Corvette Shipments Jump 224% Last Quarter Over Q2 of 2020

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According to the latest press release from GM, Corvette Shipments jumped 224% last quarter over the second quarter of 2020

According to GM, overall sales grew 40% in the second quarter of this year, with shipments of the Corvette increasing 224% over the same quarter last year.

According to the numbers:

With all of the Corvette Assembly Plant closures we saw in the second quarter of this year, it’s hard to believe that the numbers jumped that much over the same quarter last year, but hopefully, it’s a good indicator that the worst of the pandemic related supply-chain issues are behind us and Corvette production will continue to progress undisturbed.

As per Elaine Buckberg, GM chief economist, “The U.S. economy is accelerating, consumer spending is robust and jobs are plentiful. Consumer demand for vehicles is also strong, but constrained by very tight inventories. We expect continued high demand in the second half of this year and into 2022.”

“The agility and creativity of our supply chain, purchasing, engineering and manufacturing teams, in collaboration with our suppliers and dealers, have helped us continue to satisfy customers and gain market share in some of the highest demand segments of the market,” said Kurt McNeil, U.S. vice president, Sales Operations.

Below is the entire press release from GM:

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GM Second-Quarter Sales Increase 40 Percent

2021-07-01

DETROIT — General Motors Co. (NYSE: GM) announced today it sold 688,236 vehicles in the U.S. in the second quarter of 2021 – an increase of 40 percent compared to a year ago – in a unique market bolstered by strong customer demand, but constrained by low inventories resulting from the global semiconductor shortage.

“The U.S. economy is accelerating, consumer spending is robust and jobs are plentiful,” said Elaine Buckberg, GM chief economist. “Consumer demand for vehicles is also strong, but constrained by very tight inventories. We expect continued high demand in the second half of this year and into 2022.”

“The agility and creativity of our supply chain, purchasing, engineering and manufacturing teams, in collaboration with our suppliers and dealers, have helped us continue to satisfy customers and gain market share in some of the highest demand segments of the market,” said Kurt McNeil, U.S. vice president, Sales Operations.

GM is well positioned in 2021 to lead the industry in full-size and mid-size pickup sales for the seventh consecutive year. During the quarter, GM earned 40.6 percent of the retail market for full-size pickups, up 4.5 percentage points year over year (J.D. Power PIN), with more than 237,000 Chevrolet Silverados and GMC Sierras sold in the quarter.

The company is taking steps to meet customers’ future needs, especially in capacity-constrained segments:

• GM announced that production of HD pickups will increase by about 1,000 trucks per month beginning in mid-July as a result of production line efficiencies delivered by the team at Flint Assembly in Michigan.
• Also, GM will return full-size pickup production to Oshawa Assembly in Canada at the end of 2021.
• Shipments of Chevrolet Colorado and GMC Canyon mid-size pickups built at Wentzville Assembly in Missouri increase by about 30,000 total units from mid-May through early July as the team completes dynamic vehicle testing on units held at the plant due to semiconductor supply disruptions.

“Although the situation remains fluid, we’re focused on continuing to leverage every available semiconductor to build and ship our highest demand products,” McNeil said.

GM ended the quarter with 211,974 units in inventory, down from 334,628 at the end of the first quarter.

Second-Quarter Sales Highlights (vs. Q2 2020)

Chevrolet

• Chevrolet deliveries were up 31 percent, with the Bolt EV and Traverse both delivering their best-ever second-quarter sales and best first-half sales.
• Silverado LD deliveries increased by 31 percent, HD by 42 percent.
• Sales of the Tahoe (74 percent), Suburban (91 percent), Silverado HD and LD combined (34 percent), Trailblazer (248 percent) and Corvette (224 percent) were all up sharply.

To continue building customer interest in electric vehicles and demand for the all-electric 2022 Bolt EUV and redesigned Bolt EV, Chevrolet will cover standard installation of Level 2 charging outlets through a collaboration with Qmerit for most qualified and eligible purchase and lease customers.

The Bolt EUV is also the first Chevrolet to feature Super Cruise, GM’s advanced driver-assistance technology, which uses Adaptive Cruise Control, Enhanced Automatic Emergency Braking and lane-centering technology to enable hands-free driving on compatible roads. GM plans to expand Super Cruise availability to 22 models by 2023.

GMC

• GMC deliveries grew by 50 percent, led by gains from Sierra LD and HD models, up 38 and 46 percent, respectively.
• The all-new Yukon and Yukon XL had a combined increase of 126 percent.
• Acadia sales were up 72 percent and Terrain sales increased 19 percent.

Buick

• Buick’s premium SUVs recorded a total sales increase of 86 percent, leading to its best quarter in more than 15 years.
• The all-new Buick Envision attracts more former sedan buyers to the brand than any other Buick model, leading to the vehicle’s best quarter ever with total sales up 97 percent.
• The Encore GX also had a record quarter, with sales up 184 percent, and Enclave sales grew 103 percent. Building on this momentum, Buick is launching an all-new 2022 Enclave this fall.

Cadillac

• Total sales increased by 55 percent, leading to Cadillac’s third consecutive quarter of year-over-year growth.
• The XT5 and XT6 had total sales increases of 83 and 73 percent, respectively, and sales of the CT4 increased by 290 percent.
• Sales of the Escalade more than doubled, up 120 percent.

Fleet Highlights

GM fleet sales, which were severely impacted by pandemic shutdowns a year ago, are beginning to recover as the company prioritizes production of its most in-demand vehicles.

Fleet deliveries were up 69 percent year over year in the second quarter.

• Small business sales increased 43 percent.
• Sales to commercial customers increased 73 percent, driven by increases of mid-size pickup sales, up 97 percent; full-size pickups, up 96 percent; full-size vans, up 74 percent; and the Silverado MD, up 57 percent.

GM fleet sales were about 14 percent of total sales, which is lower than the company’s pre-pandemic fleet mix of about 20 percent, due to supply constraints caused by the semiconductor shortage. Rental sales represented 4 percent of GM’s total sales.

Source: GM Media