General Motors (DG) said Tuesday that its total U.S. car sales rebounded slightly in the second quarter. But the automaker’s electric vehicle sales soared, a possible sign that the expected ramp-up in new electric vehicle production is finally here.
Ford engine (F), the leader in pickup trucks alongside GM, will look to revive sales of the F-150 truck, its cash cow, when it reports its second-quarter sales.
↑
X
If Tesla is the most valuable carmaker, why do hybrids outsell electric vehicles?
Automakers — including GM, Toyota engine (MT), Honda Engines (HMC) and the parent company of Chrysler Stellantis (STLA) — report second-quarter new vehicle sales in the U.S. on Tuesday. Their sales of electric and hybrid vehicles will be closely watched as they try to move away from traditional combustion-engine cars.
Early Tuesday, You’re here (TSLA) Second-quarter global shipments exceeded expectationsbut its sales fell for a second straight quarter. Tesla shares broke a key level. Tesla’s rival startup Rivian (RIVN) reported Electric vehicle deliveries in the 2nd quarter Also.
For the second quarter, Cox Automotive analysts expected GM to lead in sales volume but to decline slightly in market share. They predicted Toyota would post one of the largest sales gains in the second quarter and the largest market share gain among major automakers. They projected Stellantis to see sharp declines in sales and market share in the second quarter. The June 19 cyberattack on software vendor CDK could negatively impact overall sales results.
Here are Cox Auto analysts’ forecasts for automakers’ performance. The estimates show second-quarter sales estimates and results by volume, as well as sales growth or decline compared to the second quarter of 2023.
General Motors Breaks Electric Vehicle Sales Record
Q2 sales estimate:697,804 vehicles, up 1.2% over one year.
Results:GM delivered 696,086 vehicles in the second quarter, up 0.6% from a year earlier. While its second-quarter auto sales were up slightly, General Motors touted its best quarter of auto sales since the fourth quarter of 2020, as well as record quarterly sales of electric vehicles. The company delivered 21,930 electric vehicles, up 34% from the first quarter of 2024 and up 40% from the second quarter of 2023.
Sales of new Ultium-based electric vehicles contributed to the increase, including the Cadillac Lyriq, which saw more than 7,200 deliveries in the quarter, up 441% from a year earlier. Sales of older Bolt electric vehicles fell 90%. Electric vehicles remain a small but growing part of GM’s overall business, accounting for 3% of second-quarter sales. The company has been trying to ramp up production of new electric vehicles after battery bottlenecks and other supply chain issues.
In the first six months of 2024, GM reported 1,290,319 vehicle deliveries, down 0.4%. In April, the automaker reported a 1.5% decline in first-quarter sales.
GM shares fell 5 cents to 46.64 on Tuesday stock market actionShares were little changed after clearing a point of purchase of 46.16 from a flat base on June 10.
The auto giant will release its second-quarter results on July 23 before the market opens.
Toyota Sales
Q2 sales estimate:642,902 vehicles, up 21.5% over one year.
Results:Toyota sold 621,549 vehicles in the second quarter, up 9%. Sales of hybrid and electric vehicles totaled 247,347 vehicles, up 63%. These electric and hybrid vehicle sales accounted for 40% of Toyota’s total U.S. sales in the second quarter.
Toyota Motor shares rose 0.7% on Tuesday. The stock is down from its 50-day moving average.
Ford Sales
Q2 sales estimate:551,527 vehicles, up 4.5% over one year.
Results: Come back later.
In the first five months of 2024, sales of Ford’s F-Series trucks fell 7.6%, including a 10.2% drop in the first quarter. The F-150 truck is Ford’s best-seller and the company’s profit center. Ford hopes to stem the sales decline with a new F-150 model. Sales of the new F-150, along with a new Ranger model, began in March.
Ford says the new F-150 represents “a big bet for us in the gasoline, hybrid and electric vehicle segments of our business.” Ford stock investors will be looking for signs of those hopes coming to fruition when the company reports second-quarter sales of cars and electric vehicles, likely in the coming days.
In the first quarter, GM said it sold 197,000 full-size pickups, increasing its market share in the segment. By comparison, Ford sold 152,943 F-Series pickups in the quarter. Ford sold more than 252,000 pickups in the most recent quarter overall, including the Maverick compact pickup.
Ford shares were flat at 12.76, holding above the recently reclaimed 50-day line.
Honda Sales
Q2 sales estimate:365,719 vehicles, up 5.4% over one year.
Results: Come back later.
Honda shares fell 1.4%, just below a 50-day decline line.
Tesla and Rivian electric vehicle sales
Cox Auto analysts expected Tesla to deliver 148,462 electric vehicles to the U.S. market, down 15.3% from a year earlier and up from 140,187 in the first quarter. They did not provide estimates for Rivian’s deliveries.
Rivian said Tuesday it produced 9,612 electric vehicles and delivered 13,790 electric vehicles in the second quarter, in line with its expectations. The company confirmed its full-year production forecast of 57,000 electric vehicles.
As a reminder, Rivian produced 13,980 electric vehicles and delivered 13,588 electric vehicles in the first quarter. The electric vehicle startup said it will report its second-quarter results on August 6 after the market closes.
Tesla announced Tuesday that it delivered 443,956 vehicles in the second quarter, while it produced 410,831. The electric vehicle giant delivered a total of 422,405 Model 3 and Model Y units, along with 21,551 “other” vehicles. The total is down 4% from last year’s 466,140 deliveries. However, it is a 15% increase from the first quarter.
Rivian shares jumped 4% on Tuesday, but still remain just below the 200-day moving average. Tesla shares jumped 9% above the 200-day line.
YOU MAY ALSO LIKE:
Here are the top 5 stocks to buy and watch now
Stocks to Watch: Top-Rated IPOs, Large Caps and Growth Stocks
Find the latest stocks hitting buy zones with MarketSurge
