GM U.S. vehicle sales fall 1.5% during the first quarter, underperforming other major automakers

DETROIT — General Motors on Tuesday reported a 1.5% decline in first-quarter U.S. vehicle sales in comparison with a 12 months in the past, as the total auto business normalizes after years of disruptions and risky outcomes.

The Detroit automaker mentioned the decline to 594,233 automobiles offered during the first three months of the 12 months was largely on account of a 22.9% year-over-year decline in sales to fleet prospects. Retail sales to prospects have been up 6%, GM mentioned.

GM’s sales have been in-line with Cox Automotive estimates however beneath expectations for the total business. The auto knowledge agency forecast U.S. auto business sales to be up 5.5% from a 12 months earlier.

Buick was the solely GM model to report a sales enhance during the quarter, up 16.4% from a 12 months earlier. The GMC truck model was off about 5%, whereas Cadillac and Chevrolet have been each off about 2%.

GM reported sales of its full-size pickups totaled roughly 197,000 items during the first quarter, up 3.6% from a 12 months earlier, marking its greatest efficiency during that point since the first quarter of 2020.

“GM gained retail market share year-over-year with robust combine and pricing, our inventories are in good condition heading into the spring, and manufacturing and deliveries of Ultium Platform EVs are rising, led by the Cadillac Lyriq. We’re on plan,” GM North America President Marissa West said in a statement.

Sales of GM’s all-electric automobiles, intently watched by Wall Street, remained miniscule during the first quarter. EV sales totaled 16,425 items, or 2.8% of the automaker’s total sales during the interval.

GM is in the technique of ramping up manufacturing of its latest EVs, together with the Cadillac Lyriq and the Blazer EV, whereas winding down sales of Chevrolet Bolt fashions, which were discontinued in December.

First-quarter sales of the Blazer EV have been restricted, totaling 600 items, on account of a stop-sale that was in impact from late December until early March to resolve software program points.

Other automakers reported various outcomes for the first quarter, as inventories and sales normalize to ranges not seen since earlier than the Covid-19 pandemic started.

Hyundai Motor America CEO Randy Parker famous the business is getting extra aggressive as automakers try to keep up earnings of current years with out oversubsidizing sales.

“The market is altering swiftly, and it is gotten much more aggressive,” Parker mentioned Tuesday during a media name.

Hyundai reported its greatest March sales ever final month, at 76,920 automobiles offered, however its first-quarter sales have been solely up 0.2% in comparison with a 12 months earlier.

Separately, Hyundai’s Genesis luxurious model reported sales of 14,777 automobiles during the first quarter, up 7.3% 12 months over 12 months.

Here is how other major automakers carried out in U.S. sales in comparison with the first quarter of 2023:

• Toyota Motor reported a 16% enhance in sales, together with a 16.1% enhance in March. The firm offered practically 388,000 automobiles during the first three months of the 12 months.
• Honda Motor reported a 17.3% leap in sales to just about 334,000 automobiles offered, together with a ten.1% enhance in March.
• Kia reported sales of 179,621 automobiles during the first quarter, off 2.5% 12 months over 12 months.
• Nissan Group introduced first quarter sales of 252,735 automobiles, a 7.2% enhance from a 12 months earlier.
• EV startup Rivian Automotive reported vehicle deliveries of 13,588 automobiles during the first quarter, up from 7,946 automobiles a 12 months earlier. The firm reaffirmed steerage for annual manufacturing of 57,000 complete automobiles, together with 13,980 during the first three months of the 12 months.