The main manufacturers of automobiles of the world registered an increase in their sales of new vehicles on Tuesday in USA during the third quarter, driven by solid demand for the latest models and improving supply.
General Motors maintained a strong year, recording an increase of around twenty-one% in U.S. sales to 674,336 vehicles, helped by demand for its trucks, affordable crossover SUVs and electric vehicles.
According to the company, sales of electric vehicles increased by 28% in the third quarter compared to the previous quarter.
The good results come in the context of the United Auto Workers (UAW) coordinated strike against the three Detroit manufacturers, which has raised concerns about possible supply disruptions in the current quarter.
GM said Tuesday it had 442,586 vehicles in inventory. Although it did not address the impact of the strike, a 40-day UAW walkout in 2019 caused a 6% drop in sales in the fourth quarter of that year and cost the automaker $3.6 billion.
Rival Ford Motor is expected to report U.S. vehicle sales on Wednesday, while Stellantis FCA US unit reported a decline in 1.3% in the third quarter to 380,563 units.
Asian brands, meanwhile, posted strong gains in the quarter. Toyota Motor posted an increase in 12.2% in third-quarter US sales. Kia and Hyundai also recorded higher sales in the period.
Hyundai is offering incentives on its electric vehicles to overcome the disadvantage of not qualifying for U.S. Inflation Reduction Act tax credits, the company told Reuters on Tuesday.
However, the South Korea-based automaker noted that rising interest rates “They make it very, very difficult for consumers to buy a vehicle.”
Electric vehicle leader Tesla on Monday missed market estimates for third-quarter deliveries due to planned upgrades at its factories.
Overall, new vehicle sales in the United States in September were 1.33 million units, with an annual sales rate of 15.67 million units, according to data released by Wards Intelligence on Tuesday.
Source: Reuters
Source: Gestion
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