General Motors, the iconic Detroit automaker, reported a 2.2% decrease in its US vehicle deliveries for the third quarter, despite a significant increase in sales of electric vehicles. During this three-month period, GM delivered 659,601 vehicles, a decline from 674,336 units from the same quarter last year.
However, the company saw a substantial jump in electric vehicle sales, which surged by 60%, reaching 32,095 units. This shift indicates a growing consumer interest in EVs, with GM claiming that its share of the US EV market climbed to 9.5% in the third quarter from 7.1% in the previous quarter. Interestingly, more than half of the electric vehicle buyers were new customers, showcasing GM's expanding reach into the EV market. Rory Harvey, president of global markets at GM, commented, "GM's EV portfolio is growing faster than the market because we have an all-electric vehicle for just about everybody." This statement emphasizes the company's commitment to diversifying its electric vehicle offerings to appeal to a broader customer base. While GM's overall sales in the third quarter faced challenges, Chevrolet brand deliveries saw a 6.4% decline, totalling 422,871 units.
This drop was notably impacted by steep declines in sales for models such as the Bolt and Camaro. However, it’s worth noting that the newly introduced Blazer EV saw impressive sales, skyrocketing to 7,998 units from just 19 previously, and the Silverado EV achieved sales of 1,995 units compared to 18 in the prior period.
Despite the positive performance of these EV models, overall Silverado deliveries were down by 8.5%. On a more positive note, deliveries of Buick and GMC brands showed an increase of 7.8% and 6.4%, respectively, while Cadillac experienced a rise of 4.4%. This varied performance among GM’s brands signifies a shift in consumer preferences and highlights the evolving automotive landscape. As GM prepares itself for the fourth quarter, the company reported that its dealer inventory stood at 627,048 units.
This is particularly crucial as the fourth quarter is typically associated with strong sales, albeit coupled with lower production rates due to holiday periods. Industry watchers are now anticipating GM’s detailed financial results, which are set to be released on October 22. Analysts surveyed by Capital IQ predict normalized earnings of $2.42 per share alongside revenues reaching $44.44 billion.
In the same quarter last year, GM reported adjusted earnings per share of $2.28 against a revenue of $44.13 billion. As of the latest market data, GM's stock price stands at $44.98, reflecting a slight change of +0.13, which marks a +0.30 percent increase..