Tue, January 4, 2022
GMC Yukon, Chevrolet Tahoe and Suburban sales up a combined 26 percent for the year
Cadillac Escalade sales rose 65 percent versus 2020
Enclave, Envision and Encore GX drove Buick sales up 10 percent versus 2020
DETROIT — General Motors Co. (NYSE: GM) and its dealers delivered 2.2 million vehicles in 2021, with Chevrolet and GMC cementing the company’s eighth consecutive year of combined full-size and midsize pickup sales leadership, second consecutive year as the full-size pickup sales leader and its 21st consecutive year as the market leader in full-size SUVs.
In addition, Cadillac Escalade deliveries rose 65 percent versus 2020 and a bevy of new and redesigned models helped drive Buick sales to the highest level since 2019. GM’s commercial truck business registered gains in key areas, including Chevrolet Silverado Medium Duty sales, which were up 39 percent. GM’s total sales were down about 13 percent year over year because of semiconductor supply chain issues.
“All year we focused on delivering as many of our high demand, capacity-constrained products as possible and the strategy worked,” said Steve Carlisle, GM executive vice president and president, GM North America. “Our dealers and our engineering, supply chain, manufacturing and brand teams moved mountains to satisfy as many customers as possible in 2021, despite record low inventories caused by semiconductor supply chain issues during the third and fourth quarters.”
“In 2022, we plan to take advantage of the strong economy and anticipated improved semiconductor supplies to grow our sales and share. We will also further strengthen our industry leadership in trucks and begin our drive to EV leadership in North America with the rollouts of the GMC HUMMER EV, Cadillac LYRIQ and the reveals of the Chevrolet Silverado EV and GMC Sierra EV,” Carlisle said.
Chevrolet and GMC will stay on offense in the full-size pickup market in 2022 with new designs, the rollout of Super Cruise and more capacity, highlighted by the following:
- GM Canada re-opened its Oshawa Assembly plant and began building Chevrolet Silverado HD pickups in the fourth quarter of 2021.
- Mid-year will see the arrival of the new 2022 Chevrolet Silverado LD and GMC Sierra LD. The redesigned pickups will feature new interiors, will generate lower greenhouse gas emissions, add new off-road and luxury packages, and include the addition of Super Cruise as an option for the first time.
- Both brands are preparing all-electric pickups, including the Chevrolet Silverado EV, which will be revealed virtually on Jan. 5, during the Consumer Electronics Show.
GM expects economic growth in the U.S. and improving semiconductor availability to help drive U.S. total light industry sales from around 15 million in 2021 to around 16 million in 2022.
“The key constraint for sales continues to be reduced inventory levels as a result of the semiconductor shortage. Those inventory levels are beginning to recover against a backdrop of strong fundamental demand conditions, with ample job openings, high household savings and low interest rates," said Elaine Buckberg, GM chief economist. “Consumers want to drive as much as before the pandemic, based on recent high levels of vehicle usage. High vehicle usage and deferred sales mean pent up demand for new vehicles in the millions and building. That pent up demand will support sales as vehicle supply improves.”
Full-Year 2021 Highlights (vs. 2020)
- Combined sales of the Chevrolet Silverado and GMC Sierra LD and HD were 768,689. The company’s share of the retail market in 2021 was approximately 37 percent, according to J.D. Power PIN estimates and about 6 points higher than the next closest competitor.
- GM has led the industry in retail sales in the full-size pickup segment every year since 2003, according to J.D. Power PIN estimates.
- Commercial fleet sales of full-size pickups increased 10 percent, while Medium Duty trucks were up 30 percent. Commercial sales of GM full-size SUVs (up 59 percent) and midsize pickups (up 37 percent) also increased significantly.
- Sales of GMC Yukon, Chevrolet Tahoe and Suburban were up a combined 26 percent to more than 238,000 vehicles.
- Cadillac Escalade had its best sales since 2007.
- Chevrolet Corvette sales were up 53 percent, for the supercar’s best annual sales since 2015.
- Chevrolet Trailblazer sales were up 163 percent to more than 90,000 units.
- Sales of Buick’s new crossover lineup increased 12.3 percent, led by Encore GX (up 59 percent) and Envision (up 33 percent).
- GM’s strong mix of truck and SUV sales and lower incentives helped deliver average transaction prices (ATP) of about $45,000, according to J.D. Power PIN estimates. Sales incentives were down 41 percent to about 7.2 percent of ATP.
- Combined sales of the Chevrolet Bolt EV and Bolt EUV were up 20 percent to 24,828 units. Sales of the Bolt EV have been paused since September 2021 as the company focuses on repairing recalled vehicles.
Fourth-Quarter 2021 Highlights (vs. 2020)
GM and its dealers sold 440,745 vehicles in the fourth quarter, down 43 percent compared with the fourth quarter of 2020, which was GM’s best quarter for retail sales since 2007.
GM entered the quarter with record low inventories; however, the company’s fourth-quarter production and wholesale deliveries were up significantly from the third quarter as semiconductor supply conditions improved. Dealer inventory, including in-transit units on their way to dealers, was 128,757 units at the end of the third quarter and 199,662 at the end of the fourth quarter.
Despite low inventories, several vehicle lines posted total sales increases including the Chevrolet Tahoe (up 8 percent), Chevrolet Suburban (up 3 percent), Buick Envision (up 10 percent), Cadillac Escalade (up 2 percent) and the Chevrolet Silverado MD (up 5 percent).
General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which will power everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at https://www.gm.com.
###
CONTACT:
David Caldwell
GM Communications
586-899-7861
Forward-Looking Statements
This press release and related comments by management may include “forward-looking statements” within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements represent our current judgement about possible future events and are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “priorities,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,” or the negative of any of those words or similar expressions. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgements are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law.
- Share
