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Benzinga
  • 5 hours ago
General Motors reported a 9.7% Q1 sales drop — its largest in nearly four years — as high rates, $4+ gas prices, and a 28% EV sales decline after the federal tax credit ended weighed on demand. U.S. new-vehicle sales are expected to fall 7%, the largest industry decline since mid-2022.

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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02General Motors reported first quarter sales fell 9.7%, marking its largest drop in nearly
00:07four years as high interest rates and rising vehicle prices slowed demand, according to
00:11the Wall Street Journal. GM said last year's 17% surge created a difficult comparison as
00:16consumers rushed purchases ahead of tariffs. U.S. new vehicle sales are expected to fall 7%,
00:22the largest decline since mid-2022. Industry sales declines extended across automakers,
00:27while EV sales dropped 28% after a federal tax credit ended. Analysts cited high financing
00:32costs, slower job creation, and elevated inflation. Gas prices rose above $4 per gallon, adding
00:39pressure. Automakers said consumers are delaying purchases and focusing more on fuel efficiency
00:44as uncertainty tied to the war in the Middle East weighs on demand.
00:47For all things money, visit Benzinga.com.
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