OEMs

Two of Big Three Automakers Report Strong Q3 Sales Growth

Written by Laura Miller

October 5, 2023

The Big Three automakers reported their third-quarter sales this week, with two showing strong year-over-year (YoY) gains.

Ford Motor Co.

Ford reported Q3 sales of 500,504 vehicles – a 7.7% YoY increase.

“We saw strong balanced sales growth…in the third quarter, with growth coming from our gas engine, electric, hybrid, and commercial van lineup,” commented Andrew Frick, Ford’s VP of sales, distribution, and trucks, in a statement.

Ford’s Q3 sales of electric vehicles were 14.8% higher on the “best ever sales of 20,962 vehicles,” the Dearborn, Mich.-based automaker said.

The company’s year-to-date sales of 1,508,072 units through September were 9.2% higher YoY.

General Motors

GM’s Q3 sales spiked 21.4% YoY to 674,336 vehicles. Growth was seen across all the Detroit-based company’s brands.

Q3 electric-vehicle (EV) sales were up 28% over the prior quarter, GM said.

The company also noted that inventories at the end of Q3 were 442,586 units – the best since Q3 2020.

GM’s sales of 1,969,522 units in the first nine months of the year showed 19.3% YoY growth.

GM estimated the US industry’s seasonally adjusted annual rate (SAAR) of light-vehicle sales to be 15.5 million.

Stellantis

Meanwhile, FCA US LLC, Stellantis’ US subsidiary based in Auburn Hills, Mich., reported a 1% YoY decline in Q3 sales to 380,563 units.

While the company’s Q3 Chrysler brand sales were nearly double compared to last year’s Q3, Jeep and Ram brand sales were both down 4%, Dodge brand sales were down 23%, and Fiat brand sales were down 30%.

Through September, FCA US’ YTD sales of 1,183,538 vehicles were also down 1% compared to the same period last year.

UAW Strike To Impact Auto Sales?

SMU asked each of the Big Three if they expect the ongoing UAW strike to impact sales.

A spokeswoman for Stellantis said they would not comment “on speculation about future impact.”

“A reminder, however, that all of our plants are still running, with the exception of the Toledo Assembly Complex,” she added.

A GM spokesman said the company “will discuss the impacts of the strike on our next earnings call on Oct. 24.”

“Time will tell,” a Ford spokesperson said, noting the company will release its Q3 financial results on Oct. 26.

Laura Miller

Laura Miller is a reporter and editor for Steel Market Update. She has held a variety of positions within the steel industry since 2007, including reporting and editing for Steel Business Briefing/Platts, the Association for Iron and Steel Technology, and Kallanish Commodities, as well as marketing for what was then known as ThyssenKrupp Steel USA (now AM/NS Calvert). After a five-year hiatus working across other industries, she returned to steel in 2021 and has covered the flat rolled, tubular, and trade areas of the industry. She is a member of the Association of Women in the Metal Industries and a past-president of the AWMI Pittsburgh Chapter. She holds a BA in Latin American Studies from Edinboro University of Pennsylvania. She can be reached at laura@steelmarketupdate.com or 724-759-7869.

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