Posts Tagged ‘GM retail sales’

Slowing Sales Fail to Damper GM as Earnings Set Record

Q3 numbers suggest focus on retail market is paying off.

by on Oct.25, 2016

GM CEO Mary Barra: "Determin(ed) to deliver earnings and enhance shareholder value."

(This story has been updated to reflect comments made by GM officials during an earnings conference call.)

General Motors earnings more than doubled during the third quarter to a record $2.77 billion, or $1.76 a share, despite slowing demand in the U.S. market.

But the maker says it benefited from a shift in focus away from low-profit fleet sales to the more lucrative retail market, as well as a rebound in the Chinese automotive market.

Earnings News!

The Detroit maker handily outperformed Wall Street’s expectations. Excluding a one-time gain, GM earned $1.72 a share for the quarter compared with a consensus forecast of $1.46. In a statement, the automaker credited “robust retail sales in the United States, strong performance in China, growth in wholesale volume and effective cost performance.”


The Sky Isn’t Falling, Says GM President

Batey counters concerns raised by Ford CFO that auto sales have peaked.

by on Aug.02, 2016

GM North America Pres. Alan Batey introduces the 2017 Chevy Cruze Hatchback at the NAIAS.

It’s been a great ride for the U.S. auto industry. After crashing into the worst recession in decades, it rebounded to record sales of 17.5 million vehicles last year and, until recently, seemed poised to top that number again in 2016.

But there’s been a growing chorus of concern in recent weeks, industry insiders like Ford Motor Co. Chief Financial Officer Bob Shanks warning that the ride is over, and that U.S. car sales are about to start the inevitable slide. Just don’t count General Motors North America President Alan Batey among those who says the downturn is about to begin.


“We think the industry will plateau at some time, but everything we see says that into the near future the industry will remain strong,” Batey told reporters.


GM Q2 Earnings More Than Double Even as Sales Slip

Globe’s 3rd-largest automaker ups full-year forecast.

by on Jul.21, 2016

GM has been rushing out an assortment of new models, including a remake of the Chevy Malibu.

General Motors saw its second-quarter profit more than double, reaching a record $2.87 billion, the maker announced on Thursday, handily beating Wall Street expectations.

The surge came despite the fact that GM has seen sales slip in recent months – even while the overall U.S. car market continues to grow. The results appear to validate the strategy of trimming back on lower-profit rental and other fleet sales in favor of growing the retail side of the sales ledger.

Breaking News!

“This was an outstanding quarter for GM,” said Chairman and CEO Mary Barra. “Our results were generated by strong retail sales in the U.S., record sales in China and a continued emphasis on improving the performance of our operations worldwide. We’ll continue to focus on driving profitable growth and leveraging our technical expertise to lead in the future of personal mobility.”


GM’s June New Vehicle Sales Slump 34%. Industry SAAR Stuck at 10 Million Rate.

Camaro is bright spot with less than one week's supply.

by on Jul.01, 2009

Mark LaNeve Dealers for General Motors in the United States delivered 176,571 total vehicles in the month of June, down 33.6% compared with a year ago. Truck sales were down 40%, with car sales only dropping 24%. Retail sales accounted for 82% of the total, as fleet sales continue to be trimmed.

GM’s market share, based on preliminary numbers, appears to be over 20% for the third straight month, but the brands being phased out account for roughly 4% of that. (GM’s bankruptcy plan calls for an 18.5% share of market to even reach break-even.) And its advertising spending is down 50% compared with a year ago.

However, it appears that GM’s sales decline has not leveled out yet since the overall market is off about 28%, according to numbers from AutoData Corporation. And GM declined to give a third quarter production estimate.

GM sales executives remained optimistic, though, at the bankrupt automaker, pointing out that GM’s June retail sales had volume up 10% percent or more than 13,000 vehicles compared to May, resulting in the fourth consecutive month-over-month retail sales increase.  Camaro is clearly the hottest car in the market right now, with less than a week’s supply.


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