General Motors (GM) marked a significant achievement in 2023, reporting a 14.1% increase in U.S. vehicle sales, marking its most successful year since 2019, a period preceding the onset of the Covid-19 pandemic and protracted supply chain challenges, according to a report by CNBC.
The Detroit-based automaker disclosed the sale of approximately 2.6 million vehicles throughout 2023, encompassing 625,176 cars and trucks sold during the final quarter of the year, a figure that remained relatively stable compared to the corresponding period in the previous year.
GM's Upward Trajectory
This performance is noteworthy considering GM's sales of around 2.3 million vehicles in 2022 and 2.9 million units in 2019. The upward trajectory in 2023 could be reflective of GM's resilience in navigating the challenges posed by the global pandemic and supply chain disruptions.
In comparison to broader industry expectations, GM's sales align with the anticipated overall trends. Industry experts at Edmunds project a 14% increase in industrywide sales for 2023, reaching approximately 15.5 million units.
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2024 Forecast for GM
Looking ahead, GM anticipates continued growth, with expectations for total U.S. industry sales to reach 16 million in 2024. If realized, this would make the highest industry sales since the record-breaking figures of over 17 million units reported in 2019, positioning GM optimistically in line with industry analyst forecasts, according to CNBC.
Marissa West, GM's Senior Vice President and President of North America emphasized the company's robust momentum in a statement, highlighting the growth in market share throughout 2023, coupled with strong pricing strategies and reduced incentives.
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