Key Takeaways
- General Motors’ first-quarter U.S. sales fell 1.5% from a year ago as a result of weakness in fleet deliveries and electric vehicle (EV) demand.
- Domestic retail sales for GM advanced 6%, keeping the automaker ahead of Toyota as the best-selling brand in the U.S.
- However, GM said its commercial sales suffered as it faced temporary production constraints that affected midsized pickup trucks and vans.
General Motors (GM) shares slipped 1.1% Tuesday as the automaker reported first-quarter U.S. sales declined 1.5% from a year ago on lower fleet deliveries and a drop in electric vehicle (EV) demand.
The company reported overall domestic retail sales of 594,233 vehicles, an increase of 6%. However, sales at GM’s Envolve unit, which includes commercial vehicles, plunged 23% as temporary production constraints for midsized pickup trucks and vans reduced volume. The company said that those problems have been remedied.
EV sales were down 20.5% to 16,425 vehicles, affected by the phaseout of the Chevy Bolt in 2023. The company noted that sales of the Cadillac Lyriq jumped 52% from the previous quarter, and outsold EVs from Mercedes-Benz, BMW, Audi, and Volvo.
Marissa West, GM senior vice president and president of North American operations, said GM’s brands “are all performing well,” adding, “we’re on plan.”
Despite Tuesday’s decline of 1.1% to $44.89, shares of General Motors are up nearly 25% so far in 2024.
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