GM: Q3 sales down as Chevy fleet volume drops; EVs surge 60%

General Motors' U.S. light-vehicle sales slipped 1.9 percent in the third quarter, with most Chevrolet nameplates down but Cadillac posting its first gain in a year and GMC having its best third quarter since 2005.

GM said its retail sales rose 3 percent while fleet volume dropped 18 percent, with Chevy pickups and SUVs responsible for much of that decline.

Buick achieved its seventh consecutive year-over-year increase, up 7.8 percent from the third quarter of 2023, as sales of the Envista nearly tripled.

At Chevy, the Blazer and Trax crossovers, Colorado pickupand Express van had the only positive numbers. Excluding fleet, GM said the brand had its best year-to-date retail sales in five years.

Chevy came just short of selling 20,000 electric vehicles in the quarter, with the Equinox EV accounting for nearly half. GM's total EV sales surged 60 percent to 32,095, which it said amounted to 9.5 percent of the U.S. EV market.

Cadillac broke out of its losing streak with a 4.4 percent rise, helped by the electric Lyriq, the XT4 and the XT6. On a retail basis, GM said Cadillac posted its best third quarter and year-to-date sales since 2016.

GMC sales rose on gains for the Sierra and Canyon, which are on pace for their best years, as well as the Hummer EV. GM said the brand posted its highest-ever retail market share and that half of its third-quarter retail buyers chose the high-end Denali and AT4 trims.

Brands: Chevrolet, down 6%; GMC, up 6.4%; Buick, up 7.8%; Cadillac, up 4.4%.

Notable nameplates: Chevrolet Blazer, up 23%; Colorado, up 13%; Equinox, down 3%; Silverado 1500, down 0.1%; Silverado HD, down 22%; Suburban, down 25%; Tahoe, down 15%; Traverse, down 12%; Trax, up 57%; GMC Acadia, down 6.1%; Canyon, up 33%; Sierra, up 10%; Terrain, down 4.9%; Yukon, down 8.6%; Buick Encore GX, down 27%; Envision, up 73%; Envista, up 179%; Cadillac Escalade, down 18%; Lyriq, up 139%; XT4, up 6.7%, XT5, down 6%.

Fleet mix: GM said fleet accounted for 16 percent of overall sales, down from 20 percent in the second quarter and a year ago.

Inventory: GM entered the fourth quarter with 627,048 vehicles on hand, up from 581,001 at midyear. The company said it was on track to hit its target of a 50- to 60-day supply at year end.

Quote: "GM's EV portfolio is growing faster than the market because we have an all-electric vehicle for just about everybody, no matter what they like to drive," Rory Harvey, GM's president of global markets, said in a statement.

Did you know? GM said 18 of its nameplates have above-average transaction prices for their segment, giving its portfolio an overall ATP of $49,349.