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.
Please use the table of contents to navigate this page.
Table Of Contents
Definitions And Overview
O2. General Motors EV Strategy
Sale Results By Year
A1. EV Sales In The U.S. By Year
A2. EV Sales In The U.S. By Year As A Percentage Of Total
A3. Bolt EV And Bolt EUV Sales In The U.S. By Year
Sale Results By Quarter
B1. EV Sales In The U.S. By Quarter
B2. EV Sales In The U.S. By Quarter As A Percentage Of Total
Market Share
C1. EV Market Share In The U.S. By Quarter
Summary And Reference
S1. Summary
S2. References and Credits
S3. Disclosure
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.
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.
EV Sales In The U.S. By Year
General-Motors-U.S.-EV-sales
(click image to expand)
GM sold 38,900 and 76,000 electric vehicles in the U.S. in fiscal years 2022 and 2023, respectively. The 2023 EV sales result represents a growth rate of 95% year-over-year.
The majority of GM’s EV sales in the U.S. were from the Bolt EV and Bolt EUV models.
EV Sales In The U.S. By Year As A Percentage Of Total
General-Motors-U.S.-EV-sales-to-total-wholesale-ratio
(click image to expand)
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% of the total wholesale volume in North America, respectively.
However, this proportion has significantly increased since 2022. GM’s vehicle wholesale numbers are available in this page: GM vehicle wholesale by country and region.
Bolt EV And Bolt EUV Sales In The U.S. By Year
General-Motors-Bolt-EV-and-Bolt-EUV-sales
(click image to expand)
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, they 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.
EV Sales In The U.S. By Quarter
General-Motors-U.S.-EV-sales-by-quarter
(click image to expand)
During the first three quarters of 2023, General Motors sold 57 thousand electric vehicles in the US. In Q4 2023, the company sold 19 thousand units. The year-over-year growth rate was 20%.
EV Sales In The U.S. By Quarter As A Percentage Of Total
General-Motors-U.S.-EV-sales-by-quarter-to-total-wholesale-ratio
(click image to expand)
General Motors’ quarterly EV sales of 16 thousand, 20 thousand, and 19 thousand units in the U.S. accounted for 1.9%, 2.5%, and 2.5% of the total wholesale volume in North America, respectively.
EV Market Share In The U.S. By Quarter
General-Motors-market-share-for-EV-in-the-US
(click image to expand)
General Motors’ electric vehicle market share in the U.S. was 8.4%, 5.4%, 6.6%, and 6.9% in the past four quarters of 2023.
Conclusion
General Motors has announced its plan to sell only electric vehicles by 2035. The sales figures presented in this article indicate that the company is making steady progress towards achieving this goal.
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.
References and Credits
1. All financial figures presented in this article were obtained and referenced from GM’s annual and quarterly reports, SEC filings, investor presentations, press releases, earning reports, etc., which are available in GM Shareholder Information.
2. Pixabay Images.
Disclosure
References and examples such as tables, charts, and diagrams are constantly reviewed to avoid errors, but we cannot warrant the total correctness of all content.
The content in this article is for informational purposes only and is neither a recommendation nor a piece of financial advice to purchase a stock.
If you find the information in this article helpful, please consider sharing it on social media and provide a link to it from any website to create more articles like this.
Thank you!