General Motors (GM) and Toyota saw their vehicle sales in the United States severely affected by the pandemic throughout the year but ended 2020 on a rebound which is expected to continue in the months to come. GM sales were down 11.8% to 2.55 million units while Toyota’s were down 11.3% to 2.11 million units, according to statements released Tuesday.
But year-end figures point to a recovery in 2021: Vehicle sales of GM, the nation’s number one auto company, grew 4.8% in the fourth quarter while those of Toyota, the number two, rose 20.4% in December. For both groups, activity was supported by demand for city pick-ups and 4x4s (SUVs). At GM, this helped drive the average price of vehicles sold to an all-time high.
The group explains that it expects “the recovery of the US economy continues in 2021». «The deployment of vaccination (against Covid-19) and warmer weather should allow consumers and businesses to return to a more normal level of activity, thus fueling the labor market, consumer confidence and automobile demandGM chief economist Elaine Buckberg said in the document.
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After a halt in the spring, when the spread of the virus led to the temporary closure of factories and many dealers, “retail sales began to recover in May and returned to pre-pandemic levels in the fourth quarter“, Underlines GM. Despite a particularly high unemployment rate, government aid and lower spending on tourism and other leisure activities supported this rebound, say several analysts. The automaker even recorded its best quarter of retail sales since 2007.
Vehicle sales for corporate fleets have also started to recover but remain “well belowFrom their 2019 level, adds GM. According to estimates by specialist firm Cox released in December, total car sales in the United States are expected to decline 15.3% year-round to 14.4 million vehicles, which would be the lowest figure since 2011. Ford is expected to release its own figures on Wednesday. Electric vehicle maker Tesla said on Saturday it saw its sales increase 36% in 2020, to 499,550 units.
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