General Motors Co. recorded a 13% year-over-year drop in U.S. sales for August as the company lowered its incentive spending during the month, Bloomberg reported Sept. 4, citing people familiar with the matter.
The Detroit-based carmaker, which decided in April to drop its monthly reporting of U.S. vehicle sales, reportedly pulled back on incentives by more than $800 a vehicle on average.
The sources told Bloomberg that sales of the Chevrolet brand were down by about 14%, with deliveries of the Chevrolet Malibu sedan falling 62% and sales of the Silverado pickup line dropping 23% year over year. The Cruze compact also suffered a 38% slump from the same time last year, while sales of GM's luxury line Cadillac also plummeted 10% this month, the sources added.
Jim Cain, a spokesman for General Motors, reportedly declined to comment on the sales figures but confirmed that the company dialed back discounts in August.
"We felt comfortable with our overall performance, especially with the new vehicles, and thought we had an opportunity to demonstrate discipline," Cain reportedly told the news outlet.
Bloomberg said Ford Motor Co. is the only major automaker that beat estimates in August, as demand for passenger cars, such as Toyota Motor Corp.'s Camry and Honda Motor Co. Ltd.'s Accord plunged during the month.
Ford's sales in the U.S. in August climbed 4.1% year over year.