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or Name
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CA



General Motors Company
Symbol GMM
Shares Issued 1,494,723,270
Close 2017-07-04 U$ 35.00
Market Cap U$ 52,315,314,450
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GM has U.S. retail sales of 202,908 vehicles in June

2017-07-04 09:06 ET - News Release

Mr. Kurt McNeil reports

STRONG LINEUP OF CROSSOVERS AND UTILITIES DROVE GM'S U.S. JUNE SALES

General Motors Company today released June U.S. retail sales of 202,908 vehicles, down about 3 per cent from the same period last year. However, in the fastest-growing U.S. retail market segment, GM's crossover retail sales were up 23 per cent, due largely to the strength of Chevrolet Equinox, which was up 36 per cent. Buick's U.S. retail sales were up 6 per cent.

Highlights:

  • Crossover retail sales up 23 per cent on strength of Equinox;
  • Buick U.S. retail sales up 6 per cent;
  • Commercial sales up 36 per cent, for best June since 2006;
  • Lowest daily rental sales mix of any full-line automaker.

GM's U.S. commercial sales were up 36 per cent, for its best June since 2006. Commercial and government sales were 77 per cent of GM's fleet sales for the month. U.S. daily rental sales were down nearly 11,000 vehicles, or 54 per cent, in June, as planned.

GM's June total sales were 243,155 vehicles, down about 5 per cent from the same period last year.

GM's mid-crossovers, compact crossovers and utilities were up a combined 22 per cent on a U.S. retail sales basis compared with the same period last year. This strong performance was carried throughout the Chevrolet, Buick, GMC and Cadillac lineups:

  • Chevrolet Suburban -- up 9 per cent;
  • Chevrolet Tahoe -- up 15 per cent;
  • Chevrolet Equinox -- up 36 per cent;
  • Chevrolet Traverse -- up 71 per cent;
  • Chevrolet Bolt EV -- delivered 1,425 vehicles;
  • Buick Enclave -- up 10 per cent;
  • Buick Encore -- up 8 per cent;
  • Buick Envision -- up 101 per cent;
  • GMC Acadia -- up 25 per cent;
  • Cadillac Escalade -- up 14 per cent;
  • Cadillac XT5 -- up 29 per cent.

General Motors is in the midst of launching the most all-new crossover offerings into the U.S. market in its history.

"Our crossover renaissance began last year with the introduction of the all-new GMC Acadia and Cadillac XT5, and continued this year with the Chevrolet Bolt EV and Equinox," said Kurt McNeil, U.S. vice-president of sales operations. "The all-new Equinox is off to a strong start, and we will leverage that momentum as we introduce four additional crossovers in the second half of 2017."

By the end of 2017, GM will offer customers the U.S. industry's newest and broadest lineup of crossovers.

"U.S. total sales are moderating due to an industry-wide pullback in daily rental sales, but key U.S. economic fundamentals clearly remain positive," said Mustafa Mohatarem, GM chief economist. "Under the current economic conditions, we anticipate U.S. retail vehicle sales will remain strong for the foreseeable future."

June business highlights (versus June, 2016):

  • According to J.D. Power PIN estimates, GM's incentive spending as a percentage of average transaction prices (ATP) was 12 per cent in June, equal to the company's 2016 calendar year average, and lower than any domestic and many Asian competitors.
  • ATPs were $35,657, up nearly $400 per vehicle.

First half highlights (versus the first half of 2016):

  • GM's U.S. retail sales are on pace with last year's performance;
  • Second quarter incentive spend was about 12 per cent, down two full percentage points from the first quarter;
  • Second quarter ATPs are up about $800 over the first quarter, due to a higher truck/crossover mix and lower incentives;
  • Crossover retail sales were up 23 per cent, the highest first half in GM history;
  • Buick's U.S. retail sales were up 8 per cent;
  • Commercial sales were up 8 per cent, in a segment that is down 5 per cent;
  • Government sales were up 1 per cent, in a segment that is down 9 per cent;
  • Daily rental sales were down nearly 31,000 vehicles, or 21 per cent;
  • Daily rental sales mix was in a range of about 8 per cent, the lowest among full-line automakers in the U.S. industry;
  • Combined XT5 and SRX sales are up 18 per cent year to date, the highest first half for Cadillac crossovers;
  • Best Cruze retail sales since 2014;
  • Best Volt retail sales in history;
  • Best Colorado retail sales since 2005;
  • Best Traverse retail sales in history;
  • Best Acadia retail sales in history.

From an industry standpoint, GM expects the second half of 2017 will be stronger than the first half. Pickup and utility sales, GM's strength, are expected to be stronger in the second half of the year.

June brand retail highlights (versus 2016)

Chevrolet:

  • Corvette and Cruze were up 4 per cent and 3 per cent, respectively;
  • Colorado was up 3 per cent;
  • Equinox had its best June ever;
  • Crossover sales were up 42 per cent;
  • Silverado total sales are up 2 per cent, and retail sales are up 1 per cent;
  • Best Silverado month of the year for total sales.

Buick:

  • Lacrosse was up 39 per cent.
  • Crossover sales were up 21 per cent.

GMC:

  • ATPs were up $1,067 to $44,539;
  • Best Denali month ever -- over 31 per cent of retail sales.

Cadillac:

  • CT6 was up 4 per cent.
  • ATPs were up $2,300 to $56,301.

Guidance on U.S. vehicle inventory levels:

  • The company anticipates it will end 2017 with approximately the same-day supply of vehicles as it did at the end of 2016, with fewer cars, and more trucks and crossovers in the mix.
  • Pickup and utility sales, GM's strength, are expected to be stronger in the second half of the year.
  • The company will continue to monitor the marketplace and will make additional production adjustments if needed.

General Motors and its partners produce vehicles in 30 countries, and the company has leadership positions in the world's largest and fastest-growing automotive markets.

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