GM lost the spot as the top US automaker at the end of 2021 for the first time since 1931.
Toyota has been among those hit acutely, forcing the automaker to cut its full-year production target in November. Sales of its SUVs, a key segment, fell 8.6% in 2022, data on Wednesday showed.Industry-wide last year’s US 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.
Some industry observers are also fretting that price hikes by automakers to blunt inflationary pressures and“We expect 2023 to carry a high level of risk and uncertainty as several markets could be dealing with a recession,” said Jeff Schuster, president of global forecasts at LMC Automotive. Automakers will need to begin incentivizing buyers, a trend that was briefly paused during the pandemic as manufacturers and dealers struggled to fulfill demand, automotive marketplace TrueCar said.
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