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General Motor Q3 sales drop 5.5%, while Toyota buoyed by EVs, hybrids
cnbc.com • • general
Key Points:
- General Motors reported a 5.5% year-over-year decline in third-quarter sales, with 670,974 new vehicles sold, driven largely by a significant drop in electric vehicle (EV) sales compared to last year's record numbers.
- EV sales fell sharply, with the Equinox EV down 92.4%, Blazer EV down 84.4%, and Hummer EV down 72.9%, as consumer enthusiasm wanes following the expiration of federal EV incentives.
- GM's limited hybrid vehicle offerings, currently only the Corvette, contrast with competitors like Toyota, whose electrified vehicles (including hybrids) accounted for over 57% of sales and grew 28.5% this quarter.
- Despite challenges in EV and large truck sales, GM's lower-cost vehicles like the Chevrolet Trailblazer and Buick Envista saw notable sales increases, reflecting consumer sensitivity to inflation.
- GM remains optimistic about future growth, citing ongoing investments in new vehicles, technology, and U.S. manufacturing, alongside the upcoming launch of next-generation full-size pickup trucks.
