TOP automakers General Motors and Toyota reported lower first-quarter sales in the US on Wednesday, as economic uncertainty, high borrowing costs and vehicle prices kept buyers on the sidelines.

Vehicle sales decreased 5.3 per cent in the three-month period compared with the prior year, according to research firm Omdia.

“The loss of EV tax credits, coupled with ongoing elevated interest rates and vehicle prices will lead to a slower pace,” said Charlie Chesbrough, senior economist at Cox Automotive.

https://www.businesstimes.com.sg/companies-markets/transport-logistics/gm-toyota-report-lower-quarterly-sales-us-amid-affordability-concerns