Fri, July 1, 2022
- Third consecutive quarter of sequential market share gains
- Significant pent-up demand for GM vehicles amid low inventories
- Sales to commercial, government and rental fleets grew 29% year-over-year
- Supply chain disruptions to delay delivery of about 95,000 units to dealers into the second half of 2022
DETROIT – General Motors Co. (NYSE: GM) sold 582,401 vehicles in the United States in the second quarter of 2022 and the company increased its sales and market share sequentially for the third consecutive quarter. GM’s second quarter sales were down 15% year over year, but market share was up 1 point to an estimated 16.3% (J.D. Power PIN).
“GM’s sales and market share have grown each of the last three quarters, even with lingering supply chain disruptions,” said Steve Carlisle, GM executive vice president and president, North America. “Our long-term momentum will continue to build thanks to the launches of groundbreaking new EVs like the GMC HUMMER EV and Cadillac LYRIQ, and the tremendous customer response to the Chevrolet Silverado and GMC Sierra.”
Second Quarter Sales Highlights
- GM extended its leadership in full-size pickup truck retail market share for the 13th consecutive quarter, despite very low inventory, with 203,041 combined total sales of the Chevrolet Silverado and GMC Sierra. Their estimated retail market share was 44%. The Chevrolet Silverado remains the fastest growing full-size pickup truck in the industry (J.D. Power PIN), with Silverado HD recording its best first half in retail sales since 2007.
- Pent-up demand and improved availability helped drive large year-over-year increases in deliveries of the Chevrolet Camaro, up 63%; Chevrolet Colorado, up 52%; Chevrolet Malibu, up 563%; Cadillac XT4, up 116%; and Cadillac CT5, up 70%.
- GMC delivered its best-ever first half retail market share (J.D. Power PIN). Total sales of the GMC Canyon grew 40% and GMC Terrain grew 37% in the quarter. The GMC Sierra HD, which was up 31% in the quarter, delivered its best second quarter and first half on record.
- GM’s commercial, government and daily rental deliveries were up a combined 29%, with each category posting double-digit growth as customers took advantage of improved availability to refresh and expand their fleets, which reflects strong employment and the recovery in the travel and leisure industries. Sales to commercial and government customers were 73% of the fleet sales mix.
- Commercial demand was especially strong for full-size vans, up 12%; full-size pickups, up 14%; medium-duty trucks, up 13%; and midsize pickups up 65%.
- Electric vehicle sales were over 7,300 units, including some of the first deliveries of the BrightDrop Zevo 600 and GMC HUMMER EV Pickup, as well as the resumption of Chevrolet Bolt EV and Bolt EUV production.
- Cadillac LYRIQ production is accelerating, with initial deliveries in process. Orders for the 2023 model year sold out within hours and preorders for the 2024 model opened on June 22.
- GM will gradually increase production of the Cadillac LYRIQ and GMC HUMMER EV Pickup in the second half of 2022. Ultium Cells LLC begins producing cells in Ohio to support expanded EV manufacturing starting in August.
- GM’s sales incentives remained near record lows in the quarter at 2.3% of average transaction prices, according to J.D. Power PIN estimates.
- The second quarter SAAR was an estimated 13.4 million light vehicles compared to 17 million a year ago.
Production, Delivery and Inventory Updates
GM vehicle production was strong during the second quarter and the company finished the month with 247,839 vehicles in dealer inventory, including units in-transit to dealers. However, GM’s second quarter vehicle wholesale volumes were impacted by the ongoing semiconductor supply shortage and other supply chain disruptions mostly in June.
As a result, GM will hold about 95,000 vehicles manufactured without certain components in company inventory until they are completed and will recognize revenue when they are sold to dealers, which is expected to happen throughout the second half of 2022. The impact of these events, which is not expected to impact GM’s full-year earnings guidance, is discussed in an SEC Form 8-K filed today.
“We appreciate the patience and loyalty of our dealers and customers as we strive to meet significant pent-up demand for our products, and we will work with our suppliers and manufacturing and logistics teams to deliver all the units held at our plants as quickly as possible,” said Carlisle.
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 powers 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.
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