GM (GM) Issues Unexpected Decline in US Auto Sales During May
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Shares of General Motors (NYSE: GM) are trading down 1.8 percent to $31.24 Wednesday following the release of worse-than-expected May sales results.
The automaker reported total sales of 221,192 units in May, down about 1 percent from the same month last year. GM cited weak volumes in its fleet segment.
Total sales of GM passenger cars increased 13 percent while retail sales of passenger cars rose 32 percent. The Chevrolet Cruze had its best month since its launch with a reported 18,996 retail deliveries. Also contributing to the gain was solid retail sales for the Buick Regal and an increase of 28 percent in retail sales for the Cadillac CTS.
Total crossover sales declined 1 percent, while retail sales were up 17 percent compared to last year's May. On a year-to-date basis, retail sales of GM-branded crossovers were up 27 percent. The GMC Terrain and Chevrolet Equinox experienced a combined retail sales increase of 58 percent during May.
Year-over-year May fleet sales were 70,139, down 16 percent as rental volumes fell 21 percent. Deliveries to commercial accounts rose 19 percent, the fourteenth consecutive month of commercial sales gains. The company said fleet sales only accounted for 32 percent of GM's total sales during the month versus 37 percent in May 2010.
GM announced retail sales for vehicles launched since June 2009 jumped 65 percent during May and are up 74 percent for 2011. The list of vehicles includes: Chevrolet Equinox, Silverado HD, Cruze, Camaro Convertible and Volt; Buick LaCrosse and Regal; GMC Sierra HD and Terrain; and Cadillac SRX, CTS Wagon and CTS Coupe.
The automaker reported total sales of 221,192 units in May, down about 1 percent from the same month last year. GM cited weak volumes in its fleet segment.
Total sales of GM passenger cars increased 13 percent while retail sales of passenger cars rose 32 percent. The Chevrolet Cruze had its best month since its launch with a reported 18,996 retail deliveries. Also contributing to the gain was solid retail sales for the Buick Regal and an increase of 28 percent in retail sales for the Cadillac CTS.
Total crossover sales declined 1 percent, while retail sales were up 17 percent compared to last year's May. On a year-to-date basis, retail sales of GM-branded crossovers were up 27 percent. The GMC Terrain and Chevrolet Equinox experienced a combined retail sales increase of 58 percent during May.
Year-over-year May fleet sales were 70,139, down 16 percent as rental volumes fell 21 percent. Deliveries to commercial accounts rose 19 percent, the fourteenth consecutive month of commercial sales gains. The company said fleet sales only accounted for 32 percent of GM's total sales during the month versus 37 percent in May 2010.
GM announced retail sales for vehicles launched since June 2009 jumped 65 percent during May and are up 74 percent for 2011. The list of vehicles includes: Chevrolet Equinox, Silverado HD, Cruze, Camaro Convertible and Volt; Buick LaCrosse and Regal; GMC Sierra HD and Terrain; and Cadillac SRX, CTS Wagon and CTS Coupe.
- Chevrolet dealers delivered 161,401 total vehicles in May, down 4 percent year-over-year.
- Buick reported 15,579 total sales in May, up 24 percent from the same period last year.
- GMC reported total sales of 32,589, up 8 percent.
- Cadillac reported total sales of 11,623 for May, down 6 percent.
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