General Motors recently reported its best quarterly sales in over three years, showcasing a notable increase in both full-size pickup trucks and all-electric vehicles. The Detroit automaker announced that its sales for the second quarter reached 696,086 units, marking a 0.6% increase from the same period last year. This represents the highest quarterly sales figure since the fourth quarter of 2020. An important highlight was the significant growth in EV deliveries, which rose by 40% to 21,930 units compared to the previous year. Despite this progress, electric vehicles accounted for only 3.2% of GM’s total sales in the second quarter.
Sales of GM’s full-size pickup trucks also demonstrated strong performance during the second quarter, with approximately 229,000 units sold. This figure reflects a 6% increase from the previous year and represents the best quarterly sales for these vehicles since 2021. However, despite these positive results, GM’s overall sales for the first half of the year showed a slight decline of 0.4% compared to the same period in the previous year, amounting to roughly 1.3 million vehicles. The automaker’s second-quarter sales are anticipated to slightly outpace the industry average, according to forecasts from auto industry experts such as Cox Automotive and Edmunds.
A potential factor affecting sales in the second quarter is the cyberattacks on dealer software provider CDK Global, which occurred on June 19. This ransomware attack led to the shutdown of CDK’s dealer management system, impacting nearly half of all dealerships in North America. The disruption caused by the cyberattacks during a peak sales period in June could have possible repercussions on the industry’s overall sales performance for the quarter. Jessica Caldwell, head of insights at Edmunds, mentioned that the CDK cyberattacks have created challenges for dealerships in meeting customer demand, and some deliveries may be delayed until the third quarter.
In response to the cyberattacks, dealers, including major publicly traded dealership groups, had to navigate delays in sales and find alternative methods to facilitate vehicle transactions. The impacted dealership groups, such as Asbury Automotive Group, AutoNation Inc., Group 1 Automotive Inc., Lithia Motors Inc., and Sonic Automotive Inc., rely on CDK as their primary dealership management system provider. Despite the disruption caused by the cyber incidents, sales are not expected to be lost entirely but rather postponed to the following quarter, as stated by industry analysts.
In addition to General Motors, other automakers like Toyota, Hyundai, and Kia also reported their second-quarter sales figures. Toyota registered a 9.2% increase in U.S. sales, reaching 621,549 vehicles during the period. Meanwhile, the Hyundai brand saw a 2.2% growth in sales, with a total of 214,719 vehicles sold in the second quarter. On the other hand, Kia experienced a 6.5% decline in June sales, with a 2% decrease in sales volume for the first half of the year, totaling 386,460 vehicles sold.
Overall, General Motors’ impressive performance in the second quarter, particularly in the electric vehicle segment, highlights the company’s commitment to innovation and growth in a competitive automotive market. Despite facing challenges such as cyberattacks and industrywide fluctuations, GM remains resilient and adaptable to ensure continued success in the future.