CARS Cars com Inc

Nearly 60% of In-Market Car Shoppers are Willing to Pay More for a Vehicle if it Creates More U.S. Jobs

CHICAGO, June 28, 2024 /PRNewswire/ -- Ahead of the Fourth of July holiday, car-shopping marketplace Cars.com® (NYSE: CARS) has revealed its 19th annual American-Made Index. Cars.com® experts independently evaluated more than 400 vehicles to generate this year's list of 100 vehicles contributing most to the U.S. economy in manufacturing, parts sourcing and employment. Tesla's Model Y continues its reign as the most American vehicle for the third consecutive year, followed by the Alabama-built Honda Passport taking the No. 2 spot and Tennessee-built Volkswagen ID.4 at No.3.

Austin-based Tesla did not repeat its 2023 sweep of the top four spots, with the Model X dropping to No. 9 and the Model 3 landing at No. 21 due to changes in workforce and domestic parts content, respectively. Despite this, Tesla still landed four of its vehicles on this year's Index — three in the top 10 — and was also the only domestic automaker in the top 10.

Honda's Odyssey and Ridgeline — boasting the most American-made minivan and pickup truck — came in at No. 5 and No. 6., while the Toyota Camry and Jeep Gladiator each jumped 19 spots to land at Nos. 7 and 8, respectively. The Lexus TX makes a memorable entrance to the index, landing at No. 10. The complete list is available at Cars.com/AMI.

"Americans have a clear desire to use their dollars to purchase U.S.-created products that contribute to the local, regional and national economy, according to a Cars.com survey," said Patrick Masterson, lead researcher for Cars.com's American-Made Index. "However, it always surprises car shoppers that the badge on the hood doesn't always reveal a vehicle's economic contributions. In fact, 66% of vehicles on Cars.com's 2024 American-Made Index come from foreign automakers that support communities in Alabama, Indiana, Michigan and Ohio."

American-Made Is Electrifying, Slowly

While 77% of vehicles on this year's Index are gas-powered, the segment has declined 5% overall since 2020. On the other hand, the share of electrified vehicles has grown 130% since 2020, with the number of EVs up 100%, and hybrids and plug-in hybrids up 150%.¹

Manufacturing Grows in the South

Over half of the vehicles on this year's list were assembled in the South, outpacing the 45% assembled in the Midwest.¹ Alabama is at the forefront, with 15 vehicles produced in Huntsville, Lincoln, Madison, Montgomery and Vance. Thousands of Alabamians are employed by Japanese-based Mazda, Toyota and Honda, South Korean automaker Hyundai and luxury German automaker Mercedes-Benz.² In small towns like Lincoln and Vance, with populations of about 7,500 and 2,000, respectively, these foreign automakers have become critical to the local economy, creating jobs and driving economic growth through their investments in these communities.

When it comes to consumer demand for American-made, 56% of in-market car shoppers are willing to pay more for a vehicle if it creates more U.S. jobs — of those, 58% say they are willing to pay at least an extra 10%.³  But 60% of Americans say that products need to be built in the U.S. by a company headquartered here to substantially contribute to the American economy.⁴ However, the success of Alabama's auto industry demonstrates that foreign investments are also playing a crucial role in supporting and growing local economies.

Motor City and the Midwest

Michigan remains a powerhouse for auto assembly, hosting 16 vehicles on the Index. Detroit, home to both General Motors and Ford, benefits greatly from the auto industry. Both foreign and domestic automakers bolster Michigan's economy in cities like Flat Rock, Dearborn, Wayne, Lansing, Sterling Heights, Warren and Detroit. Netherlands-based Stellantis has six vehicles on the Index, while Ford and GM each have five vehicles contributing to the state's economic growth.

GM boasts 18 vehicles on the Index, with five in Michigan and additional assembly locations in Kansas, Kentucky, Missouri, Tennessee and Texas. The highest-ranking GM vehicle is the Chevrolet Colorado, positioned at No. 23. Despite a 10% decrease in AMI representation since 2020, GM consistently has the most representation on the Index.¹

Ford has 12 vehicles on the Index, assembled in Illinois, Kentucky, Michigan and Missouri. The Lincoln Corsair at No. 29 and Ford Mustang at No. 31 are Ford's highest-ranking vehicles. Contrary to GM, Ford's representation on the AMI has increased 20% since 2020.¹

Methodology

Cars.com's American-Made Index ranks cars based on five factors: assembly location, parts sourcing as determined by the American Automobile Labeling Act, U.S. factory employment relative to vehicle production, engine sourcing and transmission sourcing. For more information on the 2024 Cars.com American-Made Index, including a deeper dive into the data and methodology, visit Cars.com/AMI.

¹ Cars.com internal data
² Automaker press releases: Toyota and Honda, Hyundai Mercedes-Benz
³Cars.com Consumer Survey; May 31-June 3, 2024; 1,003 respondents
⁴ Cars.com Consumer Survey; May 31-June 3, 2024; 1,157 respondents

ABOUT CARS.COM^®

Cars.com® is the No. 1 most recognized automotive marketplace visited by nearly 30 million in-market consumers each month. Launched in 1998 and headquartered in Chicago, Cars.com empowers shoppers with the data, resources and digital tools needed to make informed buying decisions and seamlessly connect with automotive retailers. Cars.com is the flagship offering from Cars.com Inc. d/b/a Cars Commerce Inc., an audience-driven technology company empowering automotive that simplifies everything about buying and selling cars. Learn more at www.carscommerce.inc.

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SOURCE Cars.com Inc.