GM sales were down 50.8% adjusted per sales day. GM January total car sales of 43,943 were off 58% and total truck sales (including crossovers) were down 42% compared with a year ago. Yikes!
GM Reports 129,227 Deliveries in January
* New products and GMAC financing help stabilize retail share above 21 percent for the second consecutive month
* Cars and crossovers were 65 percent of GM retail vehicles sold
* "Presidents Day Sale" begins with 0 percent APR or bonus cash offers on select vehicles for qualified buyers
DETROIT - Driven by an 80 percent reduction in fleet sales, General Motors dealers in the United States delivered 129,227 vehicles in January, down 49 percent compared with a year ago. Retail sales were off 38 percent, but retail market share held steady compared with December. GM's retail share performance was assisted by reduced-rate APR financing capacity through GMAC and a GM loyalty cash offer. GM January total car sales of 43,943 were off 58 percent and total truck sales (including crossovers) of 85,284 were down 42 percent compared with a year ago. Additionally, retail sales for GM cars and crossovers combined were about 65 percent of sales mix in the month.
"We're attacking this unprecedented market as aggressively as possible, while offering more vehicles than ever that provide great value and that Americans enjoy owning," said Mark LaNeve, vice president, GM North America Vehicle Sales, Service and Marketing. "Our retail market share is a bright spot, holding steady above 21 percent for the second month in a row. That's a full point above the trailing 12-month average. It's important to realize that we accomplished this retail performance as the overall market ran about 6 million vehicles behind where it was last January (on a seasonally-adjusted annual rate) and every manufacturer was deeply impacted."
The newly-launched Chevrolet Traverse crossover continues to gain traction in the market place with total sales of more than 5,200 vehicles. Chevrolet's crossovers, HHR, Equinox and Traverse had 11,666 retail sales, a 10 percent increase compared with last year. The strength of Traverse's launch helped push retail sales of all GM crossovers to 20 percent of all retail vehicles sold by the automaker in January, up about 3 percentage points from a year ago.
"It is important for America to realize that in cars and crossovers, Chevy is fully competitive with Toyota and Honda and continues to gain strength. The Malibu is performing well and the Traverse is building momentum," LaNeve added. "We're doing our part to get vehicle sales moving again. For example, GMAC is providing more reduced-rate APR financing capacity with the Presidents Day Sale, and we're offering bonus cash on select models. Additionally, our national roll-out of the credit union 'Invest in America' program offers supplier pricing and available credit union financing for millions of members."
A total of 923 GM hybrid vehicles were delivered in the month, illustrating the wide range of hybrid product offerings available. GM offers the Chevrolet Tahoe, GMC Yukon and Cadillac Escalade 2-mode hybrid SUVs, the Chevrolet Malibu and Saturn Aura mid-size sedan, and Saturn Vue compact crossover hybrids.
GM has announced reductions in first quarter production to adjust inventories for marketplace demand. This strategic move helped reduce inventories and related costs for GM and its dealers during this historic downturn, but the lack of production also meant that fleet vehicles, which typically are built to order, have been delayed. GM's fleet sales of just over 13,000 vehicles in January were at their lowest levels since 1975.
GM inventories dropped compared with a year ago. At the end of January, only about 801,000 vehicles were in stock, down about 103,000 vehicles (or 11 percent) compared with last year. There were about 363,000 cars and 438,000 trucks (including crossovers) in inventory at the end of January. Inventories were reduced about 70,000 vehicles compared with December. Importantly, of the pickup trucks in stock, 96 percent of the GMC Sierras and 97 percent of the Chevrolet Silverados are all-new 2009 models.
Certified Used Vehicles
January 2009 sales for all certified GM brands continue to be robust after a strong gain a month earlier. GM Certified Used Vehicles, Saturn Certified Pre-Owned Vehicles Cadillac Certified Pre-Owned Vehicles, Saab Certified Pre-Owned Vehicles, and HUMMER Certified Pre-Owned Vehicles, combined sold 39,293 vehicles.
GM Certified Used Vehicles, the industry's top-selling certified brand, posted January sales of 33,695 vehicles, up 1 percent from January 2008. Saturn Certified Pre-Owned Vehicles sold 947 vehicles, up 73 percent. Cadillac Certified Pre-Owned Vehicles sold 3,864 vehicles, up 20 percent. Saab Certified Pre-Owned Vehicles sold 538 vehicles, up 25 percent, and HUMMER Certified Pre-Owned Vehicles sold 249 vehicles, up 93 percent.
"The certified used vehicle programs are starting the year strong despite the tight credit market and slowdowns in consumer spending and retail demand for both new and used vehicles," said LaNeve. "We continue to offer consumers the largest selection of certified vehicles and a worry-free purchasing experience that comes with one of the best warranties in the business and a factory-certified, 117-point fully-inspected vehicle."
GM North America Reports January 2009 Production; Q1 2009 Production Forecast at 380,000 Vehicles
In January, GM North America produced 65,000 vehicles (6,000 cars and 59,000 trucks). This is down 232,000 vehicles or 78 percent compared with January 2008 when the region produced 297,000 vehicles (106,000 cars and 191,000 trucks). (Production totals include joint venture production of 3,000 vehicles in January 2009 and 13,000 vehicles in January 2008.)
The region's 2009 first-quarter production forecast is 380,000 vehicles (118,000 cars and 262,000 trucks), which is down about 57 percent compared with a year ago. GM North America built 885,000 vehicles (360,000 cars and 525,000 trucks) in the first-quarter of 2008.
General Motors Corp. (NYSE: GM), one of the world's largest automakers, was founded in 1908, and today manufactures cars and trucks in 34 countries. With its global headquarters in Detroit, GM employs 252,000 people in every major region of the world, and sells and services vehicles in some 140 countries. In 2008, GM sold 8.35 million cars and trucks globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Hummer, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's largest national market is the United States, followed by China, Brazil, the United Kingdom, Canada, Russia and Germany. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. More information on GM can be found at www.gm.com.
Note: GM sales and production results are available on GM Media OnLine at http://media.gm.com/us/gm/en by clicking on News, then Sales/Production. In this press release and related comments by General Motors management, we use words like "expect," "anticipate," "estimate," "forecast," "objective," "plan," "goal" and similar expressions to identify forward-looking statements, representing our current judgment about possible future events. We believe these judgments are reasonable, but actual results may differ materially due to a variety of important factors. Among other items, such factors might include: our ability to comply with the requirements of our credit agreement with the U.S. Department of Treasury; the availability of funding for future loans under that credit agreement; our ability to execute the restructuring plans that we have disclosed, our ability to maintain adequate liquidity and financing sources and an appropriate level of debt; and changes in general economic conditions, market acceptance of our products; shortages of and price increases for fuel; significant changes in the competitive environment and the effect of competition on our markets, including on our pricing policies. GM's most recent annual report on Form 10-K and quarterly report on Form 10-Q provide information about these factors, which may be revised or supplemented in future reports to the SEC on Form 10-Q or 8-K.
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