In 2022, General Motors Co. have taken the lead in the US auto sales from its rival Toyota Motor Corp. because it was able to better meet the strong demand for cars and trucks despite supply disruptions throughout the industry.
In closely watched competition, GM posted a 2.5% increase in 2022 sales to 2,274,088 vehicles, surpassing Toyota’s 2,108,458 units. This resulted in shares of GM rising to $34.75 in afternoon trade on Wednesday.
At many automakers, production had been hampered by inventory shortages caused by rising material costs and a persistent chip crunch, resulting in elevated vehicle prices. Asian brands suffered the most. Charlie Chesbrough, a senior economist at Cox Automotive, stated that Toyota is still among the most constrained in terms of inventory.
In November, the Japanese automaker lowered its production target for the entire year. According to data released on Wednesday, sales of its SUVs, a key market, decreased by 8.6% in 2022. However, Toyota executives stated that the rate of inventory accumulation was slow but steady and that some encouraging signs were beginning to emerge.
Andrew Gillel, Toyota’s senior vice president of automotive operations, said that they are hopeful that their inventory levels will continue to rise throughout the first quarter of 2023.
The sales of other brands like American Honda, Hyundai Motor America, Kia Motors America, and Mazda North American Operations all decreased.
New vehicle sales in the United States reached 1.26 million units in December, representing an annual sales rate of 13.31 million, according to data.
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