Tracking GM Global Vehicle Sales And Market Share

General Motors (NYSE:GM) is a leading automaker committed to delivering the best automobile products to the world.

GM has been actively expanding its market share not only in the U.S. but also globally by continuously rolling out new models, including electric vehicles and autonomous driving, hoping to cash in on the market shift from fossil fuel to battery electric vehicles.

From the company’s quarterly and annual financial statements, you can find tonnes of vehicle sales and market share data for all regions in the world.

These data are important and should be followed by investors who have already owned or are interested in buying GM’s stocks.

From the vehicle sales and market share data, investors can find out not only the state of the demand for GM’s products but also the growth of the company which directly correlates with the vehicle sales figures.

In this article, we will look at the numbers of GM’s vehicle sales (retail sales) in 3 major regions in the world, namely the U.S., China, and South America.

Aside from the vehicle sales figures, the market share data is another metric that we will track from quarter to quarter.

The market share data is important as it reveals the competitiveness of GM’s automotive products.

All said, let’s head out to the topics below.

GM’s Retail Sales And Market Share

As mentioned, this article explores General Motors’ vehicle retail sales and market share in 3 specific regions or countries and they are the United States, China and South America.

The reason that the U.S., China and South America are chosen for discussion here is that these regions contribute the biggest chunk of vehicle sales to GM.

Based on the 2022 annual filings, GM’s vehicle sales from these 3 regions alone made up roughly 85% of the company’s global retail sales.

The following snapshot shows GM’s retail sales data extracted from the 2022 annual filing:

GM vehicle sales statistics for 2022, 2021 and 2020

As seen from the snapshot above, the majority of GM’s vehicle sales came largely from the U.S., China, and South America.

GM Europe’s sales ceased to exist after the company divested its European subsidiary in 2017.

GM’s Vehicle Sales And Revenue Recognition

Keep in mind that GM’s vehicle sales or retail sales data presented in this article do not translate to revenue or sales figures presented in the company’s income statement.

GM’s sales revenues presented in the income statements are recognized from only wholesale vehicle sales but not retail sales.

The retail vehicle sales data represent GM management’s good faith estimation of its market share in the respective regions.

Here is a quote from the company’s financial statements regarding retail vehicle sales data:

• “While total vehicle sales data does not correlate directly to the revenue we recognize during a particular period, we believe it is indicative of the underlying demand for our vehicles.

  Total vehicle sales data represents management’s good faith estimate based on sales reported by GM’s dealers, distributors, and joint ventures, commercially available data sources such as registration and insurance data, and internal estimates and forecasts when other data is not available.”

Investors who are interested in GM’s vehicle wholesale that correlates with revenue presented in the income statements may read about it here: General Motors Vehicle Delivery Numbers.

Take note that vehicle sales and retail sales are used interchangeably in this article and they represent the same thing.

GM’s Europe Vehicle Sales And Market Share

In addition, you may notice that GM Europe vehicle sales and market share data are not presented in this article.

The reason is that GM sold off its GM Europe subsidiary in 2017 and has totally exited the European market since the divestment.

As a result, the European vehicle sales and market share data have ceased to exist since 2017 or have been immaterial.

Let’s move on!

GM’s Vehicle Sales By Region (Yearly)

GM vehicle sales by region (yearly)

Let’s first look at GM’s regional vehicle or retail sales by year for the period between FY2014 and FY2022.

According to the chart, China has been GM’s largest retail market for the past 9 years, with the retail volume slightly above that of the U.S.

While GM sold nearly 4 million vehicles in China in earlier years, it was no longer selling that many units in recent years.

As seen in the chart, GM’s China retail sales topped only 2.3 million vehicles as of 2022, the lowest figure since 2014.

A similar downtrend is seen in GM’s vehicle sales in the U.S.

GM’s vehicle sales in the U.S. used to log 3 million units.

However, that figure has dropped to only 2.3 million units as of 2022.

While U.S. retail sales have been on a slide, GM’s 2022 figure still represents a year-over-year increase of 3% over 2021.

GM’s vehicle sales in South America were the lowest among the U.S. and China, coming in at only 450,000 units as of 2022.

Similarly, GM’s South America retail sales in 2022 represent an increase of a massive 15% over 2021.

GM’s Market Share By Region (Yearly)

GM market share by region (yearly)

GM has the highest market share in the U.S. among China and South America, reportedly at 16% as of FY2022, a rise of roughly 2 ppt over 2021.

While vehicle sales in the U.S. top millions of units, GM’s market share in the U.S. has been relatively flat between FY2014 and FY2022.

On the other hand, GM commanded a market share of only 10% as of FY2022 in China which was much lower than that of the U.S.

While China has been GM’s largest retail market, the company’s market share in China has been on a decline in the last 9 years and reached the lowest level as of FY2022 in this region.

GM’s market share in South America fares slightly better than that of China.

Despite selling less than half a million vehicles in South America, GM had a market share of 12% in this region in 2022, a rise of 2 ppt from 2021.

GM’s Vehicle Sales In The United States (Quarterly)

GM vehicle sales in the U.S. (quarterly)

GM’s vehicle sales in the U.S. rebounded significantly in 2022 and topped 623,000 units in Q4 2022.

In Q4 2022 alone, Chevrolet’s performance was up 43% while that of Cadillac was up a massive 75% on a year-over-year basis.

Similarly, GMC also sold a considerable number of vehicles in 4Q 2022, with year-over-year total retail deliveries up 42%, helped by trucks and SUVs such as Denali, AT4, Canyon, and Terrain.

Moreover, GM’s popular Bolt EV and Bolt EUV also did particularly well in Q4 20222, with retail sales up significantly to 16,000 units compared to only 25 units sold a year ago.

GM’s Vehicle Sales In The United States (TTM)

GM vehicle sales in the U.S. (TTM)

The quarterly plot may not show the trend of GM’s retail sales in the U.S.

The TTM or trailing 12-month plot above clearly displays the downtrend of GM’s U.S. retail volume.

As seen in the chart, GM experienced the worst decline in vehicle retail volume in the U.S. between 2021 and 2022.

While GM’s retail volume has been on a slide on a long-term basis, it rebounded significantly in 2022 from 2021.

As of 4Q 2022, General Motors’ TTM vehicle sales in the U.S. totaled 2.3 million units, up 3% over 2021.

GM’s Market Share In The United States

GM market share in the U.S.

In terms of market share in the U.S., GM’s numbers have been on a rebound since early 2022.

As seen, GM’s market share in the U.S. totaled 16.8% as of 4Q 2022, up significantly from the quarter a year ago.

GM’s Vehicle Sales In The United States YoY Growth Rates

GM retail sales YoY growth rates in the U.S.

GM’s vehicle sales in the U.S. were up 41% YoY in 4Q 2022 compared to a growth rate of 24% reported in the prior quarter.

GM’s Vehicle Sales In China (Quarterly)

GM vehicle sales in China (quarterly)

China is the second most important market for GM after the U.S. but the company can only gain access to the Chinese market through joint ventures with a local Chinese automaker.

Again, GM’s vehicle sales data presented in the chart above do not translate to any revenue recognized in the income statement as GM held only a minority interest in these joint ventures in China.

Moreover, these data also represent GM’s retail vehicle sales, which according to GM, do not translate to recognized revenue.

Only wholesale vehicle sales are recognized as revenue in GM’s income statements.

Here is a quote from GM’s filings regarding vehicle sales in China:

• “The vehicle sales of our Automotive China JVs are not recorded in Total net sales and revenue. The results of our joint ventures are recorded in Equity income, which is included in EBIT-adjusted above.”

All told, GM’s vehicle sales in China have been weak post-fiscal 2020.

As of 4Q 2022, GM delivered another weak quarter in China, with retail sales tumbling to only 576,000 vehicles in this quarter alone.

While GM’s vehicle deliveries had significantly recovered in fiscal 2021, the 4Q 2022 result represents a decline of 22% on a year-over-year basis.

The primary culprit in 4Q 2022 was led by Baojun which saw its year-on-year retail sales decline by as much as 76%.

GM’s other brands in China such as the Buick and Wuling also experienced a serious decline of 16% and 26%, respectively, on a year-on-year basis in 4Q 2022.

The formidable Chevrolet also saw a decline of 4% in China retail sales in 4Q 2022.

The only brand name that reported a positive growth rate in Q4 2022 was GM’s Cadillac which saw its retail volume increase by 4% over 2021.

GM’s Vehicle Sales In China (TTM)

GM vehicle sales in China (ttm)

From a TTM perspective, GM’s retail sales in China have been on a downtrend in the last 8 years, reaching only 2.3 million vehicles as of Q4 2022.

GM’s TTM China retail sales in 4Q 2022 tumbled by 20% year-over-year.

In 2022, GM’s China was the only market that experienced a retail sales decline in several quarters while the retail volumes in other regions such as the U.S. and South America had significantly rebounded.

In short, GM still has a long way to go in China.

GM’s Market Share In China

GM market share in China

Over the last 8 years, GM’s market share in China, including its brands and China affiliates, has deteriorated badly since 2018 and plunged to a record low of 9.2% as of 4Q 2022.

GM’s market share in China has been on a decline for quite a number of quarters since 2018.

While GM’s recovery in China has gained some momentum in recent quarters, its market share in this region has not quite improved.

In short, GM has been losing its market share to competitors.

GM’s Vehicle Sales In China YoY Growth Rates

GM retail sales YoY growth rates in China

While GM’s vehicle sales in the United States have grown, the result was on the opposite side in the Chinese market.

In Q4 2022, GM delivered 22% fewer vehicles year-over-year in China.

GM’s China vehicle sales have experienced several quarters of negative YoY growth rates since 2021.

GM’s Vehicle Sales In South America (Quarterly)

GM vehicle sales in South America (quarterly)

South America represents GM’s 3rd largest market after the U.S. and China.

In the South American market, Brazil contributed the largest vehicle sales to General Motors, at more than 60% of total delivery in the region as of fiscal 2022.

According to the chart, GM’s South American retail volume also has been on a decline and reached roughly 125,000 vehicles as of Q4 2022.

GM’s Vehicle Sales In South America (TTM)

GM vehicle sales in South America (TTM)

From a TTM perspective, GM’s South American retail sales have only been trending down since 2014.

As of Q4 2022, GM’s vehicle sales in South America came in at only 452,000 units on a TTM basis, up 15% from a year ago.

GM’s Market Share In South America

GM market share in South America

GM’s market share recovered significantly in 2022 to 13% as of 4Q 2022, driven primarily by higher vehicle sales in 2022.

GM’s Vehicle Sales In South America YoY Growth Rates

GM retail sales YoY growth rates in South America

In Q4 2022, GM’s vehicle sales year-on-year growth rate clocked at 6% compared to the 86% growth rate reported in the prior quarter.

GM’s recovery in vehicle sales in South America continued in the 4th quarter.

Throughout 2022, GM had reported 3 quarters of positive growth rates consecutively.

Conclusion

To recap, GM’s retail volumes in the U.S. and South America have both recovered in fiscal 2022 but suffered a decline in China.

On a TTM basis, GM’s vehicle retail volumes also have significantly recovered in 2022 in 2 of its biggest market, namely the U.S. and South America while that of China still continued to decline.

Similarly, GM’s market share also recovered considerably in the U.S. and South America in 2022 but the downtrend continued in China, possibly driven by new lockdowns in the country.

Credits and References

1. All sales figures in this article were obtained and referenced from General Motors’ quarterly and annual filings which are available in GM Sec Filings.

2. Featured images in this article are used under creative commons license and sourced from the following websites: GM Europe.

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 for your help!

Trending Statistics That May Help