The auto industry faced the headwinds of high inflation, interest rate hikes, and supply chain disruptions last year. The sales of light vehicles in 2022 fell to their lowest level since 2012. Over 13.75 million light vehicles were sold the previous year, representing a year-over-year decline of 8% to 9%. However, General Motors Company (GM) stood out, registering a 2.5% year-over-year rise in vehicle sales last year.
Last year, the company also reclaimed the top spot as America’s leading automaker from Toyota Motor Corporation (TM). Auto sales are expected to bounce back this year. According to Cox Automotive, new-vehicle sales for 2023 are forecasted to increase 3% year-over-year to 14.20 million units.
