General Motors (GM) has emerged as the leader in the highly competitive U.S. auto industry, delivering an outstanding performance during the second quarter of 2023. The company reported a remarkable increase in sales, with a total of 691,978 vehicles sold, representing a substantial 19% surge compared to the same period last year, where it sold 582,401 vehicles.
The impressive sales trend continued throughout the first half of 2023, as GM recorded a total of 1,295,186 vehicles sold, marking an impressive 18% growth from the previous year. Among these sales figures, approximately 36,322 vehicles were electric, contributing to about 2.8% of the company’s total sales for the first half of the year.
Michelle Krebs, an esteemed executive analyst at Cox Automotive, acknowledged GM’s outstanding performance, stating, “GM had a strong quarter with sales coming in a bit higher than most forecasts. Retail sales were up as were fleet sales. GM had some big sales hikes in its large, pricey SUVs, which should boost profits. At the other end, the Chevrolet Trax looks to be off to a good start, indicating an appetite for more affordable vehicles.”
During the first six months of 2023, GM’s lineup showcased its dominance in the pickup and large SUV segments, with a staggering 581,114 units sold, accounting for about 45% of the brand’s total sales.
However, the company also faced some challenges in terms of its electric vehicle lineup. Specifically, GM only managed to sell 49 GMC Hummer EVs during the first half, indicating an 87% decrease in sales. Similarly, Cadillac Lyriq sales reached 2,316 units, highlighting the impact of battery module availability on production figures.
Despite these challenges, GM managed to maintain its position at the top of the U.S. market, surpassing its closest rival, Toyota Motor North America (TNMA). TNMA reported first-half sales of 1,038,520 vehicles, reflecting a slight 0.7% decline compared to the same period in the previous year.
As the automotive industry continues to evolve, GM’s strong performance in the first half of 2023 demonstrates its resilience and adaptability, positioning the company for continued success in the highly competitive market.
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