General Motors Co. (GM) shares rose on Tuesday, April 3, after reporting better vehicle sales for the month of March, the most recent monthly vehicle sales report.
The Detroit-based automaker reported 296,341 car, crossover and truck deliveries in the US last month, up 16% over the same month last year, the company said. More specifically, GM's retail sales rose 14% yoy in March, and the retail market share climbed to 17.7%, its highest level since 2009.
GM's market capitalization of $ 51.5 billion New York Time Increased 2.6% to $ 36.69 at 10:00
The monthly vehicle sales report will be GM's last, as it announced earlier in the day that it will release quarterly US vehicle sales reports in the future.
"Thirty days is not enough time in a very dynamic, highly competitive market to separate actual sales trends from short-term fluctuations," said Kurt McNeil, US vice president of GM sales. "The quarterly reporting revenues are more in line with our business, and the quality of the information will make it easier to see how the business performs."
Monthly car sales reports are subject to many issues that make them "more volatile" than quarterly sales reports, including product launch activity, weather, other seasonal factors, number of sales days, and incentive activities, GM said.
The second quarter revenue report will be released on July 3, third quarter revenue on October 2 and
GM's decision to switch to quarterly reporting, however, could cause other American automakers to do the same, however Ford Motor Co. (F) did not respond immediately to a request for comment. Fiat Chrysler Automobiles NV (FCAU) said: "We currently maintain our sales coverage on a monthly basis."
Separately, Fiat Chrysler reported retail sales of 1