Inventory of new Chevy vehicles was below 60 days supply for February 2023, up slightly from approximately 55 days supply in January.
Chevy executives have expressed their intention to maintain inventory levels between 50 and 60 days supply. Both theoretical and actual supply numbers are very close to the 60-day level typically thought optimal by many automotive sales organizations, such as the National Automotive Dealers Association (NADA).
Via Cox Automotive
Supply seemed to show slowing pickup sales in January 2023. Inventory of Chevy Silverado trucks climbed to around 100 days supply in January, showing accumulation of an unsold backlog. Chevy pickups now have inventory figures somewhere in the 90-day supply range, down somewhat from the start of the year.
Chevy’s inventory situation roughly matches that of the automotive market in general, information published by Cox Automotive reveals. Affordable cars, cheaper compact SUVs, and mid-size trucks all had relatively lower days supply available in February. At the same time, inventories of higher-priced cars and full-size pickups and SUVs are piling up. Full-size pickup models are running at 79 days supply on average.
GM is responding to the inventory situation with a two-week production pause at its Fort Wayne Assembly plant located in Indiana. The General will idle production lines of the Chevy Silverado and GMC Sierra starting on the week of March 27th, 2023.
Besides this intentional halt, an unspecified parts shortage has forced GM to stop production of the same two nameplates at Silao Complex in Silao, Guanajuato, Mexico. The shutdown is expected to last through March 21st.
Meanwhile, the first shipment of approximately 5,000 units of the 2024 Chevy Trax is on its way to the U.S. from South Korea. The all-new entry-level crossover will appear in North American dealerships in spring 2023, with the base LS trim priced at $21,495 inclusive of destination charge.
GM Korea president and CEO Roberto Rempel says he is “confident that demand will be high enough” for the 2024 Chevy Trax “to operate the largest production line at the Changwon plant at its fullest.” The second-generation crossover is produced at the GM Changwon plant with production likely expanding to the GM Bupyeong plant in Q2.
If the trends reported by Cox Automotive hold, the affordably priced Chevy Trax is unlikely to remain in inventory for long. Market data indicates inventories for vehicles in $20,000 to $40,000 price range are currently hovering at 40 to 44 days supply, while the cheapest vehicles, under $20,000, can maintain only an average of 20 days supply.
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Comments
This article is extremely misleading saying Chevy is at optimal inventory levels at 55-60 days. This includes the Silverado that likely is 50% or more of Chevy sales and is at 100 days inventory or more.
So all of the smaller vehicles like Trax, Trailblazer, Equinox , Malibu , Colorado have next to no inventory.
Been to a large Chevy retailer today , virtually everything on the lot is a full size Silverado or Sierra.
No Trax, Trailblazer, Equinox , Malibu , Colorado (no even a 2022) on the lot !!
So the chevy inventory is not at 55 days , the Silverado has all of the available inventory and the remainder are close to 0
I can only hope that GM does not think this is optimal.
I wanted to buy a 2023 Colorado , but might as well wait until June and order a 24 and avoid all of the frustration of no inventory!!
It’s not rocket science, Silverado priced over $40k for base even with decent trade or lease over $500 per month for 72 months purchase or 36 month lease. All the others between $350-450 for purchase and $300-450 lease depending on length of term.
chevy not in bad position , they have 2 small suv to sell while going through shift to batteries, these do well during a slowdown
So Silverado production will shut down March 27th and last to March 21st. Am I reading this wrong?
I’m ordering a 2024 2500 hd LTZ, any guesses on delivery date?
Ordered my 2024 3500 HD LTZ dually last month and was told to expect a 4 month wait. Scheduled for a 3/27 week build and then up to 12 weeks to transport, so looks like the 4 month estimate was correct.
Thank you.
Yeah well they can’t build the Z06 corvette it’s pitiful for major car brand to hype a car up as much as they did and not be able to produce at this rate they will be lucky to produce 1000 for model year 23
Where is these numbers coming from? The Silverado pickup trucks are piling up at dealerships and they make up a large percentage of Chevrolet vehicles.
The article is accompanied by a photo of a huge lot filled with vehicles. In my view, that’s a glaring example of inefficient production and distribution/sales – that’s a lot of money sitting in those lots, money that generates no return. The vehicles should come off the line and into the transportation system. GM – tell the Korea people to stop wasting money on managing a huge inventory….
The photo is actually showing the dock, prior to the vehicles being loaded onto the ship. I’ve been to the Mazda factory in Hiroshima and it is awesome to watch. They will have all vehicles on the dock when the ship is brought in, then they will load thousands of cars in a matter of hours. They all have to be individually driven on and secured. Takes hundreds of workers to accomplish, but they are bumper to bumper going up the ramp til they’re all loaded.
The trucks would move off the lot faster if they had fewer 4 bangers lined up out there. The 2.7 is pretty much for leasers. I need a truck to do truck stuff, and the base engine is inadequate. Just my 2c.
More BS there are very few new Chevy’s on the Chevy lots in my Midwestern state. My dealer still has campers parked where the new Silverados used to be pre-pandemic.
I’m not sure if GM is trying to put certain dealerships out of business. Still no truck inventory in southwest Utah. Plants on furlough. What’s going on? No inventory. Can’t buy GMS.
Where’s the 100 day supply?
Guess I’ll be buying a competitor or making a flight back to Michigan to buy
Yes GM sales are down. Ford and Ram are taking a bigger hit on pickups. My area small as it is have plenty of Chevrolet lots of 2.7 on the lots. Even the small GMCdealer shows more pickups on their lots than the last 2 years. Ram and Ford lots are loaded.