High gasoline prices are pushing Americans away from full-size pickups and SUVs that generate the most profits for automakers. General Motors reported sales of the Chevrolet Silverado flagship truck rose 3 percent in the third quarter, but only from a light-duty version while heavy-duty models slumped. Similarly, Stellantis saw light-duty Ram pickups rise 73 percent while heavy-duty trucks fell 6 percent.
Dealers are moving fewer full-size pickups and selling more fuel-efficient hybrids, which have engines augmented by batteries and electric motors. Cox estimates full-size truck sales fell 2 percent in the quarter for all brands, and sales of large SUVs fell 6 percent. Sales of midsize trucks and SUVs grew.
If these trends persist, it could hurt automakers in the United States, which generally offer fewer hybrids and smaller cars than Asian manufacturers like Toyota, Hyundai and Honda. American manufacturers dominate the market for big trucks. The Ford F-150 pickup is the best selling U.S. vehicle. U.S. automakers have been offering fewer and fewer smaller cars, leaving them with little to fall back on if the market continues to change.
Source: New York Times Top Stories · Summarized by HeadlinesBriefing