General Motors has clawed its way to the top in a particularly somber year for car sales.
In 2022, the US auto industry sold the least number of new cars since 2011 because of supply chain snags across manufacturing, inventory, shipments, and more. But in the second half of the year, the Detroit-based automaker, which lost its grip on the top spot for the first time since 1931 in 2021, was able to make a sharp recovery. GM’s annual sales rose 2.5% year-over-year to 2.27 million.
The Detroit-based automaker’s jump was an anomalous one. Japanese rival Toyota, which snatched the throne from GM last year, battled supply-side headwinds to post a near 10% drop over the same period, coming in at 2.1 million sales. In fact, most major car manufacturers, including homegrown Ford as well as foreign brands like South Korea’s Hyundai, clocked declines in sales.
Charted: GM sales increased while others didn’t
Brand of interest: Chevrolet
Out of the four core GM brands–Chevrolet, GMC, Cadillac, Buick—Chevrolet sold the most cars in 2022 at 1.4 million. Two other sub-brands—GMC and Cadillac—are doing fine but Buick is not.
Quotable: Toyota’s chips crunch
“We’re out of the worst phase, but … it’s not necessarily a situation where we’re fully supplied. I don’t know when the chip shortage will be resolved.” —Kazunari KumakuraToyota’s purchasing group chief, in November 2022
Charted: Toyota’s subpar second act in 2022
US car sales, by the digits
13.9 million: Cars sold in the 2022, according to Cox Automotive’s forecast
8%: Drop in car sales in 2022 versus 2021
15 million: Forecast for 2023 car sales
17.5 million: Peak US car sales in 2016
Everything GM is looking forward to in 2023
When it comes to internal combustion engine (ICE) vehicles, GM…
- …is launching the 2024 Chevrolet Trax this spring, starting at $21,4951
- …starting production on the all-new 2023 Chevrolet Colorado and 2023 GMC Canyon midsize pickups early this year
- …sub-brands Chevrolet and GMC are set to launch new 2024 Silverado HD and Sierra HD models in the first quarter
On the electric vehicle side of things, GM plans to…
- …increase production of the Chevrolet Bolt EV and Bolt EUV to more than 70,000 units this year
- …launch three Chevrolet EVs
- Continue increasing Cadillac LYRIQ to meet strong customer demand
- …resume production at GM’s first Ultium-dedicated assembly plant – Factory ZERO in Detroit and Hamtramck—later in January
- …launch the GMC HUMMER EV SUV in mid-2023
- …keep producing BrightDrop Zevo 600 at CAMI, Canada’s first full-scale EV plant, where it’ll begin Zevo 400 manufacturing later this year