However, a long-running auto strike and rising monthly payments may slow demand in the final quarter.
DETROIT: General Motors Co and Toyota Motor Corp posted double-digit gains in US new car sales for the just-ended quarter even as Stellantis NV sales fell short, evidence that car buyer appetite for vehicles mostly remains hearty heading into the final months of the year.
Higher production volumes and a better selection of inventory on dealer lots brought out buyers who’ve been holding off on new vehicle purchases. The only brand that posted a gain was Chrysler, led by the Pacifica minivan, which more than doubled sales to 38,353. The popularity of the hybrid version of the minivan, which is currently eligible for a US$7,500 consumer tax credit under the Inflation Reduction Act, was a bright spot.
Toyota also had an impressive tally — and expects those gains to persist. The Japanese carmaker’s sales in the three-month period climbed 12% to 590,296, powered by a 14% gain in September. “The rebound continues,” Parker said. “The only thing keeping things in check right now is the interest rate, because it’s making it a lot more difficult for consumers to purchase a vehicle.”
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