Automobiles are seen for sale in a car lot in Queens, New York, U.S., May 24, 2018. [Source: Reuters Business]

Top global automakers reported a rise in first-quarter U.S. sales on improving shipments to dealers, except Toyota Motor Corp (7203.T), which continued to grapple with parts shortage, data showed.

General Motors Co (GM.N), which replaced Toyota as the top U.S. automaker in 2022, posted a 17.6% rise in first-quarter auto sales.’

Vehicle production took a hit after the pandemic disrupted the supply of semiconductor chips and other raw materials, hurting carmakers’ ability to meet the upsurge in demand for personal mobility. The companies have been trying to make up for the lost production ever since as supply chain snags gradually ease.

But rising interest rates and fears of a recession may play spoilsport in an industry where most vehicle purchases are financed with loans, analysts say, as they watch out for signs of plateauing demand. The average transaction price of vehicles, too, has surged over the last year.

GM said on Monday that U.S. sales rose to 603,208 units in the first quarter from 512,846 a year earlier. Toyota said sales fell 8.8% to 469,558 vehicles, but added that inventory was improving.

Asian peers Mazda, Honda and Hyundai posted a rise in sales.

EV leader Tesla Inc (TSLA.O) posted record deliveries but its shares fell on Monday on growing margin worries after aggressive price cuts.

Overall, U.S. new vehicle sales in March were 1.37 million units, with an annual sales rate of 14.82 million, according to data released by Wards Intelligence on Monday.