Shortages and limited inventories, led to lower sales in June and for the second quarter as General Motors passed Toyota Motor North America to be the top seller during the first half of 2022.
GM sold 582,401 vehicles in the United States during the second quarter of 2022 and the company increased its sales and market share sequentially for the third consecutive quarter. GM’s second quarter sales were down 15% year over year, but market share was up one point to an estimated 16.3%, according to J.D. Power.
The automaker sold 1,095,247 vehicles, a drop of 17.7 from the first half of 2021, but enough to beat out Toyota, the sales leader in 2021.
“GM’s sales and market share have grown each of the last three quarters, even with lingering supply chain disruptions,” said Steve Carlisle, GM executive vice president and president, North America.
“Our long-term momentum will continue to build thanks to the launches of groundbreaking new EVs like the GMC Hummer EV and Cadillac Lyriq, and the tremendous customer response to the Chevrolet Silverado and GMC Sierra.”
Toyota takes a hit
Toyota reported sales dropped compared with June 2021 totals. This June sales of electrified vehicles totaled 39,965, representing 23.5% of total monthly sales. For the first half of 2022, TMNA reported U.S. sales of 1,045,697 vehicles, down 19.1% on a volume basis and down 19.6% on a DSR basis.
“Despite the ongoing inventory challenges, so far this year, we launched a number of highly anticipated new products, including the Toyota battery electric bZ4X, Tundra and hybrid Tundra, and the Lexus LX, while continuing to closely focus on taking care of our customers,” said Jack Hollis, executive vice president, Sales, TMNA.
“Later this year, customers can expect even more electrified, refreshed, and limited-edition Toyota and Lexus products that fit their lifestyles, all with the safety, quality and fun-to-drive features expected from us.”
Hyundai, Kia sales dip
Hyundai Motor America sales dropped 13% in June compared with June 2021, but retail sales declined 5.5 percent. Hyundai’s monthly sales results were better than industry predictions that forecasted a 15.8% decline in June.
“Hyundai’s second quarter retail sales continue to highlight a terrific product mix, and consumer demand for our SUV lineup remains very strong,” said Randy Parker, senior vice president, national sales, Hyundai Motor America. “Our dealers are selling everything they get, and we are continuing our efforts on growing market share.”
Kia sales dropped 4.9% in June and were down 12% for the second quarter.
Meanwhile, Edmunds reports 12.7% of consumers who financed a new vehicle purchase in June 2022 committed to a monthly payment of $1,000 or more — the highest level that Edmunds has on record — compared to 7.3% in June 2021, 4.6% in June 2019 and 2.1% in June 2010.
“Low interest rates used to be one of few reprieves for car shoppers amid elevated prices and supply shortages. But the Fed rate hikes this year are making finance incentives far costlier for automakers, and consumers are starting to feel the pinch,” said Jessica Caldwell, Edmunds’ executive director of insights.
“Although there appears to be a steady stream of affluent consumers willing to commit to car payments that look more like mortgage payments, for most consumers the new car market is growing increasingly out of reach.”