General Motors has overtaken rival Toyota Motor to remain the best-selling automaker in the United States in 2023, as easing supply bottlenecks and sustained increased demand propelled the industry to its best year since the Corona pandemic.
The company sold 2.6 million new cars in the United States in 2023, an increase of 14.1 percent over 2022, while Toyota’s annual sales rose 6.6 percent to about 2.25 million cars.
New car sales in the United States last year amounted to about 15.5 million units, of which electric cars – including hybrid cars – constituted approximately 17 percent.
General Motors will offer incentives worth $7,500 on its electric cars (Reuters)
American car sales
The steady recovery in US auto sales has reinforced other signs that the US economy is absorbing the shock from the rapid rise in interest rates without sliding into recession, although some analysts have warned that higher borrowing costs could negatively impact demand this year.
“High vehicle prices and high interest rates continue to be a problem for the industry at this time,” Cox Automotive said.
Car dealers were forced to offer generous incentives and discounts in December; To liquidate old inventory after two years of backing out of promotions.
“This is the third year in a row that American consumers have spent more than half a trillion dollars to buy new cars,” J.D. Power said in a report last month.
Electric vehicles will also account for a larger share of consumer spending in 2023.
General Motors and Toyota sales
Toyota said on Wednesday that sales of electric cars, which include hybrid cars and all electric models, jumped by 30.4 percent to 657,327 cars, constituting 29.2 percent of its total sales in the United States.
Total sales of electric cars (BZ4X) and (Lexus RZ) reached 14,715 units in 2023, representing about 2.23 percent of total electric car sales.
General Motors has sold 75,883 electric vehicles, and the automaker expects strong demand to continue through 2024. It expects total car sales in the United States to reach 16 million vehicles this year.
A fully electric Cadillac car (Reuters)
General Motors also said that it will offer incentives worth $7,500 on its electric cars.
Hyundai’s sales of electric cars increased by 11 percent year-on-year, reaching 55,783 vehicles, and Mazda and Honda also recorded higher annual sales.
Cox added that total electric car sales in the United States are expected to reach about eight percent of total car sales in 2023, with this number rising to about ten percent this year.
But analysts say higher interest rates will hurt demand for electric cars as well.
2024-01-04 15:46:49
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