Asian Tech Press (Jan 05) -- In 2021, Toyota overtook GM to become the best-selling automaker in the United States, the first time since 1931 that GM has lost its U.S. "top-seller" position.

The global chip shortage has primarily contributed to this shift. Continued shortages have led to production shutdowns at some GM plants and brought its 2021 vehicle inventory to a record low. GM said Tuesday that it sold 2.2 million vehicles in the U.S. in 2021, down 12.9 percent from a year earlier. By contrast, Toyota, which has been working on expanding its presence in the U.S. and has been able to handle its supply chain better, sold 2.3 million vehicles in the U.S. last year, up 10.4 percent from 2020.

GM shares hit a new 52-week high of $65.98 per share on Tuesday, closing at $65.74 per share, up 7.5 percent. The company previously said the chip shortage is easing and increased production late in the year, with its fourth-quarter production and wholesale deliveries up sharply from the third quarter. Also, dealer inventories were higher at the end of the fourth quarter than at the third quarter.