U.S. sales at General Motors and Ford Motor Co. rose in the first quarter and Toyota Motor Corp.’s deliveries declined for a third straight month, as inventories steadily recover from a microchip shortage and discounts, while still low, rise across much of the industry, according to an Automotive News report.
The results from the industry’s three biggest sellers and other automakers signal the market is on track to rise 1-7% in March, as projected by J.D. Power-LMC Automotive, Cox Automotive, TrueCar and S&P Global Mobility, capping a first-quarter rebound.
Volume is being driven mostly by stronger fleet, light-truck shipments and stable retail deliveries, even as higher interest rates and MSRPs, falling used-vehicle prices and tightening credit conditions sideline some new-car shoppers.
GM said first-quarter sales rose 18% to nearly 600,000, with volume up 16% at Chevrolet, 7.6% at GMC, 99% at Buick and 29% at Cadillac. Overall, U.S. retail sales rose 15% and fleet volume, representing 25% of deliveries, jumped 27% last quarter, GM reported. It was the third straight quarter of strong growth for the company.
The automaker said it ended the first quarter with 412,285 cars and light trucks in dealer stock or in transit, unchanged from the end of the fourth quarter.
Ford rebounded from a fourth-quarter 2022 decline with sales rising 10% in the latest three-month period, with Ford division volume rising 11% but Lincoln down 1.1%. The first-quarter tally was driven by a 20% jump in pickup sales and a slight gain in SUV volume. Ford said it ended March with gross stocks of about 400,000 cars and light trucks.
Read the full Automotive News report.
Source: https://rvbusiness.com/gm-rebound-continues-ford-gains-toyota-stellantis-slip/
