General Motors reported a 1.5% decline in first-quarter U.S. vehicle sales compared to a year ago, with 594,233 vehicles sold. This decrease was largely due to a 22.9% decline in sales to fleet customers, while retail sales were up 6%. Buick was the only GM brand to report a sales increase, while GMC, Cadillac, and Chevrolet all saw declines. Sales of full-size pickups were up 3.6% from a year earlier, with roughly 197,000 units sold.
Sales of GM’s electric vehicles remained low during the first quarter, totaling 16,425 units or 2.8% of overall sales. GM is ramping up production of its newest EVs, including the Cadillac Lyriq and Blazer EV, while winding down sales of Chevrolet Bolt models, which were discontinued in December. First-quarter sales of the Blazer EV were limited due to a temporary stop-sale to resolve software issues.
Other automakers also reported varying results for the first quarter as inventories and sales normalize post-pandemic. Hyundai reported its best March sales ever with 76,920 vehicles sold, but first-quarter sales were only up 0.2% year-over-year. Toyota reported a 16% increase in sales, Honda reported a 17.3% jump, Kia saw a 2.5% decline, and Nissan Group saw a 7.2% increase. EV startup Rivian Automotive reported vehicle deliveries of 13,588 during the first quarter, up from 7,946 a year earlier, reaffirming guidance for annual production of 57,000 total vehicles.
GM North America President Marissa West stated that GM gained retail market share year-over-year and that their inventories are in good shape entering the spring. Production and deliveries of Ultium Platform EVs are increasing, led by the Cadillac Lyriq. Sales of the Cadillac Lyriq and Blazer EV are expected to contribute to GM’s EV growth in the coming quarters. Despite the decline in total sales, GM remains optimistic about their future performance in the market.
Hyundai Motor America CEO Randy Parker noted that the industry is becoming more competitive as automakers strive to maintain profits without oversubsidizing sales. Hyundai reported a small increase in sales for the quarter, while their luxury brand Genesis saw a 7.3% increase year-over-year. The auto industry, as a whole, is adjusting to the new normal following disruptions and volatile results in previous years, with some automakers seeing growth and others facing challenges.
Overall, the first-quarter U.S. vehicle sales for major automakers showed mixed results, with some experiencing increases in sales while others faced declines. As the industry normalizes, automakers are focusing on adjusting to changing market conditions and ramping up production of electric vehicles. Despite challenges and varying sales performances, automakers are adapting to new realities and competing in a rapidly changing market landscape.
