Toyota unseats General Motors to become top car seller in US

Follow us on Google News:
 Toyota unseats General Motors to become top car seller in US
Image source: © Icefields| Megapixl.com

Highlights 

  • Japanese Carmaker Toyota surpasses General Motors to grab the title of top car seller in the US.
  • GM has said that its total sales were down about 13% due to semiconductor supply chain constraints.
  • Both companies have reported steep fourth-quarter sales declines due to the scarcity of vital computer chips that plagued the industry last year.

The beginning of the new year has not been as pleasant for US car giant General Motors as the previous years have been. This is because the US’ leading automotive Company has lost its 90-year crown as a top car seller to Japanese carmaker Toyota. 

As the shortage of semiconductors embroils the automotive industry, Toyota overtook GM to bag number one, selling over 2.3 million vehicles in 2021, up 10%, as per Tuesday figures. 

Both companies have reported steep fourth-quarter sales declines due to the scarcity of vital computer chips that plagued the industry last year. 

Toyota succeeded to increase its annual sales in the US by 10.4% to 2.3 million, whereas General Motors saw a decline of 12.9% to 2.2 million.

The figures also indicated:

  • Toyota witnessed gains for two best-selling sedans, the Camry and the Corolla, and a moderate drop in its Rav4 compact SUV sales. The Company’s full-sized Highlander SUV recorded higher sales in 2021.
  • GM, which depends heavily on trucks than Toyota, experienced an annual 10.8% drop in its Silverado pickup trucks along with a 6.4% dip in its GMC truck line.

Impact of Coronavirus pandemic on Car buyers:

Overall, analysts believe that the number of new cars sold in the United States increased approximately 2% in 2021 against 2020 when customers were reeling under the burden of coronavirus pandemic.

However, purchasing remained slower than the pre-pandemic levels as companies grappled with supply chain woes.

Bottom Line:

As part of its business strategy, General Motors is aggressively pushing into electric vehicles (EV).
Toyota is expected to see US$3 billion in new US investments targeting EV development, while Ford has said that it will nearly double the production capacity for the electric version of its top-selling F-150 pickup truck.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

Featured Articles

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK