GM’s Second-Quarter Deliveries Fall 1.5%

General Motors (GM) on Tuesday said second-quarter deliveries in the US were down 1.5% year-over-year, weighed down by sharp declines in its Chevrolet brand.

The automaker said it delivered 746,659 vehicles in the quarter, down from 758,376. Shares of GM were 1.1% lower in afternoon trading.

GMC deliveries rose 9.8% to 151,700 vehicles and Buick gained 4.7% to 55,373. Cadillac edged up 1.3% to 39,739.

“The US economy continues to grow at a healthy pace,” said GM’s chief economist, Elaine Buckberg. “Jobs are plentiful, and inflation remains low. Auto demand was better than anticipated in the first half and we expect strong performance in the second half of the year. If the Fed cuts rates, as widely expected, lower financing costs will provide further support to auto sales.”

GM said its average transaction price rose $1,575 to a second-quarter record of $37,126, compared with a $33,681 industry average. Its average incentive spending as a percentage of ATP was 12.6%, down from 13.4% last year.

Chevrolet was the only brand to lose ground, falling 5.3% to 499,847 as passenger-car deliveries fell. The Cruz plummeted more than 57% while the Malibu sank nearly 27%. Sonic lost more than 12%, and the Impala slid 7.8%. The Camaro fell 8.5%.

Deliveries of the brand’s hybrid vehicle, the Volt, dropped nearly 74%.

GM said crossover deliveries set a new second-quarter record, ending up 17%, and the Chevrolet Silverado 1500 and GMC Sierra 1500 crew cab models each gained 12%. It added that every Buick crossover model gained, with the Envision adding 28% and the Enclave rising 21%. Buick’s Encore rose 5%.