Despite experiencing a decline in US Electric Vehicle (EV) market share during its initial quarter of 2024, General Motors (GM) is optimistic that it can turn things around. General Motors anticipates a resurgence in electric vehicle market share, driven by innovative models such as the Chevy Equinox EV and advancements in battery production, expected to take hold in the latter half of the year.
What about Electric Vehicles in our First Quarter Report?
General Motors boosts full-year guidance following impressive Q1 earnings performance that surpasses Wall Street expectations. The corporation’s income surged 8% to $43 billion, boasting an impressive +15% compound annual growth rate (CAGR) over the past 24 months.
Despite a 36% surge in deliveries of vehicles powered by Ultium batteries throughout the quarter, General Motors’ overall electric vehicle sales fell more than 20% year-over-year, as the company’s affordable Chevy Bolt EV was discontinued.
Cadillac’s Lyriq and GMC’s Hummer EV electric vehicles reported consistent growth in first-quarter sales, with the Lyriq seeing a significant 499% surge to 5,800 units sold and the Hummer EV selling 1,668 models, a notable increase for this new offering. The Blazer EV (600) and Silverado EV (1,061) drove significant growth in Ultium’s gross sales.
Notwithstanding this, it was insufficient to maintain a stronghold on the US electric vehicle market. Chevrolet’s Bolt EV saw a significant decline in sales, with a staggering 64% drop to just 7,040 units sold. This slump contributed to General Motors’ loss of market share in the fourth quarter.
General Motors dominated 6.2% of the US electric vehicle (EV) market in the initial three months of 2024. The rate has decreased to 8.4% over the past year, dropping from 6.9% in the previous quarter.
During the first quarter, General Motors sold approximately 594,000 vehicles in the US, with just 16,425 of those being electric vehicles (EVs), a mere 2.7% of the total.
| Q1 2023 | Q2 2023 | Q3 2023 | This fall 2023 | Q1 2024 |
| 8.4% | 5.4% | 6.6% | 6.9% | 6.2% |
General Motors aims to accelerate its electric vehicle (EV) market share and profitability. By 2025, the company plans to offer at least 20 new all-electric vehicles, with a goal of achieving a global EV market share of around 1 million units sold annually.
General Motors is finally emerging from a challenging period, having fallen short of its electric vehicle (EV) sales targets in each of the past two years, but is now optimistic about the second half of 2024, with high hopes for an upswing in EV sales.
General Motors aims to manufacture an additional 200,000 to 300,000 units of its Ultium-branded electric vehicles this year, roughly a 20-fold increase over the 2023 figure. Although the revised target may seem dramatic, it still represents a significant decrease from General Motors’ initial goal of producing 400,000 electric vehicles by mid-2024.
As CEO Mary Barra describes 2024 as the “12 months of execution”, it appears she is emphasizing the need for General Motors to refocus and stay on track, indicating a renewed sense of urgency in achieving its goals. GM reported a 300% surge in battery module production within the initial three-month period of the year, compared to the preceding half-year span.
The corporation aims to nearly double its current capacity by the end of summer, a goal General Motors (GM) is confident will enable it to recapture a significant share of the US electric vehicle market.
In its first quarter on the market, Cadillac’s Lyriq electric SUV generated a remarkable 20% of the brand’s total sales, trailing only the iconic Escalade as its best-seller. As General Motors reports that 50 percent of Lyriq reservations come from customers new to the brand, with an astonishing 70 percent being first-time Cadillac buyers, the automaker’s confidence in the electric crossover’s market performance appears well-founded.
Exciting trends emerging to revitalize market presence?
Meanwhile, General Motors has announced that its newly introduced electric Chevrolet Equinox, touted as one of the most affordable options on the market with an estimated range exceeding 300 miles, is now available for pre-order.
Starting at $34,995, inclusive of destination charges, the Chevy Equinox EV is poised to be one of the most affordable electric vehicles available in the US market. Notwithstanding that’s for the 1LT trim, which may potentially become available later this year.
| 1LT FWD | $34,995 |
| 2LT FWD | $43,295 |
| 2RS FWD | $44,795 |
| 3LT FWD | $45,295 |
| 3RS FWD | $46,795 |
The base 2LT trim starts at an affordable price of $43,295, offering exceptional value for the money. The base price of the Chevy Equinox EV, with the tax credit score applied, could start at around $35,295.
The Chevrolet Blazer EV qualifies for a $7,500 federal tax credit. The all-electric Blazer EV is now available to purchase starting at a price of just $50,195 following the latest worth cuts. For a price as low as $42,695, you can take home this impressive vehicle with your preferred credit score.
General Motors unveiled details about its forthcoming 2024 Silverado EV RST, boasting a potential range of up to 440 miles on a single charge, which could surpass that of any electric vehicle pickup currently available. The highly anticipated electric pickup truck is expected to debut in mid-2024, boasting a maximum towing capacity of up to 10,000 pounds. The GMC Sierra EV Denali is expected to achieve an impressive range of up to 440 miles on a single charge, as well as impressive towing capabilities.
Cadillac plans to bolster its portfolio by introducing three new models: the CELESTIQ, OPTIQ, and Escalade IQ. General Motors predicts that its electric vehicle division will achieve a positive operating profit in the second half of 2024 as a result of the latest fashion trends?
