General Motors’ U.S. mini vehicle sales grew 41% in the fourth quarter, with 2022 slightly ahead of 2021. This marks the second year in a row that GM is the best-selling automaker in the United States after falling behind Toyota Motors North America in 2020.
GM’s fourth-quarter earnings were linked to continued semiconductor shortages that are holding back vehicle production, following a 43% drop in the year-ago quarter. GM delivered 623,261 vehicles from October to December, up from his 440,745 in Q4 2021.
GM said improving customer demand and supply contributed to fourth-quarter earnings.
For the full year, GM sold 2.27 million vehicles in the US, up 2.5% from 2021.
Led by Cadillac, all GM brands except Buick posted increases in the fourth quarter. The Encore was the only model for which Buick had increased sales. Of his other GM brands, only Chevrolet Blazer, Camaro, Colorado and GMC Yukon suffered declines in sales.
brand: Buick is down 6.5%. Cadillac increased 75%. Chevrolet increased 43%. GMC climbed his 42%.
Notable nameplates: The Buick Enclave is down 11%. Encore GX is down 10%. Envision down 18%. The Camaro is 20% cheaper. Cadillac Escalade rose 9.4%. XT6 is up 93%. The Chevrolet Blazer is down 17%. Colorado is down 4%. Corvette increased by 10%. Equinox is up 243%. Silverado is up 23%. Suburbs, up 14%. Tahoe rose 0.8%. Trailblazer is up 17%. Trax is up 267%. GMC Acadia up 229%. Sierra is up 25%. The Yukon fell 7.1%.
Incentive: According to TrueCar, it costs $1,419 per vehicle, down 72% from the previous year.
Average transaction price: According to TrueCar, it was priced at $52,421, up 19.5% from the previous year.
Fleet mix: GM said fleet sales were up 101% in the fourth quarter and 44% for the full year. Fleet sales accounted for his 21% of sales mix.
stock: GM said inventory was 410,682 as of December, including vehicles in transit.
Quote: “GM maintains strong momentum in North America heading into 2023,” said Steve Carlisle, president of GM North America, in a statement. “We are expanding our EV market share with nine all-electric models on sale, expanding our truck leadership with four new Chevrolet and GMC heavy- and medium-duty pickups, and launching the affordable and stylish 2024 Chevrolet Trucks. We see an opportunity to reach new customers with the best entry-level vehicle we have ever built.”