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SOURCE General Motors
Buick and GMC Buck the Industry to Post Double-digit Retail Sales Gains in December
GM December retail sales up 2 percent; retail share tops 18 percent
Best Commercial and Government deliveries since 2008 and largest 2017 share gain of any automaker
DETROIT, Jan. 3, 2018 /PRNewswire/ -- General Motors (NYSE: GM) delivered 3,002,241 vehicles in the United States in 2017, including more than 1.3 million trucks and 965,090 crossovers. In the process, GM set new annual sales records for pickup and crossover deliveries, electric vehicles sales, average transaction prices and more. GM also reduced year-end inventories more than its target. Inventories were 752,554 units, down 90,000 from a year ago. Days supply was 63 days.
The Fastest Growing Crossover Company
The Industry's Best-selling Trucks
The Leader in Affordable, Long-range EVs
Best Commercial and Government Deliveries Since 2008
Total and Retail Sales
December Highlights (vs. a year ago)
Mustafa Mohatarem, GM's chief economist, forecasts 2018 total vehicle sales (including medium and heavy trucks) to exceed 17 million units for the fourth year in a row. Light vehicle sales are forecasted to be in the high 16 million-unit range.
"In 2017, we had solid GDP growth and good news on employment, wages and consumer sentiment, which helped deliver very strong retail sales for the auto industry," he said. "This year, many consumers will see their take-home pay rise because of tax reform. That will keep the broad economy growing, and help keep sales at very healthy levels even as the Fed increases interest rates."
GM is well positioned heading into the new year because of its low inventories and multi-year strategy to redesign and expand its truck and crossover portfolio. On a retail basis, 78 percent of GM sales are now trucks and crossovers, compared with an industry average of 65 percent.
"We are winning customers in the fastest-growing parts of the market, and our momentum continues to grow because we have strengthened our brands, grown our Commercial and Government business, sharply reduced rental sales and successfully transitioned to a crossover- and truck-focused business," said Kurt McNeil, U.S. vice president of Sales Operations. "We are starting 2018 with very lean inventories for such a strong industry, and we see more room to grow because Chevrolet, Buick and GMC will have a full year of sales of their all-new crossovers, and we are going to launch the industry's best full-size pickups."
General Motors Co. (NYSE:GM) has leadership positions in the world's largest and fastest-growing automotive markets. GM, its subsidiaries and joint venture entities sell vehicles under the Chevrolet, Cadillac, Baojun, Buick, GMC, Holden, Jiefang, and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety, security and information services, can be found at http://www.gm.com
This press release and related comments by management may include forward-looking statements. These statements are based on current expectations about possible future events and thus are inherently uncertain. Our actual results may differ materially from forward-looking statements due to a variety of factors, including: (1) our ability to deliver new products, services and experiences that attract new, and are desired by existing, customers and to effectively compete in autonomous, ride-sharing and transportation as a service; (2) sales of full-size pick-up trucks and SUVs, which may be affected by increases in the price of oil; (3) the volatility of global sales and operations; (4) aggressive competition, including the impact of new market entrants; (5) changes in, or the introduction of novel interpretations of, laws, regulations or policies particularly those relating to free trade agreements, tax rates and vehicle safety and any government actions that may affect the production, licensing, distribution, pricing, or selling of our products; (6) our joint ventures, which we cannot operate solely for our benefit and over which we may have limited control; (7) compliance with laws and regulations applicable to our industry, including those regarding fuel economy and emissions; (8) costs and risks associated with litigation and government investigations; (9) compliance with the terms of the Deferred Prosecution Agreement; (10) our ability to maintain quality control over our vehicles and avoid recalls and the cost and effect on our reputation and products; (11) the ability of suppliers to deliver parts, systems and components without disruption and on schedule; (12) our dependence on our manufacturing facilities; (13) our ability to realize production efficiencies and cost reductions; (14) our ability to successfully restructure operations in various countries; (15) our ability to manage risks related to security breaches and other disruptions to vehicles, information technology networks and systems; (16) our ability to develop captive financing capability through GM Financial; (17) significant increases in pension expense or projected pension contributions; and (18) significant changes in the economic, political, and regulatory environment, market conditions, and foreign currency exchange rates. A further list and description of these risks, uncertainties and other factors can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2016, and our subsequent filings with the Securities and Exchange Commission. GM cautions readers not to place undue reliance on forward-looking statements. GM undertakes no obligation to update publicly or otherwise revise any forward-looking statements.
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