General Motors Co. achieved a remarkable feat in 2022, becoming the top-seller of cars in the US once again, beating former champion Toyota.
The company’s strong fourth-quarter production and continued consumer demand despite higher financing costs contribute to its success. This is encouraging news for GM as they look to remain at the top of the industry in 2023 and beyond. With its commitment to providing quality vehicles and reliable customer service, General Motors Co. is well on its way to becoming one of America’s premier automakers.
The latest figures show that General Motors sold more than 2 million cars across all models this year, proving their position as top sellers. These successful sales reflect their commitment to meeting customers’ needs with reliable vehicles coupled with competitive pricing and financing options.
General Motors’ strong fourth-quarter numbers show industry recovery since the pandemic. The carmaker could access more semiconductors, which had been in short supply before. This allowed them to increase their fleet sales to corporate customers and boost overall deliveries by 41%. GM also reported that sales of its pickup trucks and large SUVs increased by 8.1% year-over-year. The company attributed this growth to its focus on producing bigger, more profitable vehicles despite the limited supply of semiconductors throughout the year.
How Did Other Car Makers Fare?
GM and Toyota Motor Corp. both showed strong growth, with GM reporting a 12% increase in US sales compared to the same quarter last year. Toyota experienced an 11% surge in sales, while Ford is expected to report their numbers today. Tesla reported its global results this week, boasting an impressive 21% increase in sales from the previous quarter. These positive figures are indicative of a healthy automotive market for 2022, despite the challenges facing many industries due to the ongoing pandemic. It looks like automakers have plenty of reasons to be optimistic about the future!
The American car company is expecting even better results for the year ahead, with total sales projected to be higher than 2022’s levels. GM’s retail sales fell 5% last year, but that trend could reverse as the auto market continues to recover from the pandemic. With improved availability of chips and other components, GM is poised for an upward trajectory in the coming months.
Cadillac brand sales saw a massive jump in 2021 Q3, with an increase of 75%. Chevrolet Bolt and larger Bolt EUV electric models had record sales of 38,000 units for the entire year. GM has plans to resume production of its Hummer electric pickup and expand production of Cadillac Lyriq EV later this month.
Overall, General Motors has made impressive gains despite a challenging period last year and is looking forward to a strong year ahead.