GM Stock Sink on Disappointing Car Sales

by Karl Utermohlen | January 3, 2014 2:38 pm

GM Stock Sink on Disappointing Car Sales

General Motors (GM[1]) reported poor December sales in all four of its brands which caused GM stock to sink.

1000px General Motors.svg  300x298 GM Stock Sink on Disappointing Car Sales[2]Company sales fell[3] 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[4]) 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%

Endnotes:
  1. GM: http://studio-5.financialcontent.com/investplace/quote?Symbol=GM
  2. [Image]: http://investorplace.com/wp-content/uploads/2013/06/1000px-General_Motors.svg_.png
  3. Company sales fell: http://www.usatoday.com/story/money/cars/2014/01/03/detroit-auto-sales-2013-gm-ford-chrysler/4277507/
  4. F: http://studio-5.financialcontent.com/investplace/quote?Symbol=F

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