FILE - Used models are shown a Mini dealership on July 21, 2023, in Highlands Ranch, Colo. The average used car price is up 16% from three years ago. Toyota Motor Corp. and Honda Motor Co. notched big US sales gains to start the year and General Motors Co. grew retail deliveries as demand for lower-priced models help automakers defy expectations for a broad slowdown.said Tuesday that deliveries rose more than 20% in the first quarter, buoyed by the compact Corolla sedan and RAV4 crossover.
The company is seeing slow progress on solving production problems in its electric-vehicle battery operations that make the company’s new Ultium battery pack. While the volume is still relatively small, GM had its best quarter with the new-generation of EVs, selling 5,800 of the Cadillac Lyriq and 1,668 electric Hummer trucks.
Toyota on Tuesday reported US new vehicle sales of 565,098 in the quarter, with higher growth coming from its namesake brand compared to the luxury Lexus line. The company was boosted by a nearly 40% gain in Corolla sales. RAV4 sales were up nearly 50%. Consumers seem to be cooling to fully electric vehicles due to a lack of charging infrastructure and high prices. While EV sales rose from a year ago, volume in the first quarter likely declined sequentially for the first time since early in the pandemic, according to researcher Cox Automotive. Meanwhile, sales of hybrid vehicles, which offer good fuel economy and sticker prices that are closer to their gas-powered siblings, are growing.
Source: Car News Wire (carnewswire.net)
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