GM (GM) did not lose 25% to 30% of its sales in August when the numbers were compared to last year. It was less bad than that.
The company reported a 20.3% fall in August U.S. light vehicle sales to 307,285 cars and trucks from 385,529 a year ago. Cars slid 13.9% while trucks slumped 24.1%.
GM may still be headed toward a position where it is going to be low on cash. It is just not moving there at flank speed. With incentive pricing, it is paying for each sale, in a maner of speaking.
The bad news was good enough so GM’s shares rose 7% to $11.38.
Douglas A. McIntyre
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