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U.S. Auto Sales: GM Grows Q2 Sales 40%; Bolt EV Sales Jump 351%

U.S. Auto Sales: GM Grows Q2 Sales 40%; Bolt EV Sales Jump 351%

General Motors (GM) grew U.S. auto sales 40% in the second quarter but missed estimates, as the chip shortage weighed on vehicle inventories, offsetting strong demand. GM stock edged higher.




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Ford (F), Stellantis (STLA), Toyota (TM), Honda (HMC) and Volkswagen (VWAGY) also report Q2 sales.

Analysts at J.D. Power and LMC Automotive forecast that the annualized rate for U.S. auto sales will reach 15.8 million units in June. That would be up 2.6 million units from pandemic-hit June 2020, but down from 17.1 million units in both May 2021 and June 2019, with the sales pace cooling amid low inventories from the semiconductor shortage. The analysts expect a stronger selling pace in the second half of the year.

Here is how automakers performed vs. the expectations of Cox Automotive analysts. The results show Q2 unit volumes as well as sales growth or decline vs. both Q2 2020 and Q2 2019, the latter of which avoids pandemic-influenced comparisons.


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General Motors

Q2 auto sales estimate: 700,978; up 43.3% vs. Q2 2020 and down 5.8% vs. Q2 2019.

Results: 688,236; up 39.7% vs. the year-ago quarter. Year over year, sales of a redesigned Bolt EV and new Bolt compact SUV jumped 351%, GM said. Sales of profitable Silverado and Sierra pickups rose 35% and 40%, respectively.

Global automakers are making an ambitious and costly shift to electric vehicles, so EV sales will be closely watched.

GM stock added 0.5% to 59.45 on the stock market today.

“Consumer demand for vehicles is also strong, but constrained by very tight inventories” due to the chip shortage, GM chief economist Elaine Buckberg said in a release. “We expect continued high demand in the second half of this year and into 2022.”

GM sees increasing truck production and shipments as it manages through supply constraints.

Toyota Motor

Q2 sales estimate: 698,838; up 75.6% vs. Q2 2020 and up 14.9% vs. Q2 2019.

Results: Toyota sold 688,813 vehicles last quarter. Hybrid electric vehicles, pure EVs and fuel-cell EVs made up nearly a quarter of total sales, the company said.

Ford Motor

Q2 auto sales estimate: 519,007; up 20.1% vs. Q2 2020 and down 19.5% vs. Q2 2019.

Results: Check back later.

Stellantis, formerly Fiat Chrysler

Q2 auto sales estimate: 504,638; up 37.5% vs. Q2 2020 and down 15.6% vs. Q2 2019.

Results: Check back later.

Honda Motor

Q2 auto sales estimate: 483,758; up 64.8% vs. Q2 2020 and up 18.8% vs. Q2 2019.

Results: Check back later.

Volkswagen

Q2 auto sales estimate: 208,896; up 78.6% vs. Q2 2020 and up 24.9% vs. Q2 2019.

Results: Check back later .

Find Aparna Narayanan on Twitter at @IBD_Aparna

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Julia has handled various businesses throughout her career and has a deep domain knowledge. She founded Stock Market Pioneer in an attempt to bring the latest news to its readers. She is glued to the stock market most of the times and just loves being in touch with the developments in the business world.

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