Source: courtesy of General Motors Co.
GM’s new vehicle sales for January were forecast at 203,000 by analysts at WardsAuto, while Kelley Blue Book projected sales of 205,000 units and Edmunds.com forecast sales slightly over 200,000.
Cadillac’s total sales rose 2.6% year-over-year for the month, a substantial improvement over the 11% drop in December. Retail sales rose 3.4% in January, again a sharp improvement from the nearly 9% drop in December. For all of 2014, Cadillac sales were down 6.5% and retail sales were down 6.1%.
Total Chevrolet deliveries in January were up 20% year-over-year. The Chevy Cruze posted a sales increase of 11.1% in the month, compared with a decline of about 2.5% in December. Cruze sales rose 10% for the full year in 2014.
ALSO READ: Ford Sales Off to a Fast Start in 2015 on New Pickups
Chevy Silverado pickup sales rose 24.8% in January to 36,106 units. Chevy’s full-size Tahoe SUV saw a sales boost of 88% year-over-year in the month with total sales of 6,607. Sales of the company’s full-size Suburban SUV rose 142.2% to 4,130 units. Americans simply cannot resist buying big vehicles when gasoline prices are low.
Sales of the mid-size Chevy Equinox SUV jumped 34.4% year-over-year in January, an even bigger jump than the 23.7% gain in December.
GM’s new SUVs and pickups continue to be big hits, and GM said its average transaction price in January reached $34,800, up $2,400 compared with January 2014 but down from a record $36,800 in December. GMC Sierra pickups sold 12,621 units in January, up 13.5% year-over-year. GMC brand sales were up 28.6% in January, after finishing up 11.3% for the 2014.
If there is a dim spot in GM’s report it is in sales for the company’s Buick brand. Sales fell 5.5% in January, compared with January 2014 sales. Buick sales rose 11.4% in 2014.
ALSO READ: Jeep Drives Chrysler January Sales to 8-Year High
For the auto industry as a whole, GM’s forecast for the seasonally adjusted annual rate (SAAR) of sales is 16.6 million for January. For 2015 the company estimates SAAR of 16.5 million to 17 million light vehicles.
GM’s stock traded up more than 2% Tuesday morning, at $34.00 in a 52-week range of $28.82 to $38.15.
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