GM U.S. vehicle sales fall 1.5% during the first quarter, underperforming other major automakers

DETROIT
—


General
Motors
on
Tuesday
reported
a
1.5%
decline
in
first-quarter
U.S.
vehicle
sales
compared
to
a
year
ago,
as
the
overall
auto
industry
normalizes
after
years
of
disruptions
and
volatile
results.

The
Detroit
automaker
said
the
decline
to
594,233
vehicles
sold
during
the
first
three
months
of
the
year
was
largely
due
to
a
22.9%
year-over-year
decline
in
sales
to
fleet
customers.
Retail
sales
to
customers
were
up
6%,
GM
said.

GM’s
sales were
in-line
with
Cox
Automotive
estimates but
below expectations
for
the
overall
industry. The
auto
data
firm
forecast
U.S.
auto
industry
sales to
be
up
5.5%
from
a
year
earlier.

Buick
was
the
only
GM
brand
to
report
a
sales
increase
during
the
quarter,
up
16.4%
from
a
year
earlier.
The
GMC
truck
brand
was
off
about
5%,
while
Cadillac
and
Chevrolet
were
both
off
about
2%.

GM
reported
sales
of
its
full-size
pickups
totaled
roughly
197,000
units
during
the
first
quarter,
up
3.6%
from
a
year
earlier,
marking
its
best
performance
during
that
time
since
the
first
quarter
of
2020.

“GM
gained
retail
market
share
year-over-year
with
strong
mix
and
pricing,
our
inventories
are
in
good
shape
heading
into
the
spring,
and
production
and
deliveries
of
Ultium
Platform
EVs
are
rising,
led
by
the
Cadillac
Lyriq.
We’re
on
plan,”
GM
North
America
President
Marissa
West

said
in
a
statement.

Sales
of
GM’s
all-electric
vehicles,
closely
watched
by
Wall
Street,
remained
miniscule
during
the
first
quarter.
EV
sales
totaled
16,425
units,
or
2.8%
of
the
automaker’s
overall
sales
during
the
period.

GM
is
in
the
process
of
ramping
up
production
of
its
newest
EVs,
including
the
Cadillac
Lyriq
and
the

Blazer
EV,
while
winding
down
sales
of
Chevrolet
Bolt
models,
which

were
discontinued
in
December.

First-quarter
sales
of
the
Blazer
EV
were
limited,
totaling
600
units,
due
to
a
stop-sale
that
was
in
effect
from
late
December

until
early
March
to
resolve
software
issues.

Other
automakers
reported
varying
results
for
the
first
quarter,
as
inventories
and
sales
normalize
to
levels
not
seen
since
before
the
Covid-19
pandemic
began.

Hyundai
Motor
America
CEO
Randy
Parker
noted
the
industry
is
getting
more
competitive
as
automakers
attempt
to
maintain
profits
of
recent
years
without
oversubsidizing
sales.

“The
market
is
changing
swiftly,
and
it’s
gotten
a
lot
more
competitive,”
Parker
said
Tuesday
during
a
media
call.

Hyundai
reported
its
best
March
sales
ever
last
month,
at
76,920
vehicles
sold,
but
its
first-quarter
sales
were
only
up
0.2%
compared
to
a
year
earlier.

Separately,
Hyundai’s
Genesis
luxury
brand
reported
sales
of
14,777
vehicles
during
the
first
quarter,
up
7.3%
year
over
year.

Here
is
how
other
major
automakers
performed
in
U.S.
sales
compared
to
the
first
quarter
of
2023:

• 
  
  Toyota
  Motor reported
  a
  16%
  increase
  in
  sales,
  including
  a
  16.1%
  increase
  in
  March.
  The
  company
  sold
  nearly
  388,000
  vehicles
  during
  the
  first
  three
  months
  of
  the
  year.
• 
  
  Honda
  Motor reported
  a
  17.3%
  jump
  in
  sales
  to
  nearly
  334,000
  vehicles
  sold,
  including
  a
  10.1%
  increase
  in
  March.
• Kia
  reported
  sales
  of
  179,621
  vehicles
  during
  the
  first
  quarter,
  off
  2.5%
  year
  over
  year.
• 
  
  Nissan
  Group
  announced
  first
  quarter
  sales
  of
  252,735
  vehicles,
  a
  7.2%
  increase
  from
  a
  year
  earlier.
• EV
  startup
  
  
  Rivian
  Automotive
  reported
  vehicle
  deliveries
  of
  13,588
  vehicles
  during
  the
  first
  quarter,
  up
  from
  7,946 vehicles
  a
  year
  earlier.
  The
  company
  reaffirmed guidance
  for
  annual
  production
  of
  57,000
  total
  vehicles,
  including
  13,980
  during
  the
  first
  three
  months
  of
  the
  year.