Summary
- GM reported lower third quarter sales in the US compared to a year ago, but retail sales increased and EV sales hit a record
- GM delivered 659,601 vehicles in Q3, down 2% year-over-year, while retail sales were up 3%
- The company was No. 1 in overall pickup and full-sized SUV sales in the US, with a 63.7% market share
- Cadillac, Buick, and GMC sales saw increases, while Chevrolet sales dropped due to declines in certain models
- GM’s EV market share in the US rose to 9.5%, with more than 50% of customers new to GM, and inventory stood at 627,000 vehicles entering Q4, with 50-60 days supply.
Article
GM reported lower third quarter sales in the US compared to the previous year, but retail sales and EV sales hit record highs. Despite delivering 659,601 vehicles, a 2% decrease from the previous year, retail sales were up 3%. GM claimed to have delivered more vehicles than any other automaker in the US in the quarter, but did not specify if it gained market share. The company was number one in overall pickup and full-sized SUV sales, holding a 63.7% market share.
SUVs and pickups like the Chevrolet Trax, Cadillac XT4, GMC Sierra, and Chevrolet Colorado led the way in sales. Cadillac saw a 4.2% increase in sales, Buick sales were up 7.8%, and GMC truck sales rose by 6.4%. However, Chevrolet sales dropped by 6.4% due to declines in sales for the Bolt EV, Malibu, and Silverado MD pickup. Despite the Bolt EV drop in sales, GM’s other EVs performed well, with a total of 32,195 EVs sold, a 60% increase from the previous year.
GM’s EV portfolio is growing faster than the market, with sales of vehicles like the Chevy Equinox, Blazer, Silverado, and Cadillac Lyriq all seeing strong gains. The company’s US EV market share reached 9.5%, up from 7.1% the previous quarter, with over 50% of EV customers being new to GM. This expansion of customers could potentially unlock a new subset of buyers who have never purchased GM vehicles before.
The company reported having an inventory of approximately 627,000 vehicles entering Q4, which is around 50 to 60 days of supply. GM maintained that its inventory levels were healthy entering a typically busy holiday season, unlike some other automakers who had to address high inventory levels recently. GM also stated that its incentives in the third quarter were 4.5% of the average transaction price, 2% below the industry average.
Overall, GM’s third quarter sales performance in the US demonstrated a mixed picture with lower total sales but strong retail and EV sales. The company’s focus on expanding its EV portfolio seems to be paying off, with significant growth in EV sales and market share. GM’s healthy inventory levels and competitive incentives position it well for the upcoming holiday season and potential future growth opportunities in the US market.
Read the full article here
