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General Motors Co. and Toyota Motor Corp. both posted strong sales gains during the second quarter of 2023, showing signs of consumer health in the auto industry as semiconductor supplies improve.
GM sales rose almost 19% in the quarter and were up 15% at retail, the company said in a July 5 statement. 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 U.S. sales increase. 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 units, but sales of its newest EVs that run on Ultium batteries are only slowly increasing production. The Cadillac Lyriq EV sold less than 1,400 units.
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Toyota said, on July 5, that U.S. sales rose by 7.1% in the second quarter — and more than double that rate in June 2023 — as car buyers in the U.S. drove more Camry sedans and RAV4 compact SUVs out of showrooms in line with stepped-up production.
The Japanese automaker said U.S. sales during June came to 195,448 vehicles, up 15% from June 2022, led by the best-selling RAV4. For the quarter that 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. posted its second-quarter results July 6.
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