General Motors (NYSE: GM) today reported 220,905 car, crossover and truck deliveries in the United States in February.
- Cadillac saw a 14 percent sales increase versus a year ago, driven by the XT5, ATS and the Escalade.
- Since the beginning of 2018, the Cadillac Escalade has gained significant retail market share and posted large increases in average transaction prices (ATPs) despite new competition in the segment. Through February, Escalade retail sales are up 10 percent, retail segment share is up 3 percentage points and transaction prices are considerably higher, rising about $1,400 per unit to more than $82,700.
- Chevrolet’s crossovers were up 7 percent compared to a year ago, with the Equinox, Traverse and Bolt EV posting their best-ever February sales.
- The Chevrolet Suburban and Colorado also had very strong February sales, with deliveries up 28 percent and 7 percent, respectively.
- GMC crossovers were up 19 percent, with the Terrain posting a 17 percent year-over-year increase, and the Acadia was up 22 percent.
- A 6 percent gain for the Buick Enclave, which is all-new for 2018, and a 33 percent increase in Buick car deliveries drove a 1 percent increase for the brand.
- A strong mix of truck and crossover deliveries, a significantly higher mix of 2018 models compared with key competitors and sharply lower incentives year over year helped GM improve ATPs by about $750 per unit, according to J.D. Power PIN estimates.
- Fleet sales were up 7 percent, driven by a 15 percent increase in Commercial deliveries.
Calendar year to date, Commercial deliveries are up 33 percent, due to a combination of strong products, business confidence and tax reform. Much of the gain was in full-size pickup trucks, underscoring the strength of the U.S. economy. Small business deliveries also helped drive sharply higher sales of large vans.
“Consumer confidence is at its highest level since 2000, the economy is strong, our newest products are selling very well and we have successfully managed the transition to the 2018 model year far better than most of our competitors,” said Kurt McNeil, U.S. vice president, Sales Operations. “Customer demand, GM’s new products and upcoming launches are in perfect tune.”
Later today, GMC will unveil its all-new 2019 Sierra and Sierra Denali light-duty pickups. On March 7, Chevrolet will unveil the all-new 2019 Chevrolet Silverado 4500HD and 5500HD, which are chassis cab trucks designed for commercial and small business customers. Later this month, Cadillac will unveil its first-ever XT4 crossover.
Other GM Highlights (vs. 2017)
- GM sales were down 6.9 percent in total and 10 percent on a retail basis compared to an exceptionally strong February 2017. Last year, GM had record sales of crossovers, large SUVs and pickups. The light vehicle SAAR was 17.5 million units, compared with about 17.1 million today.
- GM’s incentive spending as a percentage of ATP was 13.2 percent, down 1.7 percentage points. Incentive spending for GM was down more than $500 per vehicle, while the industry average was down $64. About half of major automakers increased spending.
General Motors Co. (NYSE:GM) has leadership positions in the world’s largest and fastest-growing automotive markets. GM, its subsidiaries and joint venture entities sell vehicles under the Chevrolet, Cadillac, Baojun, Buick, GMC, Holden, Jiefang, and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety, security and information services, can be found at http://www.gm.com
Forward-Looking Statements
This press release and related comments by management may include forward-looking statements. These statements are based on current expectations about possible future events and thus are inherently uncertain. Our actual results may differ materially from forward-looking statements due to a variety of factors, including: (1) our ability to deliver new products, services and experiences that attract new, and are desired by existing, customers and to effectively compete in autonomous, ride-sharing and transportation as a service; (2) sales of crossovers, SUVs and full-size pick-up trucks; (3) our ability to reduce the costs associated with the manufacture and sale of electric vehicles; (4) the volatility of global sales and operations; (5) our significant business in China which subjects us to unique operational, competitive and regulatory risks; (6) our joint ventures, which we cannot operate solely for our benefit and over which we may have limited control; (7) changes in government leadership and laws (including tax laws), economic tensions between governments and changes in international trade policies, new barriers to entry and changes to or withdrawals from free trade agreements, changes in foreign exchange rates, economic downturns in foreign countries, differing local product preferences and product requirements, compliance with U.S. and foreign countries’ export controls and economic sanctions, differing labor regulations and difficulties in obtaining financing in foreign countries; (8) our dependence on our manufacturing facilities; (9) the ability of suppliers to deliver parts, systems and components without disruption and on schedule; (10) prices of raw materials; (11) our highly competitive industry; (12) the possibility that competitors may independently develop products and services similar to ours despite our intellectual property rights; (13) security breaches and other disruptions to our vehicles, information technology networks and systems; (14) compliance with laws and regulations applicable to our industry, including those regarding fuel economy and emissions; (15) costs and risks associated with litigation and government investigations; (16) compliance with the terms of the Deferred Prosecution Agreement; (17) the cost and effect on our reputation of product safety recalls and alleged defects in products and services; (18) our ability to successfully and cost-efficiently restructure operations in various countries with minimal disruption; (19) our ability to realize production efficiencies and to achieve reductions in costs; (20) our ability to develop captive financing capability through GM Financial; and (21) significant increases in pension expense or projected pension contributions. A further list and description of these risks, uncertainties and other factors can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017, and our subsequent filings with the Securities and Exchange Commission. GM cautions readers not to place undue reliance on forward-looking statements. GM undertakes no obligation to update publicly or otherwise revise any forward-looking statements.