GM’s US Vehicle Sales Soar Despite Supply Chain Distress

In a remarkable display of resilience and robust sales strategy, General Motors (GM) saw a commendable surge in its U.S. vehicle sales in 2023. The numbers tell a story of triumph, with a 14.1% sales increase reflecting the best performance by the automaker since 2019, a pre-pandemic era and a time before prolonged supply chain issues.

GM reported approximately 2.6 million vehicle sales in 2023. Among this impressive figure, the automaker sold about 625,176 cars and trucks during the fourth quarter alone, an amount that didn’t show much change compared to the same time the previous year. Back in 2022, GM’s sales were around 2.3 million total vehicles, with 2.9 million units sold in 2019.

The stellar performance of GM aligns with the projected trajectories for the overall automobile industry. Edmunds, a well-known industry analyst, anticipated industry-wide sales to reach around 15.5 million in 2023, marking an estimated growth of about 14% compared to 2022.

Looking forward, GM forecasts total U.S. industry sales to reach 16 million in 2024. If these predictions hold true, it would be the highest industry sales figures since 2019, when more than 17 million units were sold. This forecast aligns with the upper limits of industry projections.

Buoyed by a strong market performance, GM witnessed remarkable growth in its market share in 2023. The lion’s share of the annual sales increase came from a 61% surge in its Buick brand, followed by a 13.1% increase in its Chevrolet unit’s sales. The GMC and Cadillac brands also boasted an approximate 9% increase each in sales for the same year.

However, not all was smooth sailing. GM’s all-electric vehicle sales didn’t meet expectations in 2023, with a total of 75,883 units marking just 2.9% of the company’s total sales for the year. Most of these sales were attributed to the now-discontinued Chevrolet Bolt models.

GM has faced challenges in stepping up the production of its newer “Ultium” EVs due to significant battery assembly issues. To counter this downturn in 2024, the company plans to boost the production of electric vehicles and offer a hefty $7,500 incentive on models that no longer qualify for similar federal tax credits. This initiative aims to help sell EVs that fell short of the new, stricter requirements for assembly and materials, effective since Jan. 1.