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General Motors reported its best quarter since 2020 on Tuesday, saying it had record electric vehicle sales.
The auto giant had 696,086 total deliveries in the second quarter, reporting eight consecutive quarters of year-over-year retail sales growth and six consecutive quarters of year-over-year growth sales for its subsidiary Buick.
The Detroit-based company notably had its best full-size pickup-up sales since 2007 in the first half of the year, with sales up 5%.
In the second quarter, GM’s EV sales were up 34% from last quarter and up 40% year-over-year, with 21,930 cars sold.
That’s thanks in part to good numbers from its electric Hummer, which saw sales rise 76% compared to the previous quarter. Seventy percent of Hummer buyers are new to GM, the company said. It also reported a strong showing for the Cadillac LYRIQ, an electric SUV, which had a 26% increase in sales between the first and second quarters.
The company said it is doing a “full-court press” on SUVs and will offer 8 all-new or redesigned ICE SUVs by the end of the year.
Still, the good news comes as experts predict lagging auto sales in the coming months, as consumers grapple with high interest rates, high prices of new vehicles, and the CDK Global cyberattack that has paralyzed the industry.
“The CDK cyberattacks have thrown a monkey wrench into sales during the second half of June, affecting what is arguably one of the most lucrative and busiest times of the month and quarter for dealerships,” Jessica Caldwell, Edmunds’ head of insights, told CNBC.
The good news, Caldwell said, is that “sales shouldn’t be lost or severely deferred,” just delayed.