GM Posts Modest U.S. Sales increase for Q3 2024

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General Motors (NYSE: GM) said today its dealers increased retail sales by 3% year over year in September and delivered 659,601 total vehicles, down 2%, in the U.S. during Q3 of 2024. The company posted another record quarter of EV sales with 32,195 total deliveries, up 60% year-over-year and up 46% compared to the second quarter of 2024. The industry total SAAR is estimated at 16.2 million, equal to Q2 and YOY. There were 76 selling days for Q 3 2024 and 78 selling days for the same Quarter last year.

“GM’s EV portfolio is growing faster than the market because we have an all-electric vehicle for just about everybody, no matter what they like to drive,” claimed Rory Harvey, GM executive vice president and president of Global Markets.

GM Highlights YOY

• 18 GM nameplates have higher ATPs than segment averages, at 112% of the industry average.
• GM Q3 ATPs of $49,349, in line with Q2
• GM Q3 incentives were 4.5% of ATP, flat with Q2 and 2.4 ppts. lower than the industry average.
• GM on track to end 2024 with 50 to 60-day range supply of vehicles per plan. 627,048 units of inventory heading into Q4,which is typically a period of strong sales and lower production due to holidays.
• Cadillac Lyric sales at 20,318 CYTD isgreater than all EV nameplates from BMW, Mercedes, Audi and Lexus.