growth, sales down -6.3%

Toyota Crown sales are up 85.2% year-on-year in November.

The end of EV subsidies and tariff-induced higher prices are finally catching up with the U.S. new light vehicle market in November, with sales off for the second straight month at -6.3% to an estimated 1.28 million according to GlobalData. Retail sales are down -8.1% whereas fleet deliveries gain 3.5%. The SAAR stands at 15.84 million according to Motor Intelligence, up from 15.48 million in October but well down on the 16.61 million of November 2024. The average incentive per vehicle is $3,211, up $375 on October but down $125 on a year ago, according to J.D. Power and GlobalData said. Incentive per light truck is down -$79 year-on-year to $3,388 while cars shave off $2,362 on average, down $365 on a year ago. The average new-vehicle retail transaction price is $46,029, up $722 on last year. J.D. Power and GlobalData said fleet sales are down -7.5% to 197,358.

Among OEMs still sharing monthly data, Toyota Motor (+2.7%) is the only one in positive, Ford Motor (-0.7%) and Hyundai-Kia (-0.5%) are stable while American Honda (-15.3%) freefalls. Brand-wise, Toyota (+4.4%) and Kia (+2.7%) stand out with YoY gains, the latter managing a 5th straight uptick. The 4Runner (+3325.1%), Crown (+85.2%) and Grand Highlander (+73.1%) help Toyota up while at the Korean carmaker the Niro (+222%), Seltos (+66.4%) and Carnival (+49.5%) stand out. Ford is almost stable (-0.03%), ending 8 consecutive months of gains. The F-Series (-9.6%) disappoints while the Mustang (+78.6%), Maverick (+43.3%), Explorer (+41.5%) and Ranger (+35.8%) impress.

Honda (-16.8%) struggles mightily with the Odyssey (-17.3%), CR-V (-14.5%), HR-V (-14.1%) and Accord (-9.1%) hit hard and the Civic (-5.5%) doing ok. Hyundai (-2.3%) edges down but beats the market thanks to the Venue (+35.4%), Tucson (+17.8%), Santa Fe (+13.2%) and Palisade (+10.3%). Note Hyundai and Kia are both on track to deliver record annual results in 2025. For Kia, it would be the third consecutive year it does so. Other solid carmakers in context include Genesis (+0.2%), Acura (-1.4%) and Mazda (-1.5%). Subaru (-9.7%) endures a 4th consecutive month of year-on-year decline with all its models in negative.

Previous month: USA October 2025: Trucks help Toyota up 11.8%

One year ago: USA November 2024: Ford F-Series, Toyota Camry impress in solid market

November 2025 data for selected OEMs, brands and models below.