In 2022, General Motors sold just over 5.9 million vehicles. This compares to around 6.29 million units in 2021, representing a decline of around 5.6 percent year-over-year.
Coronavirus puts a brake on auto sales
GM’s brands include Chevrolet, GMC, Buick, and Cadillac, the first two of which were ranked within the top-eleven automobile manufacturers based on U.S. vehicle sales in the fourth quarter of 2022. Figures revealed a significant industry-wide stagnation a year earlier, in 2021, with industry sales increasing by under two percent compared to 2020. These trends can in part be explained by the economic impact of the COVID-19 pandemic, which led to a drop in demand and put manufacturing at a standstill. Sales had started to rebound in the fourth quarter of 2020, but the global chip shortage further impacted the sector in 2021, shrinking vehicle production and inventory. These automotive supply chain issues were exacerbated in 2022, amid Russia's invasion of Ukraine.
GM accelerates future-proof innovations
With Tesla infamously driving innovation in the field of electric vehicles (EV), General Motors, along with other incumbent car manufacturers, are set to join the fiercely competitive U.S. electric vehicle industry. In 2022, Tesla sold nearly 536,100 battery-electric vehicle units in the U.S. market. General Motors, however, plans to invest around 20 billion U.S. dollars in its EV product portfolio, including SUVs and pickups, by 2025.
