Daily Washington Insider
  • Business
  • World
  • Science
  • Investing

Daily Washington Insider

  • Business
  • World
  • Science
  • Investing
Business

GM reports best U.S. quarterly sales since 2020

by admin July 3, 2024
July 3, 2024
GM reports best U.S. quarterly sales since 2020

DETROIT — General Motors reported its best quarterly sales in more than three years, including notable increases in full-size pickup trucks and all-electric vehicles.

The Detroit automaker on Tuesday reported sales of 696,086 for the second quarter, up 0.6% from a year earlier and its highest quarterly units sold since the fourth quarter of 2020.

Its EVs deliveries increased 40% compared to a year earlier to 21,930 units. Still, EVs made up only 3.2% of its total second quarter sales.

Auto industry forecasters such as Cox Automotive and Edmunds expect second-quarter sales industrywide, which included July 1, to be roughly level from a year earlier amid slowing retail demand.

An unknown outlier in the second quarter is how much of an impact cyberattacks on dealer software provider CDK Global will have on sales. The June 19 ransomware attack forced CDK, a market leader, to shut down its dealer management system, impacting close to half of all dealerships in North America.

“The CDK cyberattacks have thrown a monkey wrench into sales during the second half of June, affecting what is arguably one of the most lucrative and busiest times of the month and quarter for dealerships,” said Jessica Caldwell, Edmunds’ head of insights.

Dealers, including the industry’s largest publicly traded ones, were forced to delay sales or figure out workarounds to sell vehicles since the attacks occurred.

All six of the major publicly traded franchised dealership groups have disclosed their exposure to the CDK issue. Five of the six — Asbury Automotive Group, AutoNation Inc., Group 1 Automotive Inc., Lithia Motors Inc. and Sonic Automotive Inc. — use CDK as their primary dealership management system provider, according to Automotive News. 

“The good news is — unlike other black swan events that the industry has contended with in the past — sales shouldn’t be lost or severely deferred, but rather pushed into the third quarter,” Caldwell said.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Viktor Orban, Putin’s greatest European ally, makes first trip to Kyiv since start of war
next post
How thousands of Americans got caught in fintech’s false promise

You may also like

Starbucks union announces strike to last through Christmas...

December 21, 2024

Why Wall Street thinks Brian Niccol is the...

August 15, 2024

How Trump could spare Biden’s renewable energy credits...

December 20, 2024

Stellantis to offer broad buyouts to U.S. salaried...

August 1, 2024

Starbucks poaches Nordstrom CFO as executive shake-up continues

March 5, 2025

Forever 21 seeks rent concessions as fast-fashion brand...

June 24, 2024

Extreme heat set to drive home cooling costs...

June 4, 2024

Burning rubber: How auto insurance prices have fueled...

April 11, 2024

FDA officially authorizes Zyn nicotine pouches for sale...

January 18, 2025

Amazon makes first foray into live news with...

October 19, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Popular

    • 1

      Hong Kong plans to install thousands of surveillance cameras. Critics say it’s...

    • 2

      UN experts urge Thailand not to deport dozens of Uyghurs to China where they face ‘real risk of torture’

    • 3

      China executes man who plowed car into crowds in deadliest attack in a decade

    • 4

      Trump has assembled a team of China hawks. How will Beijing respond?

    • 5

      How Calvin Klein and Tommy Hilfiger got caught in Trump’s trade war with China

    Categories

    • Business (1,301)
    • Investing (3,423)
    • Science (605)
    • World (3,677)
    Footer Logo

    Disclaimer: dailywashingtoninsider.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 dailywashingtoninsider.com | All Rights Reserved