GM reclaims top spot from Toyota with strong U.S. auto sales - Reuters

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Jan 4 (Reuters) - General Motors Co (GM.N) on Wednesday posted a 2.5% rise in U.S. new vehicle sales in 2022, outselling Japan's Toyota Motor Corp (7203.T), aided by an easing of inventory shortages and strong demand for its cars and trucks.

The U.S. automaker said its 2022 sales rose to 2,274,088 vehicles, beating Toyota's annual sales of 2,108,458 units in the country.

Toyota has been among those hit acutely by parts shortages, which forced the automaker to cut its full-year production target in November. Sales of its SUVs, a key segment, fell 8.6% in 2022.

Industry-wide full-year U.S. auto sales are forecast to be about 13.9 million units, down 8% from 2021 and 20% from the peak in 2016, according to industry consultant Cox Automotive.

Inventory shortages, caused by surging material costs and persistent chip shortage, spilled into 2022, hobbling production at many automakers. Tight supplies kept car and truck prices elevated, even as auto inventory improved in the second half of the year.

Reporting by Aishwarya Nair and Nathan Gomes in Bengaluru; Editing by Shilpi Majumdar

Our Standards: The Thomson Reuters Trust Principles.

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