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New Car Sales Drop as Gas Prices Surge From Iran War
GM, Stellantis, Toyota and Hyundai posted uneven first-quarter results as analysts warned that higher gasoline prices could weaken demand.
- On Wednesday, automakers reported mixed first-quarter United States sales, with severe winter weather dampening early results while March performance improved for several brands.
- The US-Israeli offensive against Iran, launched on February 28, has boosted oil costs by more than 50 percent, sending gasoline prices above $4 per gallon in the United States.
- General Motors sold 626,429 vehicles between January and March, while Toyota Motor North America reported 569,420 sales and Hyundai reached 205,388 units in the quarter.
- Searches for EVs on Edmunds reached 23.8 percent of customer queries in mid-March, though Tesla's outlook faces pressure from President Donald Trump's elimination of tax credits for electric vehicles.
- Previous oil-price surges like the 1979 Iranian Revolution caused sales drops exceeding 40 percent, and Cox Automotive projected a 6.5 percent decline this quarter amid ongoing affordability pressures.
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29 Articles
29 Articles
New car sales drop as gas prices surge from Iran war
As the war in Iran nears the five-week mark, new headwinds are hitting the U.S. auto industry. General Motors said Wednesday that first-quarter sales fell nearly 10% year over year — the company’s largest drop in almost four years. Key factors High interest rates and elevated vehicle prices have already slowed demand in early 2026, according to The Wall Street Journal. Now, rising gas prices tied to the war are adding another layer of pressure —…
Coverage Details
Total News Sources29
Leaning Left4Leaning Right3Center12Last UpdatedBias Distribution63% Center
Bias Distribution
- 63% of the sources are Center
63% Center
L 21%
C 63%
R 16%
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