General Motors Dominates Q3 Auto Sales, Yet Shares Fall to Yearly Low

Auto Sales

In a surprising twist to the U.S. automobile market trends, several car giants reported growth in their Q3 sales, propelled by an increase in inventories and a boost in fleet demand. However, General Motors, despite leading in sales, witnessed a drop in its stock value.

General Motors (NYSE:GM)

As projections indicated, General Motors (NYSE:GM) took the Q3 sales throne. The company sold 674,336 vehicles, a 21% increase year over year, outpacing the Cox Auto prediction of 658,433 vehicles. All GM car brands reported growth, with robust sales in traditional vehicles.

The Lyriq and Hummer EV sales also showcased promising figures. Despite this, GM shares saw a decline of 4.8% over two days, touching a 52-week low. This drop came amid an ongoing autoworkers’ strike, which reportedly cost GM $200 million in its initial fortnight.

Toyota Motor (NYSE:TM)

Toyota (NYSE:TM) surpassed its Q3 sales estimate of 572,764 vehicles by selling 590,296, marking a 12.2% increase year over year. The company cited that nearly one-third of their September sales comprised electrified vehicles. Nonetheless, the Toyota stock slipped 6.1% over two consecutive days.

Ford Motor (NYSE:F)

Ford (NYSE:F) reported sales of 500,504 vehicles for Q3, slightly edging out its anticipated 493,373. The company saw a substantial rise in EV sales, led by the E-Transit van and Mustang Mach-E SUV. However, Ford’s stock dipped 1.3% on Wednesday, adding to the unpredictable stock patterns for automobile companies this quarter.

Stellantis (NYSE:STLA)

In contrast to its peers, Stellantis (NYSE:STLA) faced a decline in sales, selling 380,563 vehicles compared to the anticipated 384,371. This marked a 1% decrease from the previous year’s figures. Stellantis shares followed suit, dipping nearly 1%.

Honda Motor (NYSE:HMC)

Honda (NYSE:HMC) posted impressive Q3 figures, selling 339,143 vehicles – a significant leap from its estimated 331,608. This marked a 52.7% rise year over year, emphasizing Honda’s strong market momentum. However, mirroring the trend, Honda shares receded by 3.5%.

In the broader perspective, analysts at Cox Automotive have upped their forecasts for the US auto market, driven by the strong Q3 sales momentum. Yet, the shadow of the UAW strike lingers, threatening to offset the industry’s gains if prolonged.

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