The inventory of new GM vehicles at dealerships – including vehicles in transit to dealers – surged by 42 percent in the third quarter (Q3) of 2024, according to inventory data from The General.
In all, 627,048 new vehicles were in stock or in transit as of September 2024. This represents a 42-percent increase year-over-year compared to the same time period in 2023, as well as an 8 percent jump from Q2 2024, when 581,001 units were in stock or transit as of June 2024.
GM stated that Q4 is “typically a period of strong sales and lower production due to holidays.” The automaker added that it’s “on track to end 2024 with 50 to 60-day range supply of vehicles.” Deliveries are down slightly year over year, with shrinking deliveries of Chevy vehicles seemingly the catalyst for this change, while Buick, Cadillac, and GMC all have higher deliveries for Q3 2024 than Q3 2023.
Buick deliveries rose 7.8 percent relative to last year, with the Buick Envista selling the most units at 15,004 and the Buick Encore GX in second place with 14,675 units. Cadillac sales grew a more modest 4.4 percent, led by 8,788 deliveries of the Cadillac Escalade and 7,224 Cadillac Lyriq crossovers sold.
Chevy sales fell by 6.4 percent for the quarter, with the Chevy Silverado 1500 as the most popular model with 85,190 deliveries and the revamped Chevy Trax grabbing second place at 59,299 units sold. GMC deliveries rose 6.4 percent, spearheaded by 52,647 GMC Sierra 1500 units and 27,579 GMC Sierra HD units.
GM also listed several other highlights of the company’s performance in Q3. These include the highest pickup truck sales since 2007 for the first nine months of the year, a nearly 64 percent market share for its full-size SUV models, and nine consecutive quarters of sales growth overall.
General Motors underlined its growing EV sales as a particularly bright spot in its commercial efforts. Deliveries of its electric vehicles soared 60 percent year-over-year for the third quarter, while also growing 46 percent compared to Q2. A total of 32,195 electric vehicle units were sold during the three-month period, or about 4.9 percent of total GM deliveries.
The General also pointed to five ICE launches upcoming in Q4 – those of the 2025 GMC Terrain, the 2025 GMC Yukon, the 2025 Chevy Suburban, the 2025 Cadillac Escalade, and the 2025 Chevy Tahoe – and two EV launches in the same period – including the 2025 Cadillac Escalade IQ and the 2025 Cadillac Optiq – as further indicators of its ongoing momentum.
Comments
Yeah, no recession. Thanks, Joe .
Or it could be trucks are up 15grand from 4 or 5 years ago. That’s much more than inflation.
15 grand.. uhm what. you mean 45.
Inventory is up because they can’t stop gouging – it’s an addiction – by putting decent cash on the hoods. So, take that!
5 new models for 2025 that most people don’t have the money to buy in this time of inflation. Well done GM. I really wonder if they are aware of the situation?
Price gouging pay back time.