General Motors (GM) announced on Tuesday that its U.S. vehicle sales fell by 1.5% in the first quarter compared to the same time the previous year. This decrease happens as the car industry normalizes after years of instability and inconsistent results due to various disruptions.
The Detroit automaker mentioned that this decline to a total of 594,233 vehicles sold during this period resulted mostly from a 22.9% drop in sales to fleet customers. On the other hand, retail sales increased by 6%, GM reported.
These sales were consistent with Cox Automotive’s estimates, but they didn’t meet the expectations for the entire industry. The auto data firm projected the U.S. auto industry sales to rise 5.5% from the previous year.
Buick was the only GM brand to report a sales hike during this quarter, increasing 16.4% from the year before. Conversely, the GMC truck brand witnessed a decline of around 5%, while Cadillac and Chevrolet both experienced a fall of about 2%.
GM cited that its full-size pickups’ sales totalled approximately 197,000 units in the first quarter, up 3.6% from the corresponding period in the previous year. This marks its best performance for that period since the first quarter of 2020.
On the other hand, the sales of GM’s all-electric vehicles, which are closely monitored by Wall Street, remained small during the first quarter. The EV’s sales totalled 16,425 units, making up only 2.8% of the carmaker’s overall sales during this timeframe.
GM is currently increasing the production of its latest EV’s, including the Cadillac Lyriq and the Blazer EV, while gradually reducing the sales of Chevrolet Bolt models, which ceased production in December.
Other automakers reported varied results for the first quarter amid normalizing inventory and sales levels in a post-Covid-19 world. Hyundai Motor America CEO, Randy Parker, pointed out that the industry has become much more competitive.
Hyundai reported its best-ever March sales, with 76,920 vehicles sold last month. However, its first-quarter sales only saw a minor increase of 0.2% compared to last year.
Notably, Toyota Motor, Honda Motor, and Nissan Group all reported increases in sales for the first quarter, 16%, 17.3%, and 7.2% respectively. However, Kia reported a 2.5% decrease in its sales, and EV startup Rivian Automotive reported vehicle deliveries of 13,588 vehicles during the first quarter, up from 7,946 vehicles the previous year.
General Motors (GM) has reported a 1.5% decline in US vehicle sales in the first quarter of 2022 compared to the same period last year. The company sold 594,233 vehicles in the first three months of 2022, largely due to a 22.9% decrease in sales to fleet customers. However, retail sales to customers increased by 6%.
Buick was the only GM brand to report a sales increase in Q1 2022, seeing a 16.4% rise from the previous year. Meanwhile, the GMC truck brand saw a 5% decrease in sales and Cadillac and Chevrolet were both down around 2%.
GM’s sales of full-size pickups remained strong, with approximately 197,000 units sold during the first quarter, representing a 3.6% increase from the previous year. This marked the brand’s best performance for the quarter since Q1 2020.
Sales of GM’s electric vehicles (EVs) remained small throughout Q1 2022, with sales of just 16,425 units, or 2.8% of GM’s total vehicle sales for the quarter. GM is currently scaling up production of its latest EV models, including the Cadillac Lyriq and the Blazer EV.
Several other automakers reported mixed results for Q1 2022 as the industry continues to normalize following disruptions caused by the Covid-19 pandemic. Among them, Hyundai Motor America reported its best-ever March sales figures, selling 76,920 vehicles, taking its first-quarter sales up by 0.2% compared to the previous year.
Toyota Motor reported a 16% increase in sales, selling nearly 388,000 vehicles during the first three months of 2022, while Honda Motor saw a 17.3% jump in sales, selling close to 334,000 vehicles in the first quarter. Kia’s Q1 sales were down by 2.5% year-over-year, selling 179,621 vehicles, and Nissan Group saw a 7.2% increase from a year earlier, selling 252,735 vehicles in the first quarter.
Electric vehicle startup Rivian Automotive delivered 13,588 vehicles in Q1 2022, an increase from the 7,946 vehicles delivered in the same period last year. The company also reiterated its production guidance of 57,000 total vehicles for the year, including 13,980 during Q1.
Source link
