General Motors' (GM) US vehicle sales fell year over year in the second quarter, with the automaker attributing the decline in part to a smaller electric vehicle market.
Sales decreased 4.2% annually to 714,896 vehicles in the June quarter. The company said Wednesday the performance reflected a smaller EV market, discontinued vehicles and "some" inventory constraints. Sales fell across key brands, led by a 19% slump in Cadillac, while Buick saw a 7.5% drop.
GM shares were down 2.1% in afternoon trade, bringing its year-to-date losses to 7.3%.
In the year through June, GM's overall vehicle deliveries in the US have fallen 6.8% year over year to about 1.34 million units, with Cadillac and Buick logging declines of more than 20% each.
"Our business is performing well, and customer demand is resilient, especially for our trucks and (sport-utility vehicles)," said Duncan Aldred, GM president of North America.
Separately, GM and Micron Technology (MU) said they signed a deal to secure supply of memory and storage platforms "critical" to the automaker's vehicle production in the long term.
"As demand for memory and storage continues to grow, we are investing to extend supply availability, expand capacity and align more closely with our customers to improve supply predictability across the automotive ecosystem," Micron Chief Executive Sanjay Mehrotra said in a statement.
The two companies continue to collaborate on future memory and storage technology requirements key for upcoming vehicles, they said.
"Our expanded collaboration with Micron strengthens our access to critical memory technologies while enabling deeper integration across our vehicle platforms, supporting both performance and long-term reliability," GM CEO Mary Barra said.
In April, GM raised its full-year earnings outlook and trimmed its tariff-hit forecast, as the company reported an unexpected year-over-year increase in its first-quarter bottom-line.
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