Summary
- GM aims for double-digit market share in the US EV market after a 60% sales increase in Q3
- The company’s "EV for everyone" strategy is driving increased electric vehicle sales
- GM’s share of the US EV market reached 9.5% in Q3, with significant growth across all EV models in their portfolio
- New models like the Chevy Blazer, Equinox, and Silverado EVs are contributing to GM’s sales growth
- GM is drawing new customers from rivals with their wide range of affordable electric vehicles
Article
GM is making a significant push into the US EV market, with plans to achieve double-digit market share by 2024. Their sales have surged by 60% in Q3 compared to last year, with new models like the Chevy Blazer, Equinox, and Silverado EVs contributing to this growth. GM’s “EV for everyone” strategy is gaining traction, with the company selling a record 32,095 EVs in the US in the third quarter alone, an increase of 60% from the previous year.
GM’s EV portfolio is expanding rapidly, with the company offering an all-electric vehicle for nearly every type of consumer. This diverse range of electric vehicles has contributed to GM’s steady increase in market share, which reached 9.5% in the third quarter, up from 7.1% in Q2 and 6.5% in the first three months of 2024. All EVs across GM’s brands experienced significant growth in Q3, with the Cadillac Lyriq leading the way with 7,224 units sold, a 139.4% increase from the previous year.
The Cadillac Lyriq has outsold all EV models from luxury competitors like BMW, Mercedes-Benz, Audi, and Lexus, making it a standout performer in GM’s lineup. In addition to the Lyriq, Cadillac will be launching the electric Escalade IQ and Vistiq later this year, further expanding its luxury EV offerings. Chevy’s new electric models, such as the Blazer, Equinox, and Silverado EVs, have also been well-received, with the company delivering thousands of units to customers in Q3.
GM’s new electric vehicles are not only drawing in existing customers but also attracting new buyers to the brand. According to the company, over 50% of EV buyers are new to GM, indicating a strong interest in their electric offerings. Despite the overall decline in total deliveries in the third quarter, GM’s EV sales are on the rise, showcasing the success of their EV strategy. With Ford and Hyundai Motor also making strides in the US EV market, competition is heating up as automakers vie for market share.
As GM continues to roll out new electric models and attract customers with their diverse lineup, the company is well-positioned to compete with rivals like Ford and Hyundai Motor. With the EV market growing rapidly and consumer interest in electric vehicles increasing, GM’s focus on expanding its EV portfolio is paying off. With Ford set to report their Q3 sales numbers soon, the battle for second place in the US EV market behind Tesla will become clearer, shedding light on how GM stacks up against the competition.
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