U.S. quarterly auto sales jump on strong SUV demand, shift to EVs

FILE PHOTO: The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook

(Reuters) -U.S. automakers on Thursday reported a sharp rise in quarterly sales on strong demand for SUVs and pointed to the trend continuing into 2022, as more people shift to private conveyance and new electric vehicles (EVs) line up for launch.

Low interest rates, government stimulus and a preference for personal transportation due to the COVID-19 pandemic have bolstered demand for cars, even as prices have risen due to tight inventories following a global semiconductor shortage.