General Motors said Wednesday that new car sales in the U.S. rose 19% from April to June, the strongest sign the auto industry is bouncing back from parts shortages and overcoming the impact of rising interest rates. bottom.
The largest US automaker said it sold 691,978 vehicles in the second quarter, its highest quarterly total in more than two years.
Automakers have been plagued by computer chip shortages for the past two years, forcing factory closures and leaving dealers with few vehicles to sell. Recently, rising interest rates have made auto loans expensive, causing some consumers to postpone purchases or opt for used vehicles.
“I’m not saying we’re going to have exciting growth here,” said Jonathan Smoke, chief economist at research firm Cox Automotive. “But we are now at a tipping point where the automotive market is returning to a more balanced state. It is the beginning of a return to normalcy.”
Other automakers also reported strong quarterly sales. Toyota said sales in the U.S. increased 7% in the second quarter to 568,962 cars and light trucks. Stellantis, which owns brands such as Jeep, Ram and Chrysler, reported a 6% increase to 434,648 units.
Electric vehicles remain the fastest growing segment of the automotive industry. Rivian, a maker of electric pickup trucks and sport utility vehicles, said Monday it delivered 12,640 vehicles in the second quarter, a 59% increase from the same period in 2022. And on Sunday, Tesla reported an 83% increase worldwide. second quarter sales.
Cox expects more than 500,000 electric vehicles to be sold in the U.S. in the first half of this year, and more than 1 million by 2023. This is the first time a battery-powered car or truck has reached this number. A milestone for this country.