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General Motors (GM) reported a slight increase in fourth-quarter U.S. sales in a quarter marred by strikes. Good news? Overall sales for the year were up 14.1%, and the company expects to gain momentum in 2024.
For the quarter, GM reported sales increased slightly by 0.3% year-over-year. Approximately 625,176 cars were sold in the United States. Of course, this result was influenced by his UAW labor strike that swept through earlier in the quarter. After the strike ended, it took several weeks for the company to bring operations back online and maximize productivity.
Nevertheless, there were some standout models this quarter. They include the Buick Enclave (up 41.6%), Encore GX (up 52.0%), Chevrolet Equinox (up 20.1%), Chevrolet Camaro (up 15.8%), GMC Sierra, and more. Pick-up (up 9.8%). Some vehicles may have been affected by the work stoppage, including the mid-size pickup trucks Chevrolet Colorado (down 39.8%), Suburban (down 36.8%) and Cadillac XT4 (down 17.2%).
GM announced that overall sales for the year rose 14.1% to 2.595 million vehicles, marking GM’s best sales year since 2019. The automaker also increased its market share in the US by 0.3% to 16.3%. GM also said it is No. 1 in sales of full-size pickup trucks in the U.S. (841,000 units) and No. 1 in sales of full-size SUVs (245,000 units).
GM’s senior vice president of sales, Marissa West, said in a statement: “We expect industry sales to remain strong in 2024 and are excited about the opportunities ahead by expanding customer choice with new vehicles such as the Chevrolet Equinox EV and Cadillac Escalade IQ,” she said. ” he said.
GM predicts that total U.S. auto industry sales will reach 16 million units in 2024, which would be a significant improvement post-pandemic. Car sales in 2022 will be just 13.4 million vehicles, the lowest in 10 years.
When it comes to EV ambitions, GM, while once aggressive, has had some problems (despite the launch of the Equinox EV and Escalade IQ this year).
The Chevrolet Blazer EV, MotorTrend’s SUV of the Year for 2024, has been recalled due to a software issue and dealers have been ordered to “stop selling” it.
GM also lost eligibility for the federal EV tax credit on EVs such as the aforementioned Blazer EV, Cadillac LYRIQ, upcoming Equinox EV, and Silverado EV. GM separately announced today that while EVs are not eligible for tax credits, it will offer a $7,500 incentive on these vehicles to boost sales. GM said it will work on changes to its battery parts supply chain by early 2024 to comply with federal tax credits.
Although GM has abandoned its goal of producing 400,000 EVs by mid-2024, it still has a production capacity of 1 million EVs by 2025 and a mid-single-digit EBIT (EBIT before interest and taxes) by then. The company said it expects to achieve profit margins.
Pras Subramanian is a reporter for Yahoo Finance.you can follow him twitter And even more Instagram.
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