General Motors has released quarterly and half-year electric vehicle (EV) sales figures, with its new models such as the Chevrolet Blazer and Equinox EVs contributing to the success. Despite this, General Motors’ new electric vehicles didn’t lead the charge alone, as sales of the Cadillac Lyriq and GMC Hummer EV also skyrocketed.
General Motors’ electric vehicle (EV) gross sales surge, shattering quarterly and mid-year records.
Despite encountering software program glitches, freight delays, and other obstacles, General Motors ultimately fell short of its electric vehicle sales target last year. Despite challenges, CEO Mary Barra remains optimistic that General Motors (GM) will overcome them, dubbing 2024 the “year of delivery” or “execution.”
General Motors reported a significant surge in electric vehicle deliveries during the second quarter of 2024, with a total of 21,930 units sold, representing a 34% increase compared to the first quarter. Throughout the first half of the year, electric vehicle (EV) sales totalled 38,355 units. As General Motors’ electric vehicle (EV) gross sales surge, the company has unveiled fresh data for its second-quarter and second-half performance.
According to General Motors’ data, year-to-date (YTD) retail electric vehicle (EV) registrations have surged by 17%, significantly outperforming the industry’s average growth rate of 10%. By the end of 2024, the automaker intends to offer a diverse range of ten electric vehicle (EV) nameplates on the market.
The latest electric Chevy models are already making a significant splash in the market. General Motors acquired 6,634 Chevrolet Blazers, 1,013 Equinoxes, and approximately 196 Silverado Electric Vehicles.
The latest cutting-edge electrical designs are drawing in customers away from other industry leaders. About four in every ten customers purchasing the Blazer EV have switched allegiance from rivals such as Jeep, Ford, Hyundai, or Kia, marking a significant influx of first-time General Motors buyers.
The output from these Ultium-based electric vehicles has significantly increased. General Motors’ flagship luxury brand, Cadillac, achieved its strongest retail sales quarter since 2015.
The Lyriq was Cadillac’s second-best selling model after the Escalade, with a total of 7,294 units sold.
According to General Motors, Cadillac’s Lyriq electric vehicle has experienced rapid growth and is likely one of the fastest-growing EVs in the industry. More than 50 percent of Lyriq buyers who traded in their existing vehicle came from rival brands such as Tesla and Lexus in Q2.
Meanwhile, General Motors Company achieved its strongest quarterly sales performance since 2005 in the second quarter. The Hummer EV delivered a remarkable performance in the latest quarter, boasting a staggering 2,929 units sold, an impressive 76% increase over the same period last year. According to General Motors (GM), roughly seven out of ten customers purchasing the Hummer EV have no prior experience with the company’s brand.
After General Motors ceased production of the Chevrolet Bolt EV last year, deliveries plummeted by 90%, totaling just 1,374 vehicles. Although General Motors is discontinuing its top-selling electric vehicle, the Chevrolet Bolt EV, it will be reborn as an Ultium-based model in the coming year. General Motors claims that its newly introduced Bolt will become the most affordably priced electric vehicle (EV) available in the market by 2025.
General Motors’ Q2 and first-half electric vehicle (EV) gross sales numbers emerge alongside rival Hyundai’s record-breaking EV outcomes, with both companies vying for dominance in the increasingly competitive market. Elon Musk’s Tesla exceeded projections, producing a remarkable 443,956 electric vehicles in the second quarter.
Electrek’s Take
Despite concerns about slowing demand for electric vehicles (EVs), many manufacturers have instead reported strong sales figures for their EV models in the US. Automotive giants GM, Hyundai, Kia, Toyota, and others are achieving remarkable growth rates, boasting double- or even triple-digit increases.
Electric car sales are poised to continue their upward trajectory as increasingly advanced, longer-range models enter the market at more affordable prices.
General Motors announced that the Chevrolet Equinox Electric Vehicle will be available for ordering later this year, touting it as the “most affordable” option in its segment with an estimated range of up to 300 miles. General Motors is set to begin deliveries of the highly anticipated Chevy Silverado EV RST this month, a development that could significantly boost overall sales.
Meanwhile, General Motors anticipates manufacturing between 200,000 and 250,000 electric vehicles in 2024, a reduction from its initial target of 250,000 to 300,000 units.
