GM ended the third quarter with 359,292 vehicles in dealer inventory, including units in-transit. That’s up from 111,453 units at the end of the second quarter but is still roughly half of what would be considered normal inventory levels.
While overall sales look fine, Chevy Bolt EV sales in the third quarter surprised, coming in at 14,709 units, up from 4,515 delivered a year ago. The latest quarter is GM’s best ever for Bolt sales, and more than doubled the year-to-date Bolt total to 22,012 units. GM said it is increasing Bolt production to keep up with demand.
That’s a good sign for GM, and other EV sellers. U.S. car buyers appear to be more interested in EVs lately, and EV sales continue to grow even as overall car sales remain challenging because of a combination of parts shortages as well as high new-vehicle prices and rising interest rates.