Big November Gains at Chevrolet, Buick, GMC and Cadillac Keep GM the Fastest Growing Automaker

DETROIT, Dec. 1, 2016 /PRNewswire/ -- General Motors (NYSE: GM) sold 197,609 vehicles in November to individual or "retail" customers in the U.S., up 8 percent from last year. Based on initial estimates, GM once again outperformed all full-line manufacturers, led by strong retail sales gains at Chevrolet, Buick, GMC and Cadillac. GM's November retail sales performance drove GM's U.S. retail share to its highest November level since 2009.

Based on initial estimates, GM's retail market share jumped 0.3 percentage points in November to 16.8 percent.  GM has gained retail market share in 17 of the past 20 months.

GM's four U.S. brands posted strong retail sales results in November compared to last year.

• Chevrolet — up 5 percent for its best November since 2004
• Buick — up 22 percent for its best November since 2003
• GMC — up 9 percent for its best November since 2001
• Cadillac — up 17 percent for its best November since 2013

GM's total U.S. sales in November were 252,644 vehicles, up more than 10 percent from last year. All four brands outperformed the industry in November with Buick, Cadillac and GMC posting double-digit gains.

"GM's November performance reflects the continued strength of our U.S. business.  We gained profitable retail share, commercial and small business deliveries were strong and we commanded the industry's best average transaction prices," said Kurt McNeil, GM's vice president of U.S. Sales Operations. "We are ahead of plan selling down our 2016 model year inventory and we expect to close out December with more retail share growth. GM is heading into 2017 in a position of strength with the planned launch of key new products, like the all-new Chevrolet Equinox, into the heart of the market." 

GM's ATPs, which reflect retail transaction prices after sales incentives, were $35,767 in November, more than $4,000 above the industry average and ahead of last November. 

Through the first 11 months of the year, GM's U.S. retail sales were up nearly 2 percent compared to last year. GM gained 0.5 percentage points of U.S. retail market share during that timeframe, the largest retail share gain of any full-line automaker. Year to date, Chevrolet U.S. retail sales are up nearly 3 percent and the brand's retail share has grown 0.5 percentage points to 11.1 percent. Chevrolet continues to be the U.S. industry's fastest-growing brand.

Year to date, Buick retail deliveries have grown more than 5 percent and Buick has gained 0.1 percentage points of retail share.

GM continues to benefit from a strong U.S. economy and strong retail demand for its products.

"All economic indicators show significantly improved optimism about the U.S. economy including consumer and business sentiment, which continue to drive a very healthy U.S. auto industry," said Mustafa Mohatarem, GM's chief economist. "We believe the U.S. auto industry is well-positioned for sales to continue at or near record levels into 2017."

November 2016 Retail Sales and Business Highlights vs. November 2015 (except as noted)

Chevrolet

• Malibu and Volt were up 24 percent and 25 percent, respectively.
• Silverado and Colorado were up 5 percent and 39 percent, respectively.
• Suburban, Tahoe, Equinox and Trax were up 6 percent, 12 percent, 7 percent and 47 percent, respectively.
• Malibu had its best November since 1997.
• Silverado had its best November since 2003.
• Colorado had its best November since 2004.
• Trax, Volt and Equinox had their best November ever.
• Tahoe and Suburban had their best November since 2007.
• 17^th straight month of year over year gains for Chevrolet full-size utilities.

GMC

• Sierra and Canyon were up 14 percent and 43 percent, respectively.
• Acadia, Yukon and Yukon XL were up 4 percent, 22 percent and 19 percent, respectively.
• Brand ATP was at $43,887, the highest November on record.
• Highest November ever for Denali penetration, at 27.8 percent.
• Best November ever for Canyon and ninth month of year over year increases.
• Yukon and Yukon XL had their best November since 2007.

Buick

• Regal and Encore were up 41 percent and 35 percent, respectively.
• 68 percent of sales were crossovers.
• Best year to date retail performance since 2005.

Cadillac

• Escalade was up 24 percent and had its best month of the year.
• Escalade had its best November since 2007.
• XT5 had its best month since launch with sales up 12 percent over last month and up 27 percent over the SRX last November, the vehicle it replaced.
• Year to date ATP was $53,690, the highest ever in Cadillac history

Average Transaction Prices (ATP)/Incentives (based on JD Power PIN estimates)

• GM's ATPs, which reflect retail transaction prices after sales incentives, were $35,767 in November, more than $4,000 above the industry average.
• In November, GM's incentive spending as a percent of ATP was 13.7 percent, above the industry average of 12.4 percent. However, year to date, GM's incentive spending was 11.7 percent, slightly above the industry average of 11.4 percent and well below the incentive spending of its domestic competitors and many of its global competitors.

Fleet and Commercial

• Automotive Fleet magazine named Malibu "Fleet Car of the Year".
• GM Fleet sales were up 19 percent versus last November.
• Fleet sales were 22 percent of GM's sales for the month.
• Commercial deliveries were up 11 percent for the month and it was the best November Commercial sales since 2008.
• Malibu Commercial deliveries were up 170 percent versus last November.
• Small Business deliveries were up 15 percent for the month versus last November, driven by large vans, which were up 93 percent and large pickups, which were up 16 percent versus last November.
• Federal government sales were up 9 percent versus last November.
• Rental sales were up 27 percent versus last November but are down 25 percent CYTD, according to plan.
• GM's outlook on its daily rental sales mix remains in the 11 percent range of total U.S. sales for 2016 and daily rental sales for the year are expected to be down about 75,000 vehicles.

Industry Sales

• GM estimates that the seasonally adjusted annual selling rate (SAAR) for light vehicles in November was approximately 17.9 million units. On a calendar year-to-date basis, GM estimates the light-vehicle SAAR was 17.5 million units.

General Motors Co. (NYSE:GM, TSX: GMM) and its partners produce vehicles in 30 countries, and the company has leadership positions in the world's largest and fastest-growing automotive markets. GM, its subsidiaries and joint venture entities sell vehicles under the Chevrolet, Cadillac, Baojun, Buick, GMC, Holden, Jiefang, Opel, Vauxhall and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety, security and information services, can be found at http://www.gm.com 

Forward-Looking Statements
In this press release and related comments by our management, we use words like "anticipate," "appears," "approximately," "believe," "continue," "could," "designed," "effect," "estimate," "evaluate," "expect," "forecast," "goal," "initiative," "intend," "may," "objective," "outlook," "plan," "potential," "priorities," "project," "pursue," "seek," "will," "should," "target," "when," "would," or the negative of any of those words or similar expressions to identify forward-looking statements that represent our current judgment about possible future events. In making these statements we rely on assumptions and analyses based on our experience and perception of historical trends, current conditions and expected future developments as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any events or financial results, and our actual results may differ materially due to a variety of important factors, both positive and negative. These factors, which may be revised or supplemented in subsequent reports on Forms 10-Q and 8-K, include, among others: (1) our ability to maintain profitability over the long-term, including our ability to fund and introduce new and improved vehicle models that are able to attract a sufficient number of consumers; (2) the success of our full-size pick-up trucks and SUVs; (3) global automobile market sales volume, which can be volatile; (4) the results of our joint ventures, which we cannot operate solely for our benefit and over which we may have limited control; (5) our ability to realize production efficiencies and to achieve reductions in costs as we implement operating effectiveness initiatives throughout our automotive operations; (6) our ability to maintain quality control over our vehicles and avoid material vehicle recalls and the cost and effect on our reputation and products; (7) our ability to maintain adequate liquidity and financing sources including as required to fund our new technology; (8) our ability to realize successful vehicle applications of new technology and our ability to deliver new products, services and customer experiences in response to new participants in the automotive industry; (9) volatility in the price of oil; (10) the ability of our suppliers to deliver parts, systems and components without disruption and at such times to allow us to meet production schedules; (11) risks associated with our manufacturing facilities around the world; (12) our ability to manage the distribution channels for our products; (13) our ability to successfully restructure our operations in various countries; (14) the continued availability of wholesale and retail financing in markets in which we operate to support the sale of our vehicles, which is dependent on those entities' ability to obtain funding and their continued willingness to provide financing; (15) changes in economic conditions, commodity prices, housing prices, foreign currency exchange rates or political stability in the markets in which we operate; (16) significant changes in the competitive environment, including the effect of competition and excess manufacturing capacity in our markets, on our pricing policies or use of incentives and the introduction of new and improved vehicle models by our competitors; (17) significant changes in political, regulatory and market conditions in the countries in which we operate, particularly China, with the effect of competition from new market entrants, and in the United Kingdom with passage of a referendum to discontinue membership in the European Union; (18) changes in existing, or the adoption of new, laws, regulations, policies or other activities of governments, agencies and similar organizations, particularly laws, regulations and policies relating to vehicle safety including recalls, and including such actions that may affect the production, licensing, distribution or sale of our products, the cost thereof or applicable tax rates; (19) stricter or novel interpretations and consequent enforcement of existing laws, regulations and policies; (20) costs and risks associated with litigation and government investigations including the potential imposition of damages, substantial fines, civil lawsuits and criminal penalties, interruptions of business, modification of business practices, equitable remedies and other sanctions against us in connection with various legal proceedings and investigations relating to our various recalls; (21) our ability to comply with the terms of the DPA; (22) our ability to manage risks related to security breaches and other disruptions to our vehicles, information technology networks and systems; (23) significant increases in our pension expense or projected pension contributions resulting from changes in the value of plan assets, the discount rate applied to value the pension liabilities or mortality or other assumption changes; (24) our continued ability to develop captive financing capability through GM Financial; and (25) changes in accounting principles, or their application or interpretation, and our ability to make estimates and the assumptions underlying the estimates, which could have an effect on earnings.

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SOURCE General Motors

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