GM EV Sales By Model And EV Market Share In The U.S.

EV charging. Pixabay Image

General Motors (GM) has recently made significant strides in the electric vehicle (EV) space. In fact, the company has been reporting record-breaking sales figures for its electric cars, signaling a shift towards a more sustainable future in the automotive industry.

With a range of electric vehicles on offer, including the Chevy Bolt and the Cadillac Lyriq, GM is positioning itself as a major player in the EV space.

Let’s take a closer look at GM’s sales figures and what they mean for the future of electric cars.

Investors interested in a bigger picture of GM’s vehicle sales and market share may find more information on this page: GM global sales and market share.

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Definitions

To help readers understand the content better, the following terms and glossaries have been provided.

Existing And Upcoming EV Models: General Motors’ existing and upcoming EV models:

Existing Models
1. Bolt EV and Bolt EUV
2. Cadillac LYRIQ
3. Chevrolet Silverado EV
4. GMC HUMMER EV
5. Chevrolet Blazer EV

Upcoming Models
1. Chevrolet Equinox EV
2. Cadillac Escalade IQ
3. Cadillac CELESTIQ
4. Cadillac OPTIQ

Bolt EV and Bolt EUV: The Bolt EV and Bolt EUV are electric vehicles manufactured by General Motors (GM).

The Bolt EV is a compact hatchback that runs entirely on electricity and has a range of up to 259 miles on a single charge. It features a spacious interior, advanced safety features, and a range of technology options.

The Bolt EUV is a newer model slightly bigger than the Bolt EV and comes with additional features such as Super Cruise, a semi-autonomous driving system, and a panoramic sunroof.

Both vehicles are designed to be environmentally friendly and provide a smooth, quiet ride for passengers.

Cadillac LYRIQ: The Cadillac LYRIQ is an all-electric SUV from Cadillac, marking the brand’s first foray into the electric vehicle market. It showcases Cadillac’s commitment to innovation and luxury in the electric vehicle (EV) space.

The LYRIQ is built on General Motors’ new modular electric vehicle platform, powered by the Ultium battery system. This SUV is designed to deliver a blend of performance, technology, and high-end amenities typical of the Cadillac brand, with features such as a spacious and luxurious interior, advanced infotainment and connectivity options, and cutting-edge driver assistance technologies.

The LYRIQ aims to offer impressive range on a single charge, fast charging capabilities, and a driving experience that is both dynamic and comfortable, setting a new standard for luxury electric vehicles.

Chevrolet Silverado EV: The Chevrolet Silverado EV is an all-electric version of Chevrolet’s long-standing and popular Silverado pickup truck. This electric vehicle (EV) represents Chevrolet’s commitment to expanding its electric vehicle offerings and competing in the rapidly growing electric truck market.

The Silverado EV is built on General Motors’ Ultium platform, a flexible, modular propulsion system and a dedicated electric vehicle architecture designed to support a wide range of EVs across GM’s brands. Key features of the Chevrolet Silverado EV include impressive range estimates, with some models expected to offer over 400 miles of range on a full charge.

The truck also boasts significant power and towing capabilities, aiming to meet or exceed the performance standards set by traditional, internal combustion engine Silverado models. The Silverado EV is designed to cater to commercial and personal users, offering various configurations, including a work truck (WT) and more luxurious options.

GMC HUMMER EV: The GMC Hummer EV is an all-electric pickup truck introduced by General Motors under the GMC brand. It marks the revival of the Hummer name, previously known for its gas-guzzling military-style SUVs, but this time as a zero-emissions vehicle highlighting GM’s commitment to electrification.

The Hummer EV is designed to offer both on-road luxury and off-road capabilities, featuring a robust electric powertrain that delivers impressive horsepower and torque figures, enabling rapid acceleration. Key features include its “CrabWalk” mode, which allows the vehicle to move diagonally, enhancing its maneuverability in off-road conditions, and the “Extract Mode,” which temporarily raises the suspension to overcome obstacles.

The vehicle also boasts a large battery pack offering a considerable range between charges, making it competitive in the growing electric vehicle market.

Chevrolet Blazer EV: The Chevrolet Blazer EV is an all-electric version of the Chevrolet Blazer, a mid-size crossover SUV. It represents Chevrolet’s foray into the expanding electric vehicle market, building upon its experience with electric vehicles like the Chevrolet Bolt EV.

The Blazer EV is designed to offer a blend of performance, technology, and utility, catering to the growing consumer demand for electric vehicles that do not compromise on power and functionality. With various trim levels, including options prioritising range, performance, or luxury, the Blazer EV has advanced technology features, driver assistance systems, and a spacious, comfortable interior.

It aims to provide a compelling option for those transitioning to electric mobility without sacrificing the familiar SUV form factor and capabilities.

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General Motors EV Strategy

General Motors has set a goal of producing 30 new electric vehicles by 2025, with an investment of $27 billion in EV and autonomous vehicle technology.

GM’s Ultium battery technology is a key component of this strategy, offering a longer range and faster charging times than previous battery technology.

GM has also made significant investments in charging infrastructure, with plans to install 40,000 charging stations across the United States. The company has also formed partnerships with major charging networks to enhance the accessibility and availability of charging stations.

In addition, GM has announced plans to halt production of gasoline and diesel-powered vehicles by 2035 and to become carbon-neutral by 2040. This ambitious plan aligns with GM’s commitment to sustainability and reducing its carbon footprint.

Overall, GM’s EV strategy is focused on innovation, sustainability, and accessibility to make electric vehicles more accessible and affordable for consumers.

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EV Sales In The U.S. By Year

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GM sold 38,900 and 76,000 electric vehicles in the U.S. in fiscal years 2022 and 2023, respectively. GM’s EV sales of 76,000 units in 2023 represent a growth rate of 95% year-over-year.

The majority of GM’s EV sales in the U.S. has come from the Bolt EV and Bolt EUV models, contributing over 80% of the total in 2023, as shown in this section – Bolt EV and EUV sales.

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EV Sales In The U.S. By Year As A Percentage Of Total

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General Motors’ EV sales of 38,900 and 76,000 units in the U.S. in 2022 and 2023 accounted for just 1.3% and 2.4%, respectively, of the total wholesale volume in North America.

GM’s vehicle wholesale numbers are available in this page: GM vehicle wholesale by country and region.

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EV Sales In The U.S. By Quarter

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General Motors sold 16 thousand electric vehicles in the U.S. in the first quarter of 2024, a decline of 21% from a year ago. GM’s EV sales in the U.S. has averaged 18 thousand per quarter between 1Q 2023 and 1Q 2024.

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EV Sales In The U.S. By Quarter As A Percentage Of Total

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General Motors’ quarterly EV sales in the U.S. has accounted for 2.4% on average of the total wholesale volume in North America between 1Q 2023 and 1Q 2024.

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EV Market Share In The U.S. By Quarter

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General Motors’ market share for electric vehicle in the U.S. has averaged 6.7% between the 1Q 2023 and 1Q 2024. As of 1Q 2024, the market share figure was 6.2%.

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Bolt EV And Bolt EUV Sales

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The definitions of GM’s Bolt EV and Bolt EUV are available here: Bolt EV and Bolt EUV.

General Motors sold 38,000 Bolt EV and Bolt EUV vehicles in the United States during the fiscal year 2022. In the following fiscal year, 2023, it sold 62,000 Bolt EV and Bolt EUV vehicles combined.

These sales figures constituted a significant portion of the total electric vehicle (EV) sales, accounting for 98% and 82% of the total EV sales in fiscal years 2022 and 2023, respectively.

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Sales Of Other EV Models

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The definitions of GM’s other EV models are available here: Cadillac LYRIQ, Chevrolet Blazer EV, Chevrolet Silverado EV, and GMC Hummer EV.

On the retail side, GM sold nine thousand Cadillac LYRIQ in fiscal year 2023 compared to 122 units in 2022.

GM’s sales of Chevrolet Blazer EV totaled just 482 units in 2023, while Chevrolet Silverado EV came in at 461 units. GM has just started selling the electric version of these models in 2023. In 2022, the sales were none for these model.

The GMC Hummer EV also did reasonably good in 2023, with sales reaching slightly over three thousand units – an increase of 280% from 2022. In fiscal year 2022, GM’s sales of the GMC Hummer EV totaled just 854 units.

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Conclusion

General Motors has targeted to fully electrify its fleets by 2035. The sales figures presented in this article indicate that the company is making steady progress towards achieving this goal.

GM’s number of EV models has significantly increased since 2022, from just three models in 2022 to five in 2023.

Despite electric vehicles accounting for less than 5% of the total wholesale volume in 2023, GM still has ten years to accomplish its target.

As the demand for eco-friendly vehicles continues to rise, General Motors is well-positioned to sustain its success in the electric vehicle market in the years ahead.

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References and Credits

1. All sales and market share figures presented in this article were obtained and referenced from GM’s annual and quarterly reports, SEC filings, investor presentations, press releases, investor webcast, earning reports, etc., which are available in GM Shareholder Information.

2. GM’s vehicle information and specs were obtained and referenced from documentations available in Bolt EUV, Cadillac LYRIQ, GMC Hummer EV, and Silverado EV.

3. Pixabay Images.

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Disclosure

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