Detroit Three automakers set to lose market share to Asian rivals
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Detroit Three automakers are set to lose market share to Asian rivals this week.
- ✓Experts said soaring gasoline prices pushed buyers toward fuel-efficient models.
- ✓General Motors, Ford, and Stellantis could see their combined share fall to 36%.
Story at a Glance
- Category
- BUSINESS
- Reported By
- reuters.com
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
Oct 1 (Reuters) - The Detroit Three are expected to lose ground to Asian rivals when they report third-quarter US sales this week, according to experts, as soaring gasoline prices due to the Iran war push buyers towards hybrids and more fuel-efficient models.
General Motors, Ford Motor and Stellantis could see their combined market share dip to around 36% in the third quarter, while hybrid-heavy Asian brands including Toyota and Honda are expected to account for more than half of new vehicle sales in the period, industry research firm Cox Automotive said.
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Hybrids have emerged as a top choice as consumers look to avoid high gasoline prices, which hit a national average of $4.43 a gallon in September, according to AAA, compared with $3.20 a year earlier.
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