General Motors reports a 14% increase in US auto sales in 2023

General Motors said Tuesday that new vehicle sales in the United States rose 14 percent last year, amid a broader recovery in the auto industry, driven by a strong economy and improved supplies of crucial parts.

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 kept GM and other manufacturers from producing as many cars as consumers wanted to buy.

But in a potentially worrying sign for the company, sales rose just 0.3 percent in the final three months of the year. That suggests demand for cars and trucks weakened late in the year as the Federal Reserve’s rate hikes made car purchases more expensive.

Separately, Toyota Motor, the largest auto seller in the United States after GM, said sales rose 7 percent to 2.2 million vehicles in 2023.

Sales of electric vehicles increased last year, rising to more than a million in total for the first time. But purchases of battery-powered cars and trucks are growing at a slower pace than manufacturers expected, forcing GM and other companies to adjust production plans.