General Motors drives 14% surge in US auto sales for 2023, defying challenges, securing top position

General Motors (GM) has disclosed a substantial uptick in US auto sales for the fiscal year 2023, showcasing a notable 14 percent surge, resulting in the sale of 2.6 million vehicles.

This growth is attributed to heightened consumer demand coupled with an amelioration of supply chain challenges that characterized the year. Despite contending with adversities, including a six-week strike orchestrated by the United Auto Workers union, GM has successfully retained its standing as the premier US automaker.

In a parallel development, Toyota, the second-largest player in the US auto market, reported a commendable seven percent increase, achieving the sale of 2.2 million vehicles during the same timeframe. GM’s market share currently stands at 16.3 percent, demonstrating a marginal uptick from the preceding year.

GM also underscored a noteworthy surge in electric vehicle sales, totaling nearly 76,000 units. Marissa West, Senior Vice President at GM, emphasized the company’s achievement in augmenting market share while sustaining robust pricing structures and minimal incentives. Looking ahead, GM anticipates continued strength in industry-wide sales throughout the upcoming year.

Despite these optimistic projections, industry analysts, including insights from Cox Automotive, caution that the persistently elevated vehicle prices and interest rates may pose challenges for the automotive sector in 2024. This sentiment aligns with a broader forecast from Cox Automotive, predicting that US auto sales for 2023 are poised to conclude around 15.5 million units, reflecting an increase from the previous year. The report attributes this growth to expanding deliveries, improved supply levels, and heightened incentives within the new-vehicle market. However, Charlie Chesbrough, Senior Economist at Cox, underscores the lingering impact of elevated vehicle prices and interest rates, terming them as potential impediments to the industry’s continued growth in 2024.