Welcome to Extreme Investor Network, where we provide you with the latest updates and insights on the business world. Today, let’s dive into the recent news from General Motors and other players in the auto industry.
General Motors recently announced its best quarterly sales in over three years, with a notable increase in full-size pickup trucks and all-electric vehicles. In the second quarter, GM reported sales of 696,086 vehicles, up 0.6% from the previous year. Its electric vehicle deliveries surged by 40% compared to a year earlier, reaching 21,930 units. Despite this growth, EVs accounted for only 3.2% of GM’s total second-quarter sales.
GM’s full-size pickup trucks also saw a boost in sales, reaching approximately 229,000 units in the second quarter. This represents a 6% increase from the previous year, marking the best quarterly sales since 2021. However, GM’s overall sales for the first half of the year were down by 0.4% compared to the previous year, totaling around 1.3 million vehicles.
It’s worth noting that GM’s second-quarter sales are expected to outpace the industry as a whole. Auto industry forecasters predict that second-quarter sales will remain steady compared to the previous year, despite slowing retail demand. However, a potential disruptor in the industry is the recent cyberattack on dealer software provider CDK Global. The ransomware attack on June 19 forced CDK to shut down its dealer management system, impacting numerous dealerships in North America.
As a result of the cyberattack, some sales may be delayed until the third quarter. This incident has affected dealerships, including the industry’s largest publicly traded ones such as Asbury Automotive Group, AutoNation Inc., Group 1 Automotive Inc., Lithia Motors Inc., and Sonic Automotive Inc., all of which rely on CDK as their primary dealership management system provider.
Despite these challenges, GM remains committed to meeting strong customer demand and navigating through difficult circumstances. The impact of the cyberattack on CDK Global serves as a reminder of the importance of cybersecurity in today’s digital age.
In other news, Toyota reported a 9.2% increase in U.S. sales for the second quarter, while the Hyundai brand saw a 2.2% uptick in sales. On the other hand, Kia reported a 6.5% decrease in its June sales, with first-half sales down by approximately 2%.
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