GM Q1 2023 US Sales Increase 18% as Trucks and SUVs Lead

General Motors Co. (NYSE: GM) and its dealers delivered 603,208 vehicles during Q1 in the US. This is  an 18% increase during the first quarter of 2023 compared year-over-year. GM also estimated that its market share increased by 1.5 percentage points, which would be the largest increase of any automaker. Complete competitive data won’t be available until later this week. GM sold 270,376 full-size and mid-size pickup trucks as well as full-size SUVs during Q1.*

Total new-vehicle sales for March 2023, including retail and non-retail transactions, are forecast at 1,330,700, a 6.2% increase from March 2022, according to data from J.D. Power and LMC Automotive. New-vehicle total sales for Q1 2023 are projected to reach 3,526,700 units, a 7.3% increase from Q1 2022 when adjusted for selling days. New-vehicle transaction prices continue to rise, with the average price reaching a March record of $45,818. (autoinformed.com on: March US Auto Sales Forecast Up. Q1 to Set Spending Record)

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“GM is off to a great start in 2023,” said Steve Carlisle, GG Executive Vice President and President, North America. We gained significant market share in the first quarter, pricing was strong, inventories are in very good shape, and we sold more than 20,000 EVs in a quarter for the first time. We’re leading in the fleet and commercial market, and all our brands have a lot of momentum heading into a busy season of new product launches.”

Moreover, GM appears poised for a significant 2023 since sales at what it calls Affordable Price Points are estimated to stay strong going forward.* Chevrolet, Buick and GMC estimate sales of more than 1 million vehicles starting below $30,000 MSRP during 2023-2024, led by new small SUVs:

• All-new 2024 Chevrolet Trax arriving in showrooms now,
• redesigned 2024 Chevrolet Trailblazer available in the fall;
• redesigned 2024 Buick Encore GX arrives in May •

All three come standard with six active safety and driver assistance technologies such as Automatic Emergency Braking, Lane Keep Assist with Lane Departure Warning. All five Chevrolet Trax trim levels start below $25,000 MSRP. Moreover GM has a best-ever lease residual for GM in the small SUV segment of 63%, 24 points above previous generation, All this while many competitors have either scaled back their offerings or dropped affordable vehicles entirely.

*Caveat here: The Republican refusal to thus far do anything about the debt they caused could sink the US economy and send the globe into a deep recession or depression.