DETROIT – New-vehicle sales in the US fell about 12% 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 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 according to AP.
Thomas King, president of data for J.D. Power, said March is typically a big sales month for automakers. Instead, all automakers had only 900,000 vehicles in their inventories nationwide, and that crimped sales.
Yet consumer demand remains strong and discounts are few, pushing the average sales price up to a record $44,129 for the quarter, J.D. Power said.
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