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General Motors (GM) Q2 2022 US Sales

General Motors (GM) Q2 2022 US Sales
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The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan on March 16, 2021.

Rebecca Cook | Reuters

DETROIT- General Motors’ U.S. vehicle sales fell about 15% in the second quarter from a year earlier as the automaker continues to battle supply chain issues, but showed improvement from earlier. of year.

Before announcing its sales results, the automaker said it has around 95,000 vehicles in its inventory that were made without certain components as of June 30, most of which were built in June. Despite the problems, the company remains your guidance for the year.

GM’s second-quarter sales were slightly better than expectations from auto analysts, who had forecast a 16% to 17% decline. Compared to the first quarter, GM’s sales of 582,401 vehicles rose 14%, showing an improvement in the automaker’s vehicle production and supply.

“We appreciate the patience and loyalty of our distributors and customers as we strive to meet the significant pent-up demand for our products, and we will work with our suppliers, manufacturing and logistics teams to deliver all units from our plants as soon as possible.” may be possible”. possible,” said Steve Carlisle, president of GM North America in a throw.

GM reported its vehicle inventory to end the second quarter at about 248,000 units, down 9.5% from the end of March. The automaker had about 274,000 vehicles in its US inventory as of the end of the first quarter.

GM outsold Toyota for the first six months of the year, after the Japanese automaker outsold its Detroit rival in 2021. It was the first time since 1931 that GM had not best selling car company in the US However, it is something Toyota executives said at the time. it would be unsustainable.

Industry sales fall

Automakers like GM have been struggling to rebuild dealer inventories that have been hit hard by production cuts amid a global shortage of semiconductor chips and other key auto components.

The problems have caused automakers to sporadically close plants or cut production for weeks, if not months. A lack of production combined with strong consumer demand has caused vehicle inventories to plummet to record lows.

Since June 2021, Cox Automotive reports that monthly sales volume has been stuck in a narrow window, averaging 1.1 million units per month and peaking at 1.3 million in June 2021.

Automotive analysts and forecasters expect second-quarter U.S. sales to be around 3.5 million, down 19% to 21% from a year earlier.

Other results

GM is among several major automakers scheduled to report second-quarter US vehicle sales on Friday. These are the results of others that have been published:

  • toyota engine It said its second-quarter sales fell 22.9% from a year earlier to 531,105 units.
  • hyundai engineincluding its luxury brand Genesis, it reported second-quarter sales of 198,136 units, a 23% decline for the second quarter compared to a year earlier.
  • Kia’s second quarter sales were 182,146 units, down 16.8% from the second quarter of 2021.
  • Sales of Porsche sports cars and SUVs were 19,487 during the second quarter, up 2.8% from a year earlier.
  • Mazda reported sales of 60,535 vehicles during the second quarter, down 43% from the second quarter of 2021.

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