General Motors reported a sales boost in the third quarter of 2022, reversing a decline from the previous quarter with the company touting improved vehicle availability and strong customer demand.
The company said its US sales rose 24% compared with the same period in 2021, from 446,997 to 555,580.
GM, in a news release, said the company and its dealers “were able to translate improved semiconductor supplies, stable production and improvements in dealer inventory into a nearly three-point improvement in retail market share year over year … as well as significant sales gains in the commercial fleet market.”
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The company said it ended the third quarter with 359,292 vehicles in dealer inventory, which represents an increase of 111,453 vehicles from the previous quarter and almost three times the inventory at the end of the same period a year ago.
Steve Carlisle, GM executive vice president and president of GM North America, touted the company’s strategy dealing with what has been a tough climate for automakers in recent years as they have faced supply chain issues and COVID-19-related production problems.
“The design, technology and manufacturing investments we have made are helping us meet strong customer demand for our products, and they’ve translated into sales leadership in some of the industry’s most important segments,” Carlisle said in the release. “We are being very intentional in the way we are executing our EV strategy to position the company for the same kind of success that we’ve earned with today’s pickups and SUVs, and with supercars like the Chevrolet Corvette.”
Among its brands, only Buick was down. Cadillac rose almost 50%, Chevrolet was up almost 30% and GMC increased almost 24% for the quarter compared with the same quarter in 2021. Buick sales dropped 27%.
At Cadillac, the company noted that sales of the XT4 were up significantly, to 5,838, helping it reach the “No. 1 retail share position in the small luxury SUV segment.”
The company also highlighted its Chevrolet Bolt EV and EUV sales, which rose sharply from 4,515 to 14,709. The company had previously announced plans to drop the starting price for the 2023 versions of both vehicles by thousands of dollars. The company in its release said the starting price for the 2023 Bolt EV is now $25,600 and the EUV is $27,200. The starting price for the Bolt EV and EUV excludes the $995 destination charge.
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Jesse Toprak, chief analyst at Autonomy, an EV subscription company, told the Free Press in June that the change would likely provide a sales boost.
“It’s unlikely that the Bolt will be generating a net profit for the automaker at this price point, but it will make it the cheapest EV available today, therefore potentially bringing in a new cluster of customers who are just looking for the most economical vehicle to purchase and own,” Toprak said at the time.
GM’s quarterly results compare favorably to Stellantis, owner of Jeep, Ram, Chrysler and Dodge, which saw its sales drop 6%. Ford is set to release sales on Tuesday.
More: Stellantis sales down again in 3rd quarter but decline eases
GM touted its pickup sales, saying it is on track to sell more full-size pickups, including its GMC and Chevrolet brands, than Ford in 2022, as it has in recent years. Silverado, however, was behind Ram in the third quarter, selling 117,198 and 118,106, respectively. Ford’s F-Series is traditionally No. 1 in the three-way sales race between the Ford, Ram and Chevrolet brands.
Free Press staff writers Jamie L. LaReau and Phoebe Wall Howard contributed to this report.
Contact Eric D. Lawrence: elawrence@freepress.com. Follow him on Twitter: @_ericdlawrence. Become a subscriber.