GM U.S. Sales And Market Share For Truck, Car, SUV And EV

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

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

The presented vehicle sales numbers are based on the retail sales data obtained from GM’s financial reports which can be obtained in the company’s investor relations webpage.

Investors who are interested in GM’s wholesale numbers may visit this page: GM Vehicle Wholesales.

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).

Apart from these, we also look at GM’s EV sales numbers.

These days, a discussion without including EV is deemed incomplete.

Nevertheless, the vehicle retail sales presented in this article do not translate to GM’s revenue disclosed in the income statement.

Only wholesale vehicle sales translate to the company’s revenue presented in the income statement.

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

Let’s take a look!

GM’s Total U.S. Vehicle Sales

GM total U.S. vehicle sales

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On a consolidated basis, GM’s total U.S. vehicle sales came in at 2.3 million units as of 2022, representing a rise of 2.5% over 2021 but was down 11% over 2020.

While vehicle sales climbed for the first time in 2022, the result was still a decline on a long-term basis.

After topping more than 3 million vehicles in 2015, GM’s U.S. sales had tumbled by 26% since then.

GM’s Total U.S. Market Share

GM total U.S. market share

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GM’s total market share in the U.S. climbed considerably in 2022 over 2021.

As of 2022, GM had a total market share of 16% in the U.S. compared to 14.4% reported in fiscal 2021.

While the U.S. market share rose remarkably in 2022, the figure was still slightly lower compared to previous highs.

Nevertheless, GM’s U.S. market share had been relatively stable and had consistently stayed above 15% except for fiscal 2021.

GM’s Truck, Sedan, And SUV Sales In The U.S.

GM truck, SUV, sedan sales in the U.S.

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GM’s truck sales in the U.S. are among the largest compared to other vehicle segments, boasting 1.25 million units as of fiscal 2022, a year-on-year increase of 2%.

On a long-term basis, GM’s truck sales have been relatively stable and do not fluctuate that much compared to the sales figures for sedans and SUVs.

On the other hand, GM’s sedan sales in the U.S. are among the worst and had declined significantly since 2014.

While sedan sales climbed more than 50% in 2022 to 214 thousand units, the figure was still far from the record highs reported in prior years.

GM’s SUV sales in the U.S. seem to be on a slide consecutively after topping more than 1.1 million units in fiscal 2019.

As of 2022, GM’s SUV retail volume reached only 814 thousand units, a new low since 2019.

GM’s Truck, Sedan, And SUV Sales In The U.S. By Percentage

GM truck, SUV, sedan sales in the U.S. by percentage

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From the perspective of percentage, GM’s truck sales made up 55% of the company’s total U.S. retail volume in fiscal 2022, the highest among all vehicle segments.

More importantly, the percentage figures for truck sales also have been on the rise, suggesting the growing importance of the truck segment to the company.

In contrast, GM’s U.S. sedan or car sales percentage has declined considerably, tumbling from 37% measured in fiscal 2014 to a record low of 6% in fiscal 2021 before recovering to 9.4% as of fiscal 2022.

For SUV or crossover sales in the U.S., the percentage figures also have risen over time and topped as much as 41% in fiscal 2020 before slipping to 36% as of fiscal 2022.

Therefore, GM’s trucks and SUVs alone have accounted for at least 90% of the company’s total U.S. retail volume since fiscal 2020.

In other words, mid and large-size vehicles form the majority of GM’s vehicle sales.

In short, GM favors trucks and SUVs over cars and sedans.

GM’s Truck, Sedan, And SUV Growth Rates In The U.S.

GM truck, SUV, sedan sales in the U.S. growth rates

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In terms of growth rates, there had not been significant growth for trucks and SUVs in recent years.

However, for cars and sedans, the sales growth came back remarkably in fiscal 2022, notably at 55% year-over-year.

Prior to 2022, GM’s cars and sedans sales growth had been devastating as growth rates were seemingly negative in all fiscal years.

GM used to have outstanding growth rates for trucks and SUVs but the figures had been terrible in recent years, particularly for SUVs.

In short, GM has not been able to record extraordinary sales growth in all vehicle segments, maybe for cars and sedans in fiscal 2022.

GM’s Truck, Sedan, And SUV Market Share In The U.S.

GM truck, SUV, sedan market share in the U.S.

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GM’s market share for trucks in the United States has risen significantly since 2014 and reached a record figure of 31.4% as of fiscal 2022, a massive 8 percentage points increment over the last 9 years.

On the other hand, GM’s market share for cars and SUVs in the U.S. has been on the decline in the last 9 years.

For example, GM recorded a market share of only 11% as of 2022 for SUVs or crossovers in the U.S., down roughly 6 percentage points since 2014.

Similarly, GM’s market share for cars and sedans in the U.S. has got even worse, down 50% or 7 percentage points over the last 9 years, coming in at only 7.6% as of 2022.

While the market share for cars and sedans is among the smallest compared to other vehicle segments, it rebounded considerably in 2022 and seems to have reached a bottom in fiscal 2021.

In short, GM’s market share for trucks in the U.S. performed much better than that of SUVs and sedans.

GM’s EV Sales In The U.S.

GM total U.S. EV sales

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GM’s EV sales in the U.S. come from just the Bolt EV and Bolt EUV.

Despite the limited EV lineup, GM’s EV sales in the U.S. have been on a tear.

As of 2022, GM’s retail volume for electric vehicles totaled 38 thousand cars, a rise of more than 50% over 2021.

And in 2023 1Q alone, GM’s EV sales soared to a massive 20,000 vehicles, a record quarter since the company started an all-electric transition.

At this rate of growth, GM’s retail volume for EVs may exceed 80,000 cars by the end of fiscal 2023.

GM’s EV Sales In The U.S. By Percentage

GM total U.S. EV sales by percentage

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In terms of percentage, GM’s EV retail sales made up only 1.7% of the company’s total U.S. retail volume in 2022.

This figure rose to 3.3% as of 1Q 2023, a record number since 2019.

More importantly, the percentage figures have been on the rise, suggesting the growing importance of the EV market to the company.

GM’s Truck Sales In The U.S. By Quarter

GM U.S. truck sales by quarter

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On a quarterly basis, GM’s truck sales in the U.S. looks flat between FY2017 and FY2023.

On average, GM sold about 320,000 trucks on a quarterly basis over the last 6 years.

As of 1Q 2023, GM sold about 297,000 trucks in the U.S., which was significantly lower than the average.

GM’s Truck Sales In The U.S. By TTM

GM U.S. truck sales by ttm

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To smooth out the quarterly results and to better show the trend, I created the trailing 12-month (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.

Since 2022, GM’s truck sales in the U.S. have been on a rebound and reached nearly 1.3 million units as of 1Q 2023 on a TTM basis.

However, on a long-term basis, GM’s truck sales as of 2023 were still down considerably compared to historical highs.

GM’s Truck Market Share In The U.S. By Quarter

GM U.S. truck market share by quarter

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GM’s U.S. truck market share totaled 30% as of 1Q 2023, down slightly from the prior quarter and the quarter a year ago.

GM’s Car/Sedan Sales In The U.S. By Quarter

GM U.S. sedan sales by quarter

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As shown in the chart above, GM’s car or sedan sales in the U.S. have declined considerably since 2017.

As of 1Q 2023, GM’s sedan retail volumes totaled 62 thousand units, up 30% from the quarter a year ago but were flat sequentially.

GM’s rebounding car or sedan results in 2022 seem to have reversed the consistent downtrend over the years.

GM’s Car/Sedan Sales In The U.S. By TTM

GM U.S. sedan sales by ttm

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

Despite the continuous decline over the years, GM’s sedan or car sales in the U.S. have been on a rebound since 2022 and reached a record high of 228 thousand cars as of 1Q 2023, nearly double from a year ago.

GM’s Car/Sedan Market Share In The U.S. By Quarter

GM U.S. sedan market share by quarter

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GM’s U.S. car and sedan market share totaled 8.4% as of 1Q 2023, the lowest among all vehicle types for the company.

Also, the market share for cars and sedans in the U.S. has been on a rebound since 2021, illustrating the improving sales for GM’s car and sedan segment in the U.S.

GM’s SUV Sales In The U.S. By Quarter

GM U.S. SUV sales by quarter

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In terms of crossover or SUVs sales in the U.S., GM’s figures rebounded significantly after recording a quarterly sales figure of only 120 thousand units in fiscal 4Q21.

As of Q1 2023, GM’s SUV or crossover sales totaled 246,000 units, roughly 40% higher than a year ago.

In short, GM’s SUV or crossover sales in the U.S. were in much better shape in 2022 than in 2021.

GM’s SUV Sales In The U.S. By TTM

GM U.S. SUV sales by ttm

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From a TTM perspective, GM’s SUV or crossover sales have been on a rebound after recording sales of 672 thousand units in 2Q22, a seemingly bottom.

As of 1Q 2023, GM’s SUV or crossover sales totaled 881 thousand units on a TTM basis, about 16% higher than a year ago and a record high since 2022.

GM’s SUV Market Share In The U.S. By Quarter

GM U.S. SUV market share by quarter

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GM’s U.S. SUV market share totaled 12.5% as of 1Q 2023, up considerably from the prior quarter and the quarter a year ago.

GM’s market share for SUVs in the U.S. has improved by leaps and bounds since 2021 and was at a record high as of 1Q 2023.

Summary

In summary, GM’s vehicle sales in the U.S. did much better in fiscal 2022 than in 2021.

A turnaround was seen in mostly all vehicle types, from both the quarterly and TTM perspective.

Among all vehicle types, GM’s truck sales in the U.S. have been the most resilient while car or sedan sales have been brutal.

A rebound is only observed in the car and sedan segment since 2022 for both sales and market share in the U.S.

Also, GM’s market share for trucks was at a record high as of 2022.

Similarly, GM’s SUV or crossover sales have been on the rebound in post-pandemic periods and reached a record high as of 1Q 2023 while market share also was at a new high since 2022.

Finally, GM’s electric vehicle sales also have been on the rise and are bound to set a record sales number in fiscal 2023.

References and Credits

1. All sales figures presented in this article were obtained and referenced from General Motors’ financial statements, earnings reports, SEC filings, etc, which are available in GM Investor Relations.

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

Disclosure

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