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General Motors Q1 deliveries fall 7%

Apr. 02, 2019 10:46 AM ETGeneral Motors Company (GM)GMBy: Clark Schultz, SA News Editor39 Comments
  • General Motors (NYSE:GM) reports U.S. deliveries fell 7.0% Y/Y in Q1 to 665,840 units, with all four brands reporting a decline for the period.
  • Deliveries by brand: Buick -8.7% to 51,567 units; Cadillac -2.0% to 35,995 units; Chevrolet -7.8% to 452,401; GMC -4.4% to 125,577.
  • Notable model deliveries: Chevy Equinox +7.4% to 88,500; Chevy Bolt EV -1.3% Y/Y to 4,316; Chevy Colorado +16.1% to 33,494; Chevrolet Silverado -15.7% to 114,313; GMC Sierra -2.2% to 40.546; Cadillac XT4 7,026; Buick Encore -3.4% to 24,606.
  • GM's per-unit incentive spending is estimated to be down $175 Y/Y. Incentive spending as a percentage of average transaction price is estimated to have fallen 13%.
  • GM outlook: "After a slow start to the year, the retail SAAR has risen each month since January... Consumer sentiment continued to recover in March and the other key drivers of auto sales like employment, wage growth and household balance sheets are healthy. The Fed paused in raising interest rates, which eases a headwind facing auto sales. Overall, the U.S. economy is in solid shape, which bodes well for the industry outlook."
  • Shares of GM are up 0.32%.

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Comments (39)

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Amen, and the Silverado is a rolling blindspot with those ridiculously wide windshield/door pillars and hood that is higher at the front.

I drove new Rams and they were smooth as butter and felt very solid and stable.

The Sierra and the Silverado have dated, interiors and infotainment packages.

Average price increase on new GM trucks is 2.8%-3.2% and I don't know a single person who has gotten that kind of raise year over year, myself and none of my coworkers got a raise, and the majority of the middle class hasn't either.

Also, new vehicle incentives are down 5%-20%, so that equates to an increase of 7.8%-23.2% on new trucks, which has them priced out of the majority of americans budgets.

Over 7.2 million americans are 90 days or more behind on their car payments, and that number is climbing fast.

A half ton GM truck costs the same now, as a comparably equipped 1 ton did in 2016.

They can keep them, and sell them to the Mexicans and Brazilians, they love to have build them.

The Canadians got it right.



Also the price on the new ‘19 Silverado is so expensive and they have ugly old looking interiors I see why sales are down ... ram has best trucks now
GM makes "Lambroghini" profits on trucks, especially heavy duty single axle pickups, around $11k/each.

It will be very interesting to see what happens to those sales, once gasoline prices go over $3/gallon nationwide.

The average price of gas in California is $3.77/gallon now, and prices have been increasing weekly, with experts predicting $4+/gallon nationwide by mid summer.

While I believe the increased fuel costs won't affect every demographic, I do believe they will significantly slow pickup sales in the US, overall.

IMHO, there will be much better buying opportunities when fuel prices are peaking.
I worked down at GM Brazil in the 80's when they had a dictator ship and today with Bolsanaro I guess they are happy again. CIA overthrew their democracy in '64 for US corporations etc. Deal was, GM told them they wouldn't invest those billions until they had a change in "government" and so they changed! Chinese are horning in though like buying Ford's plant in Sao Paulo. Sales up yet?
That's ok, Barra can sell them to the Mexicans and Brazilians she loves to employ so much.

GM chose to close US plants and expand plants in Mexico and have announced a new $2.73 billion dollar investment in Brazil, so they can sell them there too.

The Canadians have the right attitude.

It is hard to watch GM not doing well in Chevy and full size truck. GM must correct this. Without Chevy and FST, what else is relevant?
I think this is just an inflection point in the transition between the old Silverado and the new model. We’ll see in a few months.
Tdot profile picture
They've been "inflecting" between the outgoing model and the new redesigned model for some 9 months now. You think a "few months" more will help?

Well, at least they have stepped up the silly advertising for the new model with the tricky new Transformers tailgate as the main new feature, making fun of the Ford and Ram tailgate. They've given up on the anti-aluminum ads, now that the Chevy also uses aluminum body panels. So they have that going for them.
Mary Barra wants them to build nothing but electric cars. The only thing this company has going for it in cars is the nostalgia for the cars they used to make. Not current models and not electric as can be seen with the Volt that failed even with subsidies to build it and to buy it.
The trucks are their only saving grace.
Nostalgia for GM cars does not exist. In no small part because there was a multi-decade gap between when GM made generally good cars like they do now and the last time they did (probably the 70s before gas crunch and car down sizing.)

People buying GM cars now are buying because they like them, not nostalgia. There’s simply too many good choices for nostalgia to be relevant.
Month of March is usually a slow month. No big deal. Same for Ford too.
ArbLover profile picture
Do you understand Year over Year data? It's comparing last January through March to this January through March.
02 Apr. 2019
March has historically been the strongest sales month in 1Q.
Tdot profile picture
Actually no Ron - March is usually one of the strongest selling months of the year, as folks shake off the winter blues (Jan-Feb) and get started with landscaping and home construction and such. March sales are often second only to December.






techy46 profile picture
Another US industry bites the dust!

Can't wait for online ads and social media to join!
WilliamHenryBonney profile picture
All these models mentioned are dead or dying-- and the more I think about it, I don't know anyone who drives a GM vehicle.

Going to short this one.
I suggest you open your eyes as Silverados, Escalades, etc are everywhere! Don’t forget GM is just putting out the new Silverado so it’s no surprise the demand for the old model fell off the cliff.

Further I read somewhere that GMC’s average sales price is now higher than Mercedes. GM is making the right moves in dumping things people don’t want (sedans/coupes) for profitable versions of what they do (CUVs/SUVs/pickups.)
Tdot profile picture
Russ - GM started deliveries of the new 2019 Silverado last June. They are a solid 10 months into that transition. It was an unusually slow rollout, as GM was protecting the equity of the outgoing model, building both at the same time for a few months in the transition.



There is no excuse for the new model to not be selling like hotcakes by now, and you may want to note the huge incentives being piled on, and the silly new advertising around the one "notable" feature - the trick Transformers tailgate. They've had to abandon the anti-aluminum gig because the new Chevy also uses aluminum in the body, and Queen Mary Barra is not about to face up with a Grizzly in her shiny new aluminum foil pickup truck.
I think the trick tailgate is exclusive to GMC?? Either way, I didn't realize it was a slow 10-month build up. However, I saw commercials for big discounts on 2018 models as recent as 2 weeks ago so I think they had a LOT of dead inventory taking up dealer floor to move first.
Calculus profile picture
Definitely much better than I was expecting especially given the crazy China/USA thing. $tsla continues to drive incredible innovation in US Das Auto as well as the relentless energy boom in the USA and huge "disaster relief" largesse. There might become a problem of just too much metal with no place to park so on a price to sales all car Companies save $tsla are in a tough spot. Great news for consumers tho.
BeepBeepImAJeep3 profile picture
You never miss an opportunity to dribble on about Tesla, do you?
awakeinwa profile picture
Why do you hate American car co employing Americans beating Germans
I don t want a EV not even for free(it rimes) ! It is becoming obvious, despite cover ups, that those 'wonder cars' have a enormous ecological footprint , and prone to catch fire, very difficult to extinguish .....I don t want this white elephant in my garage, NOPE
GM is not selling those low price autos anymore. The average auto GM sell today has a higher msrp than 12 months ago, and it is growing higher by the quarter, GM revenue now is a much higher profits revenue, then before. I am looking for 2020 to be a much improved profitable year for GM, they will have completed all their new editions even Arlington Texas SUV plant and the mid engine Corvette should be rolling off the lines.
Transcend Event Driven Research profile picture
Fire Mary Barra!!
Hail Mary !
Why? Because she thinks more than a quarter ahead?
It’s probably enough to let them hit all their numbers, but it is an ugly baby none the less. It is impossible to calculate from a dealer’s perspective, but it seemed like the incentives were really anemic compared to Q 4. I would be very surprised if incentives weren’t down more then $175.00 per unit.

It’s a good thing the cycle is dead. Otherwise I would be concerned.
zagrebzagreb profile picture
The 8th grade English teacher in me wants you to know that 'none the less' is actually 'nonetheless' (smile).
Thank you. My spelling and grammatical errors are a source of much deserved ribbing on this thread.
8th grade English teacher? .....Now that must be one hell of a discouraging profession in today's digital environment....
Investor since ‘73 profile picture
As the domestic auto market continues it’s long slide down and the world economy slows even faster, I can’t think of any reason to own any stock in this market segment. Keeping my cash safe, will consider GM, which I think is best of breed, when it hits my target of 27.
zagrebzagreb profile picture
Agreed... although looking at the world stage, I bought more TTM when it broke under $12.00, just because I found its forward PE too tempting to pass by.

A few automotive stocks have been hit especially hard by Brexit and the (totally understandable) pessimism of the current climate.
I think autos see one more boom with switch over to auto driving vehicles, and maybe more than one with Asia and India.

Like you I like GM best of breed and presence in China.

I see electric vehicle sales in China being very strong for decades and hopefully standard of living will rise in India and another huge electric markets.
ArbLover profile picture
No reason to own stock in a market segment given that a higher number of people are joining the middle class globally each year (able to purchase cars), the global economy is expanding, automobiles will be needed for the foreseeable future, and as innovations such as EV will only increase the pace of consumer request for a new vehicle in the medium to long term?
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