GM, Toyota sales up in Q2 as inventory issues continue

General Motors U.S. sales were up 40% in the second quarter of 2021 compared to the same period last year at 688,236 vehicles, but saw only a 45,986 unit increase over Q1 as inventory issues continue to plague the industry.

GM reported strong demand, but predicted supply challenges driven by the ongoing semiconductor shortage would continue for several months.

"The U.S. economy is accelerating, consumer spending is robust and jobs are plentiful," Elaine Buckberg, GM chief economist said. "Consumer demand for vehicles is also strong, but constrained by very tight inventories. We expect continued high demand in the second half of this year and into 2022."

The automaker said that dealer inventory had dropped to 211,974 units compared to 334,628 in Q1.

Hyundai reported a best-ever June tally of 72,465 units, which was down from its all time record of 90,017 set in May. The automaker initiated its first U.S. production suspension caused by the parts shortage at the Alabama facility that builds its best-selling Tucson SUV during the week of Jun 11. Hyundai's sister brand, Kia, saw similar success with its best first half ever on the back of four straight monthly records from March through June.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Toyota recorded a 39.8% increase in June compared to 2020 and quarterly sales were up over 85,000 units from Q1, while Nissan said it achieved 68.1% year-over-year increase for the quarter.

Honda outdid everyone with its best June, Q2 and four-month sales results in its history as Volkswagen reported its best quarter since 1973.

Stellantis' quarterly sales were up 32% from 2020 across its six brands with Ram pickup sales increasing 40% and the Wrangler having its best quarter ever.

The inventory crunch hit Subaru hardest with a 20.5% decrease in June sales, but it was still up 17.8% for the quarter.

This is a developing story. Check back for updates