General Motors (GM) and Ford (F) reported upbeat first quarter US sales, just as the threat of tariffs portends pain ahead for the Big Three automakers.
For the quarter, GM said US sales jumped 17% year over year to 693,363 units, powered by trucks and EVs, across the company’s four brands: Chevrolet, Cadillac, Buick, and GMC.
GM said it was No. 1 in overall full-size pickup sales (which includes both Chevrolet Silverado and GMC Sierra models) with over 200,00 units sold, its best first quarter since 2007, the company said. GM said full-size pickups also had their best Q1 since 2007, with models like the Tahoe, Suburban, and GMC Yukon seeing sales up 31%.
As of 3:26:12 PM EDT. Market Open.
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GM shares were up 1% in midday trade.
GM EV sales jumped 94% to 31,887 units, with the automaker claiming it was now No. 2 behind Tesla US EV sales.
“GM’s sales growth outpaced every other major automaker, and the driving force is our portfolio,” said Rory Harvey, GM executive vice president and president of global markets. “We’re the industry leader in trucks and affordable small SUVs, Cadillac is growing significantly in luxury, and we have the broadest portfolio of EVs in the industry.”
As for Ford, though overall sales fell 1.3% due to rental fleet sale timing and cancellation of the Ford Edge, its retail sales jumped 5% in Q1 and surged 19% in March.
The March jump echoes what many dealers are claiming: that US consumers are buying up cars now ahead of the potential imposition of 25% tariffs on foreign-made cars on April 2. Ford produces vehicles like the Maverick pickup and Mustang Mach-e EV in Mexico.
Ford also reported F-Series pickup sales jumped 24% compared to last year, when Ford was in the midst of rolling out the redesigned F-150 pickup.
Speaking of the Maverick, though sales were slightly lower in Q1 (down 2.7%), in March Maverick had its best month ever, tallying 19,000 units sold — again ahead of possible tariffs.
Another truck, the Ford Bronco, saw sales gains of 35.4% to 32,600 units sold, reversing weakness in the full-size SUV in recent quarters.
Ford’s EV and hybrid sales continued chugging higher too, hitting a record 73,623 in the first quarter. Ford said sales of its hybrids (like the Maverick and F-150) and EVs (like the Lightning pickup and Mustang Mach-e) were up 33% and 12%, respectively.
Though Ford is having success with its EV sales, it still stands to lose billions in the business in 2025 and could lose even more, as its most popular EV, the Mustang Mach-e, is imported from Mexico.
Consumers wary of the impending Trump tariffs appear to be driving sales higher in March, and there’s concern that new vehicle sales may come crashing down in Q2 as tariffs take effect. According to Bloomberg, executives from the Big Three are lobbying the Trump administration to ease tariffs on certain imported parts, as tariffs on those crucial supplies would raise costs for domestically produced autos as well.
