General Motors Co (NYSE:GM) shares traded higher Monday after the company highlighted strong sales results from the third quarter.
GM said it sold 555,580 vehicles in the United States in the third quarter, up 24% year-over-year. The company said the jump in sales was due to strong customer demand and improved availability.
Three of GM’s vehicle brands posted double-digit total sales gains, with Chevrolet up 30%, GMC up 24% and Cadillac up 50%. GM said it was able to translate improved semiconductor supplies and stable production and improvements in dealer inventory into a nearly 3-point improvement in retail market share year-over-year.
“The design, technology and manufacturing investments we have made are helping us meet strong customer demand for our products, and they’ve translated into sales leadership in some of the industry’s most important segments,” said Steve Carlisle, GM executive vice president and president of GM North America.
“We are being very intentional in the way we are executing our EV strategy to position the company for the same kind of success that we’ve earned with today’s pickups and SUVs, and with supercars like the Chevrolet Corvette.”
GM ended the third quarter with 359,292 vehicles in dealer inventory, representing an increase of 111,453 units from the previous quarter and nearly three times the inventory available at the end of the third quarter of 2021, when COVID-related supply chain issues impacted production.
GM is set to report its third-quarter financial results before the market opens on Oct. 25.
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GM Price Action: GM has a 52-week high of $67.21 and a 52-week low of $30.33.
The stock closed Monday up 2.31% at $32.84.
Photo: courtesy of GM.
