General Motors (GM) has reported a strong third-quarter performance, exceeding expectations with a 21% year-over-year increase in U.S. sales. Despite facing challenges like the United Auto Workers' strike affecting some of its plants, GM managed to sell 674,336 vehicles, including over 20,000 electric vehicles (EVs), compared to 2022's third-quarter sales of 555,580. GM's EV sales alone surged by 28%. Retail sales were up 16% year-over-year, while fleet sales, including BrightDrop electric delivery vans, saw a significant 47% increase.
Chevrolet's sales were up 21%, Cadillac's by 6%, Buick's by 54%, and GMC's by 19%. GM ended the quarter with 442,586 vehicles in dealer inventory, its best quarter ending since Q3 2020. Despite supply chain challenges, GM's strong performance in 2023 includes selling more than 56,400 EVs in the United States, marking a significant step in the company's transition to an all-electric future.
GM's average transaction price in Q3 was $50,553, slightly down from the same period in 2022. The positive sales report exceeded analysts' expectations, with Cox Automotive forecasting a 19% increase in sales for the quarter. Other automakers like Toyota, Honda, and Hyundai also reported sales increases in the third quarter. Stellantis and Ford Motor Co. are expected to release their Q3 sales reports soon.
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