General Motors said on Wednesday that its sales of new vehicles in the United States jumped 14 percent last year, amid a broader rebound in the auto industry driven by a strong economy and an improved supplies of critical components.
The company sold 2.6 million cars and light trucks in 2023, up from 2.3 million in 2022, when a shortage of computer chips prevented G.M. and other manufacturers from producing as many cars as consumers were looking to buy.
But in a potentially worrying sign for the company, sales in the fourth quarter were relatively weak. They climbed just 0.3 percent from the same period a year earlier and were down 7 percent compared with the third quarter of 2023. That suggests that demand for cars and trucks weakened at the end of the year because of the Federal Reserve’s interest rate increases that have made car purchases more expensive.
Separately, Toyota Motor, the second largest seller of cars in the United States after G.M., said its 2023 sales rose 7 percent, to 2.2 million vehicles. The company’s sales in the fourth quarter were 15.4 percent higher than in the same quarter a year ago and about 5 percent higher than in the third quarter.
Sales of electric vehicles increased last year, climbing to more than one million in total for the first time. But the purchase of battery-powered cars and trucks is growing at a slower pace then manufacturers had expected, forcing G.M. and other companies to adjust production plans.
G.M. sold nearly 76,000 electric vehicles last year, up from about 39,000 in 2022. A large majority of those sales were for two versions of the Chevrolet Bolt, which the company has stopped producing.
The company’s stock was down about 2.5 percent around noon on Wednesday.