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) July 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 July 1, 2014, General Motors Company issued a news release announcing June 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 July 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/ ANNE T. LARIN | ||
Date: July 2, 2014 | By: | Anne T. Larin Corporate Secretary |
Exhibit 99.1
For Immediate Release: July 1, 2014
General Motors Posts Best June Sales Since 2007
Retail sales up 9 percent selling day adjusted
DETROIT - General Motors Co. (NYSE: GM) dealers delivered 267,461 vehicles in the United States in June. Total sales were up 1 percent compared to a year ago. Retail sales were up 1 percent and fleet sales were up 2 percent.
There were two fewer selling days in June compared with a year ago. On a selling- day adjusted basis, GM’s total sales were up 9 percent. Retail deliveries were up 9 percent and fleet sales were up 10 percent.
The seasonally adjusted annual selling rate (SAAR) for light vehicles in June was an estimated 16.6 million units, topping 16 million units for the fourth consecutive month. The estimated SAAR for the first half of the year was 16.1 million, which is within GM’s full-year forecast of 16.0 million to 16.5 million units.
“June was the third very strong month in a row for GM, with every brand up on a selling-day adjusted basis,” said Kurt McNeil, U.S. vice president of Sales Operations. “In fact, the first half of the year was our best retail sales performance since 2008, driven by an outstanding second quarter.”
GM’s commercial fleet business also continues to grow, posting its eighth consecutive monthly increase for the best June since 2007.
“It’s clear that our commercial and small business customers are expecting a strong second half of the year and they are building their fleets to meet demand,” McNeil said.
Commercial fleet sales were up 48 percent, driven by strong pickup, van and small car sales. Government deliveries were up 14 percent thanks to strong car sales. Small business deliveries, which are included in retail sales, were up 6 percent, driven by van, SUV and pickup sales. Rental deliveries were down 11 percent. At the beginning of June, GM indicated that fleet sales for the month would likely be down due to the timing of rental customer deliveries.
June Sales Highlights (vs. 2013 except as noted)
• | Buick had its best June since 2006. Deliveries were up 18 percent, driven by an 82 percent increase in Encore deliveries, a 33 percent increase for LaCrosse, a 26 percent increase for Regal and a 5 percent increase for Enclave. |
• | GMC also had its best June since 2006. Deliveries were up 11 percent driven by strong demand for the redesigned Yukon, up 120 percent, as well as the Yukon XL, up 70 percent; the Terrain, up 8 percent; and the Savana, up 129 percent. |
• | Deliveries of the Chevrolet Spark and Sonic were up 19 percent and 36 percent, respectively. |
• | Deliveries of the Chevrolet Tahoe were up 93 percent and Suburban sales were up 73 percent. Traverse was up 3 percent and Silverado was up 1 percent. |
• | Cadillac sales were up, with Escalade up 57 percent and SRX up 19 percent. It was Cadillac’s best June since 2008, and 57 percent of customers did not trade in a Cadillac. |
• | GM’s average transaction prices (ATPs) were in line with April and May, with higher pickup, SUV and Cadillac ATPs offsetting declines among cars and crossovers, according to mid-month J.D. Power PIN estimates. |
• | For the second quarter, ATPs were up about $800 per unit versus the first quarter. Calendar year to date, ATPs are up about $2,700 compared with a year ago. |
• | Incentive spending as a percentage of ATP was 10.9 percent, up 0.2 points from a year ago, according to J.D. Power PIN estimates. The industry average for June was 9.7 percent, also up 0.2 points from a year ago. |
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.
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CONTACT:
Jim Cain
GM Communications
313-407-2843
james.cain@gm.com
Sales Tables | ||||
June | Total Sales | YOY Change | Retail Sales | YOY Change |
Chevrolet | 188,567 | -2.5% | 126,847 | -1.4% |
GMC | 43,550 | 10.6% | 36,139 | 4.9% |
Buick | 21,403 | 18.4% | 18,034 | 12.3% |
Cadillac | 13,941 | 0.1% | 12,536 | -4.5% |
Total | 267,461 | 1.0% | 193,556 | 0.7% |
2014CY | Total Sales | YOY Change | Retail Sales | YOY Change |
Chevrolet | 1,027,908 | 1.3% | 701,999 | 1.9% |
GMC | 232,371 | 5.3% | 200,596 | 6.0% |
Buick | 113,472 | 12.5% | 95,463 | 5.9% |
Cadillac | 82,117 | -1.9% | 76,014 | -0.1% |
Total | 1,455,868 | 2.5% | 1,074,072 | 2.9% |
Fleet Segment | Month | YOY Change | 2014 CY | CY Change |
Share of Sales | 27.6% | 0.2 points | 26.2% | -0.3 points |
Inventory | Units at Month-end | Days Supply (selling day adjusted) | Units at Previous Month-end | Days Supply (selling day adjusted) |
All Vehicles | 798,532 | 72 | 815,897 | 77 |
Industry Sales | Month (est.) | 2014 (est.) | ||
Light Vehicle SAAR | 16.6 million | 16.0-16.5 million | ||
June | (Calendar Year-to-Date) January - June | |||||||||||||
2014 | 2013 | %Change Volume | 2014 | 2013 | %Change Volume | |||||||||
Enclave | 6,202 | 5,922 | 4.7 | 30,142 | 31,841 | (5.3 | ) | |||||||
Encore | 4,142 | 2,280 | 81.7 | 23,657 | 12,252 | 93.1 | ||||||||
LaCrosse | 5,332 | 3,999 | 33.3 | 25,280 | 24,482 | 3.3 | ||||||||
Regal | 1,743 | 1,383 | 26.0 | 12,303 | 8,820 | 39.5 | ||||||||
Verano | 3,984 | 4,489 | (11.2 | ) | 22,090 | 23,433 | (5.7 | ) | ||||||
Buick Total* | 21,403 | 18,078 | 18.4 | 113,472 | 100,837 | 12.5 | ||||||||
ATS | 2,358 | 3,459 | (31.8 | ) | 14,910 | 19,183 | (22.3 | ) | ||||||
CTS | 2,174 | 2,416 | (10.0 | ) | 16,008 | 15,133 | 5.8 | |||||||
ELR | 97 | — | ***.* | 390 | — | ***.* | ||||||||
Escalade | 1,907 | 1,035 | 84.3 | 6,671 | 5,677 | 17.5 | ||||||||
Escalade ESV | 1,058 | 667 | 58.6 | 3,735 | 3,827 | (2.4 | ) | |||||||
Escalade EXT | 2 | 186 | (98.9 | ) | 49 | 1,159 | (95.8 | ) | ||||||
SRX | 4,652 | 3,912 | 18.9 | 28,864 | 23,990 | 20.3 | ||||||||
XTS | 1,693 | 2,234 | (24.2 | ) | 11,490 | 14,684 | (21.8 | ) | ||||||
Cadillac Total* | 13,941 | 13,929 | 0.1 | 82,117 | 83,679 | (1.9 | ) | |||||||
Avalanche | 10 | 1,712 | (99.4 | ) | 82 | 11,878 | (99.3 | ) | ||||||
Camaro | 7,721 | 7,236 | 6.7 | 46,672 | 42,312 | 10.3 | ||||||||
Caprice | 434 | 511 | (15.1 | ) | 1,732 | 1,552 | 11.6 | |||||||
Captiva Sport | 3,959 | 2,984 | 32.7 | 28,811 | 24,762 | 16.4 | ||||||||
Colorado | 51 | 155 | (67.1 | ) | 73 | 3,034 | (97.6 | ) | ||||||
Corvette | 2,723 | 853 | 219.2 | 17,744 | 5,673 | 212.8 | ||||||||
Cruze | 26,008 | 32,871 | (20.9 | ) | 145,338 | 133,689 | 8.7 | |||||||
Equinox | 21,748 | 23,645 | (8.0 | ) | 120,831 | 126,397 | (4.4 | ) | ||||||
Express | 8,136 | 8,868 | (8.3 | ) | 39,514 | 40,602 | (2.7 | ) | ||||||
Impala | 14,378 | 17,255 | (16.7 | ) | 78,499 | 83,382 | (5.9 | ) | ||||||
Malibu | 16,137 | 21,288 | (24.2 | ) | 103,505 | 111,100 | (6.8 | ) | ||||||
Silverado-C/K Pickup | 43,519 | 43,259 | 0.6 | 240,679 | 242,586 | (0.8 | ) | |||||||
Sonic | 9,718 | 7,122 | 36.5 | 50,390 | 44,905 | 12.2 | ||||||||
Spark | 3,708 | 3,104 | 19.5 | 22,299 | 17,588 | 26.8 | ||||||||
Suburban (Chevy) | 6,584 | 3,813 | 72.7 | 23,571 | 21,663 | 8.8 | ||||||||
SS | 217 | — | ***.* | 1,662 | — | ***.* | ||||||||
Tahoe | 11,147 | 5,790 | 92.5 | 45,838 | 40,857 | 12.2 | ||||||||
Traverse | 10,592 | 10,295 | 2.9 | 52,053 | 53,294 | (2.3 | ) | |||||||
Volt | 1,777 | 2,698 | (34.1 | ) | 8,615 | 9,855 | (12.6 | ) | ||||||
Chevrolet Total* | 188,567 | 193,460 | (2.5 | ) | 1,027,908 | 1,015,134 | 1.3 | |||||||
Acadia | 8,023 | 9,174 | (12.5 | ) | 41,170 | 46,492 | (11.4 | ) | ||||||
Canyon | 3 | 64 | (95.3 | ) | 5 | 876 | (99.4 | ) | ||||||
Savana | 4,333 | 1,890 | 129.3 | 16,269 | 8,210 | 98.2 | ||||||||
Sierra | 15,406 | 16,568 | (7.0 | ) | 93,191 | 87,633 | 6.3 | |||||||
Terrain | 8,743 | 8,059 | 8.5 | 50,687 | 50,676 | — | ||||||||
Yukon | 3,946 | 1,797 | 119.6 | 18,604 | 12,105 | 53.7 | ||||||||
Yukon XL | 3,096 | 1,824 | 69.7 | 12,445 | 14,704 | (15.4 | ) | |||||||
GMC Total | 43,550 | 39,376 | 10.6 | 232,371 | 220,696 | 5.3 | ||||||||
GM Vehicle Total* | 267,461 | 264,843 | 1.0 | 1,455,868 | 1,420,346 | 2.5 | ||||||||
24 selling days for the June period this year and 26 for last year. | ||||||||||||||
*Totals include discontinued Buick Lucerne, Cadillac DTS & STS, and Chevrolet Aveo & HHR. | ||||||||||||||