General Motors (GM) increased its US auto sales by 40% in the second quarter, but estimates fell short as the chip shortage weighed on vehicle inventories, offsetting strong demand. GM stock rose slightly.




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Ford (F), Stellantis (STLA), Toyota (TM), Honda (HMC) and Volkswagen (VWAGY) are also reporting second quarter sales.

Analysts from JD Power and LMC Automotive predict that the annualized rate of new vehicle sales in the United States will reach 15.8 million vehicles in June. That would represent an increase of 2.6 million units from the quarter last year, which suffered the brunt of the pandemic on car sales. But it would be down from a rate of 17.1 million the previous month and into June 2019, with the pace of sales cooling amid low inventories due to the semiconductor shortage. Analysts expect a stronger sales pace in the second half of the year.

Here is how automakers performed against Cox Automotive analysts’ expectations. The results show second quarter unit volumes as well as sales growth or decline compared to the second quarter of 2020 and the second quarter of 2019, the latter avoiding comparisons influenced by the pandemic.


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General Motors

Second quarter auto sales estimate: 700,978; up 43.3% from Q2 2020 and down 5.8% from Q2 2019.

Results: 688,236; up 39.7% from the previous year quarter. Year over year, sales of a redesigned Bolt EV and the new Bolt compact SUV have jumped 351%, GM said. Sales of profitable Silverado and Sierra pickup trucks increased by 35% and 40%, respectively.

GM stock rose 0.5% to 59.45 on the stock market today.

“Consumer demand for vehicles is also strong, but limited by very tight inventories” due to the chip shortage, GM chief economist Elaine Buckberg said in a statement. “We expect continued high demand in the second half of this year and into 2022.”

GM anticipates increased production and truck shipments as it manages supply constraints.

Toyota engine

T2 sales estimate: 698,838; up 75.6% from Q2 2020 and up 14.9% from Q2 2019.

Results: Come back later.

Ford engine

Second quarter auto sales estimate: 519,007; up 20.1% from Q2 2020 and down 19.5% from Q2 2019.

Results: Come back later.

Stellantis, formerly Fiat Chrysler

Second quarter auto sales estimate: 504,638; up 37.5% from Q2 2020 and down 15.6% from Q2 2019.

Results: Come back later.

Honda engine

Second quarter auto sales estimate: 483,758; up 64.8% from Q2 2020 and up 18.8% from Q2 2019.

Results: Come back later.

Volkswagen

Second quarter auto sales estimate: 208,896; up 78.6% from Q2 2020 and up 24.9% from Q2 2019.

Results: Come back later.

Find Aparna Narayanan on Twitter at @IBD_Aparna

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