General Motors’ third-quarter vehicle sales increased 24% compared to a year ago in the U.S., the company announced.
The Detroit car maker on Monday said it sold 555,580 vehicles from July through September, after reporting 447,000 sales a year earlier when semiconductor chip shortages started impacting the industry.
The result surprised analysts who expected at least a 21.6% increase, and were growing concerned on how ongoing supply chain issues might weigh the company’s output.
Moving forward with its plans to increase EV production, GM said it will increase production of its Chevrolet Bolt EV and EUV, after the vehicles recorded their best quarterly sales ever at 14,709 units.
The company said the 2023 launch of new EVs, including the Chevrolet Silverado pickup, Chevrolet Blazer SUV and Chevrolet Equinox SUV, is on schedule.
Beginning in late November, GM will pause production of the pickup for several weeks to pull ahead body shop upgrades for the upcoming electric Chevrolet Silverado.
GM stock rose 3.4% in Monday’s stock market action. Shares sank nearly 10% last week and remain below the 50-day and 200-day moving averages.