GM reports Q4 dip, but full-year sales jump 5.5%, making it the top US automaker

Core Insights - General Motors (GM) experienced a decline in fourth quarter sales but achieved strong overall full-year results, maintaining its position as the top-selling automaker in the US [1][2]. Sales Performance - Q4 sales decreased by 6.9% year-over-year to just over 703,000 vehicles, while full-year sales increased by 5.5% to 2.853 million vehicles [2]. - Full-size pickup sales rose for the sixth consecutive year, marking the best performance in 20 years, and full-size SUVs like the Tahoe, Suburban, and Yukon contributed to a fifth straight year of category wins [2]. Electric Vehicle (EV) Sales - EV sales in Q4 plummeted by 43% to just over 25,000 units, attributed to a "pull ahead" in Q3 sales before the expiration of the federal EV tax credit [3]. - Despite the decline in Q4, GM remains the No. 2 EV seller in the US, following Tesla [5]. Product Portfolio Highlights - Notable sales increases in Q4 included the Buick Enclave SUV (up 53.5%), Chevrolet Colorado midsize pickup (up 11.6%), and GMC Traverse SUV (up 24.1%) [4]. - GM's incentives as a percentage of average transaction price (ATP) were reported at 4.3%, aligning with the industry average, while market share increased by 0.5% to approximately 17% [4]. Inventory and Financial Adjustments - Dealer inventory levels decreased by 18% to 486,000 units, which aligns with GM's strategic plans [4]. - GM announced a $1.6 billion charge related to a reassessment of its EV plans, including $1.2 billion in non-cash special charges and $400 million in cash for contract cancellations and EV-related investments [5].