Thursday, February 2

General Motors loses leadership of the US auto market for the first time since 1931

However, Toyota increased its annual sales in the United States by 10.4% to 2.3 million units, while General Motors fell 12.9% to 2.2 million.

Toyota also posted small annual gains in its two best-selling sedans, the Camry and Corolla, and a modest drop in sales of its Rav4 compact SUV. The Highlander SUV also increased its sales in 2021.

GM, which relies more on the truck market than Toyota, had a 10.8% year over year drop in its Silverado pickup trucks and a 6.4% drop in its GMC truck line.

The American automaker had held the crown as America’s No. 1-selling car company since 1931, when it overtook Ford, according to the trade publication Automotive News.

Charlie Chesbrough, senior economist at Cox Automotive, noted that GM’s lack of emphasis on sedans has cost it some market share and estimates that Toyota may also have benefited from a smaller dealer network compared to GM, Ford and Stellantis. which owns the Chrysler brands.

“As a result, sales may have been down (for GM and company) because shoppers couldn’t find the product they were looking for.”

While GM has acknowledged that low car inventories are a problem, CEO Mary Barra and other executives have touted strong vehicle prices, which allow it to remain profitable even as sales fall.

“High vehicle usage and deferred sales mean pent-up demand for new vehicles in the millions and counting. That pent-up demand will support sales as vehicle supply improves,” said Elaine Buckberg, GM’s chief economist.

Jessica Caldwell, executive director of data analysis for the specialized company Edmunds, estimates that the podium may change.

“It’s a remarkable feat for Toyota, but it’s not likely to be a sign of long-term change: GM has the advantage of having more brands and products for consumers to choose from.”

In a statement, Toyota estimated that it will invest 3,000 million dollars in the United States to develop electric vehicles.

Among other companies reporting annual U.S. sales for 2021, Honda was up 8.9% to 1.5 million vehicles, and Hyundai was up 19% to 738,081 cars.