General Motors outsold Toyota in the US

General Motors Co (NYSE:GM) outsold Japanese automaker Toyota Motor (NYSE:TM) Corp in the U.S. in the third quarter, according to data released on Monday, but analysts and investors worry that a darkening economic picture will lead to a drop in auto sales.

So far, a shortage of cars due to supply disruptions, coupled with a preference for personal transportation, has seen consumers willing to spend more money, which has largely protected profits for automakers and car dealers that have pushed back discounts. But analysts warn demand could lose steam in coming quarters as rising interest rates discourage consumers from paying more for cars and trucks in coming months. "We are cautiously optimistic about progress. There's a lot of negative consumer sentiment in the market. So obviously we're concerned about that," Randy Parker, CEO of Hyundai Motor North America, said in an interview after the automaker reported a 3% increase in vehicle sales. GM said it sold 555,580 vehicles in the quarter through September, 24% higher than last year when inventory shortages hit sales. Toyota's sales fell 7.1% to 526,017 vehicles in the same period. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!