7.5 C
New York

Supply Problems Hurt Auto Sales in 2022. Now Demand Is Weakening.

Published:

Toyota Motor, the world’s largest automaker by variety of vehicles sold, said on Wednesday that its U.S. sales fell about 10 percent, to 2.1 million vehicles in 2022. But in a sign that the provision of chips and other parts improved toward the tip of the yr, the corporate said sales within the fourth quarter jumped 13 percent from a yr earlier.

General Motors was one in all the few automakers that bucked the industry trend, reporting a 2.5 percent increase in U.S. sales last yr, to 2.3 million vehicles, putting it just ahead of Toyota after G.M. fell to second place for the primary time in a long time in 2021. G.M. said deliveries within the fourth quarter were up 41 percent.

Sales of G.M.’s electric automobile, the Chevrolet Bolt, rose greater than 50 percent to 38,120 for the yr. The corporate also said sales of the GMC Hummer, an electrical pickup truck that sells for greater than $100,000, increased to 854. The corporate, which has said it goals to get rid of internal combustion engine vehicles by 2035, is counting on several latest electric models to extend sales this yr.

One other company that did relatively well was Hyundai, the South Korean automaker that sells cars under the Hyundai and Kia brands and that has also made an enormous push into electric vehicles. It’s full-year sales fell just 2 percent, and its fourth-quarter deliveries jumped 29 percent.

Sales were strong for electric vehicles and for corporations that specialise in that fast-growing business.

Tesla on Monday reported a 40 percent increase in its global sales for 2022, but its deliveries within the last three months of the yr fell wanting analysts’ expectations. The corporate’s stock, which ended down 65 percent last yr, fell 12 percent on Tuesday. It rose 5 percent on Wednesday by the close of trading.

And Rivian, a smaller electric vehicle company, said on Tuesday that it fell several hundred vehicles wanting its goal of manufacturing 25,000 trucks, sport utility vehicles and vans in 2022.

sportinbits@gmail.com
sportinbits@gmail.comhttps://sportinbits.com
Get the latest Sports Updates (Soccer, NBA, NFL, Hockey, Racing, etc.) and Breaking News From the United States, United Kingdom, and all around the world.

Related articles

spot_img

Recent articles

spot_img