Overall, analysts expect the number of new cars sold in the US is projected to have increased roughly 2% in 2021 compared to 2020, when buyers were reeling from the onset of the coronavirus pandemic.
But purchases remain depressed compared to their pre-pandemic levels, as companies grapple with supply chain woes, problems that have also pushed prices higher for consumers.
"The key constraint for sales continues to be reduced inventory levels as a result of the semiconductor shortage," GM chief economist Elaine Buckberg said in a statement discussing the firm's sales and outlook for 2022.
GM sold roughly 2.2 million vehicles last year down from 2.5 million in 2020, relying on its profitable pick-up trucks and SUVs to boost its bottom line.
Toyota, which saw strong sales of its hybrids and other models, has been less affected than some other car makers by the shortage of chips, thanks to its decision to build up a stockpile after the 2011 earthquake and tsunami. But it has also been forced to cut production amid the shortages.
But America's top car companies have been ceding ground to international rivals well before the pandemic-related snarls.