Transportation
Americans Are Buying Cheaper Cars
- Affordable is winning with compact sedans, SUVs in favor
- Industry has maintained demand despite higher auto loan rates
This article is for subscribers only.
Toyota Motor Corp. and Honda Motor Co. notched big US sales gains to start the year and General Motors Co. grew retail deliveries as demand for lower-priced models help automakers defy expectations for a broad slowdown.
Toyota said Tuesday that deliveries rose more than 20% in the first quarter, buoyed by the compact Corolla sedan and RAV4 crossover. Honda’s CR-V crossover and Civic compact drove the Japanese automaker to a 17% sales increase. GM reported a 1.5% drop in units sold during the quarter due to lower purchases by corporate fleets, but increased sales at retail by 6% with its Chevrolet Trax compact showing the biggest gain.