General Motors reports sequential decline in Q2 electric vehicles sales

Shares of General Motors Co (NYSE: GM) are trading up this morning after the automaker said its U.S. vehicle sales went up 18.8% year-on-year in the second quarter.

GM fleet business gained 30% in Q2

The car manufacturer sold a total of 691,978 vehicles, as per the quarterly update on its website that also represents a significant sequential growth from just over 600,000 in the prior quarter.

Retail sales came in up 15% while fleet gained a much broader 30% in Q2 – reiterating that inventories continue to improve materially from the bottom seen during the COVID pandemic.

Note that experts had forecast industry sales to climb between 16% and 18% in the three-month period. Shares of the automotive manufacturing company have gained roughly 25% in less than two months.

General Motors reiterates EV targets

According to General Motors, though, it sold a total of 15,652 electric vehicles in the second quarter – down about 20% sequentially.

Previously, it had disclosed plans of producing 50,000 EVs in the first six months of the year and another 100,000 in the back half of 2023. On Wednesday, a GM spokesperson reiterated those targets.

In Q2, the multinational remained the top-selling car company in the United States. General Motors is scheduled to report its full second-quarter financial results in the final week of July.

Last month, Citi analyst Itay Michaeli maintained his “buy” rating on the automotive stock. His Street-high $85 price objective signals a more than 100% upside from here.