GM's one day celebration

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GM’s one-day celebration.
Welcome to the Know the Difference Minute for Wednesday, January 4th.
The last couple years were tough for car buyers. It’s been tougher for automakers and dealers.
Prepandemic, it wasn’t unusual for annual sales to hit 17 million. 2022’s number will be about 13.7 million, the lowest in more than a decade – and down 8% from the year before.
GM is still celebrating—at least today. US sales up 2.5% after recovering from factory shutdowns due to parts shortages. It also leapfrogged past Toyota to the #1 slot in the US.
GM’s joy might be short-lived. It’s all-in on EV’s but widespread adoption is in question. In fact, it cut back its 2023 EV sales projection. Prices for raw materials for batteries are through the roof. Car buyers will have to deal with higher sticker prices, more expensive loans, and a struggling economy.
I’m Dave Spano from Annex Wealth Management. That is your Know the Difference Minute.