GM Sales up 13% -- Increase Due to Strong Retail Performance
FOR RELEASE: December 3, 2001GM Sales up 13% -- Increase Due to Strong Retail Performance
GM Announces Increase in Q4 2001 Production and Impact on Q4 Earnings Guidance, Projects Q1 2002 Production increase, Outlines Extension of 2002 Holiday Shutdown at Select Plants
- GM November Retail Truck Sales up 42%
- GM Retail Car Sales up 7%
- GM SUVs on Industry Record Pace
- Total Sales up Despite Steep Decline in Rental Fleet Sales
DETROIT - General Motors dealers sold 363,721 new cars and trucks in November in the United States, spurred on by GM's successful 'Keep America Rolling' program. Despite a steep decline in rental fleet sales, robust retail sales (up 26 percent) contributed to the 13 percent year-over-year increase.
"November was another very good month for GM with exceptionally strong retail performance in both trucks and cars." said Bill Lovejoy, group vice president of North America Vehicle Sales, Service and Marketing. "Throughout the 'Keep America Rolling' program, we've seen an improving mix of vehicles sold, we've had higher than normal conquest sales and our November retail sales accounted for 90 percent of our deliveries."
Lovejoy continued, "In addition, thanks to the strong merchandising efforts of our dealers on the retail front, our inventories are in excellent shape heading into 2002."
GM Truck Sales Highlights
GM increased its industry truck leadership with 223,165 sales in November (up 37 percent), putting GM on pace to have its best truck sales year in history. For November, GM's industry-leading truck lineup was led once again by midsize utilities, full-size utilities and full-size pickups, which all maintained their strong sales pace. Sport utility vehicle (SUV) sales for the month (93,486) were exceptional giving GM an all-time industry calendar year record. GM's full-size utilities (46,757 units - up 36 percent over last year) dominated the industry once again in November led by the Chevrolet Tahoe and Suburban, GMC Yukon, Yukon XL as well as the all-new Cadillac Escalade.
GM's all-new midsize SUVs, the Chevrolet TrailBlazer, GMC Envoy, Oldsmobile Bravada and Buick Rendezvous continued their sales momentum, contributing to GM leading the industry in midsize utility sales for the second consecutive month. GM also expanded the gap in its leadership in full-size pickups in November (86,929 units sold - up 41 percent over last year) and is on pace for its best full-size pickup sales year since 1978.
GM Car Sales Highlights
In November, GM retail deliveries were up seven percent. Solid sellers, Chevrolet Impala, Malibu and Cavalier, as well as the Pontiac Grand Am remained in the top-10 best selling cars CYTD.
Furthermore, GM is expecting to build momentum in the luxury and entry level markets with all-new vehicles, Cadillac CTS and Escalade EXT, Saturn Vue and Pontiac Vibe coming to market within the next few months.
| November Sales Records Chevrolet Impala GM Trucks Chevrolet Trucks GM Pickups GMC Pickups GM Full-Size Pickups GMC Sierra GM Utilities Chevrolet Tracker GM Midsize Utilities GM Full-Size Utilities Chevrolet Suburban Chevrolet Tahoe GMC Yukon and Yukon XL Cadillac Escalade | CYTD Records Chevrolet Impala Saturn L-Series GM Trucks Chevrolet Trucks GM Pickups GM Utilities Chevrolet Utilities GMC Utilities Chevrolet Tracker GM Midsize Utilities GM Full-Size Utilities Chevrolet Suburban Chevrolet Tahoe GMC Yukon and Yukon XL Cadillac Escalade |
GM reported another strong sales month of approximately 23,500 total used certified vehicles, including the Cadillac, Saturn and SAAB certified brands. The GM Certified Used Vehicle brand achieved record numbers for the sixth consecutive month with 19,722 sales.
Click here to view the General Motors Corporation November 2001 Sales and Production data
Production, Earnings Guidance
- GM Announces Increase in Q4 2001 Production & Favorable Impact on Q4 Earnings Guidance
- Projects Q1 2002 Production Up 7 Percent over Q1 2001
- Outlines Extension of 2002 Holiday Shutdown at Select Plants
Bolstered by robust retail demand and continued strong production by its manufacturing operations, GM announced that the fourth-quarter 2001 forecast has been increased by 15,000 units, to 1.285 million vehicles (570,000 cars and 715,000 trucks) from its most recent estimate of 1.270 million vehicles (563,000 cars and 707,000 trucks), although still down nearly 6 percent from last year’s final quarter. In November, GM produced 446,000 vehicles (195,000 cars and 251,000 trucks) in North America, down from 460,000 vehicles (230,000 cars and 230,000 trucks) produced in November 2000. (Production totals include joint venture production of 9,500 vehicles in November 2001 and 13,000 vehicles in November 2000.)
The additional 15,000 units of production is expected to have a favorable effect on the company’s prior earnings guidance of $0.50 per share for the fourth quarter.
Additionally, GM announced that the first-quarter 2002 production forecast is 1.3 million vehicles (581,000 cars and 719,000 trucks), a 7 percent increase from the 1.214 million vehicles (581,000 cars and 633,000 trucks) in the first quarter of 2001, when production was curtailed due to high inventories and moderating demand. Although U.S. demand is expected to moderate early in 2002 from the current strong pace supported by GM’s “Keep America Rolling” and competitor programs, GM’s dealer inventories are expected to be below one million by year-end, down about 300,000 from year-ago levels. In order to manage production levels on a cost efficient basis, GM has decided to extend the regular Christmas/New Year’s shutdown by eight days at several assembly plants in North America. The extended shutdown – running the weeks of Dec. 31 and Jan. 7 – will affect plants in Shreveport, La.; Lansing (Craft Center) and Orion Township, Mich.; Linden, N.J.; Baltimore, Md.; Doraville, Ga.; Wentzville, Mo.; Wilmington, Del.; Janesville (3), Wis., and Ste. Therese, Quebec. Additionally, Janesville (2) medium-duty will be down the week of December 31 and the Oshawa (2), Ontario, assembly plant will be shut down the weeks of Jan. 14 and 21.
GM also announced the following production estimates for its international regions:
Note: GM sales and production results are available on GM Media Online at http://media.gm.com by clicking on News, then Sales/Production.
In this press release and related comments by General Motors management, our use of the words "expect," "anticipate," "estimate," forecast," "objective," "plan," "goal" and similar expressions is intended to identify forward looking statements. While these statements represent our current judgement on what the future may hold, and we believe these judgements are reasonable, actual results may differ materially due to numerous important factors that are described in GM's most recent report on SEC Form 10-K (at page II-20) which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. Such factors include, among others, the following: changes in economic conditions, currency exchange rates or political stability; shortages of fuel, labor strikes or work stoppages; market acceptance of the corporation's new products; significant changes in the competitive environment; changes in laws, regulations and tax rates; and, the ability of the corporation to achieve reductions in cost and employment levels to realize production efficiencies and implement capital expenditures at levels and times planned by management.