FYI: General Motors EDGES TOWARD EV SUPREMACY, NEARLY OUTSELLS FORD, AND AIMS FOR RECORD SALES
GM Poised for Record-Breaking EV Sales in Q3
After a stellar performance in the second quarter of 2024, General Motors (GM) is on track to match, if not exceed, its record EV sales. According to recent data obtained by CNBC, GM sold approximately 21,000 electric vehicles (EVs) in just July and August alone. This accelerated pace positions GM to soon overtake Ford and claim the spot as the third-best selling EV manufacturer in the U.S.
GM’s Remarkable Momentum in the EV Market
Despite initial challenges with software rollouts and delays in the production of some models, GM’s push into the EV market appears to be taking hold impressively. The latest sales figures reveal that GM is rapidly gaining traction, with nearly 60,000 EVs sold in the first eight months of 2024. In contrast, Ford’s EV sales for the same period were just slightly ahead at 61,366 units.
Expanding EV Lineup
GM’s expanding portfolio of EVs has undoubtedly contributed to its recent success. A year ago, GM’s EV lineup was relatively limited, with the Chevrolet Bolt EV nearing the end of its production life and delays affecting models like the Chevrolet Equinox EV. Now, however, GM boasts a robust range of EVs across various segments:
- Chevrolet Equinox EV
- Chevrolet Blazer EV
- Chevrolet Silverado EV
- Cadillac Lyriq
- GMC Sierra EV
- GMC Hummer EV (both SUV and pickup)
- Brightdrop delivery vans
Anticipation is high for the upcoming Cadillac Optiq and Escalade IQ, both of which are expected to debut shortly.
Competitive Pricing with Extensive Range
The Chevrolet Equinox EV, yet to be released in its base 1LT trim starting at $35,000 (including destination charges) before tax credits, is anticipated to be one of the most affordable EVs offering over 300 miles of estimated range. This competitive pricing is likely to make a significant impact in the market once it becomes available later this year as a 2025 model.
Industry Growth and Rivalry
Hyundai Motor Group, which includes the brands Hyundai and Kia, still maintains a lead over GM in EV sales. Through August, Hyundai sold around 20,000 more EVs than GM. However, the South Korean automaker appears to be facing increasing competition from GM, which sold 20,948 EVs in July and August, just shy of Hyundai-Kia’s 21,760 units.
The Quest for the No. 2 Spot
While the competition heats up, Tesla remains the undisputed leader in the U.S. EV market, with over 304,000 units sold in the first half of 2024 alone—more than double the combined sales of GM, Ford, and Hyundai-Kia during the same period. As such, the U.S. EV market will see fierce competition for the second spot in the foreseeable future.
Conclusion
General Motors is clearly making significant strides in the electric vehicle market. With an ever-expanding lineup and increasing sales momentum, it is well-poised to challenge Ford and eventually Hyundai for a larger share of the EV pie. As EV technology continues to evolve, the coming months will be crucial for automakers vying to establish their dominance in this rapidly growing sector.
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Authored by William Kouch, Editor of EV News for automotive.fyi
