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DETROIT – General Motors (GM) experienced a significant increase of 18.8% in U.S. vehicle sales during the second quarter, compared to the previous year when the company faced supply chain challenges. GM reported a total of 691,978 new vehicles sold between April and June, surpassing the 582,401 vehicles sold in the second quarter of 2022. This growth also marks a sequential increase from GM’s first-quarter sales of just over 600,000 new cars and trucks.
The strong second-quarter sales of GM, as well as other automakers such as Honda Motor, Nissan Motor, and Stellantis, indicate a robust demand for new vehicles as inventories recover from the lows experienced during the COVID-19 pandemic and supply chain disruptions.
Industry projections suggest that U.S. new vehicle sales during the second quarter have increased by approximately 16% to 18% compared to the same period last year. Cox Automotive recently revised its full-year new vehicle sales forecast to 15 million for the broader industry, reflecting an 8% increase from 2022.
GM’s retail sales have recorded a 15% increase in the first half of this year, while its fleet business has seen a significant jump of 30%.
GM continues to hold its position as the largest automaker in the U.S. for the first six months of the year, with sales growing by 18.3% to almost 1.3 million vehicles. After losing the top spot to Toyota Motor in 2021, GM regained its long-standing title as the bestselling car company in the U.S.
Toyota also reported sales of over 1 million vehicles in the U.S. through June.
Electric Vehicle (EV) Sales
GM recorded more than 36,300 EV sales in the first half of this year, including 15,652 sales in the second quarter. However, EVs only accounted for 2.8% of the company’s total sales during this period.
The company had previously announced plans to produce 50,000 EVs in the first half of the year and hoped to reach 100,000 in the second half. Production figures are expected to be discussed during GM’s second-quarter earnings report on July 25.
GM has faced criticism for its slower production ramp-up of EVs compared to competitors like Tesla, which continues to dominate the U.S. market. The majority of GM’s EV sales during the first half of the year were from its outgoing Chevrolet Bolt models, which will be discontinued. The production of newer EVs, such as the GMC Hummer and Cadillac Lyriq, and their corresponding batteries known as Ultium vehicles, has been slower than anticipated due to domestic battery production challenges.
GM CEO Mary Barra acknowledged these challenges and expressed a commitment to accelerate EV production. She stated, “I would have done EVs faster, but I am where I am, and we’re going as fast as we can.” Barra also highlighted several upcoming important EV launches, including new versions of the Chevrolet Silverado, Blazer, and Equinox, as well as an electric delivery van and a luxury Cadillac EV called the Celestiq.
GM’s second-quarter earnings report will provide further details on production progress and performance.
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