General Motors Posts Mixed Q3 Results Amid Shift to Electric Vehicles
In the third quarter, General Motors reported a 2% decline in total US sales compared to the same period last year, despite a 3% increase in retail sales. The automaker delivered 659,601 vehicles in the quarter, maintaining its position as the largest seller of vehicles in the US market.
While overall sales were down, GM’s electric vehicle sales reached a new high, with 32,195 units sold, a 60% increase from the previous year. The company’s EV portfolio, which includes models such as the Chevrolet Equinox, Blazer SUV, Silverado EV, and Cadillac Lyriq, is growing rapidly, with over 50% of EV customers new to GM.
GM’s luxury brand, Cadillac, saw a 4.2% increase in sales, while Buick and GMC truck sales rose 7.8% and 6.4%, respectively. However, Chevrolet sales fell 6.4%, largely due to declines in sales of the outgoing Bolt EV, discontinued Malibu, and Silverado MD pickup.
The company’s market share in the US pickup segment remained strong, with a 63.7% share of full-sized SUV sales. GM’s inventory levels stood at around 627,000 vehicles entering the fourth quarter, equivalent to 50-60 days of supply, which is considered healthy heading into the busy holiday season.
Notably, GM’s incentives as a percentage of average transaction price were 4.5%, 2% below the industry average, indicating the company’s pricing strategy remains competitive. As the automaker continues to shift its focus towards electric vehicles, it’s clear that GM is making significant strides in this growing market.
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