GM (GM) Reported first-quarter US sales figures beat estimates But it decreased compared to last year due to a decrease in fleet sales. GM said sales of trucks and vans boosted results at the retail level.
During the quarter, GM delivered 594,233 vehicles, down 1.5% compared to last year; However, retail sales increased by 6%. GM said it delivered more vehicles than any other automaker in the United States in the first quarter. Bloomberg consensus estimates had pegged GM selling 591,300 vehicles in the first quarter.
GM said sales of SUVs and pickup trucks boosted sales performance, with sales of full-size pickups from GMC and Chevrolet gaining a market share that now reaches 43.7% of the total pickup market. GM said SUVs like the Chevrolet Trax and other crossovers saw sales jump 11%, and the Colorado pickup was the fastest-growing midsize pickup in terms of sales in March.
Overall, Chevrolet retail sales rose 6%, Cadillac sales rose 9%, and Buick sales rose 10%. GM Envolve, the automaker's fleet and commercial sales unit, saw sales decline 23% in the quarter, as GM cited “temporary production constraints” that hurt pickup and truck volume.
“General Motors has gained retail market share year over year with strong mix and pricing, our inventory is in good shape heading into spring, and production and deliveries of Ultium Platform EVs are on the rise, led by the Cadillac LYRIQ,” said Marissa West, Vice President “We are on track with our plan,” General Motors' first president and North America president said in a statement.
Digging deeper into GM's electric vehicle sales, the company reported big gains with the Cadillac LYRIQ (5,800 units, up 499%), the Hummer EV (1,668 units, up from 2 units last year), and the Silverado EV (1,061 units, not on sale a year ago). ). GM said the Silverado EV was only available to fleet customers, but it will begin deliveries to retail customers in the “coming months.”
Chevrolet's Blazer EV had just 500 sales in the quarter, although it only resumed sales in March after sales were halted due to a software issue. Looking ahead, sales of the highly anticipated Equinox EV begin later in the second quarter; GM said the Equinox EV will start at about $35,000.
The ability of GM and other legacy automakers to capitalize on sales of traditional gas powertrain vehicles has allowed them to weather the current decline in EV demand affecting larger EV names with only minimal overall sales losses. .
However, GM only sells a small number of electric vehicles compared to rivals like Tesla ( TSLA ), although it intends to sell more when production of the Equinox EV and Blazer EV is fully ramped up.
Speaking of Tesla, the company reported a major miss in first-quarter deliveries earlier today, with concern growing that demand for its cars has reached a low point.
GM will report its first-quarter financial results before the bell on Tuesday, April 23.
Pras Subramanian is a reporter for Yahoo Finance. You can follow it Twitter and on Instagram.
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