General Motors (GM.N) edged out rival Toyota Motor (7203.T) to remain the top-selling automaker in the U.S. in 2023 as easing supply snags and sustained demand drove the industry to its best year since the pandemic.
Rruters report that the Detroit automaker shrugged off a hit from a costly auto strike to report U.S. new vehicle sales of about 2.6 million units for 2023, up 14.1% from 2022, while Toyota’s annual sales rose 6.6% to about 2.25 million vehicles.
Overall, U.S. new vehicle sales last year finished at around 15.5 million units, of which electrified vehicles including hybrids made up nearly 17%, according to data released by Wards Intelligence.
That was the highest since 2019 and surpassed sales of nearly 13.9 million in 2022, according to figures from consultant Cox Automotive.
The steady recovery in vehicle sales reinforced other signs that the U.S. economy is absorbing the shock from the rapid rise in interest rates without sliding into a recession, though some analysts have warned that higher borrowing costs could take a toll on demand this year.
