US auto sales to drop in 2022, GM poised to retake first place from Toyota

January 4 (Reuters) – Asian manufacturers Basic Motors Co. (GM.N) and Ford Motor Co. (FN).

In keeping with trade advisor Cox Automotive, full-year U.S. auto gross sales are estimated to be roughly 13.9 million items, down 8% from 2021 and 20% from their 2016 peak.

Stock shortages brought on by rising materials prices and a relentless scarcity of sawdust have jumped to 2022 and disrupted the manufacturing of many automakers. Whilst auto inventory improved within the second half of the yr, tight provides saved automotive and truck costs excessive.

Toyota Motor Firm (7203.T) It’s amongst these severely affected by the elements scarcity, which compelled the Japanese firm to decrease its full-year manufacturing goal in November.

In keeping with Cox Automotive and automotive market TrueCar, the minimize will lead the corporate at hand over its top-selling U.S. automaker place in 2022 to GM, which left its place on the finish of 2021 for the primary time since 1931.

Reuters Charts

In keeping with Cox Automotive, GM’s 2022 US gross sales are anticipated to extend by 2.3%, whereas Toyota’s are anticipated to lower by 9%. Each automakers will report their gross sales figures on Wednesday.

Some trade watchers fear that worth will increase and rising rates of interest by automakers to cut back inflationary pressures will negatively have an effect on new car gross sales within the new yr.

“We anticipate 2023 to hold excessive ranges of threat and uncertainty as a number of markets could also be coping with a recession,” mentioned Jeff Schuster, head of worldwide forecasts at LMC Automotive.

TrueCar mentioned automakers might want to begin encouraging patrons; it is a pattern that pauses briefly through the pandemic as producers and sellers wrestle to maintain up with demand.

Information from Bengaluru by Aishwarya Nair and Nathan Gomes; Edited by Shilpi Majumdar

Our requirements: Thomson Reuters Trust Principles.

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