Major automakers on Wednesday reported higher quarterly U.S. sales, reflecting higher vehicle inventories and support from a strong labor market. General Motors (GM) posted a 19% rise in second-quarter shipments to 691,978 units, thanks to strong gains for its Sierra pickup truck and its upscale Cadillac brand. The American giant also mentioned the progress in sales of the Chevrolet Trax model, a sport utility vehicle of a more modest size and sold at an affordable price. Pricing for the Trax starts at $21,495, less than half the average price in the United States for a car or truck. The quarterly sales surge helped GM post an 18.3% increase in sales in the first half of 2023.
Two other major automakers – Toyota and Stellantis – also saw second-quarter sales jump, although their first-half scores were somewhat weaker. Toyota announced a 7.1% increase in sales in the second quarter to 568,962 vehicles, thanks in particular to its high-end brand Lexus. At Stellantis, which saw its sales increase by 6% to 434,648 vehicles, the Ram truck brand advanced compared to last year. As 2023 approached, experts had anticipated a possible slowdown in the US auto market due to inflation and rising borrowing costs. But consumer demand proved more resilient than expected.
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Analysts, however, expected sales to rise in the second quarter due to demand.repressedfrom consumers after supply difficulties, which had sold out car lots in 2022, eased. New vehicle inventory levels in the United States rose more than 70% in June compared to the same period a year ago, according to Cox Automotive. “We arrived in 2023 worried about affordability, supply constraints and a fragile economysaid Cox Automotive economist Jonathan Smoke. “But the job market remained healthy and consumers found ways to acquire new vehicles“, he added.
2023-07-05 19:38:38
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