Toyota Motor Corp. grabbed the U.S. sales crown from General Motors Co., swiping an honor that the Detroit automaker has held since Herbert Hoover was president.
If GM’s explanation is to be believed — that its 43% fourth-quarter sales decline and 13% tumble for the year stemmed from a semiconductor shortage — then last year’s sales race was really a supply-chain pageant. Whoever could best cajole stretched chip producers for more product came out a winner.
Navigating the squeeze has been a nightmare for the auto industry, and especially for U.S. carmakers. While GM’s sales fell for the year, Toyota, Honda Motor Co. and Nissan Motor Co. posted gains.