Toyota, which overtook GM as the No. 1 seller in the US in the last quarter of 2021, managed to retain its crown in early 2022.
By: HT Auto Desk
| Updated on: 4/3/2022 5:45 p.m
FILE PHOTO: The Toyota logo is seen at a booth during a media day for the Auto Shanghai Show in Shanghai, China. (REUTERS)
Toyota has once again bested General Motors on the US sales chart after taking the sales crown from the latter last year. The feat was accomplished even as automakers grappled with supply chain issues in the first quarter, as all major manufacturers that reported sales posted sharp declines during the period.
Toyota, which overtook GM as the No. 1 seller in the US in the final quarter of 2021, maintained its crown in early 2022. The company has been buoyed by more inventory, fewer trim options, and a heavy reliance on hybrid models. In the face of rising petrol prices, consumers are increasingly turning to hybrid and electric vehicles.
While Toyota’s first-three-month sales fell 15% to 514,592 vehicles, its hybrid gas-electric models fell just 3.9% as the automaker prioritized those vehicles due to chip shortages. Sales of hybrid versions of the brand’s best-selling vehicle — the RAV4 compact SUV — grew double-digit during the quarter.
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On the other hand, General Motors saw sales fall 20% to 512,846 cars and trucks and lost to rival Toyota for the second straight quarter, albeit by just under 2,000 vehicles. Sales of its top-priced pickups and SUVs rose as semiconductor shipments were channeled to these highly profitable vehicles.
However, semiconductor chip shortages and the coronavirus pandemic are still weighing on the industry, which is now facing additional challenges related to the Russia-Ukraine war, volatile fuel prices, and rising costs for battery materials and other components.
In March, U.S. automakers are expected to sell a seasonally adjusted annual rate of about 13.2 million new vehicles, down 26% year-on-year, according to the median forecast of eight market researchers. Many manufacturers have had to slow down production due to supply chain issues, which means consumers have had to wait longer for their preferred vehicle model.
(with contributions from Bloomberg)
First Release Date: April 03, 2022 5:45 PM IST