Automotive giant General Motors (GM) has reported its best quarterly sales in nearly four years, boosted by a 40% increase in sales of electric vehicles (EVs).
The Detroit automaker has reported sales of 696,086 vehicles for this year’s second quarter, up 0.6% from a year earlier and its highest number of units sold since the fourth quarter of 2020.
A notable bright spot came from electric vehicles, with deliveries in Q2 rising 40% from a year earlier to 21,930 units.
While electric vehicles still comprise only 3% of General Motors’ total sales, the growth seen in Q2 is encouraging for the company’s long-term strategy to move away from gas-powered cars.
Sales of full-size pick-up trucks totaled 229,000 during Q2, up 6% from a year earlier and the best quarterly sales for that segment since 2021.
While sales in this year’s second quarter were impressive, General Motor’s total sales in the year’s first half were down 0.4% compared to a year ago at roughly 1.3 million vehicles.
Still, General Motor’s second-quarter sales are expected to slightly outpace the global automotive industry.
Groups such as Cox Automotive and Edmunds have forecast second-quarter sales for the entire auto industry to be unchanged from a year earlier amid slowing retail demand worldwide.
The stock of General Motors has risen 30% so far in 2024 and currently trades at $46.95 U.S. per share.
