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Car manufacturers report impressive sales gains for 2023, GM tops list

Domestic and import car manufacturers jostled for market share throughout 2023 but made overwhelming progress in year-over-year sales as production, affordability, and demand normalized.

General Motors recorded a sales increase of 14.1% in the U.S. over 2023, driven primarily by the remarkable recovery of its Buck brand (up 61% year-over-year). The Detroit automaker sold approximately 2.6 million units over the course of the year, up from 2.3 million in 2022 but still down from 2.9 million in 2019. The figure represents the best year for the brand since before the COVID pandemic and the best overall for 2023. In 2024, the car manufacturer believes the U.S. auto industry will see a sales total of 16 million, up from last year’s forecast of 15.5 million.

Ford reported roughly 2 million sales in 2023, up 7.1% year-over-year, although the number remains behind its pre-pandemic norm. In a press release, the car manufacturer emphasized the success of its Ford Pro and Ford E divisions, which serve the fleet and electric vehicle segments, respectively. Despite entering a holiday season slowdown in November, the automaker finished the October through December period up 0.8% from the fourth quarter of 2022.

Unlike its Detroit competitors, Stellantis recorded an annual U.S. sales drop of 1%, falling roughly 20,000 units from 2022’s 1.55 million to 1.53 million in 2023. The car manufacturer’s losses were primarily driven by the deteriorating performance of its Jeep, Ram, Fiat, and Alfa Romeo brands, although its Dodge and Chrysler divisions saw respective sales gains of 5% and 19%. Stellantis’s results were also impacted by a late-year dip in demand throughout Q4, which also saw a sales decline of 1%.

Meanwhile, Toyota North America reported an annual sales total of 2.25 million units, up 6.6% year-over-year. The Japanese car manufacturer was one of the least affected by a downturn in sales during the holidays, dodging the cooldown to beat 2022’s Q4 total by 15.4%. In a drastic shift from previous years, the automaker, formerly reticent to enter the electric vehicle market, expanded its electrified portfolio to include 26 models across the Toyota and Lexus brands by the end of 2023, the widest selection in the U.S.

Lastly, Honda finished the year up 33% from 2022, selling 1.3 million vehicles in the U.S. Separating the company into its Honda and Acura brands, the former saw annual sales rise 31.9% but was overshadowed by the latter, which reported an increase of 42%. Heading into 2023, the automaker was heavily handicapped by pandemic-era supply chain disruptions, far more than most of its competitors. The rapid recovery of global manufacturing and raw materials processing contributed significantly to the company’s impressive year-over-year growth.

This article was originally published by a www.cbtnews.com . Read the Original article here. .

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