General Motors released second-quarter results today and the news is a straight-up mixed bag. Full-size truck sales are booming but semiconductor shortages mean GM can’t sell as many vehicles as they otherwise could.
“GM’s sales and market share have grown each of the last three quarters, even with lingering supply chain disruptions,” said Steve Carlisle, GM executive vice president and president, North America. “Our long-term momentum will continue to build thanks to the launches of groundbreaking new EVs like the GMC HUMMER EV and Cadillac LYRIQ, and the tremendous customer response to the Chevrolet Silverado and GMC Sierra.”
Highlights from the 2022-Q2 financial results include:
- GM sold 203,014 full-size Chevy Silverado and GMC Sierra pickups- representing a 44% market share
- Silverado HD is the fastest growing full-size truck in the industry (according to JD Power PIN)
- Some models saw large increases in sales due to “pent-up demand”: Camaro up 63%, Colorado up 52%, Malibu up 536%, ZT4 up 116% and CT5 up 70%
- GMC Canyon sales grew 40%, GMC Terrain sales grew 37% and Sierra HD grew 31% (second-best quarter sales ever)
- GM Commercial, Government, and Rental Sales were up 29%
- GMC Commercial Demand was up 12% for full-size trucks, 14% for medium-duty trucks, and 65% for mid-size pickup.
- EV Sales were over 7,300 vehicles, including the Brightdrop ZEVO 600 and GMC HUMMER EV.
- Cadillac LYRIQ production accelerates soon, 2023 model year is sold out.
- Ultium Battery Pack production in Ohio will commence in August.
- GM Sales incentives remained near record lows
- 247,839 vehicles remained in inventory at the end of Q2.
“We appreciate the patience and loyalty of our dealers and customers as we strive to meet significant pent-up demand for our products, and we will work with our suppliers and manufacturing and logistics teams to deliver all the units held at our plants as quickly as possible,” said Carlisle.