GM Records Decline in Auto Sales for Q3

GM’s sales for the third quarter fell by 9.9% from last year’s figures. But is heading for a strong rebound after beating analyst expectation of an 11% to 13% decline from 2019 sales.

For the year-to-date, sales are down by 17.4%.

Total units sold in the three months are 665,192 vehicles, with heavy-duty pick-ups, namely GMC Sierra and Chevy Silverado, experiencing swelling sales by 11% and 9%, respectively.

Inventory levels for the units were not made available to the public. But industry forecasters believe that both are on “critically low” levels at the moment. Pick-up trucks and full-sized SUVs lead the way.

The automobile manufacturer’s sales improved from sluggish Q2 records by a robust 38% or 140,265 more vehicles sold from through September.

This provides good news for the firm. Especially after the bad news from the previous period where the firm recorded a 30% fall from last year’s sales.

General Motors acknowledged that it is now performing better than ever and is on track for a steady recovery.

The major puller is the fast auto sales recovery in US markets, especially in retail sales or the individual consumer niche.

Favorable Market Conditions Propel Auto Sales

Similarly, the “super low” auto loan interest rates and the overall pandemic-led increased preference for private vehicles compared to shared transportation also contributed to the rebound.

General Motors is one of the first among automakers to report quarterly sales for the period ending September.

As asserted by a representative by a rival automaker firm, Hyundai, the market made a comeback quicker than they expected.

However, some of the world’s vehicle giants experienced a decline for the quarter, mostly by Japanese firms.

Nissan Motors reported a 32% fall while Toyota and Honda followed the downward trend with 11% and 9.5% decline, respectively.