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) May 1, 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)) | |
Item 8.01 Other Events
On May 1, 2014, General Motors Company issued a news release announcing April 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 May 1, 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: May 5, 2014 | By: | Thomas S. Timko Vice President, Controller and Chief Accounting Officer |
Exhibit 99.1
For Immediate Release: Thursday, May 1, 2014
GM Grows Total and Retail Sales in April
Retail Market Share up from March
DETROIT - General Motors Co. (NYSE: GM) dealers delivered 254,076 vehicles in the United States in April 2014. Total sales were up 7 percent compared with a year ago. Fleet sales were up 5 percent and retail sales - vehicles sold to individual buyers - were up 8 percent. GM expects to increase its retail market share from March.
“Retail demand was steady in April, and truck sales and transaction prices were especially strong,” said Kurt McNeil, U.S. vice president of Sales Operations. “As we expected, the economy continues to strengthen. In addition, our award-winning new products are performing well, we have more on the way and our dealers are winning accolades for outstanding service.”
GM’s newest products include the 2015 Cadillac Escalade and Escalade ESV, which began arriving in showrooms in April. Upcoming launches include the Cadillac ATS coupe, which arrives this summer; the Chevrolet Colorado and GMC Canyon mid-size pickups, which arrive in the fall; and the 2015 Chevrolet City Express LS, the brand’s first entry in the small cargo van segment. It arrives in the fourth quarter.
When it comes to dealer service satisfaction, the Chevrolet, Buick, GMC and Cadillac brands rank in the top five of all automotive brands in the United States, according to the J.D. Power 2014 U.S. Customer Service Index (CSI).
April Sales Highlights (vs. 2013 except as noted)
• | At Chevrolet, sales were up 5 percent. Deliveries of the Impala were up 27 percent, Spark was up 24 percent, Volt was up 19 percent and Camaro was up 14 percent. |
• | Cadillac total sales were up 5 percent and retail sales were the highest April since 2007. |
• | Sales of the Cadillac CTS line were up 36 percent, with sales of the sedan up 68 percent on the strength of the all-new 2014 model, which is the Motor Trend Car of the Year. SRX deliveries were up 31 percent, for the vehicle’s best April ever. |
• | Buick sales were up 12 percent for the brand’s best April since 2006. The results were driven by a 48 percent increase in Encore deliveries, as well as a 21 percent increase in Regal sales and a 10 percent increase in LaCrosse sales. |
• | GMC sales were up 13 percent for the brand’s best April since 2007. |
• | Sales of large SUVs, which include the Chevrolet Tahoe and Suburban, and the GMC Yukon and Yukon XL, were up 22 percent. |
• | Chevrolet Silverado sales were up 9 percent and GMC Sierra sales were up 21 percent. Retail deliveries were up 13 percent and 22 percent, respectively. |
• | GM expects to gain between two and three points of retail market share in the large pickup segment compared to March 2014. |
• | Per plan, GM increased its share of trucks sold with average transaction prices below $40,000 compared to the first quarter of 2014, and maintained its share of more premium-contented trucks. |
• | GM’s incentive spending was down from March. As a percentage of average transaction price, spending was 10.2 percent, according to J.D. Power PIN estimates. |
• | Average transaction prices continued to improve from record levels set in the first quarter of 2014. Year to date, they are up more than $2,000 per unit versus the same period in 2013, according to J.D. Power PIN. |
• | Commercial fleet sales were up 11 percent for the sixth consecutive monthly increase. |
• | Small business deliveries, which are included in retail sales, were up 14 percent. |
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 | ||||
April | Total Sales | YOY Change | Retail Sales | YOY Change |
Chevrolet | 181,648 | 5.3% | 120,393 | 4.5% |
GMC | 39,314 | 13.0% | 34,839 | 17.2% |
Buick | 19,214 | 12.0% | 16,083 | 7.7% |
Cadillac | 13,900 | 5.1% | 13,285 | 12.0% |
Total | 254,076 | 6.9% | 184,600 | 7.5% |
2014CY | Total Sales | YOY Change | Retail Sales | YOY Change |
Chevrolet | 634,331 | -1.2% | 439,274 | 1.0% |
GMC | 143,782 | 2.9% | 125,596 | 3.7% |
Buick | 72,112 | 11.3% | 59,997 | 3.1% |
Cadillac | 53,488 | -4.4% | 49,853 | -0.1% |
Total | 903,713 | 0.1% | 674,720 | 1.6% |
Fleet Segment | Month | YOY Change | 2014 CY | CY Change |
Share of Sales | 27.3% | -0.4 points | 25.3% | -1.1 points |
Inventory | Units at Month-end | Days Supply (selling day adjusted) | Units at Previous Month-end | Days Supply (selling day adjusted) |
All Vehicles | 825,805 | 85 | 815,492 | 83 |
Industry Sales | Month (est.) | 2014 (est.) | ||
Light Vehicle SAAR | 16.1 million | 16.0 - 16.5 million | ||
April | (Calendar Year-to-Date) January - April | |||||||||||||
2014 | 2013 | %Change Volume | 2014 | 2013 | %Change Volume | |||||||||
Enclave | 4,637 | 4,797 | (3.3 | ) | 19,351 | 20,609 | (6.1 | ) | ||||||
Encore | 4,317 | 2,916 | 48.0 | 15,040 | 7,869 | 91.1 | ||||||||
LaCrosse | 4,745 | 4,307 | 10.2 | 15,267 | 15,679 | (2.6 | ) | |||||||
Regal | 2,106 | 1,746 | 20.6 | 8,164 | 5,830 | 40.0 | ||||||||
Verano | 3,409 | 3,391 | 0.5 | 14,290 | 14,786 | (3.4 | ) | |||||||
Buick Total* | 19,214 | 17,157 | 12.0 | 72,112 | 64,777 | 11.3 | ||||||||
ATS | 2,737 | 2,725 | 0.4 | 10,055 | 12,475 | (19.4 | ) | |||||||
CTS | 3,270 | 2,398 | 36.4 | 10,929 | 10,260 | 6.5 | ||||||||
ELR | 61 | — | ***.* | 241 | — | ***.* | ||||||||
Escalade | 877 | 919 | (4.6 | ) | 3,100 | 3,609 | (14.1 | ) | ||||||
Escalade ESV | 448 | 619 | (27.6 | ) | 1,831 | 2,465 | (25.7 | ) | ||||||
Escalade EXT | 2 | 199 | (99.0 | ) | 44 | 773 | (94.3 | ) | ||||||
SRX | 4,547 | 3,478 | 30.7 | 19,450 | 16,334 | 19.1 | ||||||||
XTS | 1,958 | 2,891 | (32.3 | ) | 7,838 | 10,021 | (21.8 | ) | ||||||
Cadillac Total* | 13,900 | 13,230 | 5.1 | 53,488 | 55,942 | (4.4 | ) | |||||||
Avalanche | 3 | 1,927 | (99.8 | ) | 71 | 8,186 | (99.1 | ) | ||||||
Camaro | 9,043 | 7,949 | 13.8 | 28,611 | 27,147 | 5.4 | ||||||||
Caprice | 288 | 233 | 23.6 | 1,057 | 912 | 15.9 | ||||||||
Captiva Sport | 5,794 | 4,315 | 34.3 | 18,648 | 16,694 | 11.7 | ||||||||
Colorado | 5 | 425 | (98.8 | ) | 22 | 2,635 | (99.2 | ) | ||||||
Corvette | 3,514 | 974 | 260.8 | 11,693 | 3,915 | 198.7 | ||||||||
Cruze | 21,752 | 22,032 | (1.3 | ) | 86,937 | 77,763 | 11.8 | |||||||
Equinox | 20,315 | 20,965 | (3.1 | ) | 76,388 | 79,834 | (4.3 | ) | ||||||
Express | 7,371 | 7,850 | (6.1 | ) | 21,556 | 23,381 | (7.8 | ) | ||||||
Impala | 13,915 | 10,943 | 27.2 | 50,773 | 55,286 | (8.2 | ) | |||||||
Malibu | 19,944 | 21,734 | (8.2 | ) | 68,080 | 70,913 | (4.0 | ) | ||||||
Silverado-C/K Pickup | 42,755 | 39,395 | 8.5 | 150,512 | 156,044 | (3.5 | ) | |||||||
Sonic | 7,655 | 8,151 | (6.1 | ) | 31,888 | 28,260 | 12.8 | |||||||
Spark | 3,873 | 3,121 | 24.1 | 13,414 | 11,903 | 12.7 | ||||||||
Suburban (Chevy) | 4,840 | 3,682 | 31.5 | 11,564 | 13,097 | (11.7 | ) | |||||||
SS | 283 | — | ***.* | 1,148 | — | ***.* | ||||||||
Tahoe | 9,759 | 9,052 | 7.8 | 25,462 | 25,824 | (1.4 | ) | |||||||
Traverse | 8,991 | 8,405 | 7.0 | 31,353 | 34,817 | (9.9 | ) | |||||||
Volt | 1,548 | 1,306 | 18.5 | 5,154 | 5,550 | (7.1 | ) | |||||||
Chevrolet Total* | 181,648 | 172,460 | 5.3 | 634,331 | 642,164 | (1.2 | ) | |||||||
Acadia | 6,283 | 6,681 | (6.0 | ) | 26,865 | 28,503 | (5.7 | ) | ||||||
Canyon | — | 88 | ***.* | 2 | 724 | (99.7 | ) | |||||||
Savana | 1,755 | 1,529 | 14.8 | 7,812 | 4,414 | 77.0 | ||||||||
Sierra | 17,246 | 14,208 | 21.4 | 59,459 | 55,004 | 8.1 | ||||||||
Terrain | 7,791 | 7,964 | (2.2 | ) | 33,210 | 34,770 | (4.5 | ) | ||||||
Yukon | 3,733 | 1,577 | 136.7 | 10,249 | 8,494 | 20.7 | ||||||||
Yukon XL | 2,506 | 2,752 | (8.9 | ) | 6,185 | 7,817 | (20.9 | ) | ||||||
GMC Total | 39,314 | 34,799 | 13.0 | 143,782 | 139,726 | 2.9 | ||||||||
GM Vehicle Total* | 254,076 | 237,646 | 6.9 | 903,713 | 902,609 | 0.1 | ||||||||
26 selling days for the April period this year and 25 for last year. | ||||||||||||||
*Totals include discontinued Buick Lucerne, Cadillac DTS, and Chevrolet HHR. | ||||||||||||||