In 2022, GM overtook Toyota for the top spot in sales. Operating profits of around $13.3 billion are anticipated.
The significant fourth-quarter sales of 623,261 vehicles, an increase of 41% year over year, provided a boost to the American automaker. GM also topped Toyota in US sales during the fourth quarter, with 2,108,458 units sold—a 9.6% decrease from 2021.
Cadillac accounted for 134,726 of those sales, a 13.9% increase, Chevrolet for 1,518,048 (a 5.6% increase), and GMC for 517,649 (7.3% increase). With 103,519 units sold, Buick was the only brand to decline, a staggering 42.4% decrease.
Steve Carlisle, GM's Executive Vice President and President for North America, stated, "GM is carrying strong momentum in North America into 2023." We see opportunities to expand our truck leadership with four new Chevrolet and GMC heavy-duty and midsize pickups, expand our EV market share with nine all-electric models, and win new customers with the 2024 Chevrolet Trax, the most stylish and affordable entry-level vehicle we've ever produced. When it comes to electric vehicles, GM had a mixed year. Sales of the Chevrolet Bolt increased to 38,120, or 53.5%, from the previous year as a result of the inclusion of the 2023 Chevrolet Bolt EUV. Chevy anticipates producing over 70,000 Bolts by 2023 due to rising demand and expanding production capacity.
The GMC Hummer EV Pickup and Cadillac Lyriq, which sold in miniscule quantities, did not fare as well. Despite the fact that only one GMC Hummer was sold in 2021, the model's sales increased by 854,000% over 2021.
With only 854 units sold in 2022, the market is still small. Last year, Cadillac sold only 122 Lyrics, a number it hopes to increase as production capacity grows. When looking at some of General Motors' older products, there was a mix of increases and decreases across the board. This was probably due to the company's ability to produce and deliver them well or poorly.
Chevrolet sold 34,510 Corvettes, a 4.4 percent increase; Cadillac CT5 sales increased to 15,896 units, a 68.3 percent increase, as a result of the Blackwing; and Chevrolet demonstrated that discontinuing sedan sales was a bad idea by selling 115,467 Malibus, a 193.2% increase.
Trucks were GM's most popular product, as Chevy sold 523,249 Silverados (a decrease of 1.2%) and GMC sold 241,522 Sierras (a decrease of 3.0%). Lastly, sales of every Buick model decreased, indicating that the company is in need of new products.
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