General Motors (GM), the automotive manufacturer known for brands like Chevrolet, GMC, and Cadillac, reported promising sales trend in the second quarter of 2024 including a major surge in sales of electronic vehicles.
GM sold a total of 696,086 vehicles in this past quarter, representing a 0.6% gain compared to the same period in 2023. The number, fueled by full-size pickup trucks, also marks the company’s best quarter since 2020.
Its EV division also performed well, with the sales of GM electric cars jumping 40% year-over-year and coming at 21,930 units. Still, EVs represent just a fraction of GM’s business, accounting for 3% of sales in the second quarter.
On the other hand, GM’s sales over the first half of 2024 have dipped. The company sold around 1.4 million cars in the first two quarters, which represents a 0.4% decrease compared to the same period of last year.
The shares of GM made slight gains on Tuesday, going up by 0.58% to close at $46.95 per share. The company’s stock is 30.24% up year to date.
Several other carmakers announced their sales on Tuesday as well. It was a good quarter for Toyota and Hyundai, who saw a 9.2% and 2.2% increase in sales compared to the same period in 2023, while Kia reported a 6.5% decrease in June compared to the previous month.