GM outsells Toyota in U.S. as industry braces for brakes on demand
General Motors Co (US.GM) outsold Japanese automaker Toyota Motor Corp (US.TM) in the United States in the third quarter, data on Monday showed, but analysts and investors are fretting that a darkening economic picture will lead to a drop in car sales. Thus far, a shortage of cars due to supply disruptions, combined with a preference for personal transport, has seen consumers willing to shell out more money, largely protecting profits at automakers and auto dealers who have pulled back on discounts.
GM said it sold 555,580 vehicles in the quarter through September, 24% higher than last year when inventory shortages hit sales. Toyota's sales fell 7.1% to 526,017 vehicles in the same period.GM outsold Toyota by about 80,000 vehicles through the first nine months of the year. Toyota in 2021 topped GM in sales by about 110,000 vehicles, the first time since 1931 that GM did not lead the U.S. auto industry in sales.