Tags: gm earnings

GM Q3 US Sales Surge 21% on SUV, Pickup Demand

GM Q3 US Sales Surge 21% on SUV, Pickup Demand
General Motors electrical vehicles in front of the New York Stock Exchange in lower Manhattan in New York (Samuel Rigelhaupt/AP/2021 file photo)

Tuesday, 03 October 2023 12:12 PM EDT

General Motors Co.'s third-quarter U.S. auto sales jumped about 21%, the company said Tuesday, fueled by improved supply and sustained demand for its SUVs and pickup trucks.

The Detroit automaker's quarterly sales rose to 674,336 vehicles, from 555,580 vehicles a year earlier.

U.S. automakers have benefited from buyers snapping up more new vehicles for personal mobility against the background of better supplies and attractive financing offers.

Rival Toyota Motor Corp. reported a 12.2% rise in third-quarter U.S. auto sales. Kia and Hyundai have also posted higher U.S. sales for the quarter.

However, the ongoing coordinated strike from the United Auto Workers (UAW) union targeting some facilities at the Detroit Three automakers has threatened the supply of new vehicles in the fourth quarter.

GM said on Tuesday it had 442,586 vehicles in inventory.

While it did not address the impact of the latest strike, a 40-day UAW strike in 2019 led to a 6% fall in sales in the fourth quarter of that year and cost the automaker $3.6 billion.

© 2024 Thomson/Reuters. All rights reserved.


StreetTalk
General Motors Co.'s third-quarter U.S. auto sales jumped about 21%, the company said Tuesday, fueled by improved supply and sustained demand for its SUVs and pickup trucks.
gm earnings
169
2023-12-03
Tuesday, 03 October 2023 12:12 PM
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