GM reports strong sales in Q4
The automaker’s average transaction price in the fourth quarter was a record $41,886
Stocks impacted: General Motors (GM)
In its fourth-quarter sales report, General Motors said its sales of new vehicles for the full year tumbled by nearly 12% compared with 2019 while for the quarter, the company sold 771,323 vehicles, up 4.8% from the year-ago period, its best fourth-quarter retail sales in thirteen years. GM said its average transaction price in the fourth quarter was a record $41,886. The full-year average of $39,229 also set a record. The automaker’s sales during the year, including the fourth quarter, were largely led by sales of its pickup truck and SUVs. Still, GM’s vehicle inventory levels remained significantly lower to end 2020 than the year earlier, off 33% to 410,875 units. Despite General Motors expects the broader U.S. economic recovery to continue this year, the company declined to release a sales forecast for the year at this time. GM stocks finished nearly 3% higher on Tuesday.
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