U.S. automakers post high quarterly sales even as chip shortage bites
Reuters
Published Apr 01, 2021 11:24AM ET
Updated Apr 01, 2021 12:00PM ET
(Reuters) -Automakers on Thursday reported a rebound in first-quarter U.S. sales from a coronavirus-induced slump last year, but numbers were dulled by a global chip scarcity that forced many companies to cut production.
The need for increased personal safety during the COVID-19 pandemic has boosted sales for automakers, as people prefer to travel by their own cars to using public transportation.
However, the semiconductor chip shortage and severe winter weather in south west United States in February have caused automakers to shut factories, turning analysts cautious about the speed of the sector's recovery in 2021.
General Motors Co (NYSE:GM) said its first-quarter U.S. sales rose 4% to 642,250 vehicles, helped by increased demand for its Escalade sport utility vehicles and Encore subcompact crossover SUVs.
"Sales are off to a strong start in 2021, we are operating our truck and full-size SUV plants at full capacity and we plan to recover lost car and crossover production in the second half of the year where possible," said Steve Carlisle, GM executive vice president.
The No.1 U.S. automaker said it estimates that the seasonally adjusted annual sales pace for the first quarter of the year was around 16.7 million units.
Japan's Nissan (OTC:NSANY) Motor Co said its U.S. sales rose nearly 11% to 285,553 vehicles in the quarter, while South Korea's Hyundai Motor's U.S. sales jumped about 28% to 167,130 vehicles.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.