Summary
- Chevy Equinox EV surpasses Cadillac Lyriq as GM’s best-selling EV in the U.S.
- GM shows strong growth in EV sales, with 32,195 EVs sold in Q3 2024, a 60% increase year-over-year.
- Equinox EV emerges as GM’s most affordable and best-selling electric car, with 9,772 units sold in Q3.
- Cadillac Lyriq also sees significant sales growth, outselling competitors from BMW, Mercedes-Benz, Audi, and Lexus.
- GM’s EV portfolio continues to expand with 10 EV models planned by the end of the year, catering to a wide range of customers.
Article
GM’s Strong Sales Performance in the EV Market
General Motors is experiencing a steady rise in EV sales, making it one of the top contenders in the market. Despite a decline in overall auto sales in the U.S., GM’s EV sales have been on the rise. In the third quarter of 2024, GM sold a record 32,195 EVs in the U.S., marking a 60% increase year-over-year. This surge in EV sales comes at a time when buyers are turning away from high new car prices and interest rates, instead opting for deals and incentives on electric vehicles.
The Rise of the Chevy Equinox EV
GM’s best-selling EV in the U.S. is the Chevy Equinox EV, which outsold other models with 9,772 units sold in the third quarter. After the discontinuation of the Bolt EV and EUV, the Equinox EV became GM’s most affordable electric car. With the recent introduction of the Equinox EV’s LT trim, starting at $35,000 and potentially dropping to $27,000 with tax credits, it has become America’s most affordable EV capable of covering over 300 miles on a single charge. The Equinox EV’s sales success highlights GM’s strength in the EV market.
The Success of the Cadillac Lyriq
The Cadillac Lyriq has also seen significant sales growth, with 7,224 units sold in the third quarter, marking a 140% increase year-over-year. Despite being a luxury electric crossover starting at $57,000, the Lyriq has been outselling all EV models from BMW, Mercedes-Benz, Audi, and Lexus. The success of the Lyriq showcases Cadillac’s competitiveness in the EV market and its appeal to luxury car buyers.
GM’s Broadening EV Portfolio
GM’s success in the EV market is attributed to its diverse portfolio of EV models spanning popular car segments. With 10 EVs expected to be available by the end of the year, GM offers an electric vehicle for every type of driver. This includes models such as the Chevy Equinox EV, Blazer EV, Silverado EV, Cadillac Lyriq, GMC Sierra EV, Hummer EV (pickup and SUV), and the Chevrolet BrightDrop delivery vans. GM’s commitment to expanding its EV offerings demonstrates its leadership in the evolving automotive landscape.
A Growing Audience for EVs
GM’s EV sales growth reflects a larger trend of consumers embracing battery-powered vehicles. In the third quarter, 50% of GM’s EV buyers were new to the brand, indicating a shift towards EVs among a broader audience. GM’s Executive VP and President of Global Markets, Rory Harvey, stated that GM’s EV portfolio caters to a wide range of preferences, making it accessible to all types of drivers. As more customers explore EV options, GM’s diverse lineup positions it as a key player in the electrification of the automotive industry.
Conclusion
The success of GM’s EV sales, led by models like the Chevy Equinox EV and Cadillac Lyriq, underscores the company’s strong position in the evolving market. With a diverse portfolio of EV offerings and a growing audience for electric vehicles, GM is poised to continue its momentum in the EV space. As the automotive industry shifts towards electrification, GM’s strategic focus on EV development and sales growth positions it as a leader in the transition towards sustainable mobility.
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