Hyperdrive
GM Tops Rival Automakers in Car Sales as Supply Crunch Eases
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General Motors Co. made big sales gains in the third quarter in a sign the semiconductor shortage is easing, but the relief may arrive for automakers just as consumers get squeezed by rising interest rates and concerns about the economy.
The Federal Reserve’s recent actions have pushed up rates on car loans while inflation is already hurting consumer confidence, according to Edmunds.com, which projects a 0.9% decrease in third-quarter sales from a year ago and a 2.7% drop from the previous quarter. Edmunds said auto-loan rates hit a three-year high of 5.7% in the three months ended Sept. 30.