General Motors has reported its best quarterly sales in more than three years, with a notable increase in full-size pickup trucks and all-electric vehicles. The company reported sales of 696,086 for the second quarter, up 0.6% from a year earlier, marking its highest quarterly unit sales since the fourth quarter of 2020.
The sales of GM’s EVs increased by 40% compared to a year earlier, reaching 21,930 units. Despite this growth, EVs only accounted for 3.2% of the total second-quarter sales, indicating that there is still room for improvement in this segment.
GM’s sales of full-size pickup trucks were approximately 229,000 units during the second quarter, representing a 6% increase from a year earlier and marking the best quarterly sales since 2021.
Although GM’s second-quarter sales are expected to slightly outpace the overall industry, there are concerns about the impact of cyberattacks on dealer software provider CDK Global. The ransomware attack on June 19 forced CDK to shut down its dealer management system, affecting nearly half of all dealerships in North America.
Dealer Challenges
Dealers, including major publicly traded dealership groups, had to delay sales or find workarounds to cope with the CDK issue. Despite the challenges, industry experts believe that sales should not be lost but rather pushed into the third quarter.
Competitor Performance
In contrast to GM, Toyota reported a 9.2% increase in U.S. sales during the second quarter, with total sales reaching 621,549 vehicles. Hyundai also saw a 2.2% increase in sales compared to a year earlier, selling 214,719 vehicles. However, Kia reported a 6.5% decrease in June sales and a 2% decline in sales for the first half of the year.
Overall, General Motors’ strong performance in the second quarter, driven by increased sales of full-size pickup trucks and EVs, highlights its continued growth and resilience in a challenging market environment. Despite facing challenges such as cyberattacks and industry-wide trends, GM remains well-positioned to navigate the evolving automotive landscape and maintain its competitive edge.