(Bloomberg) -- US auto sales are slumping as chip shortages continue to choke supply and rising sticker prices put new vehicles out of reach for a wider swath of prospective buyers.

The annual selling rate is expected to decline to 13.2 million vehicles in June, down 20% from a year earlier, according to the average forecast of six market researchers surveyed by Bloomberg. Prior to the pandemic, annual US auto sales topped 17 million vehicles for five consecutive years from 2015 to 2019.

Sales are declining as the global semiconductor shortage continues to roil auto production and drain inventory from dealer lots. General Motors Co. said Friday second-quarter sales and profit will take a hit from 95,000 vehicles it can’t sell because it’s waiting on chips to complete them.

The inventory shortage drove the average price of a new vehicle to nearly $47,000 in May, up more than 13% from a year ago, according to automotive researcher Edmunds.com. Dealers can charge more and negotiate less, padding profits for them and the car manufacturers.

With interest rates rising, it’s also becoming harder to spread the pain of higher pricing with long-term financing. The average monthly payment on a new car loan was almost $700 in June, up 13% from a year ago, researcher J.D. Power reports. 

General Motors wrested back the crown as the second-quarter sales leader from Toyota Motor Corp., which had bested GM the two previous quarters. Most automakers, including Stellantis NV, will report US sales Friday. But Ford Motor Co. reports on July 5 and Tesla Inc., which provides global numbers, has not specified a release date. 

Read more: Tesla Braces for Delivery Slump on China Plant Shutdown

We’ll take a look at the results as the major manufacturers report throughout the day.

GM In Line

General Motors sold 582,401 vehicles from April through June, a 15.4% drop from a year ago that’s roughly in line with the 15.8% decline forecast by researcher Cox Automotive. The Silverado pickup and Chevy Equinox SUV were it’s top sellers; light-duty Silverado deliveries plunged 25% from a year ago, while the Equinox managed a 9.4% gain to 60,642.

Despite the quarterly drop, GM said it gained share in the lucrative pickup truck market, and noted fleet sales were up 29% thanks to a rebounding economy and more activity in the travel and leisure sector. It delivered 272 electric Hummers, its flagship EV model, and 7,300 EVs in total after resuming production of the Chevy Bolt EV models and delivering its first electric commercial vans. 

Toyota Tumbles

Toyota’s second-quarter sales fell 23% to 531,105 units as supply chain issues caused production problems. The automaker had just 17 days supply in June, less than half the 41 days worth of vehicles that GM and Ford were carrying at that time, according to Cox Automotive.

Japan’s largest automaker managed to limit the drop in sales for its top-seller, the RAV4 compact SUV, to just 7% over the three month period. But other big volume vehicles such as its Highlander mid-sized SUV and Camry mid-sized sedan saw double-digit declines. 

Jack Hollis, executive vice president of sales at Toyota’s North American operations, said the chip crisis won’t even start to get better until summer of 2023, because even though suppliers are running their factories at full blast, there’s so much unmet demand it’s hard to catch up.

“There’s pent up demand that’s significantly more than people are calculating,” Hollis said in an interview Friday. “We’re all waiting to be able to have the microchips catch up to the speed at which the demand is, and that’s going to be a long time.”

Nissan Plummets

Nissan Motor Co. had a rough second quarter in the US as sales fell 39%. Deliveries of its Altima sedan rose, but chip shortages hurt production of most other vehicles. Its perennial best seller, the Nissan Rogue crossover SUV, fell by 56% in the quarter.

Cox Automotive analyst Michelle Krebs said that while GM and Ford have recovered from supply chain shortages in the quarter, Japanese automakers have had a tougher time.

Hyundai’s Cheap Chic

Hyundai Motor Co.’s namesake brand sold 63,091 vehicles in June and 184,191 in the quarter, marking a 23% quarterly drop from a year ago and a 16% decline for the first half of 2022. Deliveries of its Palisade mid-sized SUV notched a 15% jump in June, with the Korean brand’s Santa Fe compact SUV and Elantra sedan also seeing gains.

Hyundai’s head of US operations, Jose Munoz, said earlier this week that the company’s strategy is to keep its models affordable, even as average industry car prices surge. But he said Hyundai and the rest of the industry are still at the mercy of their chip suppliers, as GM demonstrated with the financial hit it disclosed.

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