The Clap
General Motors (NYSE:GM) had the most vehicle sales in the US among all other auto manufacturers, overcoming supply chain difficulties.
What
GM sold 2.7mn vehicles in the US during 2022, a 2.5% increase YoY from 2021. The increase was largely driven by a 41.4% increase in sales during Q4 2022.
In 2021, Toyota was crowned king of the autos, outselling GM by 114K vehicles. This was the first time GM did not boast the highest sales since 1931.
So What
Despite GM ditching hybrids for fully electric vehicles, they have been slow to ramp up production, with EVs representing a minuscule 2% of their sales.
Now What
Going into 2023, auto industries will be thinking of new strategies to tackle the ongoing supply chain problems they face.
In addition, fears of a recession may take its toll on vehicle sales, with consumer spending habits changing accordingly.
