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General Motors (GM) reported its third-quarter sales in the U.S. showing a mixed picture. While total vehicle sales dipped by 2% compared to the same period last year, retail sales grew by 3%, and electric vehicle (EV) sales hit a new record.
Sales Breakdown:
- Total Deliveries: GM delivered 659,601 vehicles in Q3, slightly lower than the previous year. Despite this, GM maintained its position as the top automaker in U.S. sales for the quarter.
- Retail Sales: Retail sales were up 3%, and GM claimed the No. 1 spot in pickup and full-size SUV sales, holding a 63.7% market share in this segment.
- Brand Performance:
- Cadillac: Sales grew by 4.2%, driven by popular models like the Cadillac XT4.
- Buick: A notable increase of 7.8% in sales.
- GMC Trucks: Up by 6.4%, largely due to models like the GMC Sierra.
- Chevrolet: Overall sales saw a 6.4% decline, impacted by a drop in sales for the Chevrolet Bolt EV, the discontinued Chevrolet Malibu, and the medium-duty Silverado MD.
Despite the decline in Bolt EV sales, GM’s broader EV portfolio showed strong growth, with total EV sales increasing by 60% year-over-year to 32,195 units.
Growing EV Market Share:
- GM’s EV market share rose to 9.5% in the third quarter, up from 7.1% in the previous quarter. New models like the Chevrolet Equinox, Blazer SUV, Silverado EV, and Cadillac Lyriq all posted strong gains.
- Rory Harvey, GM executive vice president and president of global markets, highlighted that GM’s diverse EV offerings are attracting new buyers, with more than half of GM’s EV customers being first-time buyers of the brand.
Inventory and Industry Impact:
- GM entered Q4 with an inventory of around 627,000 vehicles, equating to about 50-60 days of supply ahead of the busy holiday season.
- GM’s incentives during Q3 stood at 4.5% of the average transaction price, approximately 2% below the industry average, indicating controlled inventory management amidst industry challenges.
Stock Performance:
- GM’s stock price stood at $44.85, up by 0.01 (+0.03%) as of 3:32 PM EDT on October 1, 2024. The 52-week range is between $26.30 and $50.50.
GM’s results show strong retail and EV performance despite an overall dip in total sales. The company’s focus on expanding its EV lineup and managing inventory effectively has positioned it for a potential boost as the year ends.