GM beats Toyota in US
General Motors posted a 2.5 per cent rise in new-vehicle sales in America last year, aided by an easing of inventory shortages and strong demand for its cars and trucks.
The company says its registrations in the US rose to 2,274,088 units during 2022 to beat Toyota’s annual total of 2,108,458.
Last year, sales of new cars and trucks fell to their lowest level in a decade. They have been estimated at fewer than 14 million because brands couldn’t make enough for consumers to buy. This year, sales are likely to remain soft at some 15m but for a different reason – weakening demand.
The US Federal Reserve’s interest-rate hikes have made it harder and more expensive for consumers to finance car purchases with prices having already risen to record highs.
Analysts expect that higher rates and a slowing economy will force some Americans to delay buying vehicles or steer away from showrooms altogether in 2023 even if marques produce more units than last year because they can access more parts.
Data released by six Japanese companies show their combined sales in the US fell by 17.9 per cent in 2022 to 4,758,614 units as the microchip shortage also impacted on their shipments. Toyota, Honda, Nissan, Mazda, Mitsubishi and Subaru all recorded declines in registrations.
