General Motors had its best quarter ever as buying interest remains high

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.

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