General Motors reports 14% rise in US auto sales in 2023
General Motors said Tuesday that sales of its new vehicles in the United States rose 14 percent last year amid a broad boom in the auto industry driven by a strong economy and improved supply of critical components.
The company sold 2.6 million cars and light trucks in 2023, up from 2.3 million in 2022, when a shortage of computer chips prevented GM and other makers from making as many cars as consumers wanted to buy.
But a potentially worrying sign for the company is that sales grew just 0.3 percent in the last three months of the year. This suggests that demand for cars and trucks weakened at the end of the year as the Federal Reserve increased interest rates, making it more expensive to buy a car.
Separately, Toyota Motor, the second-biggest seller of cars in the United States after GM, said its 2023 sales rose 7 percent to 2.2 million vehicles.
Sales of electric vehicles surged last year, totaling more than one million for the first time. But purchases of battery-powered cars and trucks are growing slower than manufacturers expected, forcing GM and other companies to adjust production plans.