On the Dash:
- GM sold 670,974 vehicles in Q3, down 5.5%, and its EV sales fell about 62%.
- Toyota’s electrified sales rose 28.5% and now make up 57.4% of its U.S. volume.
- Cox expects the Detroit Three to fall to about 36% market share in the quarter.
General Motors (GM) kept the U.S. sales lead in the third quarter, but Toyota cut it to 37,751 vehicles, according to GM’s and Toyota’s sales reports. While GM sold 670,974 vehicles, down 5.5% from 710,347 a year earlier, Toyota sold 633,223, up 0.6%. Electrified models made up 57.4% of Toyota’s total as higher gas prices pushed buyers toward hybrids.
GM’s EV sales fall
GM blamed its decline mostly on a much smaller EV market and discontinued vehicles. EV sales fell about 62% from a year ago, when buyers rushed to claim the $7,500 federal tax credit before it expired in September 2025. The Chevrolet Equinox EV dropped 92.4% to 1,905 vehicles, according to CNBC. The Blazer EV fell 84.4% and the Hummer EV fell 72.9%.
GM’s gas-powered sales were roughly unchanged from a year ago, while full-size pickups were relatively flat. The company’s five best sellers are the Chevrolet Silverado, GMC Sierra, Chevrolet Equinox, Chevrolet Traverse and Chevrolet Trax, all of which GM said have continued to post multiple years of growth. Lower-priced models helped cushion the decline, led by the Chevrolet Trailblazer, up 51%. The Buick Envista rose 18.4%, the Chevrolet Trax rose 16% and the Corvette rose 29%.
Toyota’s hybrid lineup
Toyota said its electrified sales climbed 28.5% to 363,367 units in the third quarter, accounting for 57.4% of its U.S. volume. Total sales increased 0.6% to 633,223, with Toyota division sales up 0.5% and Lexus sales up 1.6%. In September, electrified sales reached 117,215, a 37.8% increase and 58.2% of the month’s volume. The Corolla hybrid rose nearly 36% to 13,003 units for the quarter, Reuters reported.
Higher fuel prices are steering buyers toward hybrids. Regular gasoline averaged $4.43 a gallon in September, up from $3.20 a year earlier, the American Automobile Association reported. GM sells just one hybrid: the Corvette. Toyota offers 32 electrified options across its Toyota and Lexus brands. According to CNBC, Toyota is now less than 136,000 units behind GM year to date, compared with a gap of roughly 335,000 for all of last year. Cox Automotive has said Toyota could overtake GM in the coming years if these trends continue.
Detroit Three lose share as Asian brands gain
According to Cox Automotive, Asian brands are on track to make up more than half of new-vehicle sales for a second consecutive quarter, while GM, Ford and Stellantis are expected to fall to about 36% combined. American Honda sales, notably, rose 9.3%, powered by a record hybrid quarter of more than 106,000 units. Honda kept offering lease deals while other automakers moved away from them. Leasing keeps customers returning to market on a steady cadence, Lance Woelfer, Vice President of Auto Sales, told Reuters.
By contrast, Kia set a quarterly record, selling 236,659 vehicles, up 7.8%. Hyundai brand sales rose roughly 3%, Genesis sales rose 6%, and Nissan sales increased 1.4%. Stellantis was roughly flat at 324,277 vehicles, as Ram rose 29% and Jeep fell about 20%.
Nevertheless, Cox forecast that Hyundai Motor Group would outsell Ford in quarterly sales for the first time, projecting 511,421 vehicles for Hyundai and 504,172 for Ford. Ford is set to report its results Friday.
Cox reported that the average new-vehicle transaction price rose 1.9% to $50,089 in August. JD Power said lower borrowing costs have done little to improve affordability: higher prices and lower trade-in values continue to push monthly payments up. Cox estimates third-quarter sales at about 4.1 million, down roughly 1% from a year earlier.
