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Tracking GM Truck, Car And SUV Sales And Market Share

GM 2021 Silverado Realtree Edition. Source: GM 1Q 2020 earnings presentation.

This article is keeping track of General Motors (NYSE:GM) truck, SUV and sedan sales numbers as well as the market share in the United States on a quarterly and annual basis.

The vehicle sales numbers for GM’s trucks, SUV and cars (sedans) are based on the retail sales data extracted from GM’s financial statements available from the company’s investor relationship webpage.

In general, 3 types of vehicle sales numbers and market share data are presented in this article and they are:

(1) Trucks,
(2) Cars (or Sedans), and
(3) SUVs (or Crossovers).

For your information, the retail vehicle sales data presented in this article do not correlate with GM’s recognized revenue disclosed in the income statement.

Only wholesale vehicle sales data correlates with the company’s recognized revenue in the income statement.

Readers who are interested in GM’s wholesale vehicle sales may visit this webpage: GM’s Wholesale Vehicle Deliveries.

Let’s go take a look!

GM’s Truck, Sedan and SUV Sales Numbers In The U.S. (Yearly)

GM's truck, SUV and sedan retail volumes in the U.S.

GM’s truck, SUV and sedan retail volumes in the U.S.

* Truck, sedan and SUV sales numbers in the U.S. are obtained from GM’s quarterly and annual financial statements and do not come from restated data triggered by business combinations, accounting rules changes, sales/acquisition of subsidiaries, vehicle types reclassification, etc.
* GM’s fiscal year begins on Jan 1 and ends on Dec 31.

Let’s first look at GM’s truck, sedan and SUV sales numbers in the U.S. by year which is shown in the chart above for the period from FY2014 to FY2020.

According to the chart, GM’s truck sales in the U.S. topped out at 1.36 million units in FY2018.

Since then, GM’s truck sales have been on a decline and reached 1.26 million units in FY2020.

Year over year, GM’s truck sales in FY2020 declined by about 6% compared to the prior year.

In contrast, GM’s SUV or crossover retail volumes in the U.S. have been increasing since FY2014.

As of FY2020, GM’s SUV sales reached 1.05 million units, representing a year-over-year decline of 10% compared to FY2019.

Among the 3 types of vehicle sales, GM’s sedan sales have been the worst in the U.S.

Since 2014, GM’s sedan or car sales in the U.S. have been on a decline and reached only 239,000 units as of FY2020.

Between FY2014 and FY2020, GM’s sedan retail volumes in the U.S. have declined by nearly 80%.

In short, GM’s all vehicle segments have declined in terms of retail volumes in FY2020, primarily driven by the COVID-19 disruptions which have affected not only the supply chain but also the demand for vehicles in the U.S.

GM’s Truck, Sedan and SUV Market Share In The U.S. (Yearly)

GM's truck, SUV and sedan market share in the U.S. by year

GM’s truck, SUV and sedan market share in the U.S. by year

* Truck, sedan and SUV market share numbers in the U.S. are obtained from GM’s quarterly and annual financial statements and do not come from restated data triggered by business combinations, accounting rules changes, sales/acquisition of subsidiaries, vehicle types reclassification, etc.
* GM’s fiscal year begins on Jan 1 and ends on Dec 31.

The chart above shows GM’s market share by vehicle type in the United States for the period between FY2011 and FY2020.

As seen from the chart, GM’s truck market share in the United States has risen significantly in recent years and reached as much as 31% as of FY2020.

Since fiscal 2014, GM has gained a massive 8 ppt in the truck market share in the U.S., notably from 23% recorded in FY2014 to 31% recorded in FY2020.

On the other hand, GM’s SUV or crossover market share in the U.S. remained flat at 14% as of FY2020.

However, between FY2014 and FY2020, GM’s SUV market share in the U.S. has slightly declined.

In terms of sedan or car market share, GM has significantly lost its market share in this vehicle segment in the U.S. since FY2014.

As of FY2020, GM’s sedan market share in the U.S. reached its lowest level at only 7.1%.

In short, GM has lost more than half of its market share in the sedan segment in the U.S. since FY2014.

GM’s Truck, Sedan and SUV Market Share In The U.S. (Quarterly)

GM's truck, SUV and sedan market share in the U.S. by quarter

GM’s truck, SUV and sedan market share in the U.S. by quarter

* Truck, sedan and SUV market share numbers in the U.S. are obtained from GM’s quarterly and annual financial statements and do not come from restated data triggered by business combinations, accounting rules changes, sales/acquisition of subsidiaries, vehicle types reclassification, etc.
* GM’s fiscal year begins on Jan 1 and ends on Dec 31.

In fiscal 3Q 2021, GM achieved a market share of 28.7% in truck sales in the U.S., down slightly from a year ago and from the prior quarter.

Similarly, GM’s market share in the U.S. for crossover or SUV declined sharply to only 8.8% in 3Q 2021 compared to the 13.8% market share reported a year ago.

GM’s sedan or car market share in the U.S. has been the worst among the 3 vehicle segments.

In Q3 2021, GM’s sedan or car market share plummeted to only 2.9%, one of the lowest the company has ever reported.

GM’s Truck Sales Numbers In The U.S. (Quarterly)

GM's truck sales in the U.S. (quarterly)

GM’s truck sales in the U.S. (quarterly)

* Truck sales numbers in the U.S. are obtained from GM’s quarterly and annual financial statements and do not come from restated data triggered by business combinations, accounting rules changes, sales/acquisition of subsidiaries, vehicle types reclassification, etc.
* GM’s fiscal year begins on Jan 1 and ends on Dec 31.

On a quarterly basis, GM’s truck sales in the U.S. have been roughly flat between FY2017 and FY2021.

On average, GM sold about 320,000 trucks on a quarterly basis over the last 5 years.

However, GM sold only 266,000 trucks in Q3 2021 in the U.S. which was well below the average.

Year over year, the 2021 Q3 truck sales result represents a decline of 17% from a year ago.

According to GM, the company saw a decline in all truck sales in the U.S. in 3Q 2021, particularly the Silverado and Sierra truck series.

For example, GM delivered 10% fewer Chevrolet Silverado HD and LD trucks in the 3Q 2021 quarter on a year-on-year basis.

Similarly, GM sold 20% fewer GMC Sierra HD and LD trucks in the same quarter in Q3 2021 compared to a year ago.

The Chevrolet Silverado MD was the only truck that saw an increase in retail sales in 3Q 2021, up 13% from a year ago.

GM’s Truck Sales Numbers in the U.S. (TTM)

GM's truck sales in the U.S. (ttm)

GM’s truck sales in the U.S. (ttm)

* Truck sales data shown in the chart above is presented on a TTM basis.
* TTM figures consist of the sum of the quarterly data on a trailing 12-month or 4-quarter basis.
* GM’s fiscal year begins on Jan 1 and ends on Dec 31.

To smooth out the quarterly results and to better show the trend, I created the trailing 12-months (TTM) plot as shown in the chart above.

The TTM plot shows a much clearer trend for GM’s truck sales in the United States.

According to the chart, GM’s truck sales have been on a decline from a TTM perspective since fiscal 2017.

GM’s truck sales hit a record low at only 1.21 million units in Q3 2020, representing a year-over-year decline of 11%, despite recording a better-than-expected quarterly truck sales number in the same quarter.

However, GM’s truck sales in the U.S. recovered in subsequent quarters in the 2nd half of 2020 and early 2021.

In 2Q 2021, the TTM sales figure has already returned to the pre-COVID level and was at a record high since fiscal 2020.

However, as of Q3 2021, GM’s TTM truck sales declined slightly to a total of 1.32 million units on a sequential basis but were still up 9% year-on-year.

GM’s Trucks Sales Year On Year Growth Rates

GM's truck sales YoY growth rates

GM’s truck sales YoY growth rates

* Year over year growth rates come from the author’s own calculation based on GM’s quarterly truck sales numbers.
* GM’s fiscal year begins on Jan 1 and ends on Dec 31.

GM’s truck sales in the U.S. grew at a massive 41% in 2Q 2021 but declined as much as 17% in 3Q 2021 based on the quarterly sales figures.

GM’s SUV Sales Numbers In The U.S. (Quarterly)

GM's SUV sales in the U.S. (quarterly)

GM’s SUV sales in the U.S. (quarterly)

* SUV sales numbers in the U.S. are obtained from GM’s quarterly and annual financial statements and do not come from restated data triggered by business combinations, accounting rules changes, sales/acquisition of subsidiaries, vehicle types reclassification, etc.
* GM’s fiscal year begins on Jan 1 and ends on Dec 31.

In terms of crossover or SUVs sales in the U.S., GM’s quarterly results have been on a steady uptrend between FY2017 and FY2021.

For instance, GM sold more SUVs or crossovers in 2019 than in 2017.

That said, 2019 was the best year for GM when the company reported 4 consecutive quarters of increasing SUVs sales and the number hit a record high by 4Q 2019 at more than 300,000 units of SUVs.

On average, GM sold about 260,000 SUVs or crossovers in the U.S. on a quarterly basis in the last 3 years.

When the COVID-19 pandemic hit the U.S. in early 2020, GM’s SUVs or crossovers retail volumes dived significantly to only 254,000 vehicles in 1Q 2021.

The decline further deteriorated in Q2 2020 when only 202,000 SUVs were sold, a record low for General Motors.

However, GM’s SUV sales recovered dramatically in the 2nd half of 2020 when the company reported significantly more sales than the 1st half of the year.

The recovery in SUV sales continued into the 1st half of 2021.

As of Q3 2021, GM’s crossover or SUV sales dived to only 160,000 units in the U.S., down 44% from a year ago and more than 50% sequentially.

In the SUV segment, GMC’s Acadia and Terrain sales worsened considerably in 2020 3Q, down 50% in both models on a year-over-year basis.

Similarly, the Cadillac XT series was also experiencing a serious decline in 3Q 2021 across all models.

In this aspect, the luxury XT4 performed the worst as sales were down more than 90% year-over-year.

My guess is that GM’s SUV sales decline in the U.S. in Q3 2021 was driven primarily by the microchip crisis which has affected not only the automotive industry but also the consumer retail sector.

GM’s SUV Sales Numbers In The U.S. (TTM)

GM's SUV sales in the U.S. (ttm)

GM’s SUV sales in the U.S. (ttm)

* SUV sales data shown in the chart above is presented on a TTM basis.
* TTM figures consist of the sum of the quarterly data on a trailing 12-month or 4-quarter basis.
* GM’s fiscal year begins on Jan 1 and ends on Dec 31.

From a TTM perspective, GM’s retail volumes for SUVs or crossovers in the U.S. were seen recovering steadily post the COVID pandemic, with sales reaching as much as 1.17 million units in 2Q21 on a TTM basis.

However, things took a negative turn in 3Q21 when SUV sales dived badly to only 1.05 million units.

Again, GM’s SUV sales decline in the U.S. was most likely driven by the microchip crisis.

GM’s SUV Sales Year On Year Growth Rates

GM's SUV sales YoY growth rates

GM’s SUV sales YoY growth rates

* Year over year growth rates come from the author’s own calculation based on GM’s quarterly SUV sales numbers.
* GM’s fiscal year begins on Jan 1 and ends on Dec 31.

GM’s SUV sales in the U.S. grew at a massive 50% in 2Q 2021 but declined as much as 44% in 3Q 2021 based on the quarterly sales figures.

GM’s Car/Sedan Sales Numbers In The U.S. (Quarterly)

GM's sedan sales in the U.S. (quarterly)

GM’s sedan sales in the U.S. (quarterly)

* Sedan sales numbers in the U.S. are obtained from GM’s quarterly and annual financial statements and do not come from restated data triggered by business combinations, accounting rules changes, sales/acquisition of subsidiaries, vehicle types reclassification, etc.
* GM’s fiscal year begins on Jan 1 and ends on Dec 31.

GM’s car or sedan sales in the U.S. have been declining in the last 5 years, with the worst retail sales reported in the latest quarter at only 21,000 units.

As of 3Q 2021, GM’s sedan retail volumes totaled only 21,000 units, down 66% from the quarter a year ago and 28% sequentially.

The Q3 2021 car sales result was the lowest that GM has ever recorded in the last 5 years.

Unde the car or sedan segment, the sales of Chevrolet Impala, Malibu and Sonic were nearly wiped out in 3Q 2021, down nearly 100% year-over-year.

Even the popular Chevrolet Bolt EV was not spared in Q3 2021 when sales were lower by 21% from a year ago.

GM’s Car/Sedan Sales Numbers In The U.S. (TTM)

GM's sedan sales in the U.S. (ttm)

GM’s sedan sales in the U.S. (ttm)

* Car sales data shown in the chart above is presented on a TTM basis.
* TTM figures consist of the sum of the quarterly data on a trailing 12-month or 4-quarter basis.
* GM’s fiscal year begins on Jan 1 and ends on Dec 31.

The TTM plot above clearly shows the downtrend of GM’s sedan sales in the U.S.

While GM’s car sales have slightly recovered in fiscal 2020 in the quarterly plot, the TTM plot shows that GM’s car or sedan sales continued to plunge and reached only 179,000 units as of 3Q 2021, a new low for the company.

GM’s Sedan Sales Year On Year Growth Rates

GM's sedan sales YoY growth rates

GM’s sedan sales YoY growth rates

* Year over year growth rates come from the author’s own calculation based on GM’s quarterly SUV sales numbers.
* GM’s fiscal year begins on Jan 1 and ends on Dec 31.

GM’s cars or sedans sales in the U.S. from fiscal 2018 to 2021 have been a downright disaster as seen from all the negative growth rates in the chart.

Accordingly, GM’s car or sedan sales in the U.S. declined at a massive 66% in 3Q 2021 which was nearly at the same rate as that during the COVID age in 2020.

Summary

In summary, GM’s truck sales in the U.S. have been recovering since its worst result reported in fiscal 2020.

However, GM’s truck sales plunged significantly in Q3 2021 in both quarterly and TTM results.

Similarly, GM’s SUV sales also have been recovering since 2020 but plunged in 3Q 2021 to a record low level which was never seen before.

GM’s car or sedan sales are the worst among the 3 vehicle segments.

Both the quarterly and TTM car sales results have reached new lows as of Q3 2021.

GM’s truck sales are the most resilient among the 3 vehicle segments.

Despite having the COVID-19 fear as well as the microchip crisis, GM’s truck sales have only slightly declined in FY2021.

Going forward, Biden’s administration infrastructure plan may result in a higher demand for trucks and SUVs as more construction activities take place in the future.

Therefore, I am long GM’s stock in the near future.

References and Credits

1. Financial figures in all charts in this article were obtained and referenced from General Motors’ financial statements available in GM Earning Release.

2. Featured images in this article are obtained from the following source: GM Q1 2020 results.

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Disclosure

The content in this article is for informational purposes only and is neither a recommendation nor a piece of financial advice to purchase a stock.

If you find the information in this article helpful, please consider sharing it on social media and also provide a link back to this article from any website so that more articles like this one can be created in the future. Thank you!

{ 1 comment… add one }
  • Tom Furnival December 17, 2021, 2:42 am

    I currently drive a 2019 Volt. This leased vehicle comes due in August 2022. We had an Equinox before it was downsized and the moon roof removed. I thought it should have been produced as a hybrid and a plug-in. My wife currently owns a KIA Niro hybrid. It seems that the sedan void is being filled by foreign companies and the Tesla. The Tesla is something new and exciting. There is really nothing new and exciting yet from anyone. I like the Toyota approach. They are the leaders of electric motor vehicles in the world and are making money on the Prius. I have owned (3). When I visited Berlin I noticed the taxi cabs there were mostly Prius.

    Thanks for the data on GM/Ford/Tesla.

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