General Motors reports 1.5% decline in Q1 U.S. vehicle sales, with rise in EV sales.

From CNBC: 2024-04-02 14:51:37

General Motors reported a 1.5% decline in Q1 U.S. vehicle sales, with 594,233 vehicles sold, due to a 22.9% drop in fleet customer sales. Buick was the only brand with an increase, while EV sales totaled 16,425 units. Competitors like Toyota, Honda, and Kia reported varying results, with Toyota up 16% and Honda up 17.3%. Hyundai had its best March sales ever but only a 0.2% increase in Q1. Hyundai’s Genesis luxury brand was up 7.3%. Ford reported 564,590 vehicles sold in Q1, a 1.1% decline from last year. Sales of the all-electric Ford Mustang Mach-E were strong, with 34,312 units sold. Chevrolet saw flat sales of its EVs in Q1, with 9,731 units sold. Sales of the all-electric Chevrolet Bolt EUV were up 28%, while the Chevrolet Bolt EV was down 77.7%. Volkswagen reported a total of 169,900 vehicles sold in the U.S. during Q1, a 51% increase from last year. Audi saw an 80% increase in Q1 sales. Mercedes-Benz reported sales of 75,255 vehicles in Q1, down 34.5% from last year. BMW’s Q1 U.S. sales were up 12.7%, with 91,897 units sold. Porsche reported its best-ever March sales, with 6,745 units sold, a 23.3% increase from last year. Land Rover had its best-ever quarter with 17,016 units sold, a 58% increase. Jaguar reported a 52% increase in Q1 sales. Tesla reported record Q1 deliveries of 310,048 vehicles, surpassing Wall Street estimates. The company aims to produce 1.43 million vehicles in 2022. While GM’s EV sales were low in Q1, the company is ramping up production of new EV models like the Cadillac Lyriq and Blazer EV. Rivian reported delivery of 13,588 vehicles in Q1, up from 7,946 units last year. The company reaffirmed guidance for annual production of 57,000 total vehicles. Read more on CNBC PRO.



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