It may be several years before any automaker comes close to dethroning Tesla in electric vehicle sales, but General Motors may finally be past its production woes, and ready to be a dominant player in the market. GM just released its third-quarter sales, and the numbers paint a rosy picture of the company’s EVs. The American automaker sold 32,195 EVs in Q3 2024, up 60% compared to last year and up 46% compared to Q2.
Much of this success can be attributed to new product launches like the Chevrolet Equinox EV, and increased production of existing models like the Blazer EV. GM has sold 70,450 EVs so far this year from its Chevrolet, Cadillac, and GMC brands. This represents a 9.5% share of the EV market in the US, second only to Tesla, which dominates with over 50%.
“GM’s EV portfolio is growing faster than the market because we have an all-electric vehicle for just about everybody, no matter what they like to drive,”
– Rory Harvey, Executive Vice President and President of Global Markets, General Motors
Cadillac Dominates Luxury
The Cadillac Lyriq had a rocky launch due to software glitches and production delays, but it seems that GM has finally put these issues behind it. Cadillac sold 7,224 units in Q3, outmatching its entire 2023 calendar year in sales (5,334 units). This represents a 139.4% increase compared to Q3 2023 when it only sold 3,018 units. In total, GM has moved 20,318 units of the Lyriq, up a whopping 280.9% compared to the same period last year.
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Some automakers have not reported Q3 sales yet for 2024, but the Lyriq should easily be the best-selling (non-Tesla) luxury EV in the US. For reference, the BMW i4 sold 22,583 units in 2023, meaning the Lyriq should easily surpass this number after another quarter of sales. BMW i4 sales were up slightly in Q2 2024, hitting 11,603 units, but that minor increase will still land it far behind the Lyriq. With the addition of the Optiq, Vistiq, and Escalade IQ, Cadillac should be the dominant player in electric luxury in the next few years.
More Affordable EVs
Lower in GM’s portfolio, sales of the Equinox EV and Blazer EV are starting to ramp up, and after the latter was significantly improved for 2025, the upward trend should continue. In its first full quarter on sale, the electric Equinox moved 9,722 units, totaling 10,785 units so far in 2024. More impressively, these sales were all accumulated without the base LT trim, which is just now arriving at dealers with a $33,600 ($34,995 with destination) starting price before tax credits. As for the Blazer EV, it still sold an impressive 7,998 units in Q3, with 15,232 being delivered in total this year.
Though it has been out of production since last year, the Bolt EV and EUV continue to sell in relatively high numbers. The phantom EV racked up 8,582 units so far in 2024, an 82.7% drop from its best sales year ever in 2023 (49,494 units). Though the Equinox EV is not yet on-pace to outsell the Bolt in its best year, the addition of a sub-$35,000 trim level could help it become GM’s best-selling EV of all time.
Trucks Are Trickling Faster
GM’s electric trucks are starting to ramp up in production, though they still lag behind rivals in sales. The GMC Hummer EV (Pickup and SUV) remains a remarkably strong seller with 8,902 units sold through Q3 2024, up 632.1% from the same period in 2023, with 4,305 of those sales coming in Q3 alone, a 268.9% increase compared to the same quarter last year. Chevrolet Silverado EV sales are finally at a substantial level following major delays at the Orion Assembly plant in Michigan. Chevy has sold 5,252 units so far this year, up 29,077.8% (yes, you read that correctly) from just 18 sales in 2023. Its corporate sibling, the GMC Sierra EV, just went on sale in Q3 and has only sold 387 units so far.
Despite having three electric pickup trucks on sale, GM will fail to come close to Ford. The Blue Oval sold 15,645 units of its electric F-150 Lightning through Q2 of 2024, outselling its Detroit rival with a full quarter of the year to spare. We can potentially blame GM’s production woes for the lack of sales, but pricing may also be a major culprit here. The F-150 Lightning is available starting at $62,995, while all three GM trucks start at over $90,000.
Expert Opinion:
The sensational figures in this article can be partly attributed to low initial production numbers and, therefore, low introductory sales, but while one side of the argument may suggest that it’s too soon to celebrate a turning point, the other side of the coin is that several other factors are helping make electrification more palatable, especially when it comes from a reputable manufacturer. Remarkably competitive lease deals, continual investment in EV infrastructure and manufacturing, expanded access to the Tesla Supercharger network, greater consumer and dealer understanding of what tax credits are and how they reduce the end MSRP, growing OTA update possibilities, and a wider variety of options under a single dealer brand umbrella – all of these factors point to a positive outlook for future EV sales growth. That being said, contrasting studies on EV demand mean it’s too soon to make a call on what 2025’s figures might look like.
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