GM’s Q2 2024 Vehicle Sales: Best Since 2020

The vehicles will go on sale at a GM dealership in Lincolnwood, Illinois, on June 20, 2024.

Scott Olson | Getty Images

Detroit- General Motors Toyota reported its best quarterly sales in more than three years, including notable increases in full-size pickup trucks and all-electric vehicles.

The Detroit automaker on Tuesday reported second-quarter sales of 696,086 units, up 0.6% from a year earlier and the highest quarterly unit sales since the fourth quarter of 2020.

Its electric vehicle sales rose 40% year-on-year to 21,930 units. However, electric vehicles accounted for only 3.2% of total second-quarter sales.

General Motors Co.’s full-size pickup truck sales totaled about 229,000 trucks during the second quarter, up about 6% from a year earlier and the best quarterly sales since 2021.

GM’s total sales during the first half of the year fell 0.4% compared to the previous year to about 1.3 million vehicles.

GM’s second-quarter sales are expected to outpace the industry as a whole. Auto industry experts like Cox Automotive and Edmunds expect industry-wide second-quarter sales, including July 1, to be roughly the same as a year earlier amid slowing retail demand.

Among the unknown events in the second quarter was the impact of cyberattacks on dealer software provider CDK Global on sales. A ransomware attack on June 19 forced CDK, a market leader, to shut down its dealer management system, affecting nearly half of all dealers in North America.

“The CDK cyberattacks disrupted sales during the second half of June, impacting what is arguably one of the busiest and most profitable times of the month and quarter for dealers,” said Jessica Caldwell, head of insights at Edmunds.

See also  Winner of $1.08 billion Powerball jackpot Yanira Alvarez revealed after 8 months in California

“Our dealers using the CDK platform are working to meet strong customer demand under challenging conditions. Some deliveries may be delayed until the third quarter,” GM said in a statement.

Dealers, including the industry’s largest publicly listed companies, have been forced to delay sales or come up with alternative solutions to sell vehicles since the attacks.

All six of the largest publicly traded auto dealership groups have disclosed their exposure to the CDK lawsuit. Five of the six groups— Asprey Automotive Group, Autonation Company, Group 1 Automotive Co., Ltd., Lithia Motors Company And Sonic Motor Company – CDK is used as a primary provider of dealership management system, according to Automotive News.

“The good news is — unlike other black swan events the industry has faced in the past — sales should not be lost or severely delayed, but rather pushed into the third quarter,” Caldwell said.

Separately on Tuesday, Toyota announces second quarter salesThe company’s total sales in the United States reached 621,549 vehicles during the period, an increase of 9.2% compared to the previous year.

the Hyundai brand sold 214,719 vehicles during the second quarter, an increase of 2.2% compared to the previous year.

Kia, which reports its sales on a monthly basis, It recorded a decrease of 6.5%. In its sales in June. Its sales in the first half of the year fell by about 2% to 386,460 vehicles.

Leave a Reply

Your email address will not be published. Required fields are marked *