General Motors (GM) reported a 1.5% decline in first-quarter U.S. vehicle sales compared to a year ago, with 594,233 vehicles sold in the first three months of the year. This was largely due to a 22.9% decline in sales to fleet customers, while retail sales to customers were up 6%. Buick was the only GM brand to report a sales increase, while GMC, Cadillac, and Chevrolet saw slight declines. GM’s full-size pickups performed well during the quarter, with sales totaling roughly 197,000 units, marking the best performance since the first quarter of 2020.
Sales of GM’s all-electric vehicles remained low during the first quarter, with EV sales totaling only 16,425 units, or 2.8% of the automaker’s overall sales. GM is ramping up production of its newest EVs, such as the Cadillac Lyriq and the Blazer EV, while winding down sales of Chevrolet Bolt models that were discontinued in December. First-quarter sales of the Blazer EV were limited due to a stop-sale to resolve software issues. GM North America President Marissa West expressed confidence in the company’s performance and outlook, citing strong market share gains and rising production of EVs.
Other automakers also reported varying results for the first quarter as inventories and sales began to normalize following the disruptions caused by the Covid-19 pandemic. Hyundai Motor America experienced its best March sales ever last month, with 76,920 vehicles sold, but first-quarter sales were only up 0.2% compared to a year earlier. Hyundai’s luxury brand, Genesis, saw a 7.3% increase in sales year over year. Toyota Motor reported a 16% increase in sales, while Honda Motor reported a 17.3% jump. Kia’s first-quarter sales were down 2.5% year over year, and Nissan Group reported a 7.2% increase in sales.
EV startup Rivian Automotive reported a significant increase in vehicle deliveries during the first quarter, with 13,588 vehicles delivered compared to 7,946 vehicles a year earlier. The company reaffirmed guidance for annual production of 57,000 total vehicles, including 13,980 during the first three months of the year. The auto industry as a whole is experiencing increased competition as automakers work to maintain profits without oversubsidizing sales. Hyundai Motor America CEO Randy Parker emphasized the rapidly changing market landscape and the need for automakers to adapt to remain competitive in the evolving industry. Overall, the results of major automakers in the U.S. sales market during the first quarter of the year reflect a return to more normal levels following the disruptions of the past few years.
