Detroit carmaker GM posts 4.8% rise in Q4 sales, forecasts demand-surge in Spring

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Detroit carmaker GM posts 4.8% rise in Q4 sales, forecasts demand-surge in Spring

On Tuesday, General Motors Co., the Detroit, Michigan-based American multinational carmaker, had reported a 4.8 per cent rise in sales in the United States during its fiscal fourth quarter of the year that ended on December 31 citing an unprecedented uptick in demands for new vehicles amid a pandemic outbreak at large.

In point of fact, in a statement issued earlier on Tuesday, the Detroit-based former No. 1 passenger carmaker in the US had given an inkling that the global auto industry might be on the brisk of an abrupt turnover from a pandemic-led slump, stoking hopes that a global passenger car industry which had been struggling even before the onset of pandemic outbreak, could return to more normal levels by the Spring, sending its NYSE-listed shares’ prices as much as 3.21 per cent higher to wrap up the day at $41.80 apiece.

General Motor sees inflection point in US economy by Spring

Apart from that, the Detroit-based automotive industry behemoth having had 396 assembling facilities on six continents, had been quoted saying in the statement released earlier in the day that the carmaker’s sales in the US rose to 771,323 units during the fourth quarter of the year compared to a figure of 735,909 vehicles sold at the same time a year earlier, while average transaction price had stepped up to an all-time high of $39,229 per vehicle.

On top of that, while several industry analysts had been taunting GM’s latest sales data citing that a multi-year low interest rate had prompted a number of US consumers to purchase more expensive vehicles later last year, reflecting a contrarian viewpoint, GM Chief Economist Elaine Buckberg said in a statement late in the day, “Widening vaccination rates and warmer weather should enable consumers and businesses to return to a more normal range of activities, lifting the job market, consumer sentiment and auto demand.