General Motors' (GM) Q1 Deliveries Witness Uptick of 18% Y/Y

General Motors GM recently issued a business report for the first quarter of 2023. The company gained considerable market share in the first quarter. The pricing was strong and inventories were in excellent condition. For the first time, the company sold more than 20,000 electric vehicles (EVs) in a quarter. The U.S. legacy automaker is on track to build 50,000 EVs in North America through the first half of 2023 and 100,000 in the second half of the year.

General Motors’ total deliveries were 603,208 vehicles in the first quarter of 2023, an 18% rise year on year. In the first quarter, the company experienced growth across all brands, with GMC sales increasing 8%. Cadillac, Buick and Chevrolet recorded double-digit percentage growth of 29%, 99%, and 16%, respectively.

General Motors delivered 270,376 full-size pickups, midsize pickups and full-size SUVs. New Chevrolet Colorado and GMC Canyon midsize vehicles, as well as Chevrolet Silverado HD and GMC Sierra HD pickups, are underway. Retail sales of Chevrolet Silverado and GMC Sierra witness year-over-year growth of 9% in deliveries. The new GMC Canyon AT4X is the industry's most efficient midsize truck. The Edition 1 model is sold out. Production of the new Chevrolet Colorado ZR2 off-road performance truck begins in April.

The company is the dominant player in the fleet and commercial markets, and all brands are riding high as they enter a busy season of new product launches. Sales of fleet vehicles climbed 27%. Commercial sales of the Chevrolet Silverado and GMC Sierra increased 38%, fueling a 39% surge in full-size truck fleet sales, including medium duty.

General Motors also announced that it has started delivering the first 500 units of its electric van, the BrightDrop Zevo 600, built at the new production plant in Ontario, Canada, which opened just three months ago. Amid the soaring popularity of its van, the BrightDrop 2023 model is already out of stock. The company has begun accepting bookings for the 2024 model, the deliveries of which will commence in the second half of this year.

Zacks Rank & Other Key Picks

GM currently carries a Zacks Rank #2 (Buy).

Other top-ranked players in the auto space include Wabash National WNC, Mazda Motor MZDAY and Modine Manufacturing MOD.

Wabash National currently sports a Zacks Rank #1 (Strong Buy). The company has a projected earnings growth rate of 28.9% for the current year. It has a trailing four-quarter earnings surprise of roughly 46.1% on average. WNC has gained approximately 72.3% in a year. You can see the complete list of today’s Zacks #1 Rank stocks here.

Mazda Motor currently carries a Zacks Rank #2. The company has a projected earnings growth rate of 4% for the current year. It has a trailing four-quarter earnings surprise of roughly 97% on average. MZDAY has gained approximately 26.2% in a year.

Modine Manufacturing currently sports a Zacks Rank #1. The company has a projected earnings growth rate of 43.1% for the current year. It has a trailing four-quarter earnings surprise of roughly 56.1% on average. MOD has gained approximately 156% in a year.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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