GM outsells Toyota in US as industry worries about inflation
Demand is ‘exceptionally strong’ for General Motors: General Motors CEO
Mary Barra provides insight on how the General Motors company is handling various challenges on ‘The Claman Countdown.’
General Motors Co outsold Japanese automaker Toyota Motor Corp in the United States in the third quarter, data on Monday showed, but analysts and investors are fretting that a darkening economic picture will lead to a drop in car sales.
Thus far, a shortage of cars due to supply disruptions, combined with a preference for personal transport, has seen consumers willing to shell out more money, largely protecting profits at automakers and auto dealers who have pulled back on discounts.
But analysts now warn demand may lose steam in the coming quarters as rising interest rates discourage consumers from paying more money for cars and trucks in the coming months.
"We're cautiously optimistic about moving forward. There's a lot of negative consumer sentiment in the marketplace. So we're obviously concerned about that," Randy Parker, chief executive officer of Hyundai Motor North America, said in an interview on Monday.
TOYOTA PRESIDENT DID A 'HAPPY DANCE' AFTER BEATING GM IN SALES, REMAINS SKEPTICAL ABOUT ALL-ELECTRIC FUTURE