Electric Vehicle Sales Heat Up: General Motors Takes the Lead
In a surprise move, General Motors has surpassed Ford in electric vehicle sales, with a quarterly record of 32,195 EV deliveries in Q3. This marks a 60% increase from last year and a 46% jump from Q2 2024. The automaker’s luxury Cadillac Lyriq and mass-market Chevrolet entries, including the Blazer, Equinox, and Silverado EVs, have contributed to its success. The Equinox, touted as the “EV for everyone,” has already sold over 10,000 units since its launch this spring.
Meanwhile, Ford’s EV sales growth slowed sharply, with a 12.2% increase in Q3 compared to a 61% gain in the prior year’s second quarter. The company’s total U.S. auto sales rose nearly 1% in Q3, but its EV sales lagged behind GM’s. Ford’s stock fell 2.5% on Wednesday, while GM’s stock remained steady.
In other news, Tesla reported a 6% increase in global Q3 deliveries, reaching 462,890 units. The company’s EV sales returned to growth for the first time in 2024. Toyota and Honda, leaders in hybrid sales, are also making strides in battery electric vehicles, with Toyota reporting a 56% increase in U.S. hybrid and EV sales and Honda seeing a 5% rise.
Stellantis, the parent company of Dodge and Jeep, reported a 20% decline in Q3 U.S. new vehicle sales, citing manufacturing issues and bloated inventories. The company’s CEO has promised to address these issues and prepare for the arrival of 2025 models.
As the electric vehicle market continues to heat up, investors are closely watching the performance of these major automakers. With GM taking the lead in EV sales, Ford will need to rev up its efforts to stay competitive.
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