People look at the Cadillac Lyriq electric vehicle at the Cadillac booth at the North American International Auto Show in Detroit, Michigan on September 14, 2022.
Geoff Robin | AFP | Getty Images
DETROIT — General Motors’ third-quarter vehicle sales rose 24% from a year ago, when supply chain issues weighed more heavily on the company’s production.
The Detroit automaker said on Monday it sold 555,580 vehicles from July to September, down from 447,000 a year earlier, when sales were depressed due to Malaysia-related semiconductor chip supply issues. The increase was in line with or above industry analysts’ expectations of at least a 21.6% increase.
As for electric vehicles, GM said it plans to increase production of its Chevrolet Bolt EV and EUV after the vehicles posted their best quarterly sales at 14,709 units. GM intends to increase calendar year production for global markets from about 44,000 vehicles in 2022 to more than 70,000 in 2023.
The increase in GM’s older Bolt models contrasts with the production of the expensive GMC Hummer EV pickup. Beginning in late November, the company announced on Monday that it will halt production of the pickup for several weeks to expedite body shop upgrades for the upcoming electric Chevrolet Silverado.
The company produced the Hummer EV pickup, which was the first vehicle to feature GM’s next-generation Ultium batteries and platform, at a snail’s pace compared to its typical vehicle production.
GM did not immediately release sales of individual vehicles such as the Hummer EV, which it traditionally has quarterly.
GM is among the first major automakers to report third-quarter sales on Monday. Overall, analysts estimate that automakers sold 3.4 million new light vehicles in the United States, down less than 1% from the same period last year.
Automakers continue to face supply chain issues – from semiconductors and wire harnesses to smaller parts such as vehicle and company logos.
GM ended the third quarter with 359,292 vehicles in dealer inventory, including units in transit, an increase of 111,453 units from the previous quarter. That’s nearly three times the inventory on hand at the end of Q3 2021, when Covid-related supply chain issues impacted production.
This is a developing story. Please check for additional updates.