Key takeaways
- GM said second-quarter sales rose 18.8% from the same period in 2022, driven by strong demand as supply chains loosened and inventories improved .
- All four GM divisions posted double-digit increases.
- The company is expected to launch a dozen new cars and trucks in the second half of 2023.
General Motors (GM) shares rose more than 1% on Wednesday as the largest US automaker reported an 18.8% increase of its sales in the second quarter on the back of strong demand as supply chains eased and inventories improved.
GM said it sold 691,978 vehicles during of the period, up from 582,401 in 2022. This was also a sequential increase from the 603,208 sold in the first quarter. Electric vehicle (EV) sales totaled 15,652.
The company noted that all four of its divisions – Chevrolet, Cadillac, Buick and GMC – posted double-digit gains. For the first six months of this year, sales rose 18.3% to 1,295,186. Electric vehicle sales were 36,322.
The company also said it will introduce 12 new cars and trucks in the second semester.
General Motors actions are rallied after hitting a 10-month low in May, and are up about 17% year-to-date.
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Source: investopedia.com