GM rides 'strong demand' to grow US auto sales

US automaker General Motors reported Wednesday a jump in vehicle sales for 2023, citing robust demand in a year also boosted by easing supply issues.

The company logged sales of 2.6 million vehicles last year, a 14 percent rise from 2022, to hold on to its title of top US automaker.

Toyota, the second-largest auto seller in the country, sold 2.2 million vehicles in the past year, marking a seven percent increase, the company said in a separate statement.

GM's performance comes as it shakes off a hit from a six-week strike led by the United Auto Workers union, affecting the "Big Three" automakers, including Ford and Stellantis.

The strike mobilized some 45,000 union members at one point, before ending in late October.

In the fourth quarter last year, GM vehicle deliveries in the United States were virtually stable at 625,176.

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"We grew our market share in 2023, maintaining strong pricing and low incentives," said GM senior vice president Marissa West.

West added that the company expects strong industry sales this year as well.

GM now claims a market share of 16.3 percent, slightly higher than a year earlier.

On Wednesday, it also highlighted a sharp rise in total electric vehicle sales, of nearly 76,000 units.

According to a recent Cox Automotive forecast, US auto sales for 2023 is expected to finish around 15.5 million units, up from 2022.

"The new-vehicle market has been supported by growing deliveries, improving supply levels and higher incentives," Cox said.

But Cox senior economist Charlie Chesbrough warned that "high vehicle prices and high interest rates remain the industry's Grinch," a trend expected to persist in 2024.

Source: AFP