Cars and Drivers
GM June Sales Down Nearly 5% on Soft Pickup Total
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General Motors Co. (NYSE: GM) on Monday posted total June U.S. sales of 243,155 vehicles, a decrease of 4.7% compared with June 2016. Retail deliveries fell 3.1 points in the month to 202,908 million units, and fleet deliveries dipped 1.1 percentage points for the calendar year to account for 19.9% of total monthly sales.
GM’s new vehicle sales for May were forecast at 252,000 by analysts at Kelley Blue Book (KBB). The analysts also estimated an average transaction price of $38,507, down 0.1% month over month but up 0.2% year over year. KBB does not include applied consumer incentives to its calculation.
The company said June’s average transaction price was $35,657, up nearly $400 per vehicle compared to May’s average. The company also said that June incentive spending as reported by J.D. Power averaged 12% of the company’s average transaction price for the month.
June sales of the company’s top-selling Silverado pickup rose by 1.7% year over year to 50,515 units, while GMC Sierra sales tumbled 8.3% to 15,743 units.
Sales of the Colorado midsize pickup rose 6.4% to 9,631 units, and the comparable GMC Canyon saw a decline of 26% to 2,516 units.
Cadillac brand retail sales decreased 12.1% in June, following a 9.2% increase in May. Cadillac sales totaled 11,854 units in June.
Total Chevrolet deliveries in June decreased by 6.4% year over year to 169,842 units, with retail sales falling by 1.5% to 138,996 units.
The company’s Buick brand saw a year-over-year sales jump of 16.4% in June, including an increase of 6.2% in retail sales. The driver here was the Buick Envision with a whopping gain of nearly 250% year over year.
For the auto industry as a whole, GM’s forecast for the seasonally adjusted annual rate (SAAR) of sales is 16.6 million for June, unchanged from last month’s estimate.
GM reported 963,448 units in inventory at the end of June, up by 17,006 from the total at the end of May. That represents a 105-day supply, up from 101 at the end of May.
GM’s stock traded up about 2.4% Monday morning, at $35.75 in a 52-week range of $27.52 to $38.55. The 12-month consensus price target on the stock is $39.66, according to MarketWatch.
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