GM's 2023 U.S. vehicle sales were its best since 2019 - CNBC

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The 2024 Buick Envista.

DETROIT — General Motors' U.S. vehicle sales increased 14.1% last year to represent the automaker's best year since 2019, prior to the effects of the Covid-19 pandemic and yearslong supply chain problems.

The Detroit automaker on Wednesday reported sales of roughly 2.6 million vehicles in 2023, including 625,176 cars and trucks sold during the fourth quarter, roughly flat compared to a year earlier.

The automaker sold about 2.3 million vehicles in 2022 and 2.9 million units in 2019.

GM's sales are in line with expectations for overall industry sales. Edmunds expects industrywide sales to hit 15.5 million in 2023, which would be a roughly 14% increase compared to 2022.

GM said it expects total U.S. industry sales to hit 16 million in 2024. That would mark the highest industry sales since more than 17 million units in 2019 and the high end of industry analyst forecasts.

"GM has tremendous momentum. We grew our market share in 2023, maintaining strong pricing and low incentives," Marissa West, GM's senior vice president and president of North America, said in a release.

GM's annual sales increase was led by a 61% increase in its Buick brand, followed by a 13.1% increase for its mainstream Chevrolet unit. Sales at the GMC and Cadillac brands were up roughly 9% each in 2023.

Sales of all-electric vehicles for GM were disappointing in 2023. GM's EV sales totaled 75,883 units, or 2.9% of the company's overall sales last year. A vast majority of those were sales of its now discontinued Chevrolet Bolt models.

The company has experienced problems in ramping up production of its newer "Ultium" EVs, including a major issue with battery module assembly.

To assist EV sales this year, the company expects to increase production of the vehicles and offer $7,500 in incentives on models that no longer qualify for up to $7,500 in federal tax credits due to new, more stringent requirements for assembly and materials for the vehicles and their batteries that took effect Jan. 1.

"We are committed to the future of EVs and will have the sales and marketing support to sell these ineligible vehicles. Beginning in January, GM will provide the equivalent EV tax credit purchase amount for any vehicles that became ineligible due to the new guidelines," GM said in a statement.

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