Supply-chain issues and poorly stocked dealerships plagued US auto companies in 2022, leading to an eight percent decrease in domestic sales and the lowest number of purchases in more than a decade.
But the Biden economy’s doing great, folks.
The good news however is that General Motors was one of the few companies to report an increase and took the US sales crown back from Toyota, which earned the top spot in 2021.
The Wall Street Journal breaks down the numbers:
Industrywide, U.S. auto sales totaled 13.7 million vehicles in 2022, the lowest figure since 2011 and an 8% decrease from the prior year, according to the research firm Wards Intelligence. Sales had topped 17 million vehicles for five straight years before the Covid-19 pandemic struck in 2020, unleashing supply-chain problems that have bogged down deliveries ever since.
Computer chip shortages plagued many companies, hobbling Toyota’s production among others. The war in Ukraine has also contributed to the problem, as sanctions and severed trade routes are making an impact.
“When we started the year off, the whole industry had projections all above 16 million,” said Jack Hollis, Toyota’s North American sales chief. Companies quickly ditched their projections as factories were forced to shut down or slow production.
Nobody can afford them since 2011 !!!
Yes, who really can afford these prices?
Also the quality has also gone down quite a bit, especially American cars like Ford, GM, and Chrysler.
They are definitely not worth the price they are asking and the interest rates have gone up.
Who wants to be stuck for up to 10 years with high loan payments?
Not me1