US automakers face market share loss to Asian hybrid rivals

Major US automakers are losing domestic market share to Asian competitors as consumer preferences shift toward hybrid vehicles due to rising gasoline prices. According to Cox Automotive, the combined market share of the Detroit Three—General Motors, Ford, and Stellantis—could fall to approximately 36 percent, while Asian brands like Toyota and Honda are expected to account for more than half of new vehicle sales.

General Motors maintained its position as the top US seller with 670,974 units in the third quarter, despite a 5.5 to 6 percent decline in sales. GM reported a significant drop in electric vehicle demand, including a 92 percent plunge in Chevy Equinox EV sales. Conversely, Toyota saw a slight increase in sales to 633,223 units, benefiting from strong hybrid demand.

Ford reported a 6.6 percent decline in sales, totaling 507,395 to 509,764 vehicles, though it managed to retain its third-place position in the US market, narrowly ahead of Hyundai Motor Group. Hyundai and Kia saw sales growth of 5.4 percent, driven by a surge in hybrid interest. Analysts note that high fuel costs and the end of certain EV tax credits have made hybrids a more attractive, affordable alternative to pure electric models.