U.S. auto sales fall in Q1 as chip shortage slows factories
ABC News
U.S. new-vehicle sales were expected to fall around 15% in the first quarter compared with a year ago, as the global computer chip shortage continued to slow factories amid high consumer demand
DETROIT -- New-vehicle sales in the U.S. were expected to fall around 15% in the first quarter compared with a year ago, as the global computer chip shortage continued to slow factories amid high consumer demand.
General Motors reported Friday that its sales were down 20% for the quarter, while Toyota sales were off 15%. Stellantis sales were down 14%, while Nissan was off almost 30%. Honda reported a 23% decline, and Hyundai sales were fell just 4% from January through March.
Many automakers reporting sales made reference to the chip shortage, which began late last year and has continued to frustrate the industry, making it unable to satisfy strong demand from consumers. Many expect improvement during the year, especially in the second half.
“Improvements in the supply chain should lift auto sales as the year progresses, despite headwinds from higher inflation and fuel prices," GM Chief Economist Elaine Buckberg said in a statement.
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