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General engines (GM) reported Tuesday that overall U.S. auto sales rebounded slightly in the second quarter. But the automaker’s EV sales skyrocketed, a possible sign that the expected surge in production of newer electric vehicles is finally here.
Ford engine (F), a leader in pickup trucks alongside GM, will look to revive sales of the F-150 truck, its cash cow, when it reports second-quarter sales.
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If Tesla is the most valuable car company, why do hybrids sell more than electric vehicles?
Automakers – including GM, Toyota engine (T.M), Honda engine (HMC) and Chrysler parent Stellantis (STLA) – report Tuesday new vehicle sales in the US market for the second quarter. Their sales of electric and hybrid cars will be watched as they try to move away from traditional combustion engine cars.
early Tuesday, Tesla (TSLA) exceeded expectations for global shipments in the second quarter, but sales fell for the second quarter in a row. Tesla shares jumped above a key level. Tesla’s startup rival Rivaans (RIVN) also reported electric vehicle deliveries in the second quarter.
For the second quarter, Cox Automotive analysts expected GM to be No. 1 in sales volume, but they see a slight decline in market share. They predicted that Toyota would post one of the largest sales gains in the second quarter and the largest market share gains among major automakers. They predict that Stellantis will see sharp sales and stock declines in the second quarter. The June 19 cyber attack on software supplier CDK could put a dent in overall sales results.
Here’s how analysts at Cox Auto expect automakers to perform. The estimates show second quarter sales estimates and results by volume, as well as revenue growth or declines versus Q2 2023.
General Motors sets EV sales record
Sales estimate for the second quarter: 697,804 vehicles, an increase of 1.2% year-on-year.
Results: GM delivered 696,086 vehicles in the second quarter, up 0.6% from a year ago. Although auto sales rose fractionally in the second quarter, General Motors touted its best 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 EVs drove these gains, led by the Cadillac Lyriq, which saw more than 7,200 deliveries in the quarter, up 441% from a year ago. Sales of older Bolt EVs dropped by 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 accelerate production of newer electric vehicles after battery bottlenecks and other supply chain issues.
For the first six months of 2024, GM reported 1,290,319 vehicle deliveries, down 0.4%. In April, it was reported that sales fell 1.5% in the first quarter.
GM shares lost 5 cents to 46.64 in Tuesday’s stock market action. The shares have made little progress after hitting a 46.16 buy point from a flat base on June 10.
The auto giant will report second-quarter results on July 23 before the market opens.
Toyota Sales
Sales estimate for the second quarter: 642,902 vehicles, an increase of 21.5% year-on-year.
Results: Toyota sold 621,549 vehicles in the second quarter, up 9%. Sales of hybrid vehicles and electric vehicles amounted to 247,347, an increase of 63%. Those EV and hybrid sales made up 40% of Toyota’s total second-quarter U.S. sales.
Toyota Motor shares rose 0.7% on Tuesday. The stock is below a declining 50-day moving average.
Ford Sales
Sales estimate for the second quarter: 551,527 vehicles, an increase of 4.5% year-on-year.
Results: Come back later.
Through the first five months of 2024, Ford’s F-Series trucks saw sales decline 7.6%, including a 10.2% decline in the first quarter. The F-150 truck is Ford’s best seller and the company’s profit center. Ford hopes to halt the sales decline with a new F-150 model. Sales of the new F-150 and a new Ranger model began in March.
The new F-150, Ford says, is “a major challenge for us in the gas, hybrid and electric vehicle segments of our business.” Investors in Ford stock will look for signs that it is making good on these hopes when the company reports second-quarter auto and EV sales, likely in the coming days.
In the first quarter, GM reported sales of 197,000 full-size pickup trucks, increasing its share of the segment. By comparison, Ford sold 152,943 F-Series trucks that quarter. Ford sold a total of more than 252,000 trucks last quarter, including the Maverick compact truck.
Ford shares held steady at 12.76, remaining above the recently recaptured 50-day mark.
Honda Sales
Sales estimate for the second quarter: 365,719 vehicles, an increase of 5.4% year-on-year.
Results: Come back later.
Honda shares fell 1.4%, just below the declining 50-day line.
Tesla, Rivian EV sales
Analysts at Cox Auto expected Tesla to deliver 148,462 electric vehicles to the U.S. market, down 15.3% from a year ago and up from 140,187 in the first quarter. They did not provide estimates for Rivian deliveries.
On Tuesday, Rivian said it produced 9,612 electric vehicles and delivered 13,790 electric vehicles in the second quarter, in line with expectations. The company supported full-year production guidance for 57,000 electric vehicles.
For context, Rivian produced 13,980 electric vehicles and delivered 13,588 electric vehicles in the first quarter. The EV startup said it will report its Q2 results on August 6 after market close.
Tesla said Tuesday it delivered 443,956 vehicles in the second quarter, while producing 410,831 units. The EV giant delivered a total of 422,405 Model 3 and Model Y units, along with 21,551 “other” vehicles. The total is 4% lower than last year’s 466,140 deliveries. However, it is an increase of 15% compared to the first quarter.
Rivian shares rose 4% on Tuesday, but are still just below its 200-day moving average. Tesla stock rose 9% above the 200-day mark.
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