GM EV Sales Battered

By Douglas McIntyre • October 1, 2024

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GM had its best quarter for US sales since 2005, delivering 659,601 vehicles. However, less than 5% were EVs, with 32,095 EV sales. The figure was minuscule in the same quarter, which allowed unit deliveries of EVs to rise by 60% yearly.

GM put lipstick on the pig. It sold 9,700 Equinox EVs during the first full quarter they were available. The figure is tiny. Cadillac has sold 20,000 of its LYRIQ EVs, which is not even worth comparing to Tesla’s huge sales.

GM’s Billions

GM has very little to show for the billions of dollars it has invested in its EV business, and it has retreated rapidly. Management understands that the massive profits from gas-powered cars are vital to success and will last at least a decade. In the meantime, it will push hybrids, which are more popular than EVs.

GM China

GM also faces the challenge of never having meaningful EV sales in China’s world’s largest EV market. The sector is already crowded with local EV companies, including Tesla.

In the EV world, GM is painted into a corner.