Top global automakers reported a rise in first-quarter U.S. sales on improving shipments to dealers, with the exception of Toyota Motor Corp , which continued to grapple with parts shortage, data showed on Monday.
"We gained significant market share in the first quarter, pricing was strong, inventories are in very good shape, and we sold more than 20,000 EVs in a quarter for the first time," GM Executive Vice President Steve Carlisle said in a statement.
Vehicle production took a hit after the pandemic disrupted supply of semiconductor chips and other raw materials, hurting carmakers' ability to meet the upsurge in demand for personal mobility. The companies have been trying to make up for the lost production ever since as supply chain snags gradually ease.
But rising interest rates and fears of a recession may play spoilsport in an industry where most vehicle purchases are financed with loans, analysts say, as they watch out for signs of plateauing demand. The average transaction price of vehicles, too, has surged over the last one year. "Consumers are facing credit uncertainty as rapidly rising interest rates have created barriers to entry for even the most qualified buyers," said Jessica Caldwell, executive director of insights at auto research firm Edmunds.to 603,208 units in the first quarter from 512,846 a year earlier. Toyota said sales fell 8.8% to 469,558 vehicles, but added that inventory was improving.
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