GENERAL MOTORS DEFIES EV MARKET SLOWDOWN WITH RECORD Q3 SALES!
While some automakers struggle with waning demand for electric vehicles, General Motors is bucking the trend, delivering its best-ever quarter for EV sales in Q3 of 2024. GM sold an impressive 32,095 electric vehicles between July and September, marking a 46% increase from Q2. This growth has pushed GM’s share of the US EV market from 6.5% in Q1 to 9.5% in Q3, solidifying its position as a key player in the electric vehicle space.
The star of GM’s Q3 success? The new Chevrolet Equinox EV, which quickly became the automaker’s best-selling electric vehicle, with 9,772 units sold in its first full quarter on sale. The Blazer EV was a close second, with 7,998 units sold—a testament to GM’s expanding and increasingly popular lineup of battery-electric vehicles.
“The Best Quarter Yet for GM EVs”
GM’s Q3 numbers represent a significant leap from earlier in the year. After selling 16,425 EVs in Q1, the automaker saw a steady rise in demand, delivering 21,930 units in Q2 before surging to over 32,000 units in Q3. The Chevrolet Equinox EV and Blazer EV are driving much of this growth, as they appeal to a broad range of consumers looking for affordable, practical electric vehicles.
Meanwhile, the Cadillac Lyriq—GM’s flagship luxury EV—has sold over 20,000 units so far this year, positioning it ahead of luxury EV competitors from BMW, Mercedes, Audi, and Lexus. Cadillac is set to expand its EV lineup further, with the Optiq and Escalade IQ launching later this year, and the Vistiq joining the ranks in 2025.
“Silverado EV and Hummer Face Challenges, but GMC Shows Growth”
Not all GM EVs have seen smooth sailing. The Chevrolet Silverado EV saw a slight decline in sales, dropping from 2,196 units in Q2 to 1,995 in Q3. However, GM plans to launch a cheaper Silverado EV trim before the end of the year, which could boost sales as the automaker seeks to broaden the truck’s appeal.
The GMC Hummer EV made headlines with a remarkable 268.9% increase in Q3 sales compared to last year, reflecting growing consumer interest. GMC sold nearly half of its Hummer EVs for the year in Q3 alone, putting the beastly SUV on track to surpass 10,000 sales by year-end.
GM’s momentum is also reflected in its decision to begin deliveries of the GMC Sierra Denali EV Edition 1 last quarter, further expanding its presence in the electric truck segment.
“Cadillac Leads GM’s EV Push”
Cadillac, the luxury brand tasked with leading GM’s EV strategy, remains steady, though slightly down from Q2. The Lyriq ended Q3 with 7,224 sales, just below its 7,294 Q2 total. However, the Lyriq is outperforming rival luxury EVs from key competitors and remains a cornerstone of Cadillac’s EV lineup. With the upcoming Optiq and Escalade IQ, Cadillac is set to expand its electric offerings, aiming to attract more consumers in the luxury market.
“EV Market Trends: Challenges and Opportunities”
GM’s EV success contrasts with the broader market trends, where some automakers—like Mercedes-Benz—are seeing their EV sales falter. Slower-than-expected consumer adoption of EVs has forced several brands to reassess their EV roadmaps, delay new models, and offer aggressive lease deals to move inventory. While GM has seen impressive gains, the challenge of sustaining growth in a fluctuating EV market remains.
As 2024 comes to a close, GM’s focus on expanding its EV lineup and offering more affordable options like the Chevrolet Equinox EV is paying off. The company’s ability to respond to shifting consumer demands and market conditions will be key as it looks to maintain its upward trajectory and close the year with even stronger numbers.
