GM retains crown as top-selling US automaker in 2023 despite costly strike (2024)
General Motorsretained its crown as the top-selling automaker in the USin 2023, edging past rival Toyota Motor, as easing supply snags and sustained demanddrivethe industryto itsbest year since thepandemic.
The Detroit automaker shrugged off a hit from a costly auto strike to report 2023 US new vehicle sales of 2,594,698 units, up 14.1% from last year, while Toyota’s annual sales rose 6.6% to 2,248,477 vehicles.
Automakers are expected to have sold a total of 15,499,224 vehicles in the US in 2023, the highest since 2019, when the industry reported sales of 17,044,011 vehicles, according to figures from consultant Cox Automotive.
Theresurgencein sales comes after companies ramped up their production to keep up with sustained demand for new vehicles in 2023, though some analysts warn that high interest rates will take a toll on demand this year.
“This is the third consecutive year in which US consumers spent more than half a trillion dollars buying new vehicles,” J.D. Power said in a report last month.
Electric vehicles also grabbed a bigger share of consumerwallets.
Toyota saidon Wednesdaysales of electrified vehicles rose 30.4% to 657,327 vehicles,making up29.2% of its overall US sales.
GM sold 75,883 EVs – of which 62,045 were Bolts and 13,838 were Ultium platform EVs.
The Detroit automaker expectsthe robust demand to carry over into 2024 andforecast total industry sales of 16 million units for the year.
Shares of GM were down but cut losses after itpostedfull-year sales.
The company also said it wouldoffer$7,500 incentives on its EVs that lost a US government tax credit this week.
Total US EV sales are expected to be about 8% of overall auto sales in 2023, with that number rising to around 10% this year, Cox added. But analysts say high interest rates are set to hurt EV demand as well.
“Sales of EVs are likely to continue to improve, just not at the astronomical rate the industry saw in years past,” AutoForecast Solutions said in a report.
GM U.S. Sales Performance for Q4 2023. For the year, GM managed to hold onto its U.S. sales crown, selling 2.6 million vehicles for the year, up 14% from 2022 and its best year since 2019, when it sold 2.9 million vehicles before the pandemic and global chip shortage.
TOKYO, Jan 30 (Reuters) - Toyota Motor (7203. T) , opens new tab retained its crown as the world's top-selling automaker for the fourth consecutive year after posting record annual sales of 11.2 million vehicles in 2023, though its chairman apologised on Tuesday for scandals at three group companies.
DETROIT — General Motors Co. (NYSE: GM) and its dealers delivered 2.6 million vehicles in the U.S. in 2023, up 14% year-over-year. GM led the industry in total sales and was the top selling manufacturer of trucks, full-size pickups, full-size SUVs, affordable SUVs and fleet vehicles. “GM has tremendous momentum.
GM had the strongest sales in North America last year compared to other OEMs, having sold nearly 2.6m units in 2023, up 14% over 2022 according to market analyst Cox Automotive.
The Ford F-Series has been the best-selling vehicle in America for years and the best-selling truck in America for nearly half a decade, and that likely won't change soon.
The son has dethroned the father from the top of the reliability rankings. Luxury brand Lexus gets ranked first, with models like the 2023 Lexus GX proving to be the most reliable. They are also doing well in the hybrid model section.
The sixth-generation Chevrolet Camaro will go out of production in January 2024, the automaker announced today. For its final model year, Chevy will introduce a Collector's Edition, although no details on the package have been revealed yet.
In 2023, the ranking of the world's largest car brands was topped by Toyota with a market share of around 10.7 percent. The Toyota brand is owned by Japan's Toyota Motor Corporation, the world's largest motor vehicle manufacturer.
General Motors retained its crown as the top-selling automaker in the US in 2023, edging past rival Toyota Motor, as easing supply snags and sustained demand drive the industry to its best year since the pandemic.
GM shines, Ford fails to impress in new J.D. Power dependability study ranking. Ford CEO Jim Farley has said again and again it's essential the automaker improve quality, and the new 2023 J.D. Power U.S. Vehicle Dependability Study released Thursday shows Ford and Lincoln among the worst brands.
Because when we look at the combined sales of the Chevrolet Silverado and GMC Sierra, we see that GM sold 850,885 trucks in the U.S., while Ford sold 750,789 F-150s. For fans of statistics: Chevrolet sold 555,148 Silverados in 2023, while GMC delivered 295,737 units of its Sierra.
As it is, some automakers already known in the U.S. are majority Chinese-owned. For example, MG is owned by Shanghai Automotive Industry Corporation (SAIC), and Geely Motors owns 78.7% of Volvo as of Nov. 17, 2023.
BASF SE, Denso Corp, Mitsubishi Electric Corp, Hyundai Mobis Co Ltd, and Magna International Inc are the top 5 automotive suppliers in the world in 2023 by market capitalization (as of Mar 31, 2023).
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