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Major U.S. automakers said on Friday that domestic sales plummeted in the first-quarter of 2022 due to chip shortages and supply disruptions.
Toyota Motor Corp (NYSE: TM) outperformed General Motors C o (NYSE: GM) in the quarter but both the automakers posted decline in U.S. sales.
Toyota’s U.S. sales slid nearly 15% in the quarter over the prior-year period while GM said quarterly sales fell 20.1% to 512,846 vehicles.
GM said sales of some high-end trucks and SUVs, including the Chevrolet Suburban, GMC Yukon and Cadillac Escalade, rose during the quarter.
The automaker said improved semiconductor supplies helped production in the quarter. Due to high demand, GM, though, expects inventory to remain low in the year.
Other automakers including Hyundai Motor, Kia Motors and Nissan Motors reported decline in U.S. auto sales in the quarter.
Hyundai said its electrified vehicles sales surged 241% in the January-March period. The automaker posted 4% decline in U.S. sales in the quarter.
Nissan reported a nearly 30% drop in U.S. sales for the January-to-March period.
According to Wards Intelligence, new vehicle sales in the U.S. in the month of March was 1.25 million, with an annual sales rate of 13.33 million, reported Reuters.
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