GM sees 24% 3Q sales increase, says it's prepping early for EV launches in 2023

General Motors Co. U.S. dealers sold 555,580 vehicles in the third quarter, up 24% from last year as inventory levels improved and demand remained strong despite rising interest rates.

Three of GM’s brands posted double-digit gains: Chevrolet was up 30%, GMC 24% and Cadillac 50%, while Buick was down 27%.

GM ended the third quarter with 359,292 vehicles in dealer inventory, including vehicles in-transit, which is an increase of 111,453 from the previous quarter and about three times more than the number available at the end of the third quarter last year.

“The design, technology and manufacturing investments we have made are helping us meet strong customer demand for our products, and they’ve translated into sales leadership in some of the industry’s most important segments,” said Steve Carlisle, GM executive vice president and president, GM North America, in a statement. “We are being very intentional in the way we are executing our EV strategy to position the company for the same kind of success that we’ve earned with today’s pickups and SUVs, and with supercars like the Chevrolet Corvette.”

The automaker is launching production of electric versions of the Chevrolet Silverado, Equinox and Blazer next year. Chevrolet has 170,000 reservations for the Silverado EV, including from nearly 400 fleet operators. GMC recently halted reservations of the Hummer EV pickup and SUV after receiving 90,000.

Hummer EV pickup sales were 411 in the third quarter and 782 for the year so far. GM also recorded 36 sales of the recently launched Cadillac Lyriq electric crossover. GM said it will increase production of the Lyriq at the Spring Hill, Tennessee, plant in the fourth quarter.

To meet demand for its coming EVs, GM said in its Monday sales release it will pull ahead body shop upgrades for Silverado EV production at Factory Zero Detroit-Hamtramck Assembly Center and take "other steps to prepare to scale EV production in 2023."

GM is planning to pause production of the GMC Hummer EV pickup for several weeks beginning in late November while the work is underway. More production shifts for the Hummer will be added next year.

Crosstown rival Stellantis NV, maker of Jeeps and Ram trucks, posted a 6% year-over-year decline. Ford Motor Co. reports tomorrow.

GM remained on top of Toyota Motor Corp. in the third quarter. The Japanese automaker reported U.S. sales of 526,017 vehicles in the quarter, a 7.1% decrease. Toyota's electrified vehicle sales totaled 111,713, representing 21% of total year-to-date sales, the automaker noted.

Hyundai Motor Co. on Monday reported a 3% year-over-year sales increase with 184,431 deliveries in the quarter. The Korean automaker noted new sales records for electrified vehicles including the hybrid Elantra, Santa Fe and Tucson.

Kia Corp. last week reported its best-ever September sales of 56,27 leading to its highest third-quarter performance in company history.