General Motors’ domestic sales surged 4.8% during the last three months of last year compared to the same period in 2019, reports CNBC. The quarter sales were better than the feared slump of 15% and offset poor yearly auto sales, which fell 11.8% overall in 2020.
- GM outperformed the industry in the quarter and full-year because its manufacturing and supply chain teams and dealers kept people safe at work and launches on track.
- GM’S sales during the year were largely driven by pickup truck and SUVs
- Sales were also driven by demand for Chevrolet Corvette, which rose 20.2%, all-electric Chevrolet Bolt EV gained 26.4%, while Encore GX topped sales charts for Buick in the first year.
- Retail sales for the entire auto industry returned to pre-pandemic levels in the fourth quarter in a strong show of recovery.
- Commercial fleet customers started to return toward the end of the year.
- GM’s strong quarter sales are a good sign for the auto industry, with most automakers scheduled to report their U.S. sales on Tuesday.
General Motors stock is currently gaining. GM: NYSE is up 2.62%
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