June Sales Slip 1.6% at GM
General Motors Co. (NYSE: GM) posted total June U.S. sales of 255,210 vehicles, a decrease of 1.6% compared with June 2015. Retail deliveries rose 1.2%, fleet deliveries slipped 2.3 points, and commercial sales fell 7% in June. GM’s new vehicle…
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General Motors Co. (NYSE: GM) posted total June U.S. sales of 255,210 vehicles, a decrease of 1.6% compared with June 2015. Retail deliveries rose 1.2%, fleet deliveries slipped 2.3 points, and commercial sales fell 7% in June.
GM’s new vehicle sales for June were forecast at about 256,000 by analysts at Edmunds.com. Kelley Blue Book (KBB) had estimated sales of 262,000 at an average transaction price of $38,454, down about 0.1% month-over-month and up 4.2% year over year. GM reported that its average June transaction prices slipped to $35,423 from May’s average of $35,722. KBB does not include applied consumer incentives to its calculation. GM reported that June incentive spending equaled 10.1% 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 3.7% to 49,662 units. Sales of the GMC Sierra pickups fell 7.8% in June to 17,162 units while the Colorado mid-size pickup posted a sales increase of 38% to 9,049 units.
Cadillac retail sales rose 4.6%, following a 10.9% decline in May. Cadillac sales totaled 14,263 units in June.
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Total Chevrolet deliveries in June rose 0.1% year over year to 181,387 units and retail sales rise 2.5% to 141,091 units.
The company’s Buick brand saw a year-over-year total sales decrease of 5.5% in June and an increase of 1.7% in retail sales.
For the auto industry as a whole, GM’s forecast for the seasonally adjusted annual rate (SAAR) of sales is 17 million for June, unchanged from its May estimate. Based on year-to-date sales, GM’s estimate of light vehicle SAAR is 17.3 million units.
For the year to date, GM’s total sales are down 4.4% and retail sales are up 1.3%.
GM’s stock traded up about 1.9% Friday morning at $28.83 in a 52-week range of $24.62 to $36.88.
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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.
