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GM’s U.S. vehicle sales fell 1.5% in the first quarter, lagging other major automakers

The 2024 Buick Envista.

GM

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

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

GM’s sales are below expectations for the broader industry, for which Cox Automotive forecast a 5.5% increase from a year ago.

Buick was the only GM brand to report a sales increase during the quarter, up 16.4% year over year. Truck brand GMC lost about 5%, while Cadillac and Chevrolet each lost about 2%.

GM reported that sales of its full-size pickup trucks totaled about 197,000 units in the first quarter, up 3.6% year over year – marking its best performance in that period since the first quarter of 2020.

“GM has gained retail market share year-over-year through strong mix and pricing, our inventories are in good shape heading into the spring, and production and deliveries of Ultium platform electric vehicles are increasing, led by the Cadillac Lyriq. “We are on schedule,” said GM North America President Marissa West said in a statement.

Sales of electric vehicles

Sales of GM’s all-electric vehicles, which are closely watched by Wall Street, remained minuscule in the first quarter. Electric vehicle sales were 16,425 units, or 2.8% of the automaker’s total sales during the period.

GM is ramping up production of its newest electric vehicles, including the Cadillac Lyriq and Blazer EV, while sales of the Chevrolet Bolt models that were discontinued in December have been discontinued.

Sales of the Blazer EV were limited in the first quarter, totaling 600 units, as a sales freeze was in effect from late December to early March to fix software issues.

Hyundai, other car manufacturers

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