General Motors (GM) reported a 1.5% decline in first-quarter U.S. vehicle sales compared to the previous year. While this decrease is not unexpected, as the overall auto industry is still recovering from the disruptions caused by the COVID-19 pandemic, it does trail behind other prominent automakers. GM sold 594,233 vehicles during the first three months of the year, with fleet customer sales experiencing a significant decline of 22.9%. However, retail sales to customers saw a 6% increase.
Buick was the only GM brand to report a sales increase during the quarter, with a growth of 16.4% compared to the previous year. On the other hand, the GMC truck brand saw a decrease of about 5%, while both Cadillac and Chevrolet experienced a decline of approximately 2%.
GM’s full-size pickups performed well, with sales totaling around 197,000 units during the first quarter, marking its best performance since Q1 of 2020. Marissa West, GM North America President, expressed optimism about the company’s retail market share and the rising production and delivery of Ultium Platform EVs, led by the Cadillac Lyriq.
However, GM’s sales of all-electric vehicles (EVs) remained minimal during the first quarter, with EV sales accounting for only 2.8% of the automaker’s overall sales. GM is currently working on increasing the production of its newest EVs, such as the Cadillac Lyriq and the Blazer EV, while discontinuing sales of Chevrolet Bolt models.
In comparison to GM, other major automakers reported varying results for the first quarter. Toyota Motor saw a 16% increase in sales, Honda Motor reported a 17.3% jump in sales, and Nissan Group announced a 7.2% increase in sales compared to the previous year. Hyundai Motor America CEO, Randy Parker, acknowledged the increasing competition in the industry as automakers strive to maintain profits without oversubsidizing sales.
EV startup Rivian Automotive had a successful first quarter, with vehicle deliveries reaching 13,588 vehicles, up from 7,946 vehicles in the previous year. The company is confident in its guidance for annual production and aims to produce a total of 57,000 vehicles this year.
Overall, while GM experienced a decline in sales during the first quarter, it remains optimistic about its market position and the future growth of its EV lineup. As the auto industry continues to recover from the challenges posed by the pandemic, competition among automakers is intensifying, with each company striving to maintain profitability and meet the growing demand for electric vehicles.
