The pain at the pump is starting to appear in the showroom. With gasoline prices rising amid the U.S.-Israeli conflict with Iran, Americans are moving away from giant pickup trucks and SUVs toward smaller, more efficient vehicles, especially hybrids, reports the New York Times. General Motors and Stellantis both posted gains in the light-duty pickup segment, while sales of heavy-duty trucks and large SUVs fell. Cox Automotive estimates that full-size truck sales fell 2% and large SUV sales fell 6% in the third quarter from a year earlier, while midsize and hybrid vehicles increased.
The shift favors Asian automakers like Toyota, Hyundai, Honda and Nissan, which offer broader hybrid lineups, and exposes U.S. automakers that have largely abandoned smaller cars. “Thank God we never gave up on passenger cars, because it helps us gain a little market share,” said Randy Parker, CEO of Hyundai Motor America, according to the newspaper. Wall Street Journal. Electric vehicles do not suffer the same impact, according to the Times: Tesla’s global deliveries have fallen and U.S. demand for electric vehicles has slowed since Congress ended subsidies. Experts interviewed by ABC News question whether considering an electric vehicle is a smart move right now.
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