GM (GM) reports 5.5% decline in Q3 U.S. vehicle sales

General Motors (GM) announced a 5.5% year-over-year decline in U.S. vehicle sales, totaling 670,974 units sold in the third quarter. The downturn in all-electric vehicle sales contributed to this decline, as consumer enthusiasm for EVs diminished along with the expiration of federal incentives. Analysts note that hybrid vehicle sales are expected to increase market share due to high fuel prices, with the current AAA national average at $4.41. This sales weakness may allow competitors like Toyota Motor to gain ground in the automotive market, impacting GM's overall sales performance.

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