U.S. auto sales show mixed results as hybrids gain ground

Secondquarter U.S. vehicle sales were uneven across major automakers, with companies that offer hybrids generally outperforming peers with limited hybrid lineups. Higher gas prices and softer demand for allelectric vehicles helped push more buyers toward fuelefficient models. Toyota said U.S. sales rose 1.1% from a year earlier, helped by a nearly 20% increase in electrified vehicle sales. Hyundai reported a 4% gain in overall sales, with hybrid sales up 67% in the first half of the year. Honda posted an 8.4% increase in secondquarter sales, while Kia said its hybrid sales jumped 152%. General Motors reported a 4.2% decline in secondquarter sales and a 33% drop in EV sales, while each of its major brands posted yearoveryear declines. GM said demand for trucks and SUVs remained strong, but its hybrid offering is limited. Ford is expected to report a decline when it releases results later this week. Some automakers with turnaround plans performed better. Stellantis rose 5.9%, and Nissan increased 9.6%. Industry forecasts suggest U.S. new vehicle sales for the year are likely to be flat or slightly lower as inflation and high operating costs continue to affect buyers.