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GM sales in the third quarter increase by 24% compared to the total in 2021

People look at the Cadillac Lyriq electric car at the Cadillac booth at the North American International Auto Show in Detroit, Michigan on September 14, 2022.

Geoff Robins | AFP | Getty Images

DETROIT — General Motors’ third-quarter auto sales rose 24% from a year ago as supply chain problems weighed on the company̵[ads1]7;s output.

The Detroit automaker said on Monday it sold 555,580 vehicles from July to September, up from 447,000 a year earlier, when sales were reduced by Malaysia-related semiconductor chip supply problems. The increase was in line with or higher than industry analysts’ expectations of an increase of at least 21.6%.

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As for electric vehicles, GM said it plans to ramp up production of the Chevrolet Bolt EV and EUV after the vehicles posted their best-ever quarterly sales of 14,709 units. GM intends to increase calendar year production for global markets from approximately 44,000 vehicles in 2022 to more than 70,000 in 2023.

The increase for GM’s older Bolt models stands in contrast to the production of the expensive GMC Hummer EV pickup. Starting in late November, the company said Monday it will halt production of the pickup truck for several weeks to conduct body shop upgrades for the upcoming electric Chevrolet Silverado.

The company has been producing the Hummer EV pickup, which was the first vehicle to feature GM’s next-generation Ultium batteries and platform, at a snail’s pace compared to its typical vehicle production.

GM did not immediately release sales of individual vehicles such as the Hummer EV, which it traditionally has every quarter.

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GM is among the first major automakers to report sales for the third quarter on Monday. Overall, analysts estimate that automakers sold 3.4 million new light-duty vehicles in the U.S., down less than 1% from the same time last year.

Automakers continue to deal with supply chain issues—from semiconductors and wiring harnesses to smaller parts like vehicle and company logos.

GM ended the third quarter with 359,292 vehicles in dealer inventory, including units in transit, an increase of 111,453 units from the previous quarter. That’s almost three times the inventory that was available at the end of the third quarter of 2021, when Covid-related supply chain issues affected production.

This is a developing story. Check back for further updates.

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