New vehicle sales in the U.S. for top global automakers rose in the second quarter on improving supply and strong demand, signaling that rising interest rates have not yet had a meaningful impact on purchases, Reuters reported. Vehicle production took a hit after the pandemic disrupted supply of semiconductor chips and other raw materials, hurting automakers' ability to meet the upsurge for personal transport. Companies are now rushing to make up for the lost production as supply chain snags gradually ease. Toyota Motor's North America unit reported a 7.13% rise in U.S. sales to 568,962 units for the quarter ended June. General Motors, however, surpassed Toyota in the quarter, with a near 19% rise in U.S. sales to a total of 691,978 units, including 15,652 electric vehicles. Compared to peers, the Japanese automaker has struggled to ship enough cars and trucks on time to dealers. Earlier in the week, FCA US, a unit of Stellantis, and Korean peer Hyundai Motor's U.S. unit reported a 6% and 14% increase, respectively, in total auto sales. Overall, U.S. new vehicle sales in June were 1.37 million units, with an annual sales rate of about 15.7 million, according to data released by Wards Intelligence.
