2023-07-05 13:21:08 ET
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.
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