It's winning (over Ford) but it's still losing: GM Becomes America's No. 2 EV Company

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According to just-released data — figures are for the third quarter of 2024 (July through September) — from Cox Automotive, GM has become the No.2 EV manufacturer in the U.S., although it’s still well behind top-of-the-listTesla.

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GM’s third-quarter EV sales rose 60% to 32,095. Cox said this was because of solid sales from its core Cadillac, Chevrolet and GMC brands.

Hyundai/Kia, the South Korean manufacturer, fell to third place, with sales of 26,609. Ford finished fourth with a total of 23,509.

Total Market Growth Still Slow
“According to the latest counts, an estimated 346,309 EVs were sold in Q3 2024, a 5% increase from Q2. The EV share of sales in Q3 hit 8.9%, the highest level recorded and an increase from 7.8% in Q3 2023,” the experts at Cox wrote.

Although much healthier, GM’s sales came at a great loss. Both GM and archrival Ford have invested billions of dollars into EV development, manufacturing and marketing, but each has little to show, with the EV percentage of sales at little more than 5%.

Based on most analyses, Ford loses $100,000 for each EV it sells. GM does not break out similar figures, but its losses are not likely to be much better.