GM Sales Rise 6% on Strong Pickup Action
General Motors reported that total November sales rose 6.5% year-over-year and total retail sales for the first 11 months of 2014 totaled 2.01 million units.
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General Motors Co. (NYSE: GM) posted total November sales of 225,818 vehicles, a rise of 6.5% compared with November 2013 sales of 212,060. Total retail sales for the first 11 months of 2014 totaled 2.01 million units.
GM’s new vehicle sales for November were forecast in a range of 215,000 to 219,000.
Cadillac’s total sales dropped 18.7% year-over-year for the month and retail sales are down nearly 20% for November.
Total Chevrolet deliveries in November were up 3.2% year-over-year. The Chevy Cruze posted a sales gain of 25.6% in November, and year-to-date sales are up 11%. For the first 11 months of the year, total sales are up 3.1%, including discontinued models. Cadillac sales are down 5.9% for the first 11 months of the year.
Chevy Silverado pickup sales rose 24.5% in November and are up 7.8% year-to-date. Chevy’s full-size Suburban SUV, however, saw sales fall 3.2% for the month, although sales are up 6.2% year-to-date.
GM’s new SUVs and pickups continue to be big hits, and GM said its average transaction price in November was the highest ever at $35,600. GMC Sierra pickups sold 22,544 units in November, up 57% year-over-year, and total Sierra sales year-to-date are up 13.1%. GMC brand sales were up 27% in November and are up 10.1% for the year.
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For the auto industry as a whole, GM’s forecast for the seasonally adjusted annual rate (SAAR) of sales is 17.1 million in November.
GM’s stock price was up about 1.8% Monday morning, at $33.54 in a 52-week range of $28.82 to $41.85.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
