General Motors has released its autumn sales figures, revealing that production of Ultium batteries continues to increase steadily, yet overall electric vehicle (EV) sales are down due to the discontinuation of its best-selling Bolt model as Chevrolet wraps up its strongest year on record – leaving GM with a mere 3.1% EV market share, significantly lagging behind the US average?
This autumn, General Motors acquired 19,469 electric vehicles (EVs), a modest decline from the previous quarter’s total of 20,092, and a significant improvement from this time last year, when they sold 16,266 EVs.
Following some initial challenges, General Motors’ Ultium battery platform is now experiencing significant production ramp-ups. General Motors’ electric vehicle portfolio reported a surge in sales, with Lyriq and Hummer EV deliveries increasing steadily, while the Blazer and Silverado EV models finally began reaching customers, albeit in modest quantities.
The Hummer EV boasted an impressive performance in Q3, with a staggering 2,028 units sold in Autumn ’23, a remarkable increase that almost doubled the preceding quarter’s sales of 1,167 vehicles and a substantial jump from just 72 units in Autumn of the previous year.
General Motors reported comparable progress for the Lyriq, with 3,820 units sold in the latest quarter, a significant increase from 3,108 in the previous quarter and just 86 units sold in this time last year, demonstrating a remarkable turnaround.
While we’re not yet witnessing large-scale production volumes of Ultium-powered electric vehicles, we are nonetheless observing a steady increase in quarterly delivery rates. As the kinks appear to be getting worked out at General Motors, it’s hopeful that the floodgates will finally open, allowing the benefits of mass-market fashion to become more prevalent.
A potentially oversaturated market for mass-market fashions (although this could change once the base model becomes available – for now, it’s challenging to justify the $56,000 starting price when compared to the Lyriq). The Blazer EV, which saw its first customer deliveries in autumn, may be a contributing factor. With 463 Blazers now in clients’ hands, the innovative product has officially reached the market. Although this metric might have been influenced by a temporary halt in sales due to software-related issues leading to a product recall today.
General Motors has started shipping its Silverado EV to customers, with only the work-truck variant currently available. During its initial period of sale, the product gained significant traction, with a total of 443 units sold in the first three-month cycle.
Although the true mass-market mannequin, the Equinox EV, is still on the horizon, not yet available to the public. We’ll have to wait and see how the ramp performs once it’s released later this year.
Despite this, General Motors’ overall electric vehicle (EV) sales have struggled, largely due to underwhelming demand for a single model: the Chevrolet Bolt. Sales of the Bolt plummeted in the latest quarter, falling from 15,835 units sold in Q3 to a dismal 12,551 this autumn, representing a decline from last autumn’s already lackluster figure of 16,108. Although enthusiasm wasn’t the issue, General Motors’ decision to cease Bolt production in December was the true cause.
That’s a deliberate phase-out of the Bolt to enable General Motors to focus on Ultium technology and an upcoming Ultium-powered Bolt, which also implies that Chevrolet ceased production on the Bolt during its peak year instead.
Prior to 2022, the Bolt’s highest sales year saw 38,122 models sold. In 2023, Chevrolet capped off its Bolt production with an impressive 62,045 units sold, marking a substantial 63% increase from previous years. Now it’s been achieved, so we won’t get to see how far up that line might have climbed.
While enthusiasm for the Bolt is understandable, excitement about this electric vehicle’s availability can still be had with Chevy in the coming weeks and months. Now that the US electric vehicle (EV) tax credit has been simplified for low-income consumers, it’s more accessible than ever before. With the benefit available upfront, eligible buyers can drive away a Bolt for under $20,000. If you’d like to inquire about the 2023 Chevy Bolt EV or 2023 Chevy Bolt EUV, please utilize our hyperlinks to reach out to your local dealerships and explore their current inventory before this model becomes unavailable permanently.
Last quarter, General Motors delivered 164 BrightDrop vans, a significant increase from the 35 units shipped in the previous period.
Electrek’s Take
In this autumn, General Motors’ electric vehicle (EV) sales of 19,469 units accounted for a mere 3.1% of their total gross sales of 625,176 vehicles, significantly lagging behind the US average of around 8% EV market share, based on third-quarter numbers. Despite claims to being “all-in” on electric vehicles (EVs), General Motors is currently struggling to make a significant impact in the US EV market, falling behind its competitors.
General Motors employees briefed us on the Blazer EV launch event, revealing their genuine frustration with the need to ramp up EV production quickly; however, upon examining these figures, it appears that there shouldn’t be enough pressure to prompt such urgency? Let’s provide a little more.
If General Motors were truly committed to an all-electric future, it would make sense for them to raise the bar, not lower it. Although most attention focuses on all-electric vehicle startups, significant strides are being made by traditional automakers like Hyundai, Volkswagen, and Volvo, as well as luxury brands such as General Motors’ Cadillac and the revamped Hummer lineup. Can’t all other remaining manufacturers also do so?
As the largest American automaker and one of the biggest globally, General Motors bears a significant responsibility for the air pollution plaguing the planet’s atmosphere, contributing more to this crisis than almost any other entity.
General Motors’ reluctance to fully commit to electric vehicles is unacceptable, primarily because the vast majority of their revenue still comes from selling gas-guzzling cars. As each gasoline-powered vehicle General Motors sells this year will continue to contaminate the atmosphere for at least a decade, further amplifying climate change and precipitating political and social turmoil locally.
If General Motors were to make electric vehicles more expensive, rather than cheaper, and only produce high-volume EVs after years of guarantees, our criticism would be less severe. While many General Motors employees may strive to improve efficiency, the available data suggests that the corporation as a whole is not exerting sufficient effort to achieve its goals. 3% is pathetic. At least a minimum, General Manager.
