General Motors Reports a 14% Jump in U.S. Auto Sales in 2023

General Motors said on Tuesday that its sales of new vehicles in the United States jumped 14 percent last year, amid a broader rebound in the auto industry driven by a strong economy and an improved supplies of critical components.

The company sold 2.6 million cars and light trucks in 2023, up from 2.3 million in 2022, when a shortage of computer chips prevented G.M. and other manufacturers from producing as many cars as consumers were looking to buy.

But in a potentially worrying sign for the company, sales rose just 0.3 percent in the last three months of the year. That suggests that demand for cars and trucks weakened at the end of the year because of the Federal Reserve’s interest rate increases that have made car purchases more expensive.

Separately, Toyota Motor, the second largest seller of cars in the United States after G.M., said its 2023 sales rose 7 percent, to 2.2 million vehicles.

Sales of electric vehicles increased last year, climbing to more than one million in total for the first time. But the purchase of battery-powered cars and trucks is growing at a slower pace then manufacturers had expected, forcing G.M. and other companies to adjust production plans.

Back to top button