Jun 1, 2011
General Motors (NYSE:GM) reported total sales for the month of May down 1% year-over-year to 221,192, due to a large drop in fleet sales, as rental volumes declined 21%.
Retail sales grew 9% in the month compared to May 2010, and deliveries to commercial accounts rose 19%.
Don Johnson, vice president of U.S. Sales Operations for the company said, "Customers continue to demand better fuel economy and our commitment to produce high-quality, fuel-efficient vehicles is paying off. We expect that fuel prices will continue to be volatile and we're prepared to continue meeting the needs of an ever-changing market."
The Chevy Cruze had its best retail sales month since its launch, reporting 18,996 deliveries. The GMC Terrain and Chevy Equinox, GM's compact crossovers, saw a combined retail sales increase of 58% during the month.
Retail sales of passenger cars were up 32% altogether, and retail sales for crossovers were up 17%. Mr. Johnson added, "The Cruze, Regal and CTS Coupe are attracting new customers to GM. These vehicles are a strong reason why we're gaining share in key states like California, New York and Florida so far this year."
General Motors has a potential upside of 37.1% based on a current price of $31.25 and an average consensus analyst price target of $42.85.
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