General Motors Co. (NYSE: GM) posted total May U.S. sales of 240,450 vehicles, a decrease of 18% compared with May 2015. Retail deliveries fell 13.4%, fleet deliveries slipped 4.1 points and commercial sales rose 1% in May.
GM’s new vehicle sales for May were forecast at 254,643 by analysts at Edmunds.com. Kelley Blue Book (KBB) had estimated sales of 258,000 at an average transaction price of $38,654, up about 0.1% month over month and up about 5.5% year over year. GM reported that its average May transaction prices ticked up to $35,722 from April’s average of $35,400. KBB does not include applied consumer incentives to its calculation. GM reported that May incentive spending equaled 9.8% of its average transaction price, compared with an industry average of 10.6%.
The best-selling vehicle in the month was the Chevy Silverado pickup, which saw a year-over-year sales decrease of 12.7% to 45,035 units. Sales of the GMC Sierra pickups fell 7% in May to 17,642 units while the Colorado midsize pickup posted a sales increase of 3.5% to 9,196 units.
Cadillac retail sales fell 10.9%, following a 28.9% decline in April. Cadillac sales totaled 12,099 units in May.
Total Chevrolet deliveries in May fell 18.6% year over year to 169,331 units and retail sales tumbled 14.1% to 126,024 units.
The company’s Buick brand saw a year-over-year total sales decrease of 22.1% in May and a decrease of 10.7% in retail sales.
For the auto industry as a whole, GM’s forecast for the seasonally adjusted annual rate (SAAR) of sales is 17.0 million for May, down from its April estimate of 17.6 million.
GM’s stock traded down about 3.9% Wednesday morning, at $30.06 in a 52-week range of $24.62 to $36.88.
Smart Investors Are Quietly Loading Up on These “Dividend Legends” (Sponsored)
If you want your portfolio to pay you cash like clockwork, it’s time to stop blindly following conventional wisdom like relying on Dividend Aristocrats. There’s a better option, and we want to show you. We’re offering a brand-new report on 2 stocks we believe offer the rare combination of a high dividend yield and significant stock appreciation upside. If you’re tired of feeling one step behind in this market, this free report is a must-read for you.
Click here to download your FREE copy of “2 Dividend Legends to Hold Forever” and start improving your portfolio today.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
