GM Reclaims Sales Crown from Toyota in USA

General Motors (GM) reclaimed the top spot in U.S. auto sales from rival Toyota in 2022 as it was able to better meet strong demand for cars and trucks despite industry-wide supply disruptions. GM posted a 2.5% rise in 2022 sales to 2,274,088 vehicles, higher than Toyota’s 2,108,458 units, in a closely watched race. Bear in mind last year Toyota created history by outselling GM for the first time ever on its home turf.

Asian brands including Toyota were hit hardest by inventory shortages stemming from surging material costs and a persistent chip crunch had hobbled production at many automakers, keeping car and truck prices elevated.

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Toyota announced to cut its full-year production target in November 2022. Sales of its SUVs, a key segment, fell 8.6% in the year 2022 according to the data. However, Toyota executives said there were some positive signs emerging, and the rate of inventory buildup was slow but steady. According to Andrew Gillel, senior vice president of automotive operations at Toyota:

“We’re optimistic our inventory levels will continue to improve in the first quarter and for the remainder of the year.”

In USA, new vehicle sales in December finished at 1.26 million units, with an annual sales rate of 13.31 million, according to Wards Intelligence data. Analysts are concerned that price hikes by automakers to blunt inflationary pressures and rising interest rates will take a toll on new vehicle sales in 2023.

Source: Reuters

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