GM reports US sales dip, but says EVs grew

admin admin | 10-02 16:20

GM and Ford have both slowed some investments in EVs due to moderating demand for the vehicles.
General Motors reported a dip in third-quarter US auto sales Tuesday, but pointed to growth in sales of electric vehicles and said retail pricing remained steady.

The big Detroit automaker reported 659,601 US sales during the period, down 2.2 % from the year-ago but marking a slightly smaller decline than analysts projected.

Sales were mixed among the truck and SUV products that have supported GM profits in recent years.

Whereas GM scored an uptick in sales of GMC Sierra pickup trucks, its top-selling Silverado line experienced a dip.

GM described its EV portfolio as "growing faster than the market" with sales jumping 46 % in the third quarter, topping 32,000.

GM and Ford have both slowed some investments in EVs due to moderating demand for the vehicles.

GM said average vehicle pricing of $49,349 was in line with its second quarter, with incentives also holding steady.

The automaker has 627,048 vehicles in inventory heading into the fourth quarter, which is much above the level a year-ago when Detroit automakers were contending with a labor strike. However, that level is still below pre-pandemic supplies.

Garrett Nelson, an analyst at CFRA Research, described GM's sales as "broadly in line" with US auto industry performance in the period.

Cox Automotive predicted a 2.1 % sales drop among US automakers in the period, with some volatility due to election season offset by a lift from lower interest rate cuts.

"We remain optimistic that new-vehicle sales could improve marginally through the final quarter of 2024," said Charlie Chesbrough, senior economist at Cox.

Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.


ALSO READ

Sky-high shopping: South Korea unveils ‘flying cart’ drone for transporting goods over any terrain

SEOUL, Oct 23 — South Korean researchers have developed a transport drone flying on multiple flexibl...

tech | 5 hours ago

Africa’s best-kept secret: Mozambique rolls out 100pc homegrown premium cigars for the global market

MAPUTO (Mozambique), Oct 23 — In a small neon-lit factory in Maputo, a dozen workers are hand-rollin...

life | 5 hours ago

In South Africa, dry taps are the new reality as water crisis deepens

JOHANNESBURG, Oct 23 — Joyce Lakela runs a nursery in Tembisa, a Johannesburg township, but these da...

world | 5 hours ago

From horror to hope: Rwanda’s genocide survivors rebuild lives 30 years on

PARIS, Oct 23 — Jeanne Allaire Kayigirwa was sure she was going to die three times during the Rwanda...

world | 5 hours ago

Hyundai Motor India lists with record IPO, commits to Indian market with new tech and EV plans

As part of its effort to introduce clean mobility solutions for Indian buyers, Hyundai will launch f...

auto | 13 hours ago

Skoda Auto Volkswagen India plants over 7 lakh trees in Maharashtra for ecological restoration

Additionally, SAVWIPL has installed 18.5 MWp of rooftop solar power at its Chakan facility, which of...

auto | 13 hours ago