2022 has been a tough year for automakers to contend with Supply chain challenges and slowing consumer demand.

What happened: Industrywide auto sales in 2022 fell 8% year over year to 13.7 million vehicles. reported The Wall Street Journal.

This was the lowest number since 2011. Sales have come back significantly from the over 17 million mark recorded in the previous five years COVID-19 Pandemic, the report said.

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Changes in competitive dynamics: General Motors Corp. GM took the lead from the Japanese Toyota Motor Corp. TM to become the top US automaker in 2022. The company and its dealers sold 2.2 million vehicles for the year, up 3% from 2021, and offset the overall market downturn.

The fourth quarter was particularly strong, as sales rose 41% year over year to 623,261 units.

Second place Toyota sold 2.11 million units, down 9.6% on a volume basis and down 9.9% on a daily selling price basis. However, the Japanese automaker improved its performance in the fourth quarter, as unit sales and value each rose 13.1%.

Stellantis NV‘s STLA FCA US reported 1.55 million units sold in 2022, of which 347,669 units were sold in the fourth quarter. Annual and quarterly performances marked declines of 13% and 16%, respectively. The company’s plug-in hybrid vehicle sales, meanwhile, rose 26% for the year and 21% for the quarter.

Hyundai Motor Co‘s HYMTF The American unit said it sold 724,265 units for 2022, down 2%. Quarterly sales, however, rose 29% to a record 195,967 units. Honda Motor Company‘s HMC In 2022, US sales fell 32.9% to 983,507 units. Sales for the month of December fell 10.7% to 93,843 units.

Nissan Motor Company Limited‘s NSANIE Sales in 2022 and the fourth quarter fell 25.4% and 2%, respectively, to 729,350 units and 191,012 units.

Pricing could boost profits: Production restrictions hurt auto sales in 2022, with sales declining in the last five months of the…