GM first-quarter U.S. vehicle sales fall 1.5%

The 2024 Buick Envista.


DETROIT — General Motors on Tuesday reported a 1.5% decline in first-quarter U.S. vehicle sales compared to a year ago, as the overall auto industry normalizes after years of disruptions and volatile results.

The Detroit automaker said the decline to 594,233 vehicles sold during the first three months of the year was largely due to a 22.9% year-over-year decline in sales to fleet customers. Retail sales to customers were up 6%, GM said.

GM’s sales are below expectations for the overall industry, which Cox Automotive forecast to be up 5.5% from a year earlier.

Buick was the only GM brand to report a sales increase during the quarter, up 16.4% from a year earlier. The GMC truck brand was off about 5%, while Cadillac and Chevrolet were both off about 2%.

GM reported sales of its full-size pickups totaled roughly 197,000 units during the first quarter, up 3.6% from a year earlier, marking its best performance during that time since the first quarter of 2020.

“GM gained retail market share year-over-year with strong mix and pricing, our inventories are in good shape heading into the spring, and production and deliveries of Ultium Platform EVs are rising, led by the Cadillac Lyriq. We’re on plan,” GM North America President Marissa West said in a statement.

Electric vehicle sales

Sales of GM’s all-electric vehicles, closely watched by Wall Street, remained miniscule during the first quarter. EV sales totaled 16,425 units, or 2.8% of the automaker’s overall sales during the period.

GM is in the process of ramping up production of its newest EVs, including the Cadillac Lyriq and the Blazer EV, while winding down sales of Chevrolet Bolt models, which were discontinued in December.

First-quarter sales of the Blazer EV were limited, totaling 600 units, due to a stop-sale that was in effect from late December until early March to resolve software issues.

Hyundai and other automakers

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SOURCE: CNBC Business News   (go to source)
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