Over the course of the first 10 months of the 2023 calendar year, Chevy inventory levels fluctuated around the 60 days supply mark, indicating what the automotive industry considers an optimal level of inventory. Now, for the second month in a row, dealer inventory of the Bow Tie brand tied the industry average in December 2023.
According to a report from Cox Automotive, Chevy inventory levels stood at 70 days of supply as of December 2023. This means that at the current sales pace, there is currently enough inventory on dealership lots to last for 70 days. In comparison to the rest of General Motors’ U.S.-market brands, Chevy was ranked roughly mid-pack as Cadillac, GMC, Buick stood at 52, 68, and 106 days of supply, respectively.
It’s worth noting that these figures are related to the U.S. market.
This is an interesting development when considering that General Motors has been actively taking steps to reduce its surplus inventory across all its U.S. brands. While most facilities were closed towards the end of the 2023 calendar year in observance of the holidays, The General also scheduled an extra week of downtime at the Fort Wayne plant in Indiana and the Oshawa plant in Ontario where the Chevy Silverado is built, in addition to downtime at the Factory Zero plant in Michigan where the Chevy Silverado EV is produced, for maintenance projects.
Of course, while GM’s intention may not have been to lower supply levels, this decreased production output has the potential to help reduce supply figures moving through January 2024 and beyond.
For background, this study was based on the daily sales rate for the most recent 30-day period – which in this case ended on January 1st, 2024. Over this timeframe, December 2023 sales jumped 13 percent on a year-over-year basis for a total sales pace of 15.8 million units.