General Motors (GM) on Tuesday reported that its auto sales in the U.S. market rebounded slightly in the second quarter. But the carmaker’s EV sales rocketed, in a possible sign that the anticipated ramp in production of newer electric vehicles is finally here.
Ford Motor (F), a leader in pickup trucks alongside GM, will be hoping to end a sales slump for the important F-150 truck when it reports Q2 sales.
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If Tesla Is The Most Valuable Car Company, Why Are Hybrids Outselling EVs?
Automakers — including GM, Toyota Motor (TM), Honda Motor (HMC) and Chrysler parent Stellantis (STLA) — reported new vehicle sales in the U.S. market for the second quarter on Tuesday. Their EV and hybrid sales will be watched as they try to shift away from traditional combustion-engine cars. Ford may report Q2 sales on Wednesday.
Early Tuesday, Tesla (TSLA) surpassed expectations for global Q2 deliveries, but its sales fell for a second straight quarter. Tesla stock jumped above a key level. Tesla startup rival Rivian (RIVN) reported Q2 deliveries of electric vehicles as well.
Here is how analysts at Cox Auto expected automakers to perform. The estimates show Q2 sales volume estimates and results, as well as sales growth or declines vs. Q2 2023. The June 19 cyberattack at software provider CDK likely put a dent in U.S. auto sales and EV sales.
General Motors Achieves EV Sales Record
Q2 sales estimate: 697,804 vehicles, up 1.2% year over year.
Results: GM delivered 696,086 vehicles in Q2, up 0.6% vs. a year ago. Though its Q2 auto sales edged up a fraction, General Motors touted its best auto sales quarter since Q4 2020, as well as record quarterly EV sales. The company delivered 21,930 EVs, up 34% vs. Q1 2024 and up 40% vs. Q2 2023.
Sales of new, Ultium-based EVs drove those gains, led by the Cadillac Lyriq, which saw more than 7,200 deliveries in the quarter, up 441% vs. a year ago. Older Bolt EV sales plunged 90%. Electric vehicles remain a small though growing part of GM’s overall business, making up 3% of Q2 sales. The company has been trying to speed up output of newer EVs, after battery bottlenecks and other supply-chain issues.
For the first six months of 2024, GM reported 1,290,319 vehicle deliveries, down 0.4%. It had reported in April that Q1 sales dropped 1.5%.
GM stock gained 0.6% to 46.94 in Tuesday’s stock market action. Shares have made little progress after clearing a buy point of 46.16 from a flat base on June 10.
The auto giant will report Q2 earnings on July 23 before the market open.
Toyota Sales
Q2 sales estimate: 642,902 vehicles, up 21.5% year over year.
Results: Toyota sold 621,549 vehicles in Q2, up 9%. Sales of hybrid vehicles and electric vehicles totaled 247,347, up 63%. Those EV and hybrid sales made up 40% of Toyota’s total Q2 U.S. sales.
Toyota Motor stock rose 1.2% on Tuesday. Shares remain below a falling 50-day moving average.
Ford Auto Sales
Q2 sales estimate: 551,527 vehicles, up 4.5% year over year.
Results: Check back later.
In the first five months of 2024, Ford’s F-series trucks saw a 7.6% sales decline, including a 10.2% drop in Q1. The F-150 truck is Ford’s top seller and the company’s profit center. Ford hopes to stem the sales decline with a new F-150 model. Sales of the new F-150, as well as a new Ranger model, began in March.
The new F-150, Ford says, is a “big play for us across gas, hybrid and electric vehicle segments of our business.” Ford stock investors will look for signs it is delivering on those hopes when the company reports Q2 auto sales and EV sales, likely in coming days.
In Q1, GM reported selling 197,000 full-size pickup trucks, growing its share in the segment. By comparison, Ford sold 152,943 F-series trucks that quarter. Ford sold more than 252,000 trucks last quarter in total, including the Maverick compact truck.
Ford stock gained 0.9% at 12.88, holding above the recently retaken 50-day line.
The automaker reports Q2 earnings on July 24, after the market close.
Honda Sales
Q2 sales estimate: 365,719 vehicles, up 5.4% year over year.
Results: Honda sold 351,457 vehicles in Q2. For the first half of 2024, Honda sold 690,281 vehicles, up 9%.
Honda stock shed 1.5%, just below a falling 50-day line.
Stellantis Sales
Q2 sales estimate: 337,906 vehicles, down 22.3% year over year.
Results: Stellantis sold 344,993 vehicles, down 21%.
Stellantis stock gave up 1.4%, below a falling 50-day average.
Tesla, Rivian EV Sales
On Tuesday, Rivian said it produced 9,612 electric vehicles and delivered 13,790 EVs in Q2, in line with its expectations. The company backed full-year production guidance for 57,000 EVs.
For context, Rivian produced 13,980 EVs and delivered 13,588 EVs in the first quarter. The EV startup said it will report its Q2 earnings on Aug. 6 after the market close.
Tesla said Tuesday that it delivered 443,956 vehicles in Q2 while it produced 410,831 units. The EV giant delivered a combined 422,405 Model 3 and Model Y units along with 21,551 “other” vehicles. Its total EV sales were down 4% vs. last year’s 466,140 deliveries. However, it rose 15% from Q1.
Rivian stock popped nearly 7% on Tuesday, but it’s still just below the 200-day average. Tesla stock jumped 9.3% above the 200-day line.
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