GM reclaims U.S. sales crown; Toyota edges up; Hyundai, Kia post double-digit gains to finish 2022

Toyota Motor Corp. posted slightly higher volume and Hyundai and Kia capped a year of U.S. market share gains with double-digit sales gains in December as the auto industry’s lean stockpiles continued to rebound, overcoming rising interest rates and new-vehicle prices, and the growing prospects of an economic slowdown.

General Motors, driven by strong light-truck deliveries, reported a 42 percent increase in fourth quarter light-vehicle volume, with sales rising 44 percent at Chevrolet, 42 percent at GMC and 75 percent Cadillac. Buick was the only GM brand to post lower volume in the final quarter of 2022, down 6.5 percent, extending the brand’s declines to six concecutive quarters.

GM also reclaimed the title of top-selling automaker in the U.S. in 2022 by nearly 150,000 units after Toyota Motor grabbed the crown in 2021. GM, the market’s longtime leader until 2021, reported U.S. deliveries of 2.258 million last year, up 2.5 percent, while Toyota Motor sales tallied 2.1 million, down 9.6 percent.

December deliveries rose 3.5 percent at Toyota Motor, with a 6.6 percent rise at the Toyota division offsetting a 16 percent decline at Lexus. Both brands continue to be hampered by some of the industry’s lowest inventory levels, with Lexus sales now dropping 11 straight months.

Volume rose 40 percent last month to a December record of 72,058 at Hyundai Motor America, driven by a 27 percent rise in retail deliveries. Hyundai said it was its fifth straight month of record retail sales, with utility vehicles accounting for 74 percent of retail volume.

While it finished the year with five consecutive monthly sales gains, Hyundai’s 2022 U.S. sales tallied 724,265, a 2 percent decrease compared with 2021. The company said it ended December 2022 with 37,379 cars and light trucks in U.S. inventory, down slightly from 39,898 in November but up from 21,420 at the close of 2021.

At Kia, sales rose 25 percent to a December record of 60,422, its fifth straight monthly advance. The company posted U.S. sales of 693,549 in 2022, down 1.1 percent from 701,416 in 2021.

Mazda racked up its third straight monthly gain with a 41 percent increase in December volume, but finished the year down 11 percent.  

Genesis Motor America also reported record December sales — 6,172, up 23 percent — helping the brand finish the year with volume of 56,410, up 14 percent.

Most other automakers will report December or fourth quarter results later Wednesday. Ford Motor Co. and Volvo are scheduled to release December sales on Thursday, followed by Mercedes-Benz, Porsche and Jaguar Land Rover later in month.