U.S. new vehicle sales are expected to decline for major automakers in 2022 due to inventory shortages, which weighed on Asian brands more than the Detroit giants such as General Motors Co and Ford Motor Co .
The cutback will lead to the company ceding its spot as the top-selling U.S. automaker in 2022 to GM, which
that position at the end of 2021 for the first time since 1931, according to Cox Automotive and automotive marketplace TrueCar.GM's 2022 U.S. sales are set to rise 2.3%, while Toyota's is expected to fall 9%, according to Cox Automotive. Both automakers are set to report sales figures on Wednesday. Some industry observers fret that price hikes by automakers to blunt inflationary pressures and rising interest rates will take a toll on new vehicle sales in the new year.
"We expect 2023 to carry a high level of risk and uncertainty as several markets could be dealing with a recession," said Jeff Schuster, president of global forecasts at LMC Automotive. Automakers will need to begin incentivising buyers, a trend that was briefly paused during the pandemic as manufacturers and dealers struggled to fulfill demand, TrueCar said.Our Standards:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tesla Delivers Record-Setting 405,278 Cars In Q4 2022, 1.3 Million In All Of 2022Tesla has just released its Q4 2022 production and delivery report, so the numbers are now in. See how Tesla fared this quarter right here.
Read more »
Best of 2022: How Marvel & Mario Got Me Into Tactics in 2022Senior Gaming Editor Michael Leri describes how Midnight Suns and the Mario + Rabbids series got him into tactics.
Read more »
Asian stocks in 2022 suffer biggest foreign outflows since 2008 global crisisForeign investors withdrew more money from emerging Asian equities in 2022 than they had done in any year since the global financial crisis in 2008, as rising U.S. interest rates pulled funds towards dollar assets.
Read more »
BMW sales dip in 2022, targets 15% battery-electric sales this yearThe BMW Group sold around 100,000 fewer cars in 2022 at 2.4 million vehicles, but more than doubled the proportion of fully-electric cars sold to reach almost 10% of total sales, a spokesperson said on Wednesday.
Read more »
NIO Set New Electric Car Sales Record In December 2022NIO continued to increase the production rate and global sales of electric vehicles in December, setting the second consecutive monthly record.
Read more »
China: Plug-In Car Sales Increased By 50% In November 2022The overall car sales in China decreased in November, but the plug-in electric car market does not stop growing, not even for a while.
Read more »