General Motors (GM) reported Tuesday that overall U.S. auto sales rebounded slightly in the second quarter. But the automaker’s EV sales jumped, a possible sign that the expected increase in production of newer electric vehicles is finally here.
Ford engine (F), a leader in pickup trucks alongside GM, hopes to revive sales of the F-150 truck, its cash cow, when the company reports second-quarter sales figures.
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If Tesla is the most valuable car company, why are hybrid cars outselling electric cars?
Automakers, including GM, Toyota engine (TM), Honda engine (HMC) and Chrysler parent company Stellantis (STLA) — reported second-quarter new vehicle sales in the U.S. market on Tuesday. Their EV and hybrid sales are being watched as they try to move away from traditional internal combustion engine cars.
Early Tuesday, Tesla (TSLA) beat expectations for global deliveries in the second quarter, but sales fell for the second quarter in a row. Tesla shares jumped above a key level. Tesla startup rival Rivian (RIVN) also reported deliveries of electric vehicles in the second quarter.
Analysts at Cox Automotive expected GM to be the No. 1 in sales volume for Q2, but saw a slight drop in its share. They predicted Toyota would post one of the biggest Q2 sales gains and the biggest share gains among major automakers. They predicted Stellantis would see a sharp drop in Q2 sales and share. The June 19 cyberattack on software vendor CDK could dent overall sales results.
Here’s how analysts at Cox Auto expect automakers to perform. The estimates show Q2 sales estimates and results by volume, as well as sales growth or declines versus Q2 2023.
General Motors sets record for electric vehicle sales
Q2 sales estimate: 697,804 vehicles, up 1.2% year-on-year.
Results: GM delivered 696,086 vehicles in Q2, up 0.6% from a year ago. While auto sales rose slightly in Q2, General Motors touted its best quarter for auto sales since Q4 2020, as well as record quarterly sales of electric vehicles. The company delivered 21,930 electric vehicles, up 34% from Q1 2024 and up 40% from Q2 2023.
Sales of new Ultium-based electric vehicles drove the gains, led by the Cadillac Lyriq, which saw more than 7,200 deliveries in the quarter, up 441% from a year ago. Sales of older Bolt EVs fell 90%. Electric vehicles remain a small but growing part of GM’s overall business, accounting for 3% of sales in the second quarter. The company has been trying to accelerate production of newer electric vehicles after battery bottlenecks and other supply chain issues.
For the first six months of 2024, GM reported 1,290,319 vehicle deliveries, down 0.4%. In April, the company reported that first-quarter sales fell 1.5%.
GM shares lost 5 cents to 46.64 in Tuesday’s market action. Shares have made little progress after breaking through a buy point of 46.16 from a flat base on June 10.
The auto giant will announce second-quarter results before the market opens on July 23.
Toyota sales
Q2 sales estimate: 642,902 vehicles, up 21.5% year-on-year.
Results: Toyota sold 621,549 vehicles in Q2, up 9%. Sales of hybrids and electric vehicles totaled 247,347, up 63%. Those EV and hybrid sales made up 40% of Toyota’s total Q2 U.S. sales.
Toyota Motor shares rose 0.7% on Tuesday. Shares are below a declining 50-day moving average.
Ford sales
Q2 sales estimate: 551,527 vehicles, up 4.5% year-on-year.
Results: Come back later.
Ford’s F-Series truck sales declined 7.6 percent through the first five months of 2024, including a 10.2 percent decline in Q1. The F-150 truck is Ford’s best-seller and the company’s profit center. Ford hopes to stem the sales decline with a new F-150 model. The new F-150, as well as a new Ranger model, went on sale in March.
According to Ford, the new F-150 “represents an important push for us into our gas, hybrid and electric vehicle segments.” Investors in Ford stock will be watching for signs that the company is delivering on those expectations when the company reports second-quarter auto sales and electric vehicle sales, which is likely in the coming days.
In Q1, GM reported sales of 197,000 full-size pickup trucks, growing its share of the segment. By comparison, Ford sold 152,943 F-Series trucks that quarter. Ford sold more than 252,000 trucks in total last quarter, including the Maverick compact truck.
Ford shares held steady at 12.76, remaining above the recently recaptured 50-day line.
Honda sales
Q2 sales estimate: 365,719 vehicles, up 5.4% year-on-year.
Results: Come back later.
Honda shares fell 1.4%, just below their 50-day declining line.
Tesla, Rivian EV Sales
Analysts at Cox Auto expected Tesla to deliver 148,462 electric vehicles to the U.S. market, down 15.3% from a year ago and up from 140,187 in the first quarter. They did not provide estimates for Rivian deliveries.
On Tuesday, Rivian said it produced 9,612 electric vehicles and delivered 13,790 EVs in Q2, in line with expectations. The company backed its annual production guidance for 57,000 EVs.
For context, Rivian produced 13,980 EVs and delivered 13,588 EVs in the first quarter. The EV startup said it will report its Q2 earnings on Aug. 6 after the market closes.
Tesla said Tuesday that it delivered 443,956 vehicles in Q2, while producing 410,831 units. The EV giant delivered a total of 422,405 Model 3 and Model Y units, along with 21,551 “other” vehicles. The total was down 4% from last year’s 466,140 deliveries. However, it was up 15% compared to Q1.
Rivian shares rose 4% on Tuesday, but are still just below their 200-day moving average. Tesla shares jumped 9% above their 200-day line.
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