GM ups 2Q auto volumes on US, China sales

US automaker General Motors (GM) increased its second quarter sales volumes by 11pc supported by its US and Chinese operations.

GM's second quarter vehicle sales jumped to 1.58mn vehicles, compared to 1.42mn vehicles in the prior year.

US sales rose to 692,000 vehicles from 582,000, while sales in China rose to 526,000 from 484,000 a year earlier. South American sales were little changed at 108,000 vehicles.

GM accounted for an estimated 16pc of total US vehicle sales, which in turn were up by 18pc to 4.24mn vehicles in the second quarter, according to GM. Total US vehicle sales were up by 13pc to 7.91mn vehicles in the first six months of 2023.

GM's US dealer inventories jumped to 428,000 vehicles in the second quarter, a 73pc increase over the prior year and up by 3.9pc compared to the prior quarter.

The automaker along with two of its main US competitors, Ford and Stellantis, recently began contract negotiations with its United Auto Workers (UAW) union workforce for new contracts to replace ones that expire in mid-September. GM's chief executive Mary Barra said she "looks forward to constructive talks."

The automotive industry is one of the single largest consumers of steel products in North America. The average North American vehicle consumes 1,980lbs of steel, of which approximately 1,480lbs are flat-rolled products, and 486lbs are aluminum, according to data from the American Iron and Steel Institute's (AISI) Automotive Program.

By Rye Druzin