GM leads automakers with 2.6 million vehicle sales in 2023

General Motors (GM) released its fourth-quarter sales report on Wednesday, revealing the automaker sold 2.6 million vehicles in the US in 2023. Up 14% from a year ago, these figures solidify GM's position as an industry leader for total sales.

In addition, the company announced it will offer a new $7,500 incentive offer on its EVs after the loss of the federal tax credit that was previously offered.

Yahoo Finance's Pras Subramanian joins the Live show to discuss GM's performance and how other electric vehicle manufacturers are also adapting.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Editor's note: This article was written by Nicholas Jacobino.

Video transcript

[AUDIO LOGO]

RACHELLE AKUFFO: General Motors releasing its fourth quarter and full year sales results today. To break down the numbers, Yahoo Finance reporter, Pras Subramanian is here, and Pras, what a year it was.

PRAS SUBRAMANIAN: Hey Rachelle, so yeah, we saw we see the stock dipping down a little bit here, but I don't think it was a bad quarter, considering the fact that we had some remnants of the auto UAW strike that affected production there. So for the quarter, GM says overall sales were up 0.3%, compared to last year at 625,000 vehicles. Standouts in the quarter include the Buick Enclave SUV Encore GX, Chevy Equinox SUV, and Camaro of all cars, and also GMC Sierra pickups.

For the year 2023, overall, sales are up a healthy 14.1% to 2.95 million vehicles. GM says it's the number one seller in the US, overall, for automakers in the US, and the number one, overall, full-size pickup seller in the US with 841,000 full-size pickups sold. For the overall industry, a lot of automakers will predict a annual average run rate for the entire industry in the US, and GM says that they're forecasting a 16 million annual unit sales rate for the US, which is pretty strong compared to pre-pandemic years in the past. Also, separately, GM earlier today announced that it will offer $7,500 incentives for the EVs that lost the federal tax credit status, due to the changing rules for battery components that the federal government implemented at the start of this year,

RACHELLE AKUFFO: And Pras, we know a lot of people were sort of scouring those lists wondering or not, whether the cars that they were eyeing were going to qualify for a credit. Interesting move here by GM, do you think any other companies will follow suit?

PRAS SUBRAMANIAN: Yeah I think that's going to be the next thing to watch, is what other automakers, like Ford, who lost the credit for their Mach-E, or Volkswagen, who lost the credit for their ID.4 EV SUV. Are they going to start to maybe potentially add that incentive now, knowing that they can maybe potentially change their sourcing to get those battery components up to speed from what the US wants. So we'll see what other automakers follow suit there. But I think they might actually do that, because that is a huge loss from a tax rate point of view.

RACHELLE AKUFFO: Indeed, I mean $7,500, that's not a small chunk of change. Appreciate you getting us up to speed. Our very own Pras Subramanian, thanks so much.