GM's (GM) first-quarter sales for the United States exceeded expectations, albeit they were lower than a year ago as a result of reduced sales to fleets. General Motors stated that retail sales of trucks and pickups drove outcomes.
Despite a 6% increase in retail sales, General Motors' quarterly vehicle deliveries were 594,233, a 1.5% decrease from the previous year. According to GM, no US carmaker delivered more vehicles in Q1 than the company. Sales for General Motors in the first quarter were estimated by Bloomberg to have been 591,300 units.
GMC and Chevrolet full-size pickups have increased their market share to 43.7% of the total truck market, according to GM, who stated that sales of SUVs and pickups drove sales performance. GM reported an 11% increase in sales for crossover SUVs like the Chevrolet Trax and the Colorado truck surpassed all other midsize pickups in March, making it the fastest-growing model in the industry.
Chevrolet, Cadillac, and Buick all saw increases in retail sales of 6%, 9%, and 10%, respectively. General Motors' fleet and commercial sales unit, Envolve, saw a 23% quarterly sales decline, with the company attributing the decline to "temporary production constraints" that were affecting the volume of pickups and vans.
With competitive pricing and a well-balanced lineup, General Motors increased its share of the retail market from the previous year. We are well-stocked for spring, and manufacturing and deliveries of electric vehicles using the Ultium Platform are on the rise, with the Cadillac LYRIQ serving as a frontrunner. GM senior vice president and president of North America Marissa West stated, "We're on plan." So said the company.
A closer look at GM's electric vehicle sales reveals that the Cadillac LYRIQ saw significant increases of 499% (5,800 units), Hummer EV (1,668 units, up from 2 units a year ago), and Silverado EV (1,061 units, not on sale a year ago). For "the coming months," GM stated, retail buyers would be able to purchase the Silverado EV, which was previously only offered to fleet customers.
Even though sales of the Chevrolet Blazer EV began in March after a software glitch had temporarily halted them, the electric vehicle only managed 500 units sold throughout the quarter. Sales of the much-anticipated Equinox EV will launch later in Q2, with GM estimating a starting price of $35,000 for the model.
Despite the present electric vehicle demand slump impacting larger EV brands, legacy manufacturers like GM have been able to weather the storm with relatively minor overall sales losses by capitalizing on sales of traditional gas powertrain vehicles.
Although it plans to sell a lot more EVs once manufacturing of its Blazer EV and Equinox EV is completely ramped up, General Motors only sells a small number of EVs compared to competitors like Tesla (TSLA). Concerns that demand for Tesla automobiles has reached rock bottom have been heightened by the company's announcement earlier today of a large deliveries shortfall for Q1.
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