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General Motors Second-Quarter US Vehicle Sales Increase 0.6%
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General Motors Second-Quarter US Vehicle Sales Increase 0.6%
Jul 2, 2024 11:06 AM

01:45 PM EDT, 07/02/2024 (MT Newswires) -- General Motors ( GM ) said Tuesday it US vehicle sales rose 0.6% year over year in the second quarter, aided by a jump in electric vehicle sales.

The Detroit automaker delivered 696,086 vehicles in the quarter, up from 691,978 a year earlier. EV sales increased 40% to 21,930.

"We have an incredible portfolio of diverse vehicles and we're flexible, so we can win as more customers embrace EVs and we can keep winning if they want to stay with the engine technologies they know," said Marissa West, GM president of North America.

Buick sales grew 6.3% year over year to 45,445 in the second quarter, while GMC rose 2.3% to 159,585. Cadillac sales fell 1.1% to 38,455, while Chevrolet ticked 0.4% down to 452,111.

Cadillac Lyriq EV sales surged to 7,294 in the second quarter from 1,348 a year earlier. Hummer EV sales skyrocketed to 2,929 from 47, according to GM. The company delivered 6,634 Chevrolet Blazer EVs in the quarter. GM said 40% of Blazer EV buyers are new to the company, winning customers from rivals including Ford (F) and Jeep.

GM Envolve fleet deliveries fell 10% in the second quarter, which the company attributed mainly to lower sales to daily rental firms.

The company said some deliveries could be delayed until the third quarter amid a recent cyberattack at third-party information-systems vendor CDK Global. "Our dealers who use the CDK platform are working to meet strong customer demand under difficult circumstances," GM said in a statement.

The company said it will offer eight new or redesigned internal combustion engine sport-utility vehicles by the end of the year, beginning with the Chevrolet Traverse, which is now available.

GM is scheduled to release its second-quarter financial results July 23. Analysts polled by Capital IQ project normalized earnings of $2.66 per share on revenue of $45.16 billion. A year earlier, the company reported adjusted EPS of $1.91 on revenue of $44.75 billion.

Price: 46.75, Change: +0.07, Percent Change: +0.15

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