GM Sets Record EV Sales In Q2 2024 As New Models Gain Traction

Despite the market trend for electric vehicles (EVs), General Motors (GM) has reported record-breaking EV sales for Q2 and the first half of 2024, showing its efforts paying off in its electrification strategy.

In detail, GM delivered 21,930 EVs in Q2, a 40% increase year-over-year and a 34% rise from Q1. This surge brought GM’s first-half EV sales to 38,355 units, setting new records for both periods. Particularly, the growth was driven by the successful launch of new models and increased production of existing Ultium-based models.

Moreover, the Chevrolet Blazer EV led the charge with 6,634 units sold, while the newly introduced Equinox EV and Silverado EV contributed 1,013 and 2,196 sales, respectively. These new EV offerings are attracting buyers from competing brands, with GM reporting that 40% of Blazer EV purchasers are new to the company.

Cadillac’s Lyriq model also saw an exceptional 441% year-over-year increase, with 7,294 units sold in Q2, making it the company’s second best-selling model. In addition, the GMC Hummer EV also had its best quarter ever, with 2,929 deliveries, up 76% from Q1.

Despite the phase-out of the popular Chevrolet Bolt EV, which saw sales drop 90% to 1,374 units, GM’s overall EV strategy appears to be gaining momentum. The company reports that its retail EV registrations are up 17% year-to-date, outpacing the industry average of 10%.

Notably, GM’s CEO Mary Barra dubbed 2024 “the year of execution,” and the company plans to offer ten EV nameplates by year-end. This expanded lineup is anticipated to include models across various segments and price points, potentially featuring a Equinox EV priced around $30,000 after tax credits.

With GM’s EV offerings proving results despite shifting market trends, the company appears well-positioned to compete and adapt in the evolving automotive landscape. With new models like the Cadillac OPTIQ, Escalade IQ, and GMC Sierra EV on the horizon, GM’s electrification efforts are projected to accelerate further in the coming months.

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