Oct 3 (Reuters) – The world’s top automakers reported on Tuesday that U.S. new car sales rose in the third quarter, helped by recovering demand and improving supply for their latest models.
General Motors (GM.N) had a strong year with U.S. sales up about 21% to 674,336 vehicles, benefiting from demand for pickup trucks, affordable crossover SUVs and electric vehicles. It was extended.
According to the company, EV sales in the third quarter increased 28% from the previous quarter.
U.S. new car sales totaled 1.33 million in September, bringing annual sales to 15.67 million, according to data released Tuesday by Words Intelligence.
This strong performance comes as the United Auto Workers (UAW) continues its organized strike against the Detroit Three automakers, raising concerns about supply disruptions this quarter.
Sales in September also benefited from inventory built up in anticipation of the strike.
GM said Tuesday it had 442,586 cars in stock. Although it did not address the impact of the strike, the 40-day UAW strike in 2019 caused a 6% sales decline in the fourth quarter of that year, costing the automaker $3.6 billion.
Rival Ford Motor Co (FN) is scheduled to report U.S. car sales on Wednesday, with Stellantis (STLAM.MI) unit FCA US reporting a 1.3% decline in the third quarter to 380,563 units.
Meanwhile, Asian brands recorded significant increases in the quarter.toyota motor vehicle<7203.T>U.S. sales rose 12.2% in the third quarter. Kia Motors (000270.KS) and Hyundai Motors (005380.KS) also saw sales increase during the same period.
Hyundai is offering incentives to its EVs to overcome the disadvantage of not qualifying for U.S. Inflation Control Act tax credits, the company told Reuters on Tuesday.
However, the South Korea-based automaker said rising interest rates are “making it extremely difficult for consumers to purchase cars.”
EV giant Tesla (TSLA.O) said on Monday that third-quarter deliveries were lower than market expectations due to factory renovation plans.
Nathan Gomez and Shivansh Tiwary reported in Bengaluru and Joseph White in Detroit. Edited by: Sriraj Kaluvila and Maju Samuel
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