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

General Motors stated on Tuesday that its gross sales of latest autos within the United States jumped 14 p.c final yr, amid a broader rebound within the auto business pushed by a powerful economic system and an improved provides of essential parts.

The firm bought 2.6 million vehicles and lightweight vehicles in 2023, up from 2.3 million in 2022, when a scarcity of laptop chips prevented G.M. and different producers from producing as many vehicles as customers had been seeking to purchase.

But in a probably worrying signal for the corporate, gross sales rose simply 0.3 p.c within the final three months of the yr. That means that demand for vehicles and vehicles weakened on the finish of the yr due to the Federal Reserve’s rate of interest will increase which have made automobile purchases dearer.

Separately, Toyota Motor, the second largest vendor of vehicles within the United States after G.M., stated its 2023 gross sales rose 7 p.c, to 2.2 million autos. The firm’s gross sales within the fourth quarter had been 15.4 p.c greater than in the identical quarter a yr in the past.

Sales of electrical autos elevated final yr, climbing to multiple million in complete for the primary time. But the acquisition of battery-powered vehicles and vehicles is rising at a slower tempo then producers had anticipated, forcing G.M. and different corporations to regulate manufacturing plans.

G.M. bought almost 76,000 electrical autos final yr, up from about 39,000 in 2022. A big majority of these gross sales had been for 2 variations of the Chevrolet Bolt, which the corporate has stopped producing.

The firm’s inventory was down about 2.5 p.c round midday on Wednesday.