General Motors, Ford and Stellantis are expected to lose further ground in the US vehicle market as Asian automakers benefit from growing demand for hybrids and fuel-efficient cars amid sharply higher gasoline prices.
The three Detroit-based automakers are projected to account for about 36% of US new-vehicle sales in the third quarter, their lowest combined share on record, according to industry estimates. Asian brands, led by Toyota and Honda, are expected to capture more than half of new-vehicle sales.
US gasoline prices averaged $4.43 a gallon in September, up from $3.20 a year earlier, encouraging consumers to consider vehicles with lower fuel costs.
Toyota’s third-quarter US sales are expected to rise 2.2% from a year earlier, while General Motors is projected to remain the country’s largest automaker despite an estimated 5.2% decline in quarterly sales.
Hyundai Motor Group is also expected to overtake Ford in quarterly US sales for the first time, with projected sales of 511,421 vehicles, compared with Ford’s 504,172. Stellantis sales are forecast to decline about 1% to 317,330 vehicles.
Affordability remains another challenge. The average transaction price for a new vehicle reached $50,089 in August, up 1.9% from a year earlier, keeping pressure on households already facing higher borrowing and fuel costs.
The figures highlight the growing importance of hybrid vehicles in the US market and the competitive pressure facing traditional American automakers.
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