Toyota, GM report slowing US auto sales

Major automakers reported a drop in U.S. sales for the first quarter of 2022 as a shortage of vehicles on dealer lots continued to hamper business and stifled buying activity ahead of a normally busy selling season.

Analysts are forecasting that industry sales could fall as much as 16% in the first quarter from the year-ago period as auto inventory was more plentiful and buyers, benefiting from a recovering economy, scooped up vehicles at a rapid pace.