First-Quarter Sales For General Motors Jump 18%

As part of its efforts to expand its market share, General Motors said it delivered just over 600,000 vehicles in the first quarter, up 18% from a year earlier, demonstrating its continued rebound from supply chain problems that slowed global auto production in 2021 and into early 2022.

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GM North America chief Steve Carlisle said in a statement that the company, for the first time in its history, has gained significant market share, pricing was excellent, inventories are good, and we've sold more than 20,000 electric vehicles in a quarter for the first time.  

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Despite the fact that most of these electric vehicles are Chevrolet Bolts, GM also sold 968 Cadillac Lyriq electric vehicles, which were based on the next-generation Ultium EV architecture. The company is working hard to ramp up its production of its Ultium-based electric vehicles, including a new electric Chevrolet Equinox crossover that is set to be released later in 2023. These new models will be based on the next generation Ultium engine.

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As Lyriq production ramps up and shipments of the Chevrolet Silverado electric pickup begin later this spring, General Motors expects to sell 50,000 EVs in the first half of 2023 and double that number in the second half.

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There are also plans by General Motors to ramp up production of the BrightDrop Zevo 600 with a goal of producing 4,000 of these vans from now until 2025, and the truck-rental company Ryder System has agreed to buy 4,500 of them in that time frame.

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In 2024 and 2025, it is anticipated that the company will see a sharp increase in EV sales volumes compared to today's levels.

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While this is going on, the internal-combustion models of GM are still selling well, including the pickup trucks and large SUVs. Silverado and Sierra sales, which both utilize internal combustion engines, grew by an estimated 9% from a year ago, boosted by a 38% increase in sales to commercial fleets, which has long been dominated by Ford Motor Company, the Detroit-based company's archrival.

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Earlier this week, Ford released its first-quarter U.S. revenues, and it is expected to do the same on Tuesday.

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In response to analysts' concerns about the rising cost of vehicles, General Motors announced that it would be releasing new versions of its affordable Chevrolet Trax, Trailblazer, and Buick Encore crossovers in the next few months. According to GM, these three vehicles will all start at less than $30,000 as a starting price.