General Motors Co. in Detroit and FCA US of Auburn Hills’ Stellantis have reported third quarter sales results for 2022, with GM posting a 24 percent increase year-over-year and FCA reporting a 6 percent decrease.
GM sold 555,580 vehicles in the U.S. in the third quarter, up 24 percent year over year, with the help of strong customer demand and improved availability. Three of GM’s vehicle brands posted double-digit total sales gains, with Chevrolet up 30 percent, GMC up 24 percent, and Cadillac up 50 percent.
GM and its dealers were able to translate improved semiconductor supplies, stable production, and improvements in dealer inventory into a nearly 3-point improvement in retail market share year over year, as well as significant sales gains in the commercial fleet market.
“The design, technology and manufacturing investments we have made are helping us meet strong customer demand for our products, and they’ve translated into sales leadership in some of the industry’s most important segments,” says Steve Carlisle, executive vice president and president at GM North America.
“We are being very intentional in the way we are executing our EV strategy to position the company for the same kind of success that we’ve earned with today’s pickups and SUVs, and with supercars like the Chevrolet Corvette.”
Chevrolet recorded quarterly sales of the Chevrolet Bolt EV and Bolt EUV of 14,709 units combined, which is a record for those vehicles in a single quarter. In response to unprecedented customer demand, GM plans to increase calendar-year production for global markets from approximately 44,000 vehicles in 2022 to more than 70,000 in 2023.
Surpassing Ford F-Series sales calendar year to date, GM sold more full-size pickups than Ford in 2020 and 2021 and is on track to do so again in 2022. The Chevrolet Tahoe and Suburban and GMC Yukon and Yukon XL earned close to 70 percent of the retail market for full-size SUVs in Q3.
The Cadillac Escalade and Escalade ESV earned close to 31 percent of the retail market for large luxury SUVs, leading the number two competitor by double-digits. Sales of the Cadillac XT4 rose sharply in the third quarter, earning the number one retail share position in the small luxury SUV segment.
Total sales of the Chevrolet Colorado and GMC Canyon rose sharply in Q3, and all-new models will soon arrive in dealer showrooms for the 2023 model year.
The breadth of GM’s product lineup, especially customer demand for the Chevrolet Silverado, Tahoe, Bolt EV and Bolt EUV, Equinox, and Express helped GM increase sales significantly in the commercial fleet segment calendar year to date. Total fleet deliveries were up 66 percent in Q3 versus a year ago.
Ultium Cells opened its first cell plant, located in Warren, Ohio, which will help enable GMC Hummer EV and Cadillac LYRIQ production to increase in 2023. The company also saw a modestly improved inventory.
GM ended Q3 with 359,292 vehicles in dealer inventory, including units in-transit, an increase of 111,453 units from the previous quarter and nearly three times the inventory available at the end of the third quarter of 2021, when COVID-related supply chain issues impacted production.
Inventory turn rates remain quick, bolstered by GM software that helps dealers identify and order the most in-demand vehicle configurations, as well as new tools to track the status of in-bound orders.
Demand for the Chevrolet Bolt EV and Bolt EUV have outpaced supply, especially since a new pricing strategy was announced this summer that makes them among the most affordable EVs on the road. The base MSRP for the 2023 Chevrolet Bolt EV now begins at $25,6001, while the Bolt EUV begins at $27,2001.
Also supporting demand is a unique customer-focused program introduced by Chevrolet for qualified customers who purchase or lease a new Bolt EV or Bolt EUV that covers standard installation of a home charger through Qmerit, or public charging credits through EVGo.
GM increased capacity for heavy-duty models by about 90,000 units, which includes the expansion of production capacity at Flint Assembly in Michigan in 2021 and the reopening of Oshawa Assembly in Ontario, Canada in 2022.
This flexibility to meet customer demand has helped GM grow its retail share of the heavy-duty market from 29 percent in 2019 to 52 percent through Sept. 25, with large increases in total share as well.
In related news: FCA US reported an overall sales decline of 6 percent in the third quarter, moving a total of 385,665 vehicles. Despite this, total commercial shipments in Q3 rose 57 percent year-over-year.
“Our dealers are making every effort to deliver upon each and every customer’s needs while we continue to deal with challenging industry supply constraints,” says Jeff Kommor, U.S. head of sales.
“We also saw orders open up for the all-new Jeep Grand Cherokee 4xe this August, adding another 4xe nameplate to Jeep brand with the Wrangler 4xe here in the U.S., and the Dodge and Chrysler brands each saw strong third quarters as we head into the final sales season of the year.”
Chrysler brand’s total U.S. sales rose 39 percent, with the Chrysler Pacifica up 46 percemt and the Chrysler 300 up 17 percent versus the same quarter last year. Pacifica Hybrid accounted for 2,087, or 12 percent, of total Chrysler Pacifica sales.
Additionally, the new 2023 Chrysler 300C, which was announced during the return of the Detroit Auto Show two weeks ago, saw reservations for the vehicle sell out in 12 hours.
Following a summer of firsts for Dodge, including the announcements of the Dodge Hornet, its first electrified vehicle; seven “last call” editions of the Dodge Charger and Dodge Challenger; and its all-electric Charger Daytona SRT Concept during the brand’s first-ever Speed Week event in August, the brand saw total U.S. sales of the Dodge Charger rise 25 percent and the Dodge Challenger rise 17 percent year-over-year. The Dodge Durango saw total U.S. sales rise 32 percent versus the same quarter last year.
Total sales of the Jeep Wrangler were up 4 percent. The Jeep Wrangler 4xe, the best-selling plug-in hybrid vehicle in the U.S., accounted for 13,478, or 28 percent, of total Jeep Wrangler sales. The Jeep brand also saw retail sales of the Compass rise 225 percent and Cherokee increase 1 percent over the same quarter last year.
The Ram brand’s ProMaster City saw its best Q3 on record, with total U.S sales rising 55 percent versus the same quarter last year. The Ram brand’s total commercial shipments were up a combined 69 percent versus the previous third quarter.
