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Cheverolet Accounts for 68% of GM's Third Quarter Profit Gain

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On: Fri, Nov 5, 2010 at 10:09AM | By: Sherry Christiansen

Cheverolet Accounts for 68% of GM's Third Quarter Profit Gain

In October, GM posted sales of 183,392 units, 13% more than it did in October of last year. Chevrolet sales increased 7%, Buick increased 39%, GMC increased 30%, and Cadillac increased 15%. The majority of the inflated sales numbers were accounted for by crossover and full-sized pickup sales. In fact, over 47,000 of the total vehicles sold were Sierras and Chevrolet Silverado pickup trucks. GM sold 5048 units of the newly launched Chevrolet Cruze. GM picked up 2% of the total market share and Chevy sales made up 68% of the total.

The company reported it expected revenue of $34 billion for the quarter, with net earnings of $1.9 to $2.1 billion. GM says it expects profit in the 4thquarter to dip slightly due to increased cost associated with the production of the Cruze and Volt.

Chevrolet has recorded a total of 1.3 million sales in 2010, a 17% increase over the first 10 months of 2009. For October, total sales climbed 7% over the same month a year ago, driven by increased demand for Silverado, Equinox, and the all-new Chevrolet Cruze compact sedan.

“In 2010, Chevrolet has experienced sustained consumer demand across our portfolio of cars, trucks, and utilities,” according to Alan Batey, vice president, Chevrolet Sales and Service. “We are particularly encouraged by the results of the Silverado, Equinox and Cruze, which are poised to strengthen Chevrolet’s presence in three of the most significant segments of the industry.”

Combined, the full-size-truck, compact-car, and compact-crossover segments account for more than a third of all vehicle sales in the United States, he said.

Total Silverado sales climbed 8% in October, as individuals and businesses continue to invest in new trucks. Demand has been particularly strong for the new Silverado HD 3500.

Total Equinox sales increased 62% in October. Since the Equinox launched in 2009, it has been one of the fastest-selling vehicles on the market in the U.S.

The Chevrolet Cruze compact recorded 5,048 total sales in October. With more than 216,000 sold worldwide in 2010, the Cruze is Chevrolet’s top-selling car, second to the Silverado pickup.

“We are extremely pleased with the level of progress the company is making,” said Chris Liddell, GM vice chairman and chief financial officer. “We will deliver a solid and profitable first year post-bankruptcy, and we are continuing to improve our balance sheet and most importantly, the quality of our vehicles.”

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