U.S. automakers on Thursday reported a significant increase in quarterly sales due to strong demand for SUVs and pointed to the trend continuing into next year, as more people opt for private conveyance and new electric vehicles (EVs) line up for launch.
Low interest rates, government stimulus, and a preference for personal transportation following the COVID-19 crisis have bolstered demand for cars, even as prices have risen because of tight inventories as the global shortage of chips continues.
Higher vehicle prices have increased profitability for automakers, who have also boosted investments in EV production.
General Motors reported that it’s Chevrolet Bolt EV posted record second-quarter deliveries, with total Chevrolet sales increasing 31%, while sales of its Buick premium SUVs increased 86%.
Toyota Motor saw alternative powered vehicles to have accounted for almost a quarter of its sales volume through June this year, increasing from 13% a year ago.
Toyota’s overall U.S. sales increased about 73% to 688,813 vehicles in the second quarter.
