GM sales up 17.6% in Q1 as EVs hit new milestone

General Motors Co. reported a year-over-year 17.6% sales increase in the first quarter, despite rising interest rates, continued inflation and growing economic uncertainty.

GM’s U.S. dealers sold 603,208 new vehicles in the first three months of 2023 compared to 512,846 a year ago, boosted by greater access to inventory. For the first time, it sold more than 20,000 electric vehicles in the United States as it pursues building 1 million EVs in North America by mid-decade. It’s on track to build 50,000 through June, according to a news release.

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“GM is off to a great start in 2023,” Steve Carlisle, GM executive vice president and president of North America, said in a statement. “All our brands have a lot of momentum heading into a busy season of new product launches.”

The first quarter’s EV sales mostly came from the Chevrolet Bolt, which increased by a whopping 54 times to record levels after sales were plagued last year by a recall for battery fire risk. Cadillac Lyriq SUV sales picked up from the fourth quarter with 968 sold, and the automaker has shipped all debut editions with some in transit or awaiting at dealerships to be delivered.

The automaker, however, sold only two GMC Hummer EV pickups, down from 99 trucks a year ago. GM had to recall 735 Hummers in the U.S. last fall because the enclosure on a high-voltage battery pack may not have been properly sealed. The company has a fix and is working with affected customers. The automaker will start reporting Hummer SUV sales in the second quarter.

BrightDrop also announced that it’s built more than 500 Zevo 600 electric vans at CAMI Assembly plant in Ontario in the first quarter.

All of GM’s brands saw sales increase year-over-year. Buick sales nearly doubled, Chevy’s were up 15.7%, Cadillac’s rose 28.7% and GMC’s increased by 7.6%.

GM’s inventory at the end of March sat at 412,285, about the same as the fourth quarter, as it recovers from a global microchip shortage. The automaker, however, has taken action to ensure inventories don’t get too high to maintain pricing power. Starting last week, it halted production for two weeks at its truck plant in Fort Wayne, Indiana.