Monday, May 23, 2022
News

Toyota dethrones GM as top-selling automaker in US for 1st time

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

San Francisco | Wednesday, 2022 5:15:07 PM IST
For the first time since 1931, Detroit-based General Motors has lost the crown of top-selling automaker in the US, handing over the baton to Japanese giant Toyota Motor, as automakers stare at acute chip shortage and supply chain constraints.

General Motors and its dealers delivered 2.2 million vehicles in 2021, with Chevrolet and GMC cementing the company's eighth consecutive year of combined full-size and midsize pickup sales leadership.

GM said that its total sales were down about 13 per cent (year over year) because of semiconductor supply chain issues.

Toyota, by comparison, said it sold 2.3 million vehicles in the US last year, up by 10.4 per cent compared to 2020, reports CNBC.

"The difference in sales between the two automakers was 114,034 vehicles," the report said late on Tuesday.

It also marks the first time a non-domestic automaker has taken the top spot in the US.

"Toyota was able to manage supply chain issues better, allowing it to take away GM's throne for the first time in 90 years," the report said.

The key constraint for sales continues to be reduced inventory levels as a result of the semiconductor shortage, according to GM.

"Those inventory levels are beginning to recover against a backdrop of strong fundamental demand conditions, with ample job openings, high household savings and low interest rates," said Elaine Buckberg, GM chief economist.

According to Steve Carlisle, GM executive vice president and president, GM North America, in 2022, "we plan to take advantage of the strong economy and anticipated improved semiconductor supplies to grow our sales and share".

--IANS na/dpb

( 278 Words)

2022-01-05-11:10:02 (IANS)

 
  LATEST COMMENTS ()
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
Excise duty cut on petrol, diesel; subsi...
Centre bears full cost of excise duty cu...
Protest against arrest of two Chartered ...
US stocks suffer longest losing streak s...
Vijay Shekhar Sharma reappointed as MD &...
Infosys reappoints Salil Parekh as CEO &...
More...
 
INDIA WORLD ASIA
Fire breaks out at school for blind in M...
Fire breaks out at restaurant in Delhi's...
Qualcomm' Snapdragon 8+ Gen 1 will power...
3 bodies found at flat in Vasant Vihar; ...
SHE Teams ensure women's safety in Telan...
KPCC chief K Sudhakaran alleges police b...
More...    
 
 Top Stories
Fire breaks out at school for blind... 
Fatal heart rhythm disorder linked ... 
Durability and effectiveness of imm... 
Pak minister warns participants aft... 
Yearlong celebrations to commemorat... 
Afghanistan: Taliban issues 15 Arti... 
Research shows that unmarried peopl... 
Assam police to investigate Islamic...