GM is eyeing double-digit market share in the US EV market after sales surged 60% in Q3 compared to last year. With new models like the Chevy Blazer, Equinox, and Silverado EVs rolling out nationwide, GM looks to top rival Ford by the end of 2024.
With GM’s “EV for everyone” strategy finally unfolding, electric vehicle sales are surging. GM sold a record 32,095 EVs in the US in the third quarter, an increase of 60% from Q3 2023 and 46% from last quarter.
“GM’s EV portfolio is growing faster than the market because we have an all-electric vehicle for just about everyone,” Rory Harvey, GM’s executive vice president of global markets, explained.
Following the strong Q3 performance, GM is nearing double-digit EV market share in the US. GM’s share of the US EV market 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 portfolio of brands had significant growth in Q3. Cadillac Lyriq sales reached 7,224, up 139.4% from last year.
GM gains EV market share in Q3 with new models
According to GM, the Cadillac Lyriq outsold all EV models from luxury rivals BMW, Mercedes-Benz, Audi, and Lexus.
GM also claimed the Lyriq is the first vehicle from a full-line luxury brand to sell over 20,000 EVs year-to-date in 2024.
Cadillac will launch the electric Escalade IQ and Vistiq later this year to complete its full global luxury SUV lineup.
Chevy’s new electric models are already having a big impact. GM delivered 7,998 Chevy Blazer, 9,772 Equinox, and 1,995 Silverado EV models. GM said the more affordable Silverado EV LT will launch in Q4.
The new 2025 Chevy Blazer EV launched this week. It has more range and a lower starting price of $45,995. Meanwhile, the long-awaited $35,000 Equinox is finally set to arrive at dealerships.
GMC also had significant EV sales gains in the third quarter. Over 4,300 GMC Hummer EVs (pickup and SUVs) were delivered. Meanwhile, after launching in August, GMC sold 387 Sierra EV pickups.
The new electric vehicles are drawing customers from rivals. According to GM, over 50% of EV buyers are new to the brand.
Despite growing EV sales, GM’s total deliveries slipped 2% in the third quarter, with 659,601 vehicles handed over in the US.
Electrek’s Take
With an “all-electric vehicle for just about everyone,” GM is finally seeing the results. The automaker announced its “EV for everyone” strategy back in 2022, but the results are just now starting to show.
As new electric models roll out nationwide, GM is gaining market share with EVs in the US. Will it be enough to top rivals Ford and Hyundai Motor (including Kia)?
Hyundai sold 13,255 IONIQ 5 and 6 models in Q3 but did not provide a Kona Electric breakdown. Meanwhile, Kia’s three-row EV9 SUV is seeing strong demand in the US, with nearly 16,000 models sold in 2024. Kia sold 11,343 EV9 and EV6 models in the third quarter, but it also does not provide a breakdown of Niro EV sales.
Check back soon for more info. With Ford reporting Q3 sales numbers this week, we will determine which automaker secured second place in the US EV market behind Tesla.
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