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General Motors (GM) Logs Strong Growth in US Sales in 2023
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In 2023, General Motors (GM - Free Report) sold 2.6 million vehicles in the United States, representing an uptick of 14% year over year. The automaker led the industry in total sales and was a top seller of trucks, full-size pickups, full-size sport utility vehicles (“SUVs”), affordable SUVs and fleet vehicles.
GM’s total market share grew 0.3 percentage points to 16.3%. Per Marissa West, senior vice president and president of GM North America, maintaining strong pricing and low incentives helped the automaker grow its market share in 2023.
Starting in early 2020, the auto industry suffered a major setback due to the Covid-19 pandemic that lasted for a few years. Last year, an improvement in the supply chain and a rise in incentives boosted demand. General Motors’ deliveries almost restored to its pre-pandemic level in 2023. The automaker sold 2.9 million vehicles in the United States in 2019.
It registered sales growth across all its brands in 2023. Year-over-year sales of GMC, Chevrolet, Cadillac and Buick rose 9%, 13%, 9% and 61%, respectively. The automaker sold 75,883 electric vehicles (“EVs”) in 2023, up 93% year over year.
In 2024, the automaker aims to ramp up the production of Cadillac LYRIQ, Chevrolet Silverado EV, GMC HUMMER EV and Chevrolet Blazer EV.
It will launch new EVs in 2024 that include Chevrolet Equinox EV, Cadillac Escalade IQ, Cadillac CELESTIQ and Cadillac OPTIQ. It will also launch new and redesigned internal combustion engine models of the GMC Acadia, Chevrolet Equinox, Buick Envision, Chevrolet Traverse, Cadillac CT5, GMC Yukon, Chevrolet Tahoe and Chevrolet Suburban.
In 2023, sales of Toyota, Hyundai and Nissan in the United States rose 6.6%,11% and 23%, respectively, year over year, whereas global sales of Tesla increased 38%.
The Zacks Consensus Estimate for VLVLY’s 2023 sales and earnings suggests year-over-year growth of 4.2% and 70.6%, respectively. The EPS estimates for 2023 and 2024 have improved 8 cents and 7 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for NIO’s 2023 sales indicates year-over-year growth of 11.8%. The EPS estimates for 2023 and 2024 have improved by 14 cents and 13 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for TM’s 2024 sales and earnings implies year-over-year growth of 11% and 45.4%, respectively. The EPS estimates for 2024 and 2025 have moved up $1.98 and 5 cents, respectively, in the past 60 days.
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General Motors (GM) Logs Strong Growth in US Sales in 2023
In 2023, General Motors (GM - Free Report) sold 2.6 million vehicles in the United States, representing an uptick of 14% year over year. The automaker led the industry in total sales and was a top seller of trucks, full-size pickups, full-size sport utility vehicles (“SUVs”), affordable SUVs and fleet vehicles.
GM’s total market share grew 0.3 percentage points to 16.3%. Per Marissa West, senior vice president and president of GM North America, maintaining strong pricing and low incentives helped the automaker grow its market share in 2023.
Starting in early 2020, the auto industry suffered a major setback due to the Covid-19 pandemic that lasted for a few years. Last year, an improvement in the supply chain and a rise in incentives boosted demand. General Motors’ deliveries almost restored to its pre-pandemic level in 2023. The automaker sold 2.9 million vehicles in the United States in 2019.
It registered sales growth across all its brands in 2023. Year-over-year sales of GMC, Chevrolet, Cadillac and Buick rose 9%, 13%, 9% and 61%, respectively. The automaker sold 75,883 electric vehicles (“EVs”) in 2023, up 93% year over year.
In 2024, the automaker aims to ramp up the production of Cadillac LYRIQ, Chevrolet Silverado EV, GMC HUMMER EV and Chevrolet Blazer EV.
It will launch new EVs in 2024 that include Chevrolet Equinox EV, Cadillac Escalade IQ, Cadillac CELESTIQ and Cadillac OPTIQ. It will also launch new and redesigned internal combustion engine models of the GMC Acadia, Chevrolet Equinox, Buick Envision, Chevrolet Traverse, Cadillac CT5, GMC Yukon, Chevrolet Tahoe and Chevrolet Suburban.
In 2023, sales of Toyota, Hyundai and Nissan in the United States rose 6.6%,11% and 23%, respectively, year over year, whereas global sales of Tesla increased 38%.
Zacks Rank & Key Picks
GM currently carries a Zacks Rank #3 (Hold).
Some better-ranked players in the auto space are Volvo (VLVLY - Free Report) , NIO Inc. (NIO - Free Report) and Toyota Motor Corporation (TM - Free Report) . While VLVLY sports a Zacks Rank #1 (Strong Buy) at present, NIO and TM each carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for VLVLY’s 2023 sales and earnings suggests year-over-year growth of 4.2% and 70.6%, respectively. The EPS estimates for 2023 and 2024 have improved 8 cents and 7 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for NIO’s 2023 sales indicates year-over-year growth of 11.8%. The EPS estimates for 2023 and 2024 have improved by 14 cents and 13 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for TM’s 2024 sales and earnings implies year-over-year growth of 11% and 45.4%, respectively. The EPS estimates for 2024 and 2025 have moved up $1.98 and 5 cents, respectively, in the past 60 days.