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General Motors' Q3 US Sales Decline 2%, EV Sales Increase Y/Y
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General Motors Company (GM - Free Report) reported a 2.2% drop in U.S. sales for the third quarter of 2024 due to lower sales of Chevrolet pickups, particularly to fleet customers, compared with the strong quarter from the previous year. Despite this, GM remains the top U.S. automaker. It sold 659,601 vehicles in the quarter, down from 674,336 in the corresponding quarter of 2023. Per David Caldwell, GM’s spokesperson, fleet sales, which typically make up 20% of GM’s total sales, fell about 18% year over year.
Toyota Motor Corporation (TM - Free Report) North America, GM's closest competitor, sold 542,872 vehicles in the third quarter, representing a decline of 8% year over year. After briefly overtaking GM in 2021 during the semiconductor shortage, Toyota lost the lead and GM retained its top spot.
Per Caldwell, GM's retail sales have grown for nine consecutive quarters, with 552,000 vehicles sold in the third quarter, representing a rise of 3.4% year over year. The average transaction price for GM vehicles in the quarter was $49,349, down from $50,700 a year ago.
GM's overall pickup truck sales in the third quarter were strong. The company sold 131,297 Chevrolet Silverado pickups, down 8.5% year over year. Sales of heavy-duty Silverado fell 22.4% to 41,979 units. However, GMC Sierra sales rose 10.1% to 80,613, and GM sold 1,995 Silverado EVs and 387 Sierra EVs. Mid-size pickup sales also surged, with the Colorado up 20% year to date and 13% in the third quarter.
Buick and GMC posted the largest sales gains, with Buick’s sales rising 7.8% to 47,405 units and GMC’s increasing 6.4% to 151,865, driven by strong demand for SUVs and pickups. Cadillac also grew 4.4%, boosted by the Lyriq and its gasoline-powered XT4 and XT6 models. However, GM experienced declines in large SUV sales. The Chevrolet Suburban saw a 25% drop, while the Tahoe fell 15.4%. Midsize SUVs like the Traverse were down 12.2%, and the Cadillac Escalade's sales dropped 17.9%. At Buick, the Encore GX sales declined 26.8%
GM’s EV Sales Rise on Strong Chevrolet Equinox EV Deliveries
GM saw a 60% year-over-year increase in electric vehicle (EV) sales, delivering 32,095 EVs in the third quarter, up 46% from the previous quarter. Toyota sold 255,863 EVs in the third quarter, including hybrids, representing a rise of 38.6%.
GM’s EV sales were driven by the sales of the new Chevrolet Equinox EV. GM sold 9,772 units of the Chevrolet Equinox EV. It sold 7,998 units of Chevrolet Blazer EV and 7,224 units of Cadillac Lyriq. BrightDrop electric delivery van sales rose to 246 units from 35 units in the year-ago period.
The Zacks Consensus Estimate for BLBD’s 2024 sales and earnings suggests year-over-year growth of 17.58% and 215.89%, respectively. EPS estimates for 2024 and 2025 have improved 65 cents and 80 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for BYDDY’s 2024 sales and earnings suggests year-over-year growth of 21.88% and 17.12%. EPS estimates for 2024 and 2025 have each improved by a penny in the past 30 days.
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General Motors' Q3 US Sales Decline 2%, EV Sales Increase Y/Y
General Motors Company (GM - Free Report) reported a 2.2% drop in U.S. sales for the third quarter of 2024 due to lower sales of Chevrolet pickups, particularly to fleet customers, compared with the strong quarter from the previous year. Despite this, GM remains the top U.S. automaker. It sold 659,601 vehicles in the quarter, down from 674,336 in the corresponding quarter of 2023. Per David Caldwell, GM’s spokesperson, fleet sales, which typically make up 20% of GM’s total sales, fell about 18% year over year.
Toyota Motor Corporation (TM - Free Report) North America, GM's closest competitor, sold 542,872 vehicles in the third quarter, representing a decline of 8% year over year. After briefly overtaking GM in 2021 during the semiconductor shortage, Toyota lost the lead and GM retained its top spot.
Per Caldwell, GM's retail sales have grown for nine consecutive quarters, with 552,000 vehicles sold in the third quarter, representing a rise of 3.4% year over year. The average transaction price for GM vehicles in the quarter was $49,349, down from $50,700 a year ago.
GM's overall pickup truck sales in the third quarter were strong. The company sold 131,297 Chevrolet Silverado pickups, down 8.5% year over year. Sales of heavy-duty Silverado fell 22.4% to 41,979 units. However, GMC Sierra sales rose 10.1% to 80,613, and GM sold 1,995 Silverado EVs and 387 Sierra EVs. Mid-size pickup sales also surged, with the Colorado up 20% year to date and 13% in the third quarter.
Buick and GMC posted the largest sales gains, with Buick’s sales rising 7.8% to 47,405 units and GMC’s increasing 6.4% to 151,865, driven by strong demand for SUVs and pickups. Cadillac also grew 4.4%, boosted by the Lyriq and its gasoline-powered XT4 and XT6 models. However, GM experienced declines in large SUV sales. The Chevrolet Suburban saw a 25% drop, while the Tahoe fell 15.4%. Midsize SUVs like the Traverse were down 12.2%, and the Cadillac Escalade's sales dropped 17.9%. At Buick, the Encore GX sales declined 26.8%
GM’s EV Sales Rise on Strong Chevrolet Equinox EV Deliveries
GM saw a 60% year-over-year increase in electric vehicle (EV) sales, delivering 32,095 EVs in the third quarter, up 46% from the previous quarter. Toyota sold 255,863 EVs in the third quarter, including hybrids, representing a rise of 38.6%.
GM’s EV sales were driven by the sales of the new Chevrolet Equinox EV. GM sold 9,772 units of the Chevrolet Equinox EV. It sold 7,998 units of Chevrolet Blazer EV and 7,224 units of Cadillac Lyriq. BrightDrop electric delivery van sales rose to 246 units from 35 units in the year-ago period.
General Motors’ Zacks Rank & Key Picks
GM currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the auto space are Blue Bird Corporation (BLBD - Free Report) and BYD Company Limited (BYDDY - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for BLBD’s 2024 sales and earnings suggests year-over-year growth of 17.58% and 215.89%, respectively. EPS estimates for 2024 and 2025 have improved 65 cents and 80 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for BYDDY’s 2024 sales and earnings suggests year-over-year growth of 21.88% and 17.12%. EPS estimates for 2024 and 2025 have each improved by a penny in the past 30 days.