GM sales jump 24% in third quarter, plans to ramp up Chevy Bolt EV production

General Motors United States auto sales jumped 24% in the third quarter compared to the same period last year, beating industry analysts’ expectations of at least a 21.6% increase.

GM said it sold 555,580 vehicles in the third quarter, up from 447,000 sold a year earlier. Last year, the automaker struggled with semiconductor chip supply issues, leading to lower-than-expected sales.

General Motors sales for the first nine months of the year totaled 1.65 million units, down 7.1% from the same period last year. The company ended the last quarter with 359,292 vehicles in stock at the dealership and in transit. This total represents an increase of 111,453 units from the previous quarter and nearly three times the company’s inventory at the end of the third quarter of 2021.

GM said it plans to increase production of its electric vehicles, including the Chevrolet Bolt EV and EUV, after the models broke a record for the quarter, posting 14,709 units sold. The company said it will increase calendar year production for global markets from about 44,000 vehicles this year to more than 70,000 in 2023.

Meanwhile, production of GM’s new electric vehicles, like the GMC Hummer EV pickup, has been slow to start. The company produced the pricey Hummer EV pickup, which is the first vehicle to feature the company’s next-generation Ultium batteries and platform, at a rate far below the automaker’s usual pace. GM only sold 782 Hummer electric vehicles, which cost more than $100,000 each.

The company said it will suspend production of the Hummer EV beginning in late November to expedite body shop upgrades for the upcoming Chevrolet Silverado EV.

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