US Auto Sales Rise 12% in 2023 Despite Challenges

Electric and Hybrid Vehicle Sales See Significant Growth; General Motors Retains Top Spot

Despite high prices, rising interest rates, autoworker strikes, and a computer-chip shortage, American consumers bought 15.6 million new vehicles in 2023, a 12% increase from 2022.
Average auto sales prices peaked in December 2022 at just over $47,300, but have started to fall as the chip shortage eases and vehicle supplies grow.
Discounts more than doubled year over year in November 2023, and new vehicle loans averaged around 7% for most of the year.
Electric vehicle sales grew 47% to a record 1.19 million for the full year, and gas-electric hybrid sales grew 54% to 1.2 million.
Among manufacturers, General Motors posted a strong 14% sales increase for the year, retaining its crown as the top-selling automaker in the US.