According to GM Authority, U.S. vehicle sales of General Motors Co. (NYSE: GM) fell more than 20% to 512,846 units in the first quarter of this year due to sales decline across the company’s all four brands – GMC, Chevrolet, Cadillac and Buick.
Sales of Chevrolet models went down 19.6% to 344,033 units; Cadillac sales decreased 24.3% to 28,216 units; sales of Buick vehicles dipped 58.2% to 19,146 units; and GMC sales totaled 121,437 units, down 7.5%.
The automotive giant ended the quarter with 273,760 vehicles in inventory, compared with 199,662 vehicles at the end of the fourth quarter of last year.
Looking ahead, Steve Carlisle, the Executive Vice-President and President at GM North America, said, “Supply chain disruptions are not fully behind us, but we expect to continue outperforming 2021 production levels, especially in the second half of the year.”
GM stock closed 1.8% down on Friday. It lost another 0.4% in after-hours trading to end the day at $42.80. On Monday, it opened in green and was trading 0.6% higher in the pre-market session at the time of writing.
Wall Street’s Take
Last week, Citigroup (NYSE: C) analyst Itay Michaeli maintained a Buy rating on the stock and lowered the price target to $95 from $100 (121.1% upside potential).
The analyst updated his predictions for the company’s financials “to account for higher inflationary costs with an offset from stronger pricing, modestly lower China joint venture income, and slightly lower North America production.”
Overall, the stock has a Moderate Buy consensus rating based on 11 Buys and five Holds. GM’s average price target of $72.44 implies 68.6% upside potential. Shares have lost 29.6% over the past year.
Website Traffic
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (NYSE: SEMR), the world’s biggest website usage monitoring service, offers insight into GM’s performance.
According to the tool, compared to the previous year, GM’s website traffic registered a nearly 5% decline in global visits in February. Moreover, the website traffic has decreased 28.1% year-to-date against the same period last year.
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