GM broke Q2 and first-half EV sales records with new models like the Chevy Blazer and Equinox EVs hitting the market. However, GM’s new electric cars were not the only ones driving growth, as sales of the Cadillac Lyriq and GMC Hummer EVs also surged.
GM EV sales pick up, breaking Q2 and first-half records
After running into software glitches, freight delays, and other hurdles, GM missed its EV sales target last year. However, CEO Mary Barra believes GM will turn things around, calling 2024 “the year of execution.”
GM delivered 21,930 EVs in the second quarter of 2024, up 34% from Q1. Through the first half of the year, EV sales reached 38,355. With EV sales climbing, GM set new Q2 and second-half records.
According to GM, retail EV registrations are up 17% YTD, outpacing the industry average of 10%. The automaker plans to offer ten EV nameplates by the end of 2024.
Its newest electric Chevy models are already having a big impact. GM sold 6,634 Chevy Blazer, 1,013 Equinox, and 2,196 Silverado EVs.
The new electric models are attracting buyers from other brands. For example, 40% of Blazer EV buyers are new to GM, coming from brands like Jeep, Ford, Hyundai, and Kia.
Output of existing Ultium-based EVs also picked up. GM’s luxury Cadillac brand had its best retail sales quarter since 2015. With 7,294 units sold, the Lyriq was Cadillac’s second best-selling model behind the Escalade.
Cadillac’s Lyriq is one of the fastest-growing EVs in the industry, according to GM. In Q2, over half of Lyriq buyers with a trade-in were from rivals like Tesla and Lexus.
Meanwhile, GMC had its best Q2 sales since 2005. The Hummer EV had its best quarter ever, with sales reaching 2,929, up 76% from Q1. GM said almost 70% of Hummer EV buyers are new to GM.
After GM stopped Chevy Bolt EV production last year, deliveries fell 90% to 1,374. Although GM is phasing out its best-selling electric car, the Chevy Bolt EV will return as an Ultium-based model next year. GM claims the new Bolt will be the most affordable EV on the market in 2025.
GM’s record Q2 and first-half EV sales come as rivals Hyundai and Kia also saw record EV results. EV leader Tesla beat expectations, delivering 443,956 EVs in the second quarter.
Electrek’s Take
Despite talk of an “EV slowdown,” most automakers just set new EV sales records in the US. GM, Hyundai, Kia, Toyota, and others are all seeing double-digit, if not triple-digit, growth.
Electric vehicle sales are expected to continue climbing as more advanced, longer-range models hit the market at lower prices.
GM said the $35,000 Chevy Equinox EV will be available to order later this year as the “most affordable” in its segment with up to 300 miles range. Deliveries of the Chevy Silverado EV RST are kicking off this month, which should also help boost sales.
Meanwhile, GM still expects to build 200,000 to 250,000 EVs in 2024, down from its previous target of 250,000 to 300,000.
