GM February Sales Beat Expectations

Small and Compact Car Sales up 43 percent

DETROIT – General Motors Co. (NYSE: GM) today reported total sales of 209,306 vehicles in February, up 1.1 percent compared with the company’s very strong February 2011 results.  

“Chevrolet’s 6 percent sales increase, which was driven by new models, as well as a stronger economy, helped GM exceed last February’s remarkably strong result,” said Don Johnson, vice president, U.S. Sales Operations.  “It’s an affirmation of our progress.  We are continuing to execute the same disciplined sales strategy that was the key to our success in 2011.”

Industrywide, February light vehicle sales will top 1.1 million units, thanks to stronger employment and credit availability, an improving housing market and the recovery in consumer sentiment, he added.

“Commercial sales are a good barometer for the economy,” Johnson said.  “GM’s commercial deliveries increased 35 percent in February, driven by strong sales of heavy-duty pickups.”

Year-over-year sales of the Chevrolet Silverado HD and GMC Sierra HD were up 28 percent and 20 percent, respectively.  Other sales highlights for February include double-digit sales increases for the Buick LaCrosse, which features the 36-mpg eAssist powertrain as standard equipment, the Chevrolet Equinox and Camaro, and the GMC Terrain.

Chevrolet passenger car sales were up 13 percent.  The all-new Chevrolet Sonic had its best month ever, with sales of 7,900 units.  Chevrolet Cruze exceeded 20,000 units for the sixth time, marking its sixth-consecutive month of year-over-year sales gains.  GM’s small and compact car portfolio, which now includes the Chevrolet Sonic, Cruze and Volt, and the new Buick Verano, were up a combined 43 percent versus February 2011.

GM’s year-over-year incentive spending, expressed as a percentage of average transaction prices, was down 3.5 percentage points to 9.5 percent in February, according to J.D. Power PIN estimates.  Incentive spending was down about one-half point from January.

 

Highlights

Feb. 2012 Total  Sales  

Total Change vs. Feb. 2011

Feb. 2012 Retail Sales Change vs. Feb. 2011

CYTD Total Sales  

CYTD Total Sales Change vs. 2011

CYTD Retail Sales Change vs. 2011

Chevrolet

151,197

5.8%

(1.3%)

275,061

2.5%

(7.5%)

GMC

32,581

0.1%

(5.7%)

57,547

(4.4%)

(9.4%)

Buick

14,023

(11.3%)

(3.6%)

24,231

(16.7%)

(10.4%)

Cadillac

11,505

(27.0%)

(20.2%)

20,429

(27.9%)

(21.0%)

Total GM

209,306

1.1%

 (3.9%)

377,268

(2.2%)

(9.2%)

 

 Inventory

Units @
Feb. 29, 2012

Days Supply (selling days adjusted)

Units @
Jan. 31, 2012

Days Supply (selling days adjusted)

All Vehicles

667,096

80

619,455

89

Full-size Pickups

210,463

116

188,568

119

 

Industry Sales

Full Year 2012
(est.)

Jan. 2012 SAAR

Feb. 2012 SAAR (est.)

Feb. 2011 SAAR  

Total Light Vehicles

13.5 million – 14.0 million  

14.1 million

14.5 million – 14.9 million

13.3 million

 

General Motors Co. (NYSE:GM, TSX: GMM) and its partners produce vehicles in 30 countries, and the company has leadership positions in the world's largest and fastest-growing automotive markets.  GM’s brands include Chevrolet and Cadillac, as well as Baojun, Buick, GMC, Holden, Isuzu, Jiefang, Opel, Vauxhall and Wuling. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety, security and information services, can be found at http://www.gm.com.

Forward-Looking Statements

In this press release and in related comments by our management, our use of the words “expect,” “anticipate,” “possible,” “potential,” “target,” “believe,” “commit,” “intend,” “continue,” “may,” “would,” “could,” “should,” “project,” “projected,” “positioned” or similar expressions is intended to identify forward-looking statements that represent our current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or financial results, and our actual results may differ materially due to a variety of important factors. Among other items, such factors might include: our ability to realize production efficiencies and to achieve reductions in costs as a result of our restructuring initiatives and labor modifications; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; our ability to maintain adequate liquidity and financing sources and an appropriate level of debt, including as required to fund our planned significant investment in new technology; the ability of our suppliers to timely deliver parts, components and systems; our ability to realize successful vehicle applications of new technology; and our ability to continue to attract new customers, particularly for our new products. GM's most recent annual report on Form 10-K and quarterly reports on Form 10-Q provides information about these and other factors, which we may revise or supplement in future reports to the SEC.