GM's Q3 Sales Drop 5.5% as EV Sales Plunge 62%

GM reported 670,974 U.S. vehicle sales in the third quarter. Sales fell 5.5%. The company remained the top U.S. automaker, but its lead over Toyota narrowed significantly.

GM's electric vehicle sales fell 62%. Toyota's sales grew, largely on stronger demand for hybrid models.

Some analysts said GM is focusing on profitability, including higher per-unit profits on popular full-size pickup trucks. GM also set sales records in the affordable small SUV segment with the Chevrolet Trax and Buick Envista.

The results reflect a shifting U.S. auto market, where high prices and fuel costs are boosting demand for hybrids and more affordable vehicles.