Data from several automakers indicate that the U.S. car market is stabilizing.
On Wednesday, July 5, Eastern Time, General Motors (GM) reported that it sold nearly 6.92 million new cars in the U.S. in the second quarter of this year, an 18.8% increase year-over-year, and a 14.7% increase quarter-over-quarter. Compared to the nearly 18% year-over-year growth in the first quarter, GM's U.S. sales grew faster in the second quarter.
In the first half of the year, GM's total sales reached approximately 12.95 million units, a year-over-year increase of 18.3%. After reclaiming the crown of U.S. car sales from Toyota last year, GM has managed to maintain its lead in the first half of the year. In 2021, GM lost the annual sales crown for the first time since 1931.
GM reported that all of its four major brands saw double-digit growth in the second quarter. Chevrolet saw a sales increase of 17%, with a combined sale of over 13,900 units for its two electric cars, the Bolt EV and Bolt EUV, an increase of 101%. Cadillac increased by 15%, achieving its best Q2 performance since 2019. Buick increased by 48%, and GMC increased by 18%, marking its best half-year performance since 2005 and setting a new record for retail market share.
GM's growth slightly exceeded industry predictions. Automotive industry institutions had predicted that second-quarter sales across the industry would increase by 16% to 18%. Cox Automotive recently raised its forecast for this year's total new car sales, predicting an increase of nearly 8% to 15 million units from last year.
It's suggested that, like other major automakers, GM's second-quarter sales hint at robust consumer demand for new cars as car inventories, which hit a historic low during the COVID-19 pandemic, start to rebound.
Earlier on Wednesday, Toyota North America announced that its U.S. sales in the second quarter were approximately 1.95 million units, an increase of 14.9% year-over-year, with total sales for the first half of the year reaching approximately 10.39 million units, a decrease of 0.7%. On Thursday, Ford reported it sold approximately 5.32 million units in the second quarter, a 9.9% year-over-year increase, boosted by a 34% surge in F-Series truck sales, securing Ford's position as the top truck brand in the U.S. for six consecutive months. Earlier this week, Stellantis reported a 6.4% increase in U.S. sales in the second quarter, reaching approximately 4.35 million units.
In terms of electric vehicle (EV) sales, GM sold over 36,300 units in the first half of this year, with 15,652 units sold in the second quarter. The company had previously planned to produce 50,000 EVs in the first half of the year and 100,000 in the second half.
A spokesperson from GM reconfirmed these goals on Wednesday but did not comment on whether the targets for the first half of the year were met. Details on production are expected to be discussed when the second-quarter financial results are released on July 25.
Earlier this month, other U.S. electric vehicle companies also announced strong Q2 sales. Tesla delivered over 466,100 vehicles in Q2, an 83% increase year-over-year, surpassing analyst expectations andsetting a record for single-quarter highs. Rivian's Q2 deliveries were 12,640, a quarter-over-quarter increase of 59%, also exceeding growth expectations.
