Overall sales weakness weighs on GM in 1st quarter
Americans paid more for some General Motors vehicles in the first quarter, but overall sales declined and the automaker are short of expectations.
GM said Tuesday that it delivered more than 665,000 vehicles in the U.S. with the highest average prices for any first quarter in its history. Sales of the Chevrolet Silverado and GMC Sierra light-duty trucks rose 20% year from a year ago, priced nearly $5,800 higher than models they replaced.
But overall vehicle sales in the U.S. dropped. In the Asia Pacific, Middle East and Africa region, vehicle sales declined to 947,000 from 1.1 billion.
GM earned $2.12 billion, or $1.48 per share, or $1.41 when adjusted. Analysts polled by FactSet expected $1.69 per share.
Revenue totaled $34.88 billion. Wall Street expected $35.22 billion.