Why Are Sales for the Chevy Silverado HD Slumping?
The Chevrolet Silverado is one of the most solid offerings from General Motors. From its multiple configurations to its classic good looks, the Silverado remains an icon of the American road. However, things have not been looking good for the truck recently, as the sales for the Silverado HD have been slumping. Here’s why.
Sales of the bigger versions of Silverado are concerning
A recent report by General Motors Authority reveals that more people are buying the Silverado light-duty version, with the numbers indicating positive growth in both the second quarter and year-to-date periods of 2023 compared to the same period in 2022. By the second quarter of 2022, Chevrolet had only sold 88,544 units of the Silverado LD. However, by Q2 2023, the company had sold 4,460 more units.
This difference indicates a 5% increase in sales in Q2 2022 and Q2 2023. For the year-to-date sales numbers, the LD version has also been going strong, with 169,561 units sold in YTD 2022 against the 180,115 units Chevrolet managed to sell in YTD 2023. This difference of more than 10,000 units of the Silverado LD indicates a 6.2% increase in sales from YTD 2022 to YTD 2023.
The same can’t be said for the Silverado HD version. The year-to-date sales numbers for the Silverado HD are encouraging, with a 1.57% growth from YTD 2023 and YTD 2022. According to GMA, Chevy sold 264,139 units of the HD in YTD 2022 but sold over 4,000 units more in YTD 2023.
However, looking at the Q2 sales numbers reveals a concerning issue. The report indicates that sales for the bigger versions of Silverado have been declining, with Chevrolet having sold 143,042 units of the HD version in Q2 2022 and 1,733 units less in Q2 2022 with 141,299 units. This indicates a 1.21% decline in sales.
Are drivers waiting for a refresh of the Silverado HD?
People who love trucks buy them for various reasons. It could be because they ride higher, or perhaps it’s the trucks’ ability to withstand almost any terrain that makes them appealing. The Silverado 1500 is an American icon and has been one of the bestselling trucks for decades, which makes its sales decline in Q2 2023 a mystery.
The truck received a refresh in 2019 with the automaker redesigning its front fascia with slim headlights and a huge new grille. It also came with a new 3.0-liter turbodiesel I-6 and six powertrain combinations. The refresh saw an uptick in sales, with GMA reporting that the automaker closed the year with 163,341 units of the Silverado having been sold. This was a 1.34% increase from the previous year’s Q4 sales of 163,341 units.
If owners are waiting for an upgrade, it may explain why they are not rushing to dealership lots to get the ones available. Enthusiasts can expect two new metallic paint options, Slate Gray and Lakeshore Blue, for the 2024 Silverado 1500. Additionally, the automaker now provides an active exhaust for Silverados with the 420 hp 6.2-liter V8 engine.
This slight upgrade is supposed to make the truck sound angrier when in sports mode, which may appeal to some. Finally, Android Auto and Apple CarPlay will now be standard on all trims, which may be worth the wait.
Or are supply chain issues to blame?
The car industry faced significant supply chain issues when the pandemic hit, and automakers have had difficulty recovering. Although the situation has improved, GM CEO Mary Barra stated that logistics continues to be an issue for the manufacturer. Barra noted that despite GM having already built vehicles, it still can’t find trucks to deliver the cars to dealerships nationwide.
According to some estimates, there are thousands of units of trucks, such as the Silverado, which are waiting to be shipped to dealers. This would explain the slump, as the demand may be more than the supply.