General Motors recently released its second quarter 2021 financial results, headlined by $2.8 billion in income on $34.2 billion in revenue. Interestingly, the average transaction price (ATP) for the Chevy brand topped $45,000 during the time period.
Per a report from Cox Automotive, the ATP for Chevy brand vehicles during Q2 of 2021 was $45,083, rising 11 percent, a new record for the quarter. During Q2 of 2020, the Chevy brand ATP was recorded at $40,809.
Helping to drive the new ATP record home was the all-new 2021 Chevy Tahoe, which saw the largest ATP gain, rising 15 percent to hit a new record of $64,663. The all-new 2021 Chevy Suburban was up 9 percent to $69,270.
One of the most impactful external factors during Q2 of 2021 was the global microchip shortage, which affected vehicle production across the auto industry, reducing vehicle inventory and feature availability.
“[GM’s] GMC and Chevrolet divisions had among the industry’s skimpiest inventories, as did all of GM’s trucks and full-size SUVs,” Cox Automotive reports. “However, GM was able to post sales increases for its most profitable truck and SUV models while also pushing average transaction prices to record highs.”
U.S. sales volume during Q2 of 2021 for the Chevy brand amounted to 428,615 units, the highest of all four U.S. GM brands. Last year, Chevrolet recorded 328,692 units sold during Q2.
The biggest percentage sales increase was for the Chevy Bolt EV, up 335 percent to 10,857 units, topping its highest volume ever for Q2. Chevy Corvette sales were up 224 percent to 7,971 units, the highest recorded for the nameplate since 2016. Chevy Suburban and Chevy Tahoe sales were up 90 percent and 74 percent, respectively, while the full-size Chevy Silverado was up 34 percent.