U.S. customers who bought a new General Motors vehicle last quarter paid an average of just under $49,900, a price that helped push the company’s net income 15% above a year ago. And despite analyst predictions of growing U.S.
FILE - Unsold 2024 Escalade utility vehicles sit in a row outside a Cadillac dealership on June 2, 2024, in Lone Tree, Colo. General Motors reports earnings on Tuesday, July 23, 2024. DETROIT — U.S. customers who bought a new General Motors vehicle last quarter paid an average of just under $49,900, a price that helped push the company’s net income 15% above a year ago.
While the average sales price was down slightly from a year ago, GM sold 903,000 vehicles to dealers in North America during the quarter, 70,000 more than the same period in 2023. Sales in its international unit, however, fell 7,000 to 140,000, the company said. Industrywide, U.S. buyers paid an average of $47,616 per vehicle in June, down 0.7% from a year ago, according to Edmunds.com. Discounts per vehicle more than doubled from a year ago to $1,819.
“To date, what we’ve seen in July so far, is it looks very, very similar to June,” Jacobson said. The company is “making sure we put products in the market that our customers love, and the pricing takes care of itself,” he said. Jacobson conceded the company has some ground to cover to hit its full-year targets, but said the new Chevrolet Equinox small SUV is just reaching showrooms, and production of other models is rising as battery plants in Tennessee and Ohio ramp up their output.
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With US vehicle prices averaging near $50K, General Motors sees 2nd-quarter profits rise 15%U.S. customers who bought a new General Motors vehicle last quarter paid an average of just under $49,900, a price that helped push the company’s net income 15% above a year ago.
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