GM posted a double-digit gain in third-quarter sales on improved supplies of hard-to-find computer chips, allowing it to best Toyota Motor Corp. by some 30,000 vehicles.
GM's sales soared 24% in the most recent three-month period to 555,580 units, allowing it to stay ahead of Toyota for a second consecutive quarter. It was aided by its ability to secure more semiconductor chips and boost production, the company said in a statement. 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 plans to boost global production of its Chevy Bolt and Bolt EUV by nearly 30,000 vehicles to more than 70,000 units, thanks to more demand. It cut the compact EV's price by $6,000 earlier this 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, 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."
Third-quarter highlights include:
- Record quarterly sales of the Chevrolet Bolt EV and Bolt EUV, which totaled 14,709 units combined. In response to unprecedented customer demand, GM plans to increase calendar-year production for global markets from approximately 44,000 vehicles in 2022 to more than 70,000 in 2023.
- Surpassing Ford F-Series sales calendar year to date: GM sold more full-size pickups than Ford in 2020 and 2021 and is on track to do so again in 2022.
- The Chevrolet Tahoe and Suburban and GMC Yukon and Yukon XL earned close to 70% of the retail market for full-size SUVs in the third quarter.
- The Cadillac Escalade and Escalade ESV earned close to 31% of the retail market for large luxury SUVs, leading the No. 2 competitor by double-digits.
- Sales of the Cadillac XT4 rose sharply in the third quarter, earning the No. 1 retail share position in the small luxury SUV segment.
- Total sales of the Chevrolet Colorado and GMC Canyon rose sharply in the third quarter, and all-new models will soon arrive in dealer showrooms for the 2023 model year.
- The breadth of GM's product lineup, especially customer demand for the Chevrolet Silverado, Tahoe, Bolt EV, and Bolt EUV, Equinox, and Express, helped GM increase sales significantly in the commercial fleet segment calendar year to date. Total fleet deliveries were up 66% in the third quarter versus a year ago.
- Ultium Cells opened its first cell plant in Warren, Ohio, which will help enable GMC HUMMER EV and Cadillac LYRIQ production to increase in 2023.