GM Group sales volume (Jan - Jun 2024), proportion by country Refer to: MarkLines  Vehicle sales volume Dashboard

  Global sales for the General Motors (GM) Group's global sales increased by 4.2% year-over-year (y/y) to 6,188,000 units for the full year of 2023, halting a downward trend that had continued for six years. However, in the first half of 2024 (January to June), sales in China fell and global sales also declined (-6.3% y/y). On the other hand, global profits were strong, supported by increased sales due to expanded sales of high-profit vehicles in North America. The Chinese business turned into a loss in the first half of 2024, making the group's dependence on its North American business for earnings even clearer.

  General Motors is expanding its EV lineup in the major markets of the U.S. and China, and the share of EVs (including PHVs) in global sales rose to 13.0% (+5.3% pt) in the first half of 2024, largely due to the aggressive launch of EV models of Chinese local brand vehicles by its joint venture companies in China.

  In the U.S., sales declined slightly (-0.4%) in the first half of 2024, but GM maintained its No. 1 market share position, which it regained from Toyota in 2022, for the full year of 2023 and the first half of 2024. Sales of full-size pickup trucks, which are a source of revenue, and compact SUVs, Korean-made vehicles which the company continues to launch, are growing.

  In China, sales of American brands (such as Buick), which were slow to introduce EVs, fell sharply, resulting in a large overall decrease in sales (-18.1%). On the other hand, the joint venture SAIC-GM-Wuling Automobile Co., Ltd. has been rapidly expanding its lineup of EVs and PHVs to meet the needs of the Chinese market, with local Chinese brands now accounting for nearly 70% of GM sales in China.

  In its first-half 2024 results report, GM revised its full-year profit forecast (EBIT guide) upward to USD 13 to 15 billion, and CEO Barra touted GM's strong profitability. However, the company faces major challenges in responding to the rapidly changing competitive environment and market needs in the U.S. and Chinese markets, its main markets.

  This second part of the 2-part GM update report follows on from the first part, which focused primarily on the rollout of EV products in the U.S. and related investments. It will report on key vehicle models and sales trends in global markets, particularly the U.S. and China, as well as recent corporate performance. In addition, GlobalData's sales forecast for GM will be presented.

Proportion of EVs in GM's sales, comparison with major markets

(Note: EVs include PHEVs)
(Source: MarkLines - Vehicle sales volume data)

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