![]() ![]() The Cadillac luxury brand sold close to 1,000 of its all-electric Lyriq SUVs as a production ramp up of that vehicle continues at a slow pace. Overall, Chevy saw a 16% rise in sales and Cadillac increased 29% in the quarter, the company said. The Chevrolet brand sold 124,000 Silverado pickups and GMC chalked up sales of 67,000 Sierra pickups, resulting in a 9% combined rise of deliveries in the lucrative full-sized truck market. The Detroit-based manufacturer’s deliveries climbed 18% to 603,208 vehicles in the first quarter as chip supplies improved and inventories grew more plentiful. General Motors said it estimates automakers collectively sold vehicles in March at an annualized rate of 15.5 million, indicating strong demand and more supply to meet it. auto sales topped 17 million for five consecutive years. ![]() But that’s still low by historical standards. The annual selling rate is expected to rise to 14.4 million in March, up from 13.5 million a year ago, according to the average forecast of eight market researchers. “The challenge is going to be rising interest rates.” ![]() “I still believe there is pent-up demand in the marketplace,” Randy Parker, chief executive officer of Hyundai, told reporters Monday. Auto loan payments are now $784 a month on average, up about $177 a month since March 2020 when the pandemic began. With average new car prices of nearly $50,000, Edmunds expects sales this quarter to decrease 1.8% compared with the fourth quarter of 2022.ĭealers are apprehensive about rising interest rates, which have replaced inventory shortages and the economy as the top problems, a Cox survey of auto retailers showed. That’s up from 24 days a year ago, data from automotive researcher show. Cars are now sitting on dealer lots an average of 34 days before being sold. The semiconductor shortage that emptied dealer lots in recent years is fading as inventories increased 70% since this time last year, according to Cox. sales on Tuesday and Tesla, which provides global numbers, reported its results on Sunday. Power and LMC Automotive.įord is expected to release its U.S. Deliveries last month likely rose by as much as 7.3%, according to an estimate by J.D. General Motors, Honda, Hyundai and Nissan posted gains on Monday for the first quarter, but Toyota and Stellantis, which owns the Jeep and Ram brands, saw volumes decline. new-car sales as dealer inventories are replenished by higher production volumes, but those gains are being muted by high sticker prices and surging financing costs. ![]()
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