General Motors Co.
One day after the Detroit-based automaker filed for Chapter 11 bankruptcy protection in New York, General Motors reported a 30% decrease in May car and light truck sales, compared with last year.
GM sold 191,875 vehicles, with total truck sales at 110,866, a drop of 22%, and car sales at 81,009, down 38% compared with a year ago.
“We were able to record our best monthly sales result of the year in May as we are seeing more positive signs in housing and consumer confidence in the market,” said Mark LaNevea, a GM vice president. “Those signs, along with more clarity on the new GM, are providing some additional consumer confidence.”
Chevrolet car retail sales were up 28%, and the Silverado, Colorado, HHR, Equinox, Tahoe, and Traverse saw retail sales increases.
Four brands, which will be dropped in a restructuring of the company — Pontiac, Saturn, Saab and Hummer — reported larger sales drops than GM’s overall decrease, with the worst being a 63.5% drop in Saab sales. The company announced Tuesday it sold its Hummer line to a company whose identity has yet to be disclosed.