UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549-1004
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FORM 8-K
___________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) March 3, 2014
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GENERAL MOTORS COMPANY
(Exact Name of Registrant as Specified in its Charter)
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DELAWARE (State or other jurisdiction of incorporation) | 001-34960 (Commission File Number) | 27-0756180 (I.R.S. Employer Identification No.) | |
300 Renaissance Center, Detroit, Michigan (Address of Principal Executive Offices) | 48265-3000 (Zip Code) | ||
(313) 556-5000
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
___________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17-CFR 240.14a-12) | |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |
TABLE OF CONTENTS
Item 8.01 Other Events
Signature
Index to Exhibits
U.S. Sales Release and Charts Dated March 3, 2014
Item 8.01 Other Events
On March 3, 2014, General Motors Company issued a news release announcing February 2014 U.S. sales. The release and charts are attached as Exhibit 99.1.
EXHIBIT
Exhibit | Description | Method of Filing |
Exhibit 99.1 | U.S. Sales Release and Charts Dated March 3, 2014 | Attached as Exhibit |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
GENERAL MOTORS COMPANY (Registrant) | ||
/s/ THOMAS S. TIMKO | ||
Date: March 4, 2014 | By: | Thomas S. Timko Vice President, Controller and Chief Accounting Officer |
Exhibit 99.1
For Release: Monday, March 3, 2014, 9:30 a.m. EST
GM’s U.S. Dealers Delivered 222,104 Vehicles in February
Passenger Cars Sales up 8 percent, paced by Buick and Chevrolet
DETROIT - General Motors Co. (NYSE: GM) dealers delivered 222,104 vehicles in the United States in February 2014. Total sales were down 1 percent compared with a year ago, beating outside expectations. Retail and fleet sales were both down 1 percent. GM increased its sales from January 2014 by 30 percent, more than 10 percentage points better than the industry as a whole.
“Weather continued to impact the industry in February, but GM sales started to thaw during the Winter Olympic Games as our brand and marketing messages took hold,” said Kurt McNeil, U.S. vice president of Sales Operations. “Car and crossover sales were particularly strong at Buick and Chevrolet, and we continue to have a strong mix of pickup sales.
“Despite a slower start to 2014 than most people expected, we look forward to a very successful year, backed by plenty of new products and what should be the strongest GDP growth since the end of the recession.”
February Sales Highlights (vs. 2013)
• | Passenger car sales were up 8 percent, with Buick deliveries up across the board. |
• | The Chevrolet Sonic, Cruze and Malibu posted double-digit sales increases. |
• | The Chevrolet Cruze and the Buick Verano had their best February sales ever. |
• | Deliveries of the Corvette were up 149 percent. |
• | The all-new 2014 Cadillac CTS sedan helped drive a 7 percent increase in retail sales for the CTS range. Segment share is estimated to be up 1.6 points. |
• | Crossover sales were up 4 percent. Sales of the Buick Encore nearly doubled, the Cadillac SRX was up 23 percent and GMC Acadia deliveries were up 2 percent. The Buick Enclave and Chevrolet Equinox had their best February sales ever. |
• | Retail deliveries of Chevrolet and GMC large SUVs were up 14 percent. |
• | GM’s retail share of light-duty pickup sales increased an estimated 2 percentage points or more from January 2014. |
• | The mix of light duty pickups powered by GM’s all-new EcoTec3 V6, which offers best-in-class fuel economy, towing and payload (depending on configuration) increased 2 percentage points month over month to about 20 percent of retail sales. |
• | The average transaction prices for GM’s full-size pickups were in line with January 2014 levels, according to mid-month J.D. Power PIN estimates. More than half of light-duty pickup sales continue to be premium-contented models. |
• | Incentive spending increased slightly month over month on both an absolute basis and as a percentage of average transaction prices due primarily to the sell-down of older model heavy-duty pickups and large SUVs. GM’s increase was less than the industry average, according to J.D. Power PIN. |
• | GM increased its commercial fleet sales for the fourth month in a row, with deliveries up more than 1 percent; commercial deliveries are up 8 percent year to date. |
General Motors Co. (NYSE:GM, TSX: GMM) and its partners produce vehicles in 30 countries, and the company has leadership positions in the world's largest and fastest-growing automotive markets. GM, its subsidiaries and joint venture entities sell vehicles under the Chevrolet, Cadillac, Baojun, Buick, GMC, Holden, Jiefang, Opel, Vauxhall and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety, security and information services, can be found at http://www.gm.com
Forward-Looking Statements
In this press release and in related comments by our management, our use of the words “expect,” “anticipate,” “possible,” “potential,” “target,” “believe,” “commit,” “intend,” “continue,” “may,” “would,” “could,” “should,” “project,” “projected,” “positioned” or similar expressions is intended to identify forward-looking statements that represent our current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or financial results, and our actual results may differ materially due to a variety of important factors. Among other items, such factors might include: our ability to realize production efficiencies and to achieve reductions in costs as a result of our restructuring initiatives and labor modifications; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; our ability to maintain adequate liquidity and financing sources and an appropriate level of debt, including as required to fund our planned significant investment in new technology; the ability of our suppliers to timely deliver parts, components and systems; our ability to realize successful vehicle applications of new technology; and our ability to continue to attract new customers, particularly for our new products. GM's most recent annual report on Form 10-K and quarterly reports on Form 10-Q provides information about these and other factors, which we may revise or supplement in future reports to the SEC.
CONTACT:
Jim Cain
GM Communications
313-407-2843
james.cain@gm.com
Sales Tables | ||||
February | Total Sales | YOY Change | Retail Sales | YOY Change |
Chevrolet | 153,913 | -2.9% | 107,359 | -1.7% |
GMC | 35,562 | -0.6% | 31,319 | 0.2% |
Buick | 19,192 | 18.8% | 15,176 | 1.5% |
Cadillac | 13,437 | -2.9% | 12,523 | -0.4% |
Total | 222,104 | -1.0% | 166,377 | -0.9% |
2014 CY | Total Sales | YOY Change | Retail Sales | YOY Change |
Chevrolet | 273,002 | -7.7% | 192,447 | -4.5% |
GMC | 63,295 | -5.0% | 55,410 | -7.2% |
Buick | 32,470 | 9.6% | 26,761 | -2.2% |
Cadillac | 24,823 | -7.9% | 23,130 | -7.2% |
Total | 393,590 | -6.1% | 297,748 | -5.1% |
Fleet Segment | Month | YOY Change | 2014 CY | CY Change |
Share of Sales | 25.1% | 0 points | 24.4% | -0.8 points |
Inventory | Units at Month-end | Days Supply (selling day adjusted) | Units at Previous Month-end | Days Supply (selling day adjusted) |
All Vehicles | 805,769 | 87 | 780,140 | 114 |
Industry Sales | Month (est.) | 2014 (est.) | ||
Light Vehicle SAAR | 15.4 million | 16.0 - 16.5 million | ||
February | (Calendar Year-to-Date) January - February | |||||||||||||
2014 | 2013 | %Change Volume | 2014 | 2013 | %Change Volume | |||||||||
Enclave | 5,319 | 5,241 | 1.5 | 8,828 | 10,136 | (12.9 | ) | |||||||
Encore | 3,078 | 1,597 | 92.7 | 5,444 | 1,950 | 179.2 | ||||||||
LaCrosse | 4,123 | 3,667 | 12.4 | 6,972 | 7,215 | (3.4 | ) | |||||||
Regal | 2,200 | 1,474 | 49.3 | 3,634 | 2,479 | 46.6 | ||||||||
Verano | 4,472 | 4,171 | 7.2 | 7,592 | 7,831 | (3.1 | ) | |||||||
Buick Total* | 19,192 | 16,150 | 18.8 | 32,470 | 29,613 | 9.6 | ||||||||
ATS | 2,427 | 3,382 | (28.2 | ) | 4,336 | 6,163 | (29.6 | ) | ||||||
CTS | 2,509 | 2,566 | (2.2 | ) | 4,741 | 5,071 | (6.5 | ) | ||||||
ELR | 58 | — | ***.* | 99 | — | ***.* | ||||||||
Escalade | 776 | 846 | (8.3 | ) | 1,480 | 1,703 | (13.1 | ) | ||||||
Escalade ESV | 494 | 582 | (15.1 | ) | 875 | 1,100 | (20.5 | ) | ||||||
Escalade EXT | 9 | 191 | (95.3 | ) | 34 | 363 | (90.6 | ) | ||||||
SRX | 5,058 | 4,108 | 23.1 | 9,504 | 8,488 | 12.0 | ||||||||
XTS | 2,106 | 2,169 | (2.9 | ) | 3,754 | 4,069 | (7.7 | ) | ||||||
Cadillac Total* | 13,437 | 13,845 | (2.9 | ) | 24,823 | 26,961 | (7.9 | ) | ||||||
Avalanche | 26 | 2,263 | (98.9 | ) | 57 | 4,202 | (98.6 | ) | ||||||
Camaro | 6,211 | 6,171 | 0.6 | 10,944 | 11,096 | (1.4 | ) | |||||||
Caprice | 322 | 201 | 60.2 | 522 | 438 | 19.2 | ||||||||
Captiva Sport | 4,452 | 3,867 | 15.1 | 8,217 | 7,803 | 5.3 | ||||||||
Colorado | 1 | 828 | (99.9 | ) | 15 | 1,650 | (99.1 | ) | ||||||
Corvette | 2,438 | 980 | 148.8 | 4,699 | 1,888 | 148.9 | ||||||||
Cruze | 21,836 | 17,947 | 21.7 | 38,664 | 32,471 | 19.1 | ||||||||
Equinox | 21,587 | 20,649 | 4.5 | 36,134 | 37,872 | (4.6 | ) | |||||||
Express | 4,776 | 5,504 | (13.2 | ) | 8,668 | 9,466 | (8.4 | ) | ||||||
Impala | 12,008 | 15,424 | (22.1 | ) | 23,906 | 29,577 | (19.2 | ) | ||||||
Malibu | 17,448 | 14,817 | 17.8 | 29,270 | 30,640 | (4.5 | ) | |||||||
Silverado-C/K Pickup | 36,584 | 41,643 | (12.1 | ) | 65,510 | 77,088 | (15.0 | ) | ||||||
Sonic | 7,586 | 6,025 | 25.9 | 14,173 | 13,202 | 7.4 | ||||||||
Spark | 2,576 | 2,836 | (9.2 | ) | 4,424 | 5,244 | (15.6 | ) | ||||||
Suburban (Chevy) | 2,035 | 3,745 | (45.7 | ) | 3,740 | 6,037 | (38.0 | ) | ||||||
SS | 283 | — | ***.* | 515 | — | ***.* | ||||||||
Tahoe | 4,961 | 5,316 | (6.7 | ) | 8,475 | 8,935 | (5.1 | ) | ||||||
Traverse | 7,573 | 8,698 | (12.9 | ) | 12,941 | 15,468 | (16.3 | ) | ||||||
Volt | 1,210 | 1,626 | (25.6 | ) | 2,128 | 2,766 | (23.1 | ) | ||||||
Chevrolet Total* | 153,913 | 158,541 | (2.9 | ) | 273,002 | 295,845 | (7.7 | ) | ||||||
Acadia | 6,780 | 6,628 | 2.3 | 12,243 | 11,816 | 3.6 | ||||||||
Canyon | — | 180 | ***.* | 1 | 482 | (99.8 | ) | |||||||
Savana | 2,194 | 886 | 147.6 | 4,130 | 1,930 | 114.0 | ||||||||
Sierra | 14,232 | 14,133 | 0.7 | 25,350 | 26,979 | (6.0 | ) | |||||||
Terrain | 9,297 | 9,802 | (5.2 | ) | 16,360 | 18,352 | (10.9 | ) | ||||||
Yukon | 1,949 | 2,572 | (24.2 | ) | 3,236 | 4,262 | (24.1 | ) | ||||||
Yukon XL | 1,110 | 1,577 | (29.6 | ) | 1,975 | 2,773 | (28.8 | ) | ||||||
GMC Total | 35,562 | 35,778 | (0.6 | ) | 63,295 | 66,594 | (5.0 | ) | ||||||
GM Vehicle Total* | 222,104 | 224,314 | (1.0 | ) | 393,590 | 419,013 | (6.1 | ) | ||||||
24 selling days for the February period this year and 24 for last year. | ||||||||||||||
*Totals include discontinued Buick Lucerne, Cadillac DTS, and Chevrolet HHR. | ||||||||||||||