General Motors (GM) reported poor December sales in all four of its brands which caused GM stock to sink.
Company sales fell 6.3% in December despite reporting an overall sales increase of 7.3% in 2013. GM stock was down 3% in mid-afternoon trading Friday following the carmaker’s announcement.
All four GM brands took a hit in December with Chevrolet sales down 8.1%, Cadillac off 0.5%, Buick down 6.6% and its GMC truck brand down 1.8%. GM said it didn’t have all its pickup models at dealers and it was also hurt by Ford (F) slashing truck prices more aggressively.
Despite its poor December, GM’s Chevrolet Impala sales were up 10.3% and its recently updated Malibu was up 33.2%. Additionally, Corvette’s numbers were the best since 2006 with sales up 132.8%