Summary
- GM reported a 2.2% drop in third-quarter sales, but it was slightly better than industry forecasts expecting more than a 3% decrease
- Sales were boosted by a 60% year-over-year increase in electric vehicles, accounting for 4.9% of total third-quarter sales
- GM’s market share in the U.S. EV market was 9.5%, up 3 percentage points from the first quarter
- The Cadillac Lyriq crossover led GM’s EV sales with 7,224 units sold, followed by the Hummer EV pickup and SUV
- GM’s total 2024 sales through the third quarter were down 1% compared to the same period in 2023, impacted by Hurricane Helene and potential port strikes
Article
General Motors reported slightly better-than-expected sales during the third quarter of 2024, despite a 2.2% drop in sales compared to the previous year, with 659,601 vehicles sold. The increase in sales of electric vehicles (EVs) and small crossovers helped boost the company’s performance. GM’s third-quarter sales are expected to be in line with the overall industry, with forecasters projecting a 2% decline in industry-wide sales compared to the previous year.
During the third quarter, GM saw a 60% year-over-year increase in EV sales, with approximately 32,100 units sold. Despite this growth, EVs only accounted for 4.9% of the company’s total third-quarter sales. GM’s market share in the U.S. EV market was forecasted to be 9.5%, a 3 percentage point increase from the first quarter of the year. The company attributes its strong EV sales momentum to an expanding lineup of all-electric vehicles at various price points.
GM’s EV sales were led by the Cadillac Lyriq crossover, with roughly 7,224 units sold, followed by the Hummer EV pickup and SUV at 4,305 units. Additionally, sales of small gas-powered crossovers like the Chevrolet Trax and Buick Envista and Envision also saw notable increases compared to the previous year. Despite these successes, GM’s total sales of 1.95 million vehicles through the third quarter were down by 1% compared to the same period in 2023.
One unknown factor impacting the third quarter sales for GM was the effect of Hurricane Helene, which hit the South in late September. It is also uncertain how a strike at U.S. East Coast and Gulf Coast ports will impact sales in the fourth quarter. GM is one of several automakers reporting their third-quarter or September sales, with contrasting performances. The Hyundai brand reported a 5% increase in sales, while Toyota Motor reported an 8% decrease and Nissan reported a 2.2% decline in sales.
While GM has withdrawn most of its previously announced electric vehicle targets, the company is confident in its EV sales momentum and believes it is outpacing the industry in EV growth. With the most comprehensive EV lineup in the U.S. market, spanning a price range from $35,000 to over $300,000, GM aims to continue building on its success. The company’s president of global markets, Rory Harvey, expressed optimism about GM’s position in the EV market and its expanding lineup of all-electric vehicles.
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