Toyota gains on GM in U.S. sales as hybrids grow, EVs stall

Key Points:

• Toyota is closing the gap on General Motors in U.S. vehicle sales, with a forecasted 1% increase to 1.25 million vehicles in the first half of the year, while GM's sales are expected to decline by 7.2% to 1.33 million, according to Cox Automotive.
• The sales difference of 83,255 units is the narrowest since Toyota briefly surpassed GM in 2021 due to pandemic-related supply chain issues; however, GM has been the top U.S. automaker since 1931 except for that year.
• Toyota's growth is driven by its continued expansion of hybrid models and introduction of new electric vehicles, while GM focuses heavily on all-electric vehicles and offers only one hybrid model, the Corvette.
• Cox Automotive highlights a resurgence in hybrid vehicle popularity, projecting hybrid sales to rise by about 10% in the first half of the year, whereas EV sales are expected to drop by 23.3%.
• Overall U.S. new vehicle sales are forecasted to decline by 3% in the first half of the year, with a slight 0.5% decrease anticipated in the second quarter.