GM stock jumps after quarterly vehicles sales rise more than 24% and as inventory improves
Shares of General Motors Co. jumped 2.8% in premarket trading Monday, after the automaker reported a 24.3% jump in third-quarter U.S. vehicle sales to 555,580 vehicles, and a "modestly improving" inventory situation. The sales for the latest quarter included a 27.4% decline in Buick deliveries, a 49.5% rise for Cadillac, a 29.5% increase for Chevrolet and a 23.9% rise for GMC. GM said it reached record quarterly sales for the Chevy Bolt electric vehicle (EV) and the Bolt electric utility vehicle (EUV), which totaled a combined 14,709 vehicles. Regarding inventories, the company said it had 359,292 vehicles in dealer inventory at the end of the third quarter, up 111,453 vehicles from the previous quarter and nearly triple the number from a year ago, when COVID-related supply chain issues impacted production. GM's stock has gained 2.5% over the past three months, while shares of rival Ford Motor Co. have tacked on 1.9% and the S&P 500 has slipped 4.2%.
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