What's Going On With General Motors Stock Tuesday?

General Motors Co (NYSE:GM) shares are trading lower. The company on Tuesday reported a 1.5% decline in first-quarter U.S. vehicle sales.

What Happened: GM said it delivered 594,233 vehicles in the U.S. in the first quarter of 2024, down 1.5% on a year-over-year basis due to lower fleet deliveries. The Detroit-based automaker noted that retail sales increased by 6% year-over-year. GM also said it has 534,479 vehicles in inventory, representing a 63-day supply.

"Our brands are all performing well. GM gained retail market share year-over-year with strong mix and pricing, our inventories are in good shape heading into the spring, and production and deliveries of Ultium Platform EVs are rising, led by the Cadillac LYRIQ. We're on plan,” said Marissa West, GM senior vice president and president, North America.

Chevrolet retail sales were up 6%, Cadillac sales were up 9%, Buick sales were up 10% and GMC sales were up 3%, but GM Envolve sales were down 23% in the quarter.

Electric vehicle sales totaled 16,425 units in the first quarter, representing 2.8% of the company’s overall sales during the period, according to CNBC. The EV sales number was down from sales of more than 20,000 vehicles in the prior year’s period.

Check This Out: Tesla Analysts Size Up Ugly Q1 Numbers: Disaster, Train Wreck, Horror Show, Nightmare — Will Storm Pass Or Are Darker Days Ahead?

GM Price Action: GM shares were down 1.28% at $44.82 at the time of publication, according to Benzinga Pro.

Photo: Shutterstock.