GM Reports 4.2% Decline in Q2 US Sales Amid Strong Truck Demand
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 6 days ago
0mins
Source: Yahoo Finance
- Sales Overview: GM reported approximately 715,000 US vehicle sales in Q2, a 4.2% year-over-year decline primarily attributed to discontinued models, resulting in over 12,000 units lost from vehicles like the Cadillac XT4, XT6, and Chevrolet Malibu.
- EV Sales Decline: The automaker faced significant setbacks in EV sales, with Chevrolet Equinox EV sales plummeting 61.8% to 6,660 units, and the Blazer EV down 68.1%, while the GMC Hummer EV and Cadillac Lyriq saw declines of 56.8% and 16.1%, respectively, following the expiration of the federal EV tax credit.
- Strong Truck and SUV Performance: Despite the overall sales drop, GM's GMC Sierra pickup sales rose 5% to 95,147 units, marking its best quarter ever, with an 11.3% increase in light-duty Sierra sales, indicating robust customer demand for these segments.
- Pricing and Inventory Management: GM's average transaction price in Q2 exceeded $52,400, reflecting its mix of trucks, SUVs, and luxury vehicles, while maintaining incentives below the industry average for three consecutive years, showcasing effective pricing discipline.
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Analyst Views on GM
Wall Street analysts forecast GM stock price to rise
19 Analyst Rating
14 Buy
4 Hold
1 Sell
Moderate Buy
Current: 77.850
Low
57.00
Averages
95.06
High
122.00
Current: 77.850
Low
57.00
Averages
95.06
High
122.00
About GM
General Motors Company designs, builds and sells trucks, crossovers, cars and automobile parts and provides software-enabled services and subscriptions worldwide. The Company's segments include GMNA, GMI and GM Financial. Its GM North America (GMNA) and GM International (GMI) segment develop, manufacture and/or markets vehicles under the Buick, Cadillac, Chevrolet and GMC brands. The Company's GM Financial segment provides automotive financing and related services. The Company is also focused on investing in electric vehicles (EVs) and autonomous vehicles (Avs), software-enabled services and subscriptions and new business opportunities. The Company's portfolio includes OnStar, GM Energy, GM Insurance, GM Genuine Parts, and the GM Company Store. Its OnStar portfolio offers safety, connectivity and hands-free driver assistance technologies. Its GM Energy provides Home EV Charging, Public EV Charging, Vehicle-To-Home and Energy Storage services.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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