GM is posting a 24 percent sales increase for the third quarter. The company credits production increases for sales dominance in the two most profitable markets.
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GM is crediting increased production for a 24 percent sales surge in the third quarter. The automaker claims its most recent sales numbers make it the leader in Full-Size pickup sales like the Chevrolet Silverado 1500 and the GMC Sierra 1500. It is also the leader in Full-Size SUVs and Large Luxury SUVs. Those figures are not just important for bragging rights, but they are also huge profit centers for automakers.
According to the automaker, three of GM’s vehicle brands posted double-digit total sales gains, with Chevrolet up 30%, GMC up 24% and Cadillac up 50%, compared to the third quarter of last year. The Cadillac Escalade is the best-selling large luxury SUV calendar year to date and for the third quarter.
“The design, technology and manufacturing investments we have made are helping us meet strong customer demand for our products, and they’ve translated into sales leadership in some of the industry’s most important segments,” said Steve Carlisle, GM executive vice president and president, GM North America. “We are being very intentional in the way we are executing our EV strategy to position the company for the same kind of success that we’ve earned with today’s pickups and SUVs, and with supercars like the Chevrolet Corvette.”
GM says in its statement that it has also increased its market share across the board. “GM and its dealers were able to translate improved semiconductor supplies, stable production and improvements in dealer inventory into a nearly 3-point improvement in retail market share year over year (J.D. Power PIN), as well as significant sales gains in the commercial fleet market.”
GM’s Third Quarter 2022 Highlights:
- GM sold 555,580 vehicles in the United States in the third quarter
- Total fleet sales grew 66% in the quarter, driven by significant sales gains to commercial customers
- The Chevrolet Tahoe and Suburban and GMC Yukon and Yukon XL earned close to 70% of the retail market for full-size SUVs in the third quarter
- The Cadillac Escalade and Escalade ESV earned close to 31% of the retail market for large luxury SUVs
Truck Sales Were Key
Total sales of the Chevrolet Colorado and GMC Canyon rose sharply in the third quarter, and all-new models will soon arrive in dealer showrooms for the 2023 model year.
GM also increased capacity for heavy-duty trucks by about 90,000 units, by expanding production capacity at Flint Assembly in Michigan in 2021 and reopening of Oshawa Assembly in Ontario, Canada in 2022.
GM also found ways to boost truck and SUV production in Fort Wayne, Indiana, Wentzville, Missouri and Arlington, Texas.
Positive News for GM’s EV Segment
The third quarter also included good news for GM’s EVs, and the auto giant says its is continuing to ramp up EV production. GM reported record quarterly sales of the Chevrolet Bolt EV and Bolt EUV, selling a total 14,709 units. GM intends to increase production for global markets from approximately 44,000 vehicles in 2022 to more than 70,000 in 2023. GM also intends to increase production of GMC HUMMER EVs and Cadillac LYRIQS when Ultium can build more batteries.
Stronger Inventory
GM ended the third quarter with 359,292 vehicles in dealer inventory, an increase of 111,453 units from the previous quarter and nearly three times the inventory available at the end of the third quarter of 2021. GM is helping dealers identify and order the most popular vehicle configurations, which means everything the company builds is a high demand product, so it sells quickly.
GM is working hard to keep its truck sales momentum. Last week, Chevrolet unveiled the 2024 Silverado HD (available first half of 2023), which will be available with either a 6.6L gas or 6.6L Duramax turbo-diesel engine.
The 2024 GMC Sierra HD will be unveiled later this week on Oct. 6, 2022.
GM Photo
Mary Conway is a professional automotive journalist and has decades of experience specializing in automotive news analysis. She covered the Detroit Three for more than twenty years for the ABC affiliate, in Detroit. Her affection for the Motor City comes naturally. Her father ran a gas station while Mary was growing up, in Wisconsin.
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