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GM US sales dip 1.5% in Q1, but retail deliveries jump 6%

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GM (GM) reported Q1 sales figures for the US that topped estimates but were down compared to a year ago due to lower fleet sales. GM said sales of trucks and pickups powered results at the retail level.

For the quarter, GM delivered 594,233 vehicles, down 1.5% compared to a year ago; however, retail sales were up 6%. GM said it delivered more vehicles than any other automaker in the US in Q1. Bloomberg consensus estimates had GM pegged at 591,300 vehicles sold in Q1.

GM said SUV and pickup sales powered sales performance, with GMC and Chevrolet full-size pickup sales gaining market share, now up to 43.7% of the overall pickup market. 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, GM said.

Overall, Chevrolet retail sales were up 6%, Cadillac sales were up 9%, and Buick sales were up 10%. GM Envolve, which is the automaker’s fleet and commercial sales unit, saw sales drop 23% in the quarter, with GM citing “temporary production constraints” hurting pickup and van volume.

NEW YORK, NEW YORK - MARCH 27: A new Chevy truck is displayed at the New York International Auto Show on March 27, 2024 in New York City. The annual show, which opens to the public on March 29th, is one of the largest auto shows in the world and reveals numerous new car models for both the public and the media. This year's show includes an emphasis on new electric and hybrid models. (Photo by Spencer Platt/Getty Images)

A new Chevy truck is displayed at the New York International Auto Show on March 27, 2024, in New York City. (Spencer Platt/Getty Images) (Spencer Platt via Getty Images)

“GM gained retail market share year over year with strong mix and pricing, our inventories are in good shape heading into the spring, and production and deliveries of Ultium Platform EVs are rising, led by the Cadillac LYRIQ. We’re on plan,” said Marissa West, GM SVP and president of North America, in a statement.

Digging deeper into GM’s EV sales, the company reported big gains with the Cadillac LYRIQ (5,800 units, up 499%), Hummer EV (1,668 units, up from 2 units a year ago), and the Silverado EV (1,061 units, not on sale a year ago). The Silverado EV was only available to fleet customers, but will begin deliveries to retail customers in “the coming months,” GM said.

Chevrolet’s Blazer EV notched just 500 sales in the quarter, though it only resumed sales in March following a stop sale due to a software issue. Looking ahead, the highly anticipated Equinox EV begins sales later in Q2; GM said the Equinox EV will start around $35,000.

GM and other legacy automakers’ ability to leverage traditional gas powertrain vehicle sales has allowed those companies to weather the current EV demand slump affecting bigger EV names with only minimal overall sales losses.

That being said, GM only sells a handful of EVs compared to rivals like Tesla (TSLA), though it intends to sell many more when its Equinox EV and Blazer EV production is fully ramped up.

Speaking of Tesla, the company reported a wide deliveries miss for Q1 earlier today, with concern growing that demand for its vehicles has hit a low point.

GM will report Q1 financial results before the bell on Tuesday, April 23.

Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on Instagram.

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Read More: GM US sales dip 1.5% in Q1, but retail deliveries jump 6%

2024-04-02 18:03:15

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