GM is eyeing double-digit market share within the US EV market after gross sales surged 60% in Q3 in comparison with final yr. With new fashions just like the Chevy Blazer, Equinox, and Silverado EVs rolling out nationwide, GM seems to be to prime rival Ford by the top of 2024.
With GM’s “EV for everybody” technique lastly unfolding, electrical automobile gross sales are surging. GM offered a document 32,095 EVs within the US within the third quarter, a rise of 60% from Q3 2023 and 46% from final quarter.
“GM’s EV portfolio is rising quicker than the market as a result of we now have an all-electric automobile for almost everybody,” Rory Harvey, GM’s government vp of worldwide markets, defined.
Following the sturdy Q3 efficiency, GM is nearing double-digit EV market share within the US. GM’s share of the US EV market reached 9.5% within the third quarter, up from 7.1% in Q2 and 6.5% within the first three months of 2024.
All EVs throughout GM’s portfolio of manufacturers had vital development in Q3. Cadillac Lyriq gross sales reached 7,224, up 139.4% from final yr.
GM beneficial properties EV market share in Q3 with new fashions
Based on GM, the Cadillac Lyriq outsold all EV fashions from luxurious rivals BMW, Mercedes-Benz, Audi, and Lexus.
GM additionally claimed the Lyriq is the primary automobile from a full-line luxurious model to promote over 20,000 EVs year-to-date in 2024.
Cadillac will launch the electrical Escalade IQ and Vistiq later this yr to finish its full world luxurious SUV lineup.
Chevy’s new electrical fashions are already having a big effect. GM delivered 7,998 Chevy Blazer, 9,772 Equinox, and 1,995 Silverado EV fashions. GM stated the extra reasonably priced Silverado EV LT will launch in This autumn.
The brand new 2025 Chevy Blazer EV launched this week. It has extra vary and a decrease beginning value of $45,995. In the meantime, the long-awaited $35,000 Equinox is lastly set to reach at dealerships.
GMC additionally had vital EV gross sales beneficial properties within the third quarter. Over 4,300 GMC Hummer EVs (pickup and SUVs) have been delivered. In the meantime, after launching in August, GMC offered 387 Sierra EV pickups.
The brand new electrical autos are drawing prospects from rivals. Based on GM, over 50% of EV patrons are new to the model.
Regardless of rising EV gross sales, GM’s complete deliveries slipped 2% within the third quarter, with 659,601 autos handed over within the US.
Electrek’s Take
With an “all-electric automobile for almost everybody,” GM is lastly seeing the outcomes. The automaker introduced its “EV for everybody” technique again in 2022, however the outcomes are simply now beginning to present.
As new electrical fashions roll out nationwide, GM is gaining market share with EVs within the US. Will it’s sufficient to prime rivals Ford and Hyundai Motor (together with Kia)?
Hyundai offered 13,255 IONIQ 5 and 6 fashions in Q3 however didn’t present a Kona Electrical breakdown. In the meantime, Kia’s three-row EV9 SUV is seeing sturdy demand within the US, with practically 16,000 fashions offered in 2024. Kia offered 11,343 EV9 and EV6 fashions within the third quarter, however it additionally doesn’t present a breakdown of Niro EV gross sales.
Verify again quickly for more information. With Ford reporting Q3 gross sales numbers this week, we’ll decide which automaker secured second place within the US EV market behind Tesla.
Replace 10/2/24: GM overtook Ford, which offered 23,509 EVs within the third quarter within the US. With 70,450 fashions offered, GM is now the second best-selling EV model within the US behind Tesla (not together with mixed Hyundai/Kia gross sales), topping Ford (67,689) by way of September.
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