According to a forecast from Cox Automotive, Toyota is expected to report a nearly 1% increase in U.S. sales to 1.25 million vehicles in the first half of the year, while General Motors (GM) is projected to see a 7.2% decline to 1.33 million vehicles.
This narrowing sales gap, with a difference of just 83,255 vehicles, is the smallest since Toyota surpassed GM in U.S. sales for the first time in 2021. Charlie Chesbrough, a senior economist at Cox Automotive, noted that while he is not predicting Toyota will overtake GM this year, the trends are concerning for GM.
The shift in consumer preference towards hybrids, where Toyota has a strong presence, contrasts with GM's focus on all-electric vehicles, which have seen a significant decline in sales. Overall, Cox expects U.S. new vehicle sales to drop by 3% in the first half of the year, with hybrid sales increasing by about 10% and EV sales decreasing by 23.3%.
This situation may signal a changing landscape in the automotive market, particularly affecting GM's historical position as the top-selling automaker in the U.S