As global economies went into lockdown mode during the first half of 2020, U.S. auto demand crashed. This drove huge share-price declines for auto stocks. Shares of industry leader General Motors (NYSE:GM) briefly lost more than half of their value in March. Last quarter, GM and its dealers delivered 665,192 vehicles in the U.S. — down 10% year over year.
This marked a big sequential improvement, though. In the second quarter, GM’s U.S. deliveries were just 492,489 units, down 34% year over year. But there are good news too. General Motors’ dealers have a problem. They can’t keep pickups and full-size SUVs in stock as customers continue to buy new cars. GM said its midsize SUVs outperformed the industry with sales of the Chevrolet Blazer up 45%, its best quarter ever.