General Motors Company GM and its joint venture delivered around 373,000 vehicles in China in the second quarter, down 29% year over year. Despite this overall decline, the Detroit-based automaker’s new energy vehicle sales rose 24% year over year, representing a record 38% of GM's overall China deliveries for the quarter.
All of GM's brands in China saw significant declines. Buick deliveries were about 81,000, down from 136,000 in the previous year. Chevrolet delivered almost 10,000 vehicles, down year over year from 48,000. Cadillac delivered about 29,000 vehicles, down year over year from 55,000.
SAIC-GM-Wuling Automobile, a joint venture between GM, SAIC Motor and Guangxi Auto, delivered 252,000 cars, down from 286,000 a year prior.
For individual models, Buick's GL8 family and VELITE 6 EV sold nearly 20,000 and 17,000 units, respectively, and became the brand's best sellers. Cadillac's CT5 upscale sedan led its sales with more than 16,000 units. Chevrolet's Monza sedan was the automaker’s most popular model. GM also announced that the Tahoe full-size SUV, popular in the United States, will soon be available in China.
General Motors and other U.S. automakers have been struggling in China amid increased price competition from local automakers.
Zacks Rank & Key Picks
GM currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the auto space are Blue Bird Corporation BLBD, Renault SA RNLSY and American Axle & Manufacturing Holdings, Inc. AXL, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for BLBD’s 2024 sales and earnings suggests year-over-year growth of 17.29% and 155.14%, respectively. EPS estimates for 2024 and 2025 have improved 63 cents and 69 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for RNLSY’s 2024 sales and earnings suggests year-over-year growth of 20.78% and 62.43%, respectively. EPS estimates for 2024 and 2025 have improved 6 cents and 14 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for AXL’s 2024 sales and earnings suggests year-over-year growth of 3.05% and 544.44%, respectively. EPS estimates for 2024 have moved up 5 cents in the past 60 days. The same for 2025 has moved up 20 cents in the past 30 days.
Zacks Names "Single Best Pick to Double"
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