Business Maverick

Business Maverick

GM, Toyota US Sales Jump in Sign of Auto Industry Strength

GM, Toyota US Sales Jump in Sign of Auto Industry Strength
GLENDALE, CALIFORNIA - FEBRUARY 15: In an aerial view, new and used cars are displayed for sale at an automobile dealership on February 15, 2023 in Glendale, California. The Commerce Department released data today showing that retail sales saw a three percent jump in January, the biggest gain in almost two years. Sales increased 6.4 percent at automobile and other vehicle dealers. (Photo by Mario Tama/Getty Images)

General Motors Co. and Toyota Motor Corp. both posted strong sales gains in the second quarter, signs of consumer health in the auto industry as semiconductor supply improves.

GM sales rose almost 19% in the quarter and were up 15% at retail, the company said in a statement Wednesday. The gains were due in part to strong sales of its Chevrolet Suburban, which along with the Chevy Trax and Trailblazer entry-level models posted two-fold increases. Toyota and Stellantis NV also saw gains in the quarter.

The second quarter appears to have been a good one for automakers with Tesla Inc. reporting big gains on a global basis and Stellantis NV seeing US sales rise. The results show that even with higher interest rates, consumers still have an appetite for vehicles now that output is increasing after supply chain snags.

GM, which sold 692,000 vehicles in the quarter, doubled sales of its Bolt electric vehicle to almost 14,000, but sales of its newest EVs that run on the Ultium battery are only slowly increasing production. The Cadillac Lyriq EV sold less than 1,400.

Toyota said on Wednesday that US sales rose 7.1% in the second quarter — and more than double that rate in June — as car buyers in the US drove more Camry sedans and RAV4 compact SUVs out of showrooms in line with stepped-up production.

The Japanese automaker said US sales last month came to 195,448 vehicles, up 15% from a year ago, led by the best-selling RAV4. For the quarter ended June 30, its sales climbed to 568,962 vehicles.

Toyota saw a 29% jump in June deliveries of electrified vehicles, mostly in the form of gasoline-electric hybrids.

Stellantis managed a 6% sales gain in the second quarter, the company reported July 3. The Ram pickup and Jeep Grand Cherokee were its biggest sellers, while the Dodge Durango and Chrysler Pacifica posted the biggest sales gains.

Ford Motor Co. will post its second-quarter results on Thursday.

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