General Motors Surges Ahead in Electric Vehicle Sales

Fourth Quarter Highlights: General Motors GM reported that it sold nearly 44,000 electric vehicles (EVs) in the last quarter of 2024. This growth has allowed it to surpass competitor Ford Motor Co. F, which has been slower to introduce new EV models.

Sales Growth: In total, GM sold 43,982 EVs during the three months ending December 2024, reflecting a remarkable 125% increase compared to the previous year. The Chevrolet Equinox EV played a significant role in this jump, responsible for a large portion of the sales.

Launched in May 2024, the Equinox EV saw its deliveries grow impressively — from just 1,013 units in the second quarter to 9,772 in the third quarter, and soaring to 18,089 in the fourth quarter. This model made up 41% of GM’s total EV sales last quarter.

With a starting price around $35,000, the Equinox EV is priced competitively against Tesla’s Model Y and Ford’s Mustang Mach-E.

Other popular EVs for GM included the Cadillac Lyriq and the Blazer EV. They also introduced their luxury 7-seater electric SUV, the Escalade IQ EV, which sold 670 units at a starting price near $130,000.

Notably, Bolt EV sales plummeted by 99.6% in the quarter following the discontinuation of its production at the end of 2023.

The Competitive Landscape: GM currently boasts the broadest EV lineup among major U.S. players, surpassing even the notable EV manufacturer Tesla, which offers only five models: Model 3, Model Y, Model S, Model X, and the Cybertruck.

Ford, based in Dearborn, is trailing with just three EV models available in the U.S. — the Mustang Mach-E SUV, F-150 Lightning pickup truck, and E-transit van. In comparison, Ford sold just 30,176 EVs in the fourth quarter of 2024.

Even with a larger lineup, GM’s electric vehicle sales accounted for only about 6% of the company’s total vehicle sales during the last three months of 2024.

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Photo courtesy: Chevrolet