General Motors (GM) Wednesday revealed that its second-quarter 2023 US deliveries climbed 18.8% year over year to 691,978, as its customers seemed willing to pay more for a new vehicle.
The auto giant’s electric vehicle (EV) sales also saw 120% sequential growth, hitting 15,652.
GM noted it was its fourth consecutive quarter of sales growth.
During the quarter, the automaker’s GMC truck sales rose 18%, Chevrolet sales increased 17%, and Cadillac sales climbed 15%.
As well, GM’s average transaction price (ATP) for the period rose $1,482 from 1Q and its inventories increased by less than 4%.
“If you look at Q2 in the aggregate, new vehicle sales appeared to settle into a stable groove, which is a nice departure from the tumult that the industry has witnessed over the last few years,” Edmunds’ director of insights Ivan Drury told Yahoo Finance.
“More consumers returned to the market with older trade-ins, which indicates that pent-up demand helped buoy sales,” he added.
GM’s strong 2Q performance mirrors that of other big automakers, with Honda in particular seeing a 44.7% year- over-year jump in its sales.
Shares of General Motors rose 1.2% to close at $39.42 on Wednesday and have gained 17% year to date.
Contact Sean at sean@proactiveinvestors.com