Chevy’s inventory levels varied during the first ten months of the 2023 calendar year, circling the 60-day supply mark, which represents the ideal amount of inventory according to the auto industry. Dealer inventories for the Bow Tie brand in December 2023 now tied the industry average for the second consecutive month.
As of December 2023, Cox Automotive reported that Chevy’s inventory levels were 70 days ahead of demand. This indicates that there is now enough inventory on dealership lots to last for 70 days at the current sales pace. Chevy was positioned about midway among the other General Motors U.S. market brands, with Cadillac, GMC, and Buick having 52, 68, and 106 days of supply, respectively.
It is important to remember that these numbers pertain to the US market.
Considering that General Motors has been actively working to minimise its excess inventory across all of its U.S. brands, this is an interesting development. The General also scheduled an additional week of downtime for maintenance projects at the factories that build the Chevy Silverado in Fort Wayne, Indiana, and Oshawa, Ontario, in addition to the Michigan-based Factory Zero plant that produces the Chevy Silverado EV. The closure of most facilities fell during the end of the 2023 calendar year in observance of the holidays.
Naturally, even though it’s possible that GM didn’t intend to reduce supply levels, this reduced production output could contribute to lower supply statistics through January 2024 and beyond.
Background: The daily sales rate for the most recent 30-day period—which in this case ended on January 1st, 2024—was the basis for this study. December 2023 sales increased by 13% year over year during this period, with 15.8 million units sold.
