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 appears to be like to high rival Ford by the tip of 2024.
With GM’s “EV for everybody” technique lastly unfolding, electrical automobile gross sales are surging. GM bought a file 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 nearly everybody,” Rory Harvey, GM’s govt 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 important progress 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
In keeping with 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 international 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 mentioned the extra reasonably priced Silverado EV LT will launch in This fall.
The brand new 2025 Chevy Blazer EV launched this week. It has extra vary and a decrease beginning worth of $45,995. In the meantime, the long-awaited $35,000 Equinox is lastly set to reach at dealerships.
GMC additionally had important EV gross sales beneficial properties within the third quarter. Over 4,300 GMC Hummer EVs (pickup and SUVs) had been delivered. In the meantime, after launching in August, GMC bought 387 Sierra EV pickups.
The brand new electrical automobiles are drawing prospects from rivals. In keeping with GM, over 50% of EV consumers are new to the model.
Regardless of rising EV gross sales, GM’s complete deliveries slipped 2% within the third quarter, with 659,601 automobiles handed over within the US.
Electrek’s Take
With an “all-electric automobile for nearly 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 or not it’s sufficient to high rivals Ford and Hyundai Motor (together with Kia)?
Hyundai bought 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 bought in 2024. Kia bought 11,343 EV9 and EV6 fashions within the third quarter, nevertheless it additionally doesn’t present a breakdown of Niro EV gross sales.
Test 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.
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