In the third quarter, General Motors reported a surprising 2.2% decline in sales, beating industry expectations of a 3% drop. The automaker sold 659,601 vehicles, with electric vehicles (EVs) and small crossovers driving the growth. EV sales surged 60% year-over-year, reaching 32,100 units, although they still only accounted for 4.9% of total sales. GM’s market share in the US EV market rose to 9.5%, up 3 percentage points from the first quarter.
The company’s EV lineup, ranging from $35,000 to over $300,000, is gaining momentum, with the Cadillac Lyriq crossover leading the charge at 7,224 units sold. The Hummer EV pickup and SUV followed closely, with 4,305 units sold. Small gas-powered crossovers, such as the Chevrolet Trax and Buick Envista and Envision, also saw significant increases.
GM’s total sales for 2024 reached 1.95 million vehicles, down 1% from the same period in 2023. The impact of Hurricane Helene on sales in the South and a strike at US East Coast and Gulf Coast ports remain unclear. As one of several automakers reporting third-quarter sales, GM’s performance is closely watched by industry analysts.
Leave a Reply