Automotive

GM Claims No. 2 Spot in U.S. EV Market

Kenneth Metral

Nov 4, 2024 — 1 min read

General Motors (GM) has ascended to the second position in U.S. electric vehicle (EV) sales, surpassing Ford in the third quarter of 2024. GM reported a record 32,095 EV deliveries during this period, marking a 60% increase from the same quarter last year and a 46% rise from the previous quarter.

This surge is attributed to GM's expanding EV lineup, which includes models like the Chevrolet Equinox EV, Cadillac Lyriq, and GMC Hummer EV. The Chevrolet Equinox EV, in particular, has been a strong performer, with over 15,000 units sold in the third quarter alone.

GM's share of the U.S. EV market reached 9.5% in the third quarter, up from 7.1% in the previous quarter. This growth reflects the company's strategic focus on diversifying its EV offerings and meeting the increasing consumer demand for electric vehicles.

Despite this progress, GM faces challenges in achieving its ambitious EV production targets. The company has adjusted its full-year EV sales outlook to between 200,000 and 250,000 units, down from an earlier forecast of 200,000 to 300,000 units, citing slower-than-expected market growth.

In contrast, Tesla remains the dominant leader in the U.S. EV market, with over 5 million vehicles sold since 2008. However, GM's recent advancements indicate a significant shift in the competitive landscape, as traditional automakers intensify their efforts to capture a larger share of the EV market.

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