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Yahoo
23-04-2025
- Automotive
- Yahoo
Most automakers report sales gains in Q1
This story was originally published on Automotive Dive. To receive daily news and insights, subscribe to our free daily Automotive Dive newsletter. General Motors outpaced its competition the first three months of the year, selling 693,363 vehicles in Q1, a 17% year-over-year increase. The automaker was bolstered by a 94% YoY increase in EV sales. Chevrolet brand EV sales jumped by 119% YoY, led by the Equinox and Blazer EVs. Sales of electric Cadillac models also increased 37% over Q1 last year. GM said Q1 pickup truck sales were their best since 2007 with GM-brand models representing about 40% of all domestic truck sales in the quarter. 'GM's sales growth outpaced every other major automaker, and the driving force is our portfolio,' Rory Harvey, EVP and president of global markets, said in a statement. 'We're the industry leader in trucks and affordable small SUVs, Cadillac is growing significantly in luxury, and we have the broadest portfolio of EVs in the industry.' Audi of America sold 42,710 vehicles in Q1, a 3% YoY drop. Sales of the A4 sedan tumbled 84% to 403 units compared to a year ago. The automaker's luxury Q8 SUV sales soared 71% for the quarter with 3,065 units. Audi said it closed March with an 8% sales improvement from the same month last year. BMW of North America finished Q1 with 84,475 sales, a 3.7% YoY increase. Sales of EVs increased 26.4% YoY to 13,538 units, led by the iX SUV with sales of 3,626 units. Passenger cars accounted for 43,619 of it vehicle sales in Q1, a 12.7% increase from a year ago. 'We are pleased to report a strong result for Q1, and with that a great start to 2025,' Sebastian Mackensen, president and CEO, BMW of North America, said in a statement. 'BMW remains in a strong position in the U.S., where the majority of the vehicles we sell in this market are also assembled in this market.' Ford Motor Co. reported sales of 501,291 vehicles, a 1.3% YoY drop. The automaker's top performer was its F-Series pickup models, with sales of 190,389 units, a 24.5% YoY improvement. Sales of the Ranger soared 677.5% in Q1 to 14,913 units. Ford's SUV sales tumbled 16.7% from a year earlier, while car sales also declined sharply to 9,377 units, a 31.6% drop in the quarter. Ford's electrified line up, which includes both EVs and hybrids, jumped by 25.5% in Q1, representing 73,623 units of the automaker's total quarterly sales. Mercedes-Benz USA reported Q1 sales of 75,100 vehicles, a 1% YoY increase. Passenger cars represented a majority of sales with 67,400 units while vans made up with the rest with 7,700 units. 'We closed Q1 in a very strong position for wholesale group sales and celebrated our best-ever March in MBUSA's history for retail sales,' Dimitris Psillakis, president and CEO and head of marketing and sales of Mercedes-Benz USA, said in a statement. 'With an established longstanding legacy in the U.S. and a significant footprint and investments in both manufacturing and the retail service business, together with our dealers we will work tirelessly to make the best decisions for our customers and the business to proudly represent the three-pointed star in the communities we call home.' Nissan Motor Co. sold 267,085 vehicles in Q1, up 5.7% from the same period last year. The automaker credited the sales lift to strong performance of its under $30,000 lineup including the Versa, Leaf, Kicks and Murano. Sales of the entry-level Versa sedan increased 156% YoY. The Nissan lineup offset declines for the Infiniti luxury line, which fell 5.3% with 13,165 units sold. Rivian Automotive said it produced 14,611 vehicles in Q1 and delivered 8,640 during the quarter. The automaker said its production totals are in line with projections discussed during its previous earrings call. Rivian reaffirmed its prior forecast of delivering between 46,000 and 51,000 vehicles in 2025. Stellantis' FCA US division reported a 12% YoY sales decline in Q1 with 293,225 vehicles sold. Despite the overall sales decrease, brands including Chrysler, Ram and Jeep reported gains during the quarter while Fiat's U.S. sales increased 239%, driven by sales of the all-electric 500e. "We've seen consecutive monthly market share growth since January, in addition to retail growth momentum, with the right mix of pricing and incentive actions put in place at the end of last year, leading both Jeep and Ram brands to post their best retail months of the year this March,' Jeff Kommor, head of U.S. sales, said in a statement. Tesla said it produced 362,615 vehicles in Q1, down 16.3% from 433,371 units reported the same period a year ago. Deliveries were dominated by the 3 and Y models, representing 345,525 units. Other model sales totaled 17,161 units. Toyota Motor North America reported Q1 sales of 570,269 vehicles, up 0.9% YoY. TMNA ended the quarter strong with sales of 231,335 vehicles in March, a 7.7% YoY increase. Quarterly sales of electrified vehicles totaled 288,796 units, up 39.6% YoY. Its luxury Lexus brand had its best Q1 ever with sales of 83,043 vehicles, up 5.8% YoY. 'We continue to see steady sales from our Toyota and Lexus brands due in part to improved inventory levels and new models like the Toyota 4Runner and Lexus LX hybrid,' EVP and COO Mark Templin, said in a statement. Volkswagen of America Q1 sales totaled 87,915 units, up 7.1% YoY. The automaker said the Jetta sedan was its top seller with 17,778 units, a 36.5% YoY increase. Sales of the ID.4 EV jumped 24.3% to 7,663 units. Recommended Reading Tracking US auto sales by month Sign in to access your portfolio
Yahoo
04-04-2025
- Automotive
- Yahoo
Corvette Sales Slip 21% in Q1 Despite GM's Strong Overall Performance
⚡️ Read the full article on Motorious General Motors reported its strongest first-quarter sales since 2018 on Tuesday, but the company's sports car icon, the Chevrolet Corvette, saw a steep decline, with deliveries dropping 21 percent compared to the same period last year. Chevy delivered 6,794 Corvettes in the first three months of 2025, down from 8,576 units in Q1 2024, according to GM's quarterly report. The drop comes amid signs that interest in the C8-generation Corvette may be cooling as it enters its sixth year of production. While GM's overall sales surged 17 percent year-over-year, with gains across GMC, Chevrolet, Cadillac, and Buick, the decline in Corvette sales raises questions about the future trajectory of the brand's flagship performance car. Thousands of unsold Corvettes reportedly remain on dealer lots nationwide. Still, GM executives highlighted the automaker's strengths elsewhere. 'GM's sales growth outpaced every other major automaker, and the driving force is our portfolio,' said Rory Harvey, GM executive vice president, in a statement. 'We're the industry leader in trucks and affordable small SUVs, Cadillac is growing significantly in luxury, and we have the broadest portfolio of EVs in the industry.' The company reported electric vehicle sales up 94 percent in the quarter. Highlights included 6,187 deliveries of the Chevrolet Blazer EV, compared to just 600 in Q1 2024, and 1,956 units of the new Cadillac Escalade IQ. Buick posted its best quarter in nearly two decades with a 39 percent sales gain, buoyed by strong Encore GX demand. As for the Corvette, the drop may reflect saturation among early adopters and the mid-cycle maturity of the C8 generation. Chevrolet hopes high-performance variants like the upcoming ZR1 — priced from $174,995 — can sustain interest until the C9 arrives later this decade.
Miami Herald
02-04-2025
- Automotive
- Miami Herald
General Motors delivers surprising business update
General Motors (GM) hopes slow and steady wins the EV race after reporting strong sales growth in its electric vehicle segment. While its eyes are set on the top spot, which is currently occupied by Tesla, recent numbers suggest it is making strides. "We expect GM to be again the #2 seller of electric vehicles in the U.S.," the company said after announcing that first-quarter sales of EVs rose 94% year-over-year. Don't miss the move: Subscribe to TheStreet's free daily newsletter U.S. sales rose by 17% in the quarter, with double-digit increases across the company's four brands: Chevrolet, Cadillac, GMC, and Buick. In fact, the company reported its best U.S. first quarter since 2018, with 693,363 deliveries. A total of 31,887 were EVs. Related: Ford reports surprising news amid Tesla turmoil "GM's sales growth outpaced every other major automaker, and the driving force is our portfolio," said Rory Harvey, GM executive VP and president of global markets. "We're the industry leader in trucks and affordable small SUVs, Cadillac is growing significantly in luxury, and we have the broadest portfolio of EVs in the industry." The company claimed Chevy has the fastest-growing EV brand in the industry thanks to the Equinox EV, which saw a 31% increase in sales, and the Blazer EV. Bloomberg/Getty Images In late January, GM reported its fourth-quarter earnings and the results were disappointing. The automaker said it lost $2.96 billion during Q4 2024 due to a $4 billion loss related to its Chinese joint venture with the state-owned SAIC. Excluding one-time charges, earnings per share totaled $1.92 GM's net income fell 41% to $6 billion for the year, while revenue increased 9.1% to $187.4 billion. Even then, the topic of discussion was the possibility of tariffs and their effect on GM's bottom line. GM CEO Mary Barra seemed to have a plan. "With respect to possible tariffs, we are working across our supply chain, logistics network, and assembly plants so that we are prepared to mitigate near-term impacts. Many of these actions are no cost or low cost," Barra said. Last month, President Donald Trump unveiled his plan to levy a 25% tariff on all imported cars starting on April 3. A similar duty that goes into effect in May was also placed on the auto parts supply chain. "President Trump's decision to implement tariffs on imports of automobiles and automobile parts will protect and strengthen the U.S. automotive sector," the White House said in a fact sheet published alongside the announcement, adding that action is designed to "end unfair trade practices that jeopardize U.S. national security." In a note published late last month, JPMorgan analyst Ryan Brinkman said the current tariff proposal could cost GM around $14 billion, nearly all of its 2024 earnings. The analyst estimated Ford's impact would be around $6 billion. "We estimate GM imports ~$56 billion of vehicles annually from Mexico and Canada, which after adjusting for content originating in the U.S. may amount to ~$38 billion-subject to a ~$10 billion tariff under a 25% rate," Brinkman and his team said. "For parts, we estimate GM's share of the ~$92 billion imported by the industry may be ~$4 billion, implying a total tariff exposure of ~$14 billion before coping mechanisms." More Automotive news: Tesla Q1 deliveries tumble as Elon Musk's political role hammers salesFord reports surprising news amid Tesla turmoilApple creates clever way to stop car thieves "We believe GM's higher reliance on imports increases its vulnerability to proposed tariffs and creates more downside risk relative to peers," Brinkman added. Brinkman lowered his price target on GM by $11, taking it to $53 per share, and cut his target on Ford by $2 to $11 per share while maintaining an 'overweight' rating for both names. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
01-04-2025
- Automotive
- Yahoo
GM, Ford report upbeat Q1 retail sales as Trump tariffs loom
General Motors (GM) and Ford (F) reported upbeat first quarter US sales, just as the threat of tariffs portends pain ahead for the Big Three automakers. For the quarter, GM said US sales jumped 17% year over year to 693,363 units, powered by trucks and EVs, across the company's four brands: Chevrolet, Cadillac, Buick, and GMC. GM said it was No. 1 in overall full-size pickup sales (which includes both Chevrolet Silverado and GMC Sierra models) with over 200,00 units sold, its best first quarter since 2007, the company said. GM said full-size pickups also had their best Q1 since 2007, with models like the Tahoe, Suburban, and GMC Yukon seeing sales up 31%. GM shares were up 1% in midday trade. GM EV sales jumped 94% to 31,887 units, with the automaker claiming it was now No. 2 behind Tesla US EV sales. 'GM's sales growth outpaced every other major automaker, and the driving force is our portfolio,' said Rory Harvey, GM executive vice president and president of global markets. 'We're the industry leader in trucks and affordable small SUVs, Cadillac is growing significantly in luxury, and we have the broadest portfolio of EVs in the industry.' As for Ford, though overall sales fell 1.3% due to rental fleet sale timing and cancellation of the Ford Edge, its retail sales jumped 5% in Q1 and surged 19% in March. The March jump echoes what many dealers are claiming: that US consumers are buying up cars now ahead of the potential imposition of 25% tariffs on foreign-made cars on April 2. Ford produces vehicles like the Maverick pickup and Mustang Mach-e EV in Mexico. Ford also reported F-Series pickup sales jumped 24% compared to last year, when Ford was in the midst of rolling out the redesigned F-150 pickup. Speaking of the Maverick, though sales were slightly lower in Q1 (down 2.7%), in March Maverick had its best month ever, tallying 19,000 units sold — again ahead of possible tariffs. Another truck, the Ford Bronco, saw sales gains of 35.4% to 32,600 units sold, reversing weakness in the full-size SUV in recent quarters. Ford's EV and hybrid sales continued chugging higher too, hitting a record 73,623 in the first quarter. Ford said sales of its hybrids (like the Maverick and F-150) and EVs (like the Lightning pickup and Mustang Mach-e) were up 33% and 12%, respectively. Though Ford is having success with its EV sales, it still stands to lose billions in the business in 2025 and could lose even more, as its most popular EV, the Mustang Mach-e, is imported from Mexico. Consumers wary of the impending Trump tariffs appear to be driving sales higher in March, and there's concern that new vehicle sales may come crashing down in Q2 as tariffs take effect. According to Bloomberg, executives from the Big Three are lobbying the Trump administration to ease tariffs on certain imported parts, as tariffs on those crucial supplies would raise costs for domestically produced autos as well. Pras Subramanian is a reporter for Yahoo Finance. You can follow him on X and on Instagram. Sign in to access your portfolio
Yahoo
01-04-2025
- Automotive
- Yahoo
General Motors sales jump 17% in 1st quarter of 2025, with EV sales nearly doubling
General Motors' sales rose 17% in the first quarter of 2025 compared with the same period last year, exceeding analyst expectations and underscoring a pull-ahead in customer demand due to tariff fears despite longstanding affordability hurdles in the market. GM reported Tuesday it sold 693,363 vehicles in the first quarter in the U.S., compared with a 1.5% slide one year ago to 594,233 vehicles sold. Electric vehicle sales nearly doubled in the quarter, rising 94% to 31,887, making GM the second-largest seller of electric vehicles in the U.S. behind Tesla. Those sales were driven by sharp sales increases in both the Equinox and Blazer EVs. Rory Harvey, GM executive vice president and president of global markets, said in a statement that GM's sales growth for the quarter ending March 31 outpaced other automakers due to its vehicle portfolio. Cadillac, Chevrolet, GMC and Buick all reported double-digit growth in the quarter. 'We're the industry leader in trucks and affordable small SUVs, Cadillac is growing significantly in luxury, and we have the broadest portfolio of EVs in the industry,' Harvey said. GM sold 61,822 Buicks in the quarter, up 39%. Total Chevrolet sales of 443,564 marked a nearly 14% increase, and GMC rose about 18% to 146,220 vehicles. Cadillac sales rose about 18% to 41,757, including the first sales figures for the all-electric Optiq, at 1,716, and the Escalade IQ EV, with 1,956 sold in the quarter compared with 12,683 of its internal-combustion counterpart. Not every sales gain for GM reflected dramatic improvements. GM reported sales of just 274 Chevrolet BrightDrop vehicles in the quarter, up 7% from 256 sold in first quarter 2024. Low sales of the vans, which include BrightDrop 400 and 600 EV models as well as BrightDrop Zevo 400 and 600, reflect an ongoing struggle that GM has had in moving these Canadian-made electric vehicles. GM folded the commercial vans into its Chevrolet brand in a bid to increase sales to dealers, while a Free Press photographer captured images last month of hundreds of vehicles lining a Flint, Michigan, storage lot. Reuters published similar photos from CAMI Assembly plant in Ontario. GM's sales surpassed some analyst predictions, even though those estimates still put GM ahead of the competition. Sales predictions of 656,450 vehicles from Atlanta analytics firm Cox Automotive published ahead of GM's report was 36,913 vehicles below the actual results. Cox also said pre-tariff concerns drove customers to dealerships at larger than normal levels. Charlie Chesbrough, senior economist for Cox Automotive, told reporters March 26 that General Motors led automaker sales for the quarter, well ahead of the market, driven by sales gains in all four brands. Jessica Caldwell, Edmunds' head of insights, said March sales were particularly strong despite ongoing affordability issues and broader economic concerns. 'Inventory levels were healthy for many brands, incentives continued to make a comeback, and there was clear evidence of pent-up demand after the sluggish sales years that followed 2020,' Caldwell said in a statement. 'Although automotive tariffs — now set to take effect on April 2 — might have pulled ahead some vehicle purchases in Q1, the quarter's results were largely driven by the strength of the industry's underlying fundamentals. That said, the road ahead is less certain: These same tariffs will likely create headwinds for the industry in Q2 and beyond.' Analysts unanimously agree that tariff impacts on 2025 sales will be less than positive. Already contending with high prices and interest rates, car shoppers should expect increased competition on dealer lots and fewer discounts. Meanwhile, the 25% tariff on all cars and light-duty trucks imported into the U.S. that's set to go into effect this week won't just cause new car prices to rise. Used car prices will also likely increase, analysts say, and selection, especially of lightly used vehicles, will dwindle. 'If the market were left alone, with no massive tariff impact on automotive, we'd expect sales to see a 1-2% gain over last year, and finish near 16.3 million. That was our view just a few weeks ago,' Chesbrough said last week. 'However, what seems most likely now is some tariffs, for some countries, for some period of time.' This is a developing story. Jackie Charniga covers General Motors for the Free Press. Reach her at jcharniga@ This article originally appeared on Detroit Free Press: GM sales jump 17% in 1st quarter of 2025 Sign in to access your portfolio
