(Adds analyst quote, sales data)
April 3 (Reuters) - Top global automakers reported a
rise in first-quarter U.S. sales on improving shipments to
dealers, with the exception of Toyota Motor Corp , which
continued to grapple with parts shortage, data showed on Monday.
General Motors Co , which replaced Toyota as the top
U.S. automaker in 2022, posted a 17.6% rise in first-quarter
auto sales.
"We gained significant market share in the first quarter,
pricing was strong, inventories are in very good shape, and we
sold more than 20,000 EVs (electric vehicles) in a quarter for
the first time," GM Executive Vice President Steve Carlisle said
in a statement.
Vehicle production took a hit after the pandemic disrupted
supply of semiconductor chips and other raw materials, hurting
carmakers' ability to meet the upsurge in demand for personal
mobility. The companies have been trying to make up for the lost
production ever since as supply chain snags gradually ease.
But rising interest rates and fears of a recession may play
spoilsport in an industry where most vehicle purchases are
financed with loans, analysts say, as they watch out for signs
of plateauing demand. The average transaction price of vehicles,
too, has surged over the last one year.
"Consumers are facing credit uncertainty as rapidly rising
interest rates have created barriers to entry for even the most
qualified buyers," said Jessica Caldwell, executive director of
insights at auto research firm Edmunds.
GM said on Monday U.S. sales rose to 603,208 units in the
first quarter from 512,846 a year earlier. Toyota said sales
fell 8.8% to 469,558 vehicles, but added that inventory was
improving.
Asian peers Mazda, Honda and Hyundai posted a rise in sales.
"Anyone looking for signs of a recession won't find it in
new-vehicle market, as a number of makers delivered record sales
in first quarter," said Charlie Chesbrough, senior economist at
Cox Automotive.
EV leader Tesla Inc posted record deliveries but
its shares fell on Monday on growing margin worries after
aggressive price cuts.
Overall, U.S. new vehicle sales in March were 1.37 million
units, with an annual sales rate of 14.82 million, according to
data released by Wards Intelligence on Monday.
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GM to idle Indiana truck plant for two weeks as demand plateaus TABLE-U.S. light-vehicle sales volume in Q1 2023 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
(Reporting by Nathan Gomes, Abhijith Ganapavaram, Kannaki Deka
and Shivansh Tiwary in Bengaluru; Editing by Shilpi Majumdar)
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