General Motors Reports Largest Quarterly Sales Increase in Four Years

On July 4, General Motors announced that it achieved the largest quarterly sales growth in four years in the second quarter of this year, thanks to its continuously expanding lineup of new energy vehicles and strong performance of its best-selling models. According to Buick, GM and its joint ventures in China (SAIC-GM and SAIC-GM Wuling) saw automobile sales surpass 447,000 units in the second quarter, up 20% year-on-year, marking the second consecutive quarter of year-on-year growth and the largest single-quarter increase since Q1 2021. In the first half of this year, GM and its joint ventures sold over 890,000 vehicles in China, up 9.4% year-on-year. Meanwhile, GM achieved year-on-year market share growth in both the second quarter and the first half of the year. In terms of powertrain types, GM's new energy vehicle sales (including pure electric vehicles, plug-in hybrid vehicles, and range-extended electric vehicles) surged by 50% year-on-year in the Chinese market in the second quarter. GM stated that the growth momentum of its new energy vehicle sales in China is attributed to having the most comprehensive new energy product lineup among global OEMs. With the launch of the Buick new energy sub-brand "ELECTRA" in the second quarter, this growth trend is expected to accelerate further. The brand is built on the locally developed "Xiaoyao" super architecture, which flexibly covers multiple key price ranges for pure electric, plug-in hybrid, and range-extended vehicles. From GM's brands, the Buick GL8 family saw a year-on-year sales increase of about 70% in China, reaching nearly 34,000 units in the second quarter, further solidifying GM's leading position in China's high-end MPV market and expanding its market share in the new energy vehicle sector. The Buick Envision SUV family and the LaCrosse sedan also saw year-on-year sales growth in China of twofold and over onefold, respectively, both achieving significant production milestones of 1.8 million and 1.3 million units in May this year. The Cadillac XT5 performed excellently in the luxury SUV segment, with a year-on-year increase of 60%, further strengthening GM's position in this field. The Wuling Hongguang MINIEV remains GM's best-selling new energy vehicle in China, with over 84,000 deliveries in the second quarter, nearly 60% of which came from the four-door version launched earlier this year. The Wuling Bingo and Bingo PLUS continued their growth trend, with combined sales in China increasing by over 20% year-on-year to over 47,000 units in the second quarter. Steve Hill, GM's Senior Vice President and President of GM China, stated, "Our strong performance in the second quarter validates our strategic trajectory of driving sustainable growth in sales and market share through localized innovation. In the future, we will continue to focus on efficient execution, business agility, and customer preference to drive profitable growth in our China business." GM produces and sells Chevrolet, Buick, and Cadillac passenger vehicles and light trucks through SAIC-GM, while it produces Wuling brand vans, micro electric vehicles, and Baojun brand entry-level passenger cars through SAIC-GM Wuling.