Vehicle sales in the US during the quarter fell 34% compared to the previous year. GM said reduced demand and tight dealer inventories contributed to the decline.
GM (GM) However, he found some reason for optimism during a difficult period. Total sales bottomed out in April. In May and June, sales were approximately 20% less than in the same period last year. GM shares fell more than 3% on Wednesday morning after the news.
Almost all plants have returned to pre-pandemic exchange levels, according to the company, and US dealer stocks are growing again. GM lost more than two months of production during the crisis.
GM has cut advertising costs and discretionary spending, suspended some employees and deferred compensation in an effort to overcome the pandemic.
“We have a history of making quick and strategic decisions to ensure our long-term success for the benefit of all our stakeholders. We will continue to drive the necessary change across the company,” said Mary Barra, GM CEO, in a statement.
On Wednesday morning, GM also released a new announcement for its electric Hummer, which included a profile view of a pre-production model of the SUV. The Hummer is slated to be unveiled this fall and produced in the fall of 2021.
.
