The full-size pickup truck market is a cornerstone of the U.S. automotive industry, known for its fierce competition and loyal customer base. However, the first half of 2024 has shown a shift in the landscape, with overall sales experiencing a decline. Despite this, certain brands have managed to maintain or even grow their market share, but not Ram.
Overall sales for the full-size pickup segment declined by 2.5% in the first half of 2024 compared to the same period in 2023. The dip raises concerns but highlights some interesting trends and changes in the market dynamics.
Ram, the second best-selling pickup brand in the U.S. in 2019 and 2021, has seen a significant drop in sales. With a decrease of 19.5%, Ram’s performance is among the most concerning. In the first half of 2023, Ram sold 223,049 units, but this number has plummeted to 179,526 units in 2024.
| Model | H1 2024 Sales | h1 2023 sales | Change (%) |
|---|---|---|---|
| Ford F-Series | 352,406 | 382,893 | -8.0% |
| Chevrolet Silverado | 272,435 | 264,070 | +3.2% |
| Ram Trucks | 179,526 | 223,049 | -19.5% |
| GMC Sierra | 148,785 | 143,008 | +4.0% |
| Toyota Tundra | 78,454 | 59,735 | +31.3% |
| Nissan Titan | 8,209 | 10,550 | -22.2% |
Ram sales have been declining at an alarming rate, and several factors may be contributing to this downturn.
One significant factor is the cost. Stellantis has dramatically increased the prices of its Ram 1500 and Ram 2500/3500 Heavy Duty models over the past couple of years, making these vehicles less affordable for many potential buyers.
Additionally, high interest rates are exacerbating the issue. According to LendingTree.com, the average new car payment will be around $735/month in 2024. These high interest rates make financing a new vehicle more expensive and less attractive to consumers.
Another contributing factor is the slow launch of updated models. Although Ram revised the Ram 1500 for the 2025 model year, the rollout has been sluggish due to electrical issues associated with its new “Atlantis” electrical architecture. These problems have caused delays in the availability of all trim models, potentially driving customers to seek alternatives from competitors.
Additionally, loyalists to V8 power have shifted to other brands following the discontinuation of the HEMI V8 in the Ram 1500 for the 2025 model year.
Ram’s new CEO, Christine Feuell, faces significant challenges in turning the brand around. One key initiative is the launch of Ram’s first all-electric pickup, the Ram 1500 REV, slated for Q4 2024. Following this, Ram plans to introduce the electrified range extender model, the Ram 1500 Ramcharger, which will utilize a Pentastar V6 engine as an onboard generator to maximize range.
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