Shares of General Motors Co. rallied Wednesday, after the automaker reported U.S. fourth-quarter and 2022 vehicle sales that rose from a year ago, as a big jump in electric vehicle sales provided a boost.
The company GM, +2.30% delivered 623,261 vehicles in the last three months of 2022, up 41.4% from a year ago. Among GM’s brands, Chevrolet sales jumped 43.3% to 413,560 vehicles, GMC sales grew 42.3% to 143,645 vehicles and Cadillac sales soared 74.8% to 39,135 vehicles, while Buick vehicle sales fell 6.5% to 26,921.
Among GM’s electrified vehicles, Bolt EV and Bolt EUV (electrified utility vehicle) sales totaled 16,108 in the fourth quarter, up from 25 vehicles a year ago, while 72 Hummer EV Pickups sold after only 1 sold a year ago and 86 Cadillac LYRIQs sold versus zero last year.
That brought total 2022 vehicle sales to 2.274 million, up 2.5% from a year ago, as Chevrolet sales rose 5.6%, GMC sales were up 7.3% and Cadillac sales increased 13.9% to offset a 42.4% drop in Buick sales.
In EVs, Bolt EV and Bold EUV sales rose 53.5% to 38,120 vehicles, while Hummer EV Pickup sales jumped to 854 from 1 in 2021 and 122 Cadillac LYRIQs were sold versus none in 2021.
The company said it expects Bolt EV and Bolt EUV production to increase to more than 70,000 units in 2023, and expects LYRIQ production to also increase. GM said it expects to launch three Chevrolet EVs in 2023.
GM’s stock rose 2.9% in midday trading Wednesday, after tacking on 0.5% to start 2023 on Tuesday. The gains come after the stock plunged 42.6% in 2022, the worst yearly performance since it plummeted 45.0% in 2011.
Earlier Wednesday, Toyota Motor Corp. TM, -0.73% 7203, -0.74% reported 2022 U.S. sales rose 9.6% to 2.11 million vehicles, while electrified vehicle sales fell 13.7% from a year ago to 504,016 vehicles.
Meanwhile, rival Ford Motor Co. F, +2.23% is expected to report vehicle sales on Thursday, before the opening bell.
“We see opportunities to grow our EV market share with nine all-electric models on sales, expand our truck leadership with four new Chevrolet and GMC heavy-duty and midsize pickups and win new customers with the affordable and stylish 2024 Chevrolet Trax, which is the best entry-level vehicle we have ever built,” said Steve Carlisle, president of GM North America.
Over the past three months, GM shares have slipped 2.8%, Ford’s stock has eased 2.9% and Tesla shares have tumbled 54.7%, while the S&P 500 index SPX, +0.81% has gained 2.0%.