The 2024 Buick Envista.
GM
DETROIT- General engines' U.S. auto sales rose 14.1% last year, representing the automaker's best year since 2019, before the fallout from the coronavirus pandemic and years of supply chain issues.
The Detroit automaker on Wednesday reported sales of about 2.6 million vehicles in 2023, including 625,176 cars and trucks sold in the fourth quarter, about flat from a year earlier.
The automaker sold approximately 2.3 million vehicles in 2022 and 2.9 million units in 2019.
GM's revenue is in line with expectations for overall industry revenue. Edmunds expects industrywide sales to reach 15.5 million in 2023, which would be an increase of about 14% compared to 2022.
GM said it expects total U.S. industry sales to reach 16 million by 2024. That would be the highest industry sales since more than 17 million units in 2019 and the high of industry analyst forecasts.
“GM has tremendous momentum. We grew our market share in 2023 while maintaining strong pricing and low incentives,” Marissa West, GM's senior vice president and president of North America, said in a news release.
GM's annual sales increase was led by a 61% increase for the Buick brand, followed by a 13.1% increase for the mainstream Chevrolet unit. Sales of the GMC and Cadillac brands each increased by about 9% in 2023.
All-electric vehicle sales for GM were disappointing in 2023. GM's EV sales totaled 75,883 units, or 2.9% of the company's total sales last year. A large majority of these involved sales of the now discontinued Chevrolet Bolt models.
The company has encountered problems ramping up production of its newer 'Ultium' EVs, including a major problem with the assembly of the battery modules.
To support electric vehicle sales this year, the company expects to increase production of the vehicles and offer $7,500 in incentives for models that no longer qualify for up to $7,500 in federal tax credits due to new, stricter requirements for the assembly and materials for the vehicles and their batteries that came into effect on January 1.
“We are committed to the future of electric vehicles and will have the sales and marketing support to sell these ineligible vehicles. Beginning in January, GM will provide the equivalent purchase amount of the EV tax credit for all vehicles that are ineligible due to the new guidelines.” GM said this in a statement.
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