GM's sales recovery continues with a market share increase promised.
General Motors reported 168,704 total sales in November, a 21% increase from the prior year. GM says it is now on track to gain market share for the year. If the forecast holds true, it would be the first time in decades that GM reversed its disastrous sales slide in the U.S., one that ultimately resulted in its bankruptcy.
In a sign of ongoing progress, GM’s remaining four “core” brands have sold 103,014 more vehicles year-to-date than were sold with eight brands through November 2009.
It will not be known how this compares in total sales volume year-to-date until final industry numbers are in late today. GM estimated its total sales as up 15%, which sounds like it could outpace industry growth, estimated at 11%.
Thus far GM, while making significant gains since it emerged from bankruptcy in July of 2009, has not been able to grow at the rate of the U.S. vehicle market, which is also improving. In total sales, GM has expanded at 6.4% – roughly half the rate of the market growth this year.
GM’s ability to grow is key, if U.S. and Canadian taxpayers are to recover their full $60 billion in bailout funds. U.S. Taxpayers made about $13.6 billion from the November stock sale, before any fees associated with the offering. (See GM Stock Price Soars on IPO Frenzy)
GM said the gains were the result of “balanced contributions” from Chevrolet, Buick, GMC and Cadillac cars, crossovers and trucks. With sales for GM’s four brands up 22%% through November, 20% retail compared to a year earlier.
During the month, combined sales of the Chevrolet Equinox, GMC Terrain and Cadillac SRX increased 56%, while the combined sales for the Buick Enclave, GMC Acadia and Chevrolet Traverse rose 38% versus last year. Combined, GM’s crossovers improved 39% during the month, up 51% year to date.
Combined sales of the Chevrolet Avalanche, Chevrolet Silverado and GMC Sierra full-size pickups increased 16% for the month and are 16% higher year to date, compared to 2009.
Passenger car deliveries increased 17% during November, driven by improving demand for the Chevrolet Cruze (8,066 unit sales) and Buick Regal (1,979 unit sales).
“November sales results are consistent with our expectations and show that the plan we laid out earlier this year to steadily grow in the U.S. market is working,” said Don Johnson, vice president, U.S. sales operations.
