U.S. Automakers Got Back On Their Pre-Pandemic Track

While the EV king, Tesla Inc TSLA delivered on its promise of making 1.8 million deliveries in 2023, traditional automakers also delivered good news. General Motors GM reported its best vehicle sales since 2019. Moreover, GM edged out Toyota Motor TM to remain the top-selling automaker in the U.S. although Toyota reported its U.S. sales rose in 2023 due to its affordable crossover SUVs and sedans. Ford Motor F reported its U.S. sales rose on the back of pickup and SUV demand.

GM Stayed Ahead Of Toyota In The U.S

Toyota Motor reported its annual U.S. sales rose 6.6%, including a 25.5% increase in December, to a total of almost 2.3 million vehicles. As for EV sales, Toyota also reported a nearly 31% YoY rise with electrified vehicles making 29.2% of sales, rising from last year’s 24%.

GM shrugged off the damages from the costly UAW strike, along with pandemic-related challenges.

GM reported annual U.S. new vehicle sales of about 2.6 million units which translates to a 14.1% YoY increase, leaving behind Toyota with its annual sales rise of 6.6% and 2.25 million sold vehicles. GM’s 2023 sales were in line with the overall industry expectations. Its sales increase was led by Buick and mainstream Chevrolet brands that reported 61% and 13.1% increase, respectively, as well as GMC and Cadillac brands that both grew about 9%.

GM reported its sales improved from 2022’s 2.3 million vehicles. Before COVID-19 started its relentless march across the globe, GM sold 2.9 million units back in 2019 and is now finally back on track after years-long supply chain challenges that plagued its business. It grew its market share, while maintaining strong pricing and low incentives. 

But EV Sales Were Disappointing

During 2023, GM sold 75,883 of all-electric vehicles which made only 2.9% of its total sales, with a vast majority of those sales being the Chevrolet Bolt models that have been discounted. GM also faced challenges with its newer Ultium EVs, especially on the battery assembly front. 

an effort to boost EV sales, GM aims to increase production of the vehicles and offer $7,500 in incentives on models that no longer qualify for up to $7,500 in federal tax credits due to stricter requirements that took effect as of January 1st.

The U.S. automotive industry had its best year since 2019.

As for 2024, GM is expecting U.S. industry sales of 16 million which would represent the highest industry sales since more than 17 million units in 2019.

DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.

This article is from an external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.