General Motors (GM) reported its best quarterly sales in over three years, with a 0.6% increase in the second quarter of 2024 compared to the previous year. The company sold 696,086 vehicles, the highest since the fourth quarter of 2020. Sales of full-size pickup trucks increased by 6%, reaching approximately 229,000 units, the best quarterly sales since 2021. However, total sales for the first half of the year were down 0.4% compared to the previous year, amounting to roughly 1.3 million vehicles. GM's electric vehicle (EV) deliveries increased by 40% to 21,930 units, but EVs only made up 3.2% of its total second-quarter sales. The cyberattack on dealer software provider CDK Global in June 2024 impacted sales, with GM's retail sales increasing by 4% in the quarter and 5% in the first half of the year, while fleet sales dropped by 10% in the second quarter and 16% in the first half. GM's EV sales in the quarter surpassed the previous record, with the Cadillac Lyriq showing significant gains. The company narrowed its 2024 EV production goal to between 200,000 and 250,000 units, down from 300,000, citing demand-driven reasons. GM's retail EV registrations are up 17% year-to-date, outpacing the industry's 10% gain. By the end of 2024, GM plans to have 10 EV nameplates. The overall U.S. auto industry experienced slower growth in the second quarter, with high interest rates, vehicle prices, and uncertainty about the economy and the upcoming presidential election affecting consumer behavior. The cyberattack on CDK Global also impacted sales, with forecasts indicating a modest level of sales industrywide. Cox Automotive estimated that 4.1 million new cars and trucks were sold in the second quarter, up slightly from the same period in 2023. The forecast for U.S. new-vehicle sales in June 2024 showed mild improvement over the previous year, with a seasonally adjusted annual rate (SAAR) expected to finish near 16.0 million. Cox Automotive's full-year new-vehicle sales forecast remained steady at 15.7 million, a gain of 1.3% from 2023, with concerns about maintaining growth in the second half of the year due to uncertainty in the market. Fleet sales are forecast to finish the year at 2.9 million, up from 2.8 million in 2023, while full-year retail sales are expected to increase from 12.8 million in 2024 to 12.7 million in 2023.
