Gasoline Powered Vehicles Scheduled To Be Phased Out Lead The Way To Q3 Success At Soon To Be All-Electric GM
GM Earns a Sales Trifecta in Q3: No. 1 in Full-Size SUVs, Full-Size Pickups and Large Luxury SUVs
DETROIT 2022-10-03; General Motors Co. sold 555,580 vehicles in the United States in the third quarter, up 24% year over year, based on strong customer demand and improved availability. Three of GM’s vehicle brands posted double-digit total sales gains, with Chevrolet up 30%, GMC up 24% and Cadillac up 50%.General Motors (NYSE:GM) on Monday said U.S. sales rose 24% Y/Y to 555,580 vehicles for Q3, helped by pent up customer demand and better availability of semiconductor supplies.
The U.S. automaker's stock was trading 2.1% higher at $32.77 in mid-day trading. Shares have lost 45.3% YTD.
The Q3 performance marks a significant improvement for GM, after a dismal Q2 which saw U.S. sales fall 15% Y/Y and delays to the delivery of thousands of vehicles to dealers due to supply chain disruptions.
"GM and its dealers were able to translate improved semiconductor supplies, stable production and improvements in dealer inventory into a nearly 3-point improvement in retail market share year over year, as well as significant sales gains in the commercial fleet market," the company said in Monday's statement.
GM said demand for its Chevrolet Bolt electric vehicle and Bolt electric utility vehicle was outpacing supply, prompting it to increase its yearly production target for global markets to more than 70K in 2023 from about 44K in 2022.
GM ended Q3 with 359,292 vehicles in dealer inventory, compared to 247,839 vehicles at the end of Q2.