For the first time, General Motors has made a groundbreaking move by offering more electric vehicles (EVs) and plug-in hybrid (PHEV) models in China than gasoline-powered cars, marking a significant milestone. General Motors’ electrified offerings, comprising electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs), claimed 53 per cent of total gross sales during the third quarter, as the company strives to secure its position in China’s fiercely competitive automotive landscape.
“We’re building momentum in China by driving sales volumes and market share,” said Steve Hill, President of GM China, on Thursday.
General Motors and its joint ventures delivered more than 426,000 vehicles in China during the third quarter, a 14% increase from the previous quarter in 2024.
The expansion was largely driven by General Motors’ innovative introduction of new electric vehicles (NEVs), encompassing both battery-electric vehicles (EVs) and plug-in hybrids. General Motors reports a significant milestone, with over 224,000 electric vehicles and hybrids sold in the third quarter alone, accounting for an impressive 53% of total sales, marking the first time EVs have outsold their gasoline-powered counterparts.
General Motors’ net electric vehicle (NEV) gross sales surged 60.7% year-over-year, along with a 14.3% uptick quarter-over-quarter, marking the company’s strongest sequential growth rate since Q3 2022.
Despite this, overall gross sales declined by 21% compared to the previous year, as demand for gas-powered vehicles continued to wane in China.
General Motors’ efforts to boost electric vehicle (EV) sales in China have yielded positive results, with a significant increase in demand for these eco-friendly models.
SAIC-GM-Wuling contributed a significant 77% to SAIC General Motors’ total gross sales in China during Q3, underscoring its crucial role in the company’s overall performance. In a significant milestone, the three-way partnership’s compact electric vehicles, including the Wuling Hong Guang MINIEV and Wuling Bin Guo EV, contributed significantly to the company’s third-quarter gross sales, accounting for more than 130,000 units.
Meanwhile, Chevrolet’s sales of around 8,000 units, combined with Cadillac’s 21,000 and Buick’s 67,000, collectively fell short of the 100,000-unit mark in terms of total gross sales.
General Motors faces significant challenges in maintaining its footing in China, a market that has become the global epicenter for electric vehicle adoption. BMW cut its 2024 forecast sharply on Thursday after reporting a 30% decline in sales. Several major automotive manufacturers, including Mercedes-Benz, Volkswagen, Honda, and Toyota, are facing challenges in keeping pace.
Chinese electric vehicle manufacturers such as BYD are commanding the market with their incredibly affordable offerings, exemplified by the Seagull, which starts at a remarkably low price point of under $10,000, or approximately 69,800 yuan. In August, BYD’s Seagull electric vehicle (EV) dominated the Chinese market, boasting a staggering 40,900 units sold. In October, BYD supplied an additional 43,425 Seagull models.
Compared to other manufacturers, BYD delivered more than 400,000 new energy vehicles (NEVs) in a single month. BYD achieved its fourth consecutive record-breaking gross sales month in September.
