GM sales increased 19% in the second quarter

General Motors said Wednesday that new vehicle sales in the United States rose 19 percent from April to June, the strongest sign yet that the auto industry was recovering from a parts shortage and overcoming the effects of higher interest rates.

The automaker, the largest in the United States, said it sold 691,978 vehicles in the second quarter, the company’s highest quarterly total in more than two years.

Automakers have struggled for the past two years with computer chip shortages that forced factories to close and dealers to sell few vehicles. More recently, rising interest rates have made car loans more expensive, leading some consumers to postpone purchases or opt for used vehicles.

“I’m not saying we’re on the brink of exciting growth here,” said Jonathan Smoke, chief economist at research firm Cox Automotive. “But we are now at a turning point where the car market is becoming more balanced again. It is the beginning of a return to normal.”

Other automakers also reported solid quarterly sales. Toyota said in the second quarter that US sales rose 7 percent to 568,962 cars and light trucks. Stellantis, the company that owns Jeep, Ram, Chrysler and other brands, reported a 6 percent increase to 434,648 vehicles.

Electric vehicles remain the fastest growing segment of the automotive industry. Rivian, a maker of electric pickups and SUVs, said Monday it delivered 12,640 vehicles in the second quarter, up 59 percent from the same period in 2022. And on Sunday, Tesla reported an 83 percent increase in its global sales in the second quarter.

Cox estimated that more than 500,000 electric vehicles were sold in the United States in the first six months of the year and more than one million will be sold by 2023. That would be the first time battery-powered cars and trucks reach that milestone in the country.