Retail sales up 7 percent, fleet down 2 percent
DETROIT – General Motors Co. (NYSE: GM) today reported its highest October sales in the United States since 2007, with deliveries up 5 percent versus a year ago to 195,764 vehicles. Year-over-year sales to retail customers were up 7 percent and sales to fleet customers were down 2 percent.
“GM had a solid October in a month that was marked by a devastating national tragedy,” said Kurt McNeil, vice president, U.S. sales operations. “All of us at GM are deeply saddened by the loss of life and the extensive damage caused by the storms, but we’re really encouraged by the national and local response, which will speed the recovery.”
GM’s new cars had a standout performance in October.
“With new designs like the Chevrolet Spark, Buick Verano and Cadillac ATS, and a growing reputation for quality and good resale value, we are becoming an even more formidable competitor in every segment – not just traditional GM strongholds like trucks,” McNeil said.
Sales of GM passenger cars increased 15 percent in October compared with a year ago. Crossovers were up 3 percent and sales of full-size pickup trucks were up 8 percent.
- Passenger car sales were driven by a 37 percent increase in Cadillac car sales, a 27 percent increase in Buick car sales and a 12 percent increase in Chevrolet car sales.
- Combined sales of mini, small and compact cars were up 72 percent compared with a year ago, driven by strong Spark and Sonic sales and a 34 percent increase in Cruze sales. Chevrolet dealers also delivered a record 2,961 Volts.
- Crossover sales were driven by double-digit increases for the Cadillac SRX, GMC Acadia and GMC Terrain.
- Overall truck sales were down 2 percent, reflecting lower sales of the GMC and Chevrolet mid-size pickups, which have been discontinued, and large SUVs.
“Year over year, the light vehicle selling rate has increased for eight consecutive quarters without a tailwind from the residential housing sector, but that is starting to change,” said McNeil. “If these trends continue, housing may be the final piece of the puzzle that lifts sales above 15 million units on an annual basis just as GM prepares to launch even more new cars, crossovers and trucks.”
GM will replace 70 percent of its U.S. nameplates with redesigned or all-new vehicles over the course of 2012 – 2013. In anticipation of robust demand, GM has increased its year-end inventory target from the 650,000-unit range to 660,000 to 670,000 units. This change reflects higher planned stocks of new passenger cars. The truck inventory target is unchanged.
| 2012 Highlights | Oct. Total Sales | Total Change vs. Oct. 2011 | Oct. Retail Sales | Retail Change vs. Oct. 2011 | CYTDSales | CYTD Change vs. 2011 | CYTD Retail Sales | CYTDRetail Change vs. 2011 |
| Chevrolet | 135,305 | 2.7% | 98,248 | 4.6% | 1,555,688 | 4.7% | 1,058,018 | 4.0% |
| GMC | 33,570 | 6.2% | 29,642 | 7.5% | 340,128 | 4.2% | 286,441 | 3.3% |
| Buick | 13,384 | 14.5% | 12,605 | 15.4% | 150,646 | (0.7)% | 135,095 | 4.3% |
| Cadillac | 13,505 | 14.5% | 12,510 | 16.0% | 117,017 | (6.4)% | 110,303 | (0.2)% |
| Total GM | 195,764 | 4.7% | 153,005 | 6.8% | 2,163,479 | 3.6% | 1,589,857 | 3.6% |
| Inventory | Units @Oct. 31, 2012 | Days Supply (selling day adjusted) | Units @Oct. 1, 2012 | Days Supply(selling day adjusted) | Year-end Inventory Target | Year-end Days Supply Target (selling day adjusted) |
| All Vehicles | 739,034 | 98 | 689,334 | 82 | 660,000 – 670,000 units | 65 – 70 |
| Full-size Pickups | 235,585 | 110 | 240,810 | 116 | 200,000 – 220,000 units | 80 – 85 |
| Industry Sales | Oct. SAAR (est.) | CYTD SAAR (est.) | Full Year 2012 (est.) |
| Light Vehicles | 14.4 million range | 14.3 million range | 14.0 million – 14.5 million |
General Motors Co. (NYSE:GM, TSX: GMM) and its partners produce vehicles in 30 countries, and the company has leadership positions in the world’s largest and fastest-growing automotive markets. GM’s brands include Chevrolet and Cadillac, as well as Baojun, Buick, GMC, Holden, Jiefang, Opel, Vauxhall and Wuling. 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
In this press release and in related comments by our management, our use of the words “expect,” “anticipate,” “possible,” “potential,” “target,” “believe,” “commit,” “intend,” “continue,” “may,” “would,” “could,” “should,” “project,” “projected,” “positioned” or similar expressions is intended to identify forward-looking statements that represent our current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or financial results, and our actual results may differ materially due to a variety of important factors. Among other items, such factors might include: our ability to realize production efficiencies and to achieve reductions in costs as a result of our restructuring initiatives and labor modifications; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; our ability to maintain adequate liquidity and financing sources and an appropriate level of debt, including as required to fund our planned significant investment in new technology; the ability of our suppliers to timely deliver parts, components and systems; our ability to realize successful vehicle applications of new technology; and our ability to continue to attract new customers, particularly for our new products. GM’s most recent annual report on Form 10-K and quarterly reports on Form 10-Q provides information about these and other factors, which we may revise or supplement in future reports to the SEC.