Despite rising interest rates, ongoing inflation, and increasing economic unpredictability, General Motors recorded a year-over-year 17.6% increase in sales in the first quarter of 2023.
Due to easier access to inventory, GM‘s U.S. retailers sold 603,208 new cars in the first three months of 2023 compared to 512,846 in the same period last year. As part of its effort to construct 1 million EVs in North America by the middle of the decade, the automaker sold more than 20,000 electric vehicles in the United States for the first time. It will likely complete 50,000 units by the end of June.
Sales of the Chevrolet Bolt, hindered by a recall for a battery fire risk last year, rose by a staggering 54 times to record levels in the first quarter. Sales of the Cadillac Lyriq SUV increased from the fourth quarter to the first with 968 sales; the manufacturer has shipped all debut editions, with some still in transit or waiting to be delivered at dealerships.
However, the manufacturer only sold two GMC Hummer EV pickups, compared to 99 trucks a year earlier. Due to a possible improper seal on the enclosure of a high-voltage battery pack, GM was forced to recall 735 Hummers in the United States last autumn. The business is working with the impacted clients and has a fix.Â
Steve Carlisle, GM executive vice president and president of North America, stated that “GM is off to a great start in 2023.” Adding, “all of our brands are moving forward with great momentum as we enter a busy time for new product launches.”
Additionally, the first quarter saw a 27% rise in fleet sales thanks to supply expansion by GM and other automakers.
According to GM, more than 270,000 full-size and mid-size pickup trucks and full-size SUVs were sold. Which demonstrates its strength in the pickup and SUV industry. It also claims that it anticipates selling more than 1 million vehicles priced under $30,000 in 2023 and 2024, including the newly released 2024 Chevrolet Trax, the redesigned 2024 Buick Encore GX, and the updated 2024 Chevrolet Trailblazer, which will go on sale in the fall.
