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DETROIT – Overall U.S. auto sales are expected to weaken in the third quarter, according to industry experts. But electric vehicles are emerging as a bright spot for several automakers, and General Motors in particular is now staging a gradual yet strong comeback with a steady rise in its EV sales.
So far in 2024, the EV sales story has been rocky. The year started with uneven EV sales amid Tesla’s sales decline. However, several other players have emerged to pick up the slack and it looks like GM is set to be one of the top contenders.
With 32,195 EVs sold in the U.S., GM posted another record quarter for EV sales. Deliveries not only increased by 60% year-over-year but also rose 46% compared to the second quarter of 2024 when it sold a little over 20,000 Ultium-powered EVs.
This comes as GM’s overall sales were down 2.2% in the third quarter compared to the same period last year. As we reported today, buyers across the board are increasingly turned off by high new car prices and still-high interest rates, but they’ve been repeatedly enticed by deals and incentives on EVs.
The Equinox EV Is The Homerun-Hitter GM Needed
Nearly one-third of GM’s U.S. EV sales in Q3 came from one model: the Chevy Equinox EV. The automaker sold 9,772 units of the Equinox EV during its first full quarter on sale.
After the production of the Bolt EV and EUV ended last year, the Equinox EV became GM’s most affordable electric car. Now it’s also GM’s best-selling electric car.
The Equinox EV’s Q3 sales might be just the tip of the iceberg. GM only recently started shipping the Equinox EV’s most affordable LT trim that starts at $35,000. It can be had for as low as $27,000 with tax credits. It’s now America’s most affordable EV that can cover over 300 miles on a single charge (EPA estimated 319 miles, to be precise).
Both the Blazer EV and the Equinox EV are now selling more than the Cadillac Lyriq. But by its own right, the Lyriq is also doing well.
The Lyriq Puts Cadillac Very Firmly In The Game
Cadillac sold 7,224 units of the Lyriq in Q3, compared to 3,018 units during the same period previously.
That’s a 140% rise year-over-year, not bad for what’s a luxury electric crossover starting at $57,000 before taxes and fees. GM said the Lyriq has been outselling all EV models from BMW, Mercedes-Benz, Audi and Lexus.
The sales of GM’s EV models taking off are sign of a larger audience warming up to battery powered cars. GM said 50% of its EV buyers in the third quarter were new to the brand. They could be fence sitters awaiting cheaper, better and long-distance EVs or those who switched brands.
“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,” GM’s Executive VP and President of Global Markets Rory Harvey said in a statement.
That’s true because GM’s is now offering an EV in all popular car segments in the U.S. By the end of the year, it will have 10 EVs in its portfolio, the highest of any automaker in the U.S. That includes the Chevy Equinox EV, Blazer EV, Silverado EV, Cadillac Lyriq, GMC Sierra EV, Hummer EV (pickup and SUV) and the Chevrolet BrightDrop delivery vans. Deliveries of the cheaper Cadillac Optiq and the Escalade IQ begin in Q4.
To read more, click on InsideEVs
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