Common Motors Stories a 14% Soar in U.S. Auto Gross sales in 2023

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Common Motors stated on Tuesday that its gross sales of latest automobiles in the USA jumped 14 p.c final yr, amid a broader rebound within the auto trade pushed by a robust economic system and an improved provides of crucial parts.

The corporate bought 2.6 million vehicles and light-weight vehicles in 2023, up from 2.3 million in 2022, when a scarcity of pc chips prevented G.M. and different producers from producing as many vehicles as shoppers had been seeking to purchase.

However in a probably worrying signal for the corporate, gross sales rose simply 0.3 p.c within the final three months of the yr. That implies that demand for vehicles and vehicles weakened on the finish of the yr due to the Federal Reserve’s rate of interest will increase which have made automobile purchases costlier.

Individually, Toyota Motor, the second largest vendor of vehicles in the USA after G.M., stated its 2023 gross sales rose 7 p.c, to 2.2 million automobiles. The corporate’s gross sales within the fourth quarter had been 15.4 p.c larger than in the identical quarter a yr in the past.

Gross sales of electrical automobiles elevated final yr, climbing to multiple million in complete for the primary time. However the buy of battery-powered vehicles and vehicles is rising at a slower tempo then producers had anticipated, forcing G.M. and different firms to regulate manufacturing plans.

G.M. bought practically 76,000 electrical automobiles final yr, up from about 39,000 in 2022. A big majority of these gross sales had been for 2 variations of the Chevrolet Bolt, which the corporate has stopped producing.

The corporate’s inventory was down about 2.5 p.c round midday on Wednesday.

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