After reclaiming the top spot in US car sales last year, General Motors has maintained its lead in the first half of this year, with second-quarter sales growth exceeding the industry-wide growth range of 16% to 18% predicted by analysts. The second-quarter sales figures recently released by General Motors and other major automakers have all reflected the continued strong demand for new vehicles.
Multiple car companies have released data showing that the US automobile market is stabilizing.
On Wednesday, July 5th, Eastern Time, General Motors announced that it sold 691,978 new cars in the US in the second quarter of this year, an 18.8% increase compared to the same quarter last year and a 14.7% increase compared to the first quarter. Compared to the nearly 18% year-on-year growth rate in the first quarter of this year, General Motors' sales growth accelerated in the second quarter.
In the first half of this year, General Motors sold a total of 1,295,186 vehicles, an 18.3% increase compared to the same period last year. After regaining the top spot in US car sales from Toyota last year, General Motors maintained its leading position in the first half of this year. In 2021, General Motors lost the annual sales crown for the first time since 1931.
General Motors stated that all four of its brands achieved double-digit growth in the second quarter. General Motors' sales increased by 17%, with a total of over 13,900 units sold for its two electric vehicles, the Bolt EV and Bolt EUV, representing a 101% increase. General Motors' sales increased by 15%, achieving its best second-quarter performance since 2019. General Motors' sales increased by 48%, and GMC's sales increased by 18%, achieving its best first-half performance since 2005 and reaching a record high in retail market share.
General Motors' growth slightly exceeded industry forecasts. Automotive industry institutions predicted that second-quarter sales for the entire industry would increase by 16% to 18% year-on-year. Cox Automotive recently raised its sales expectations for new cars in the industry this year, expecting an increase of nearly 8% to 15 million units compared to last year.
It is believed that, like other major car companies, General Motors' second-quarter sales also indicate that consumer demand for new cars remains strong as automobile inventories, which hit a historic low during the COVID-19 pandemic, recover.
Earlier on Wednesday, Toyota North America announced that its sales in the US in the second quarter were 195,448 units, a 14.9% increase compared to the same period last year. In the first half of the year, Toyota sold 1,038,520 units, a 0.7% decrease. Volkswagen North America announced that its sales in the second quarter were 144,787 units, a 1.1% increase. Earlier this week, Stellantis announced that its sales in the US in the second quarter increased by 6.4% to 434,648 units.
In terms of electric vehicle business, General Motors' total sales in the first half of this year exceeded 36,300 units, including 15,652 units in the second quarter. The company had previously planned to produce 50,000 electric vehicles in the first half of the year and 100,000 in the second half.
A General Motors spokesperson confirmed these targets again on Wednesday but did not respond to whether the targets were achieved in the first half of the year, stating that the production details would be discussed when the second-quarter financial report is released on July 25th.
Earlier this month, other US electric vehicle companies also announced strong sales growth in the second quarter. Tesla delivered over 466,100 vehicles in the second quarter, an 83% increase compared to the same period last year, surpassing analysts' expectations and setting a new quarterly record. Rivian delivered 12,640 vehicles in the second quarter, a 59% increase compared to the previous quarter, also exceeding expectations.