Every year since 1931, General Motors has sold the most cars in the United States. There is a point when even Cadillacs lose their sparkle after a while.
It was the first time that a foreign car company has topped the list. Toyota took over from GM in 2021.
Then, do the math:
Japan sold 2.3 million cars in 2021, up 10% from the year before.
This is down 13% from 2021. The company sold 2.2 million, down from 3.1 million.
During the pandemic, all of the automakers had to deal with a chip shortage. Toyota was able to do better because it had more chips set aside.
In 2021, whether or not GM wins the title again next year, it shows that the US car market has changed forever. A University of Michigan business professor told the New York Times that “the dominance of U.S.-based automakers in the United States is about to end.”
In 2021, there was no shortage of demand for cars because of a lack of production capacity. Average new car prices rose 20% last month to a record $45,700, according to J.D. Power, which shows that people are desperate for cars and there isn’t enough to go around.
A lot of people are interested in this.
People are buying Ford’s electric F-150 Lightning pick-up truck like hot cakes now. CEO Jim Farley says there has been “huge demand” for the car. The company, which was overtaken by GM in 1931, is going to double its production capacity for the car because of the high demand. It’s the second time the company has raised its goal for making the pickup truck.
A big picture: The electric F-150 is seen as a good sign for how popular electric cars are in the United States, because the F-Series has been the best-selling car in the country for a long time.
Ford’s stock rose another 11.7 percent yesterday, making it even better. When the company made a profit of 137.5 percent in 2021, it was one of the best in the S&P 500. The company’s share price has been at its highest level in more than 20 years, too.