Home Market News The Race for EV Supremacy: GM’s Struggle Against Tesla’s High-End Dominance

The Race for EV Supremacy: GM’s Struggle Against Tesla’s High-End Dominance

The Race for EV Supremacy: GM’s Struggle Against Tesla’s High-End Dominance

General Motors, renowned as the behemoth of the U.S. auto industry, stunned investors with a disappointing 20.5% decline in electric vehicle (EV) sales during the first quarter of 2024. the dismal figures were in part due to the termination of its star performer in the EV category.

The Downfall: General Motors GM managed to offload a mere 16,425 EVs in the United States over the initial three months of 2024, signifying a massive plunge of 20.5% when compared to the previous year’s numbers. The main culprit behind this nosedive was the jaw-dropping 64.3% year-on-year drop in sales of the Chevrolet Bolt EV model, which was axed in the latter part of 2023.

Despite the halt in production, the Bolt managed to retain its crown as the best-selling EV for the company in the first quarter, closely followed by the Cadillac Lyriq. Nonetheless, EVs contributed to a paltry 2.8% of the company’s total vehicle sales in the U.S., which stood at a substantial 594,233 units in the quarter.

Chevrolet Bolt 7,040
Cadillac Lyriq 5,800
GMC Hummer EV 1,668
Chevrolet Silverado EV 1,061
Chevrolet Blazer EV 600
Brightdrop 256
TOTAL 16,425

In Comparison with the Titan: Tesla Inc, a heavyweight in the U.S. EV realm, also disclosed an 8.5% year-on-year dip in sales for the first quarter, with a global delivery figure of 386,810 vehicles. This sheds light on a general downturn in EV market demand. Tesla, however, does not break down its vehicle deliveries by region.

Despite the overall sales slump, Tesla managed to outshine GM by selling more of its high-end EVs. Armed with three premium offerings including Model S, X, and Cybertruck, Tesla boasts a fleet of elite electric vehicles that cater to a more affluent clientele. Notably, the Cybertruck’s deluxe variant is priced at a princely sum of nearly $100,000.

Although Tesla refrains from divulging a model-specific sales breakdown among the triumvirate, it proudly announced a robust quarter with 17,027 units of these lofty vehicles sold, marking a substantial 59.2% surge from the 10,695 units sold a year prior.

Conversely, Tesla’s bread-and-butter Model 3 and Y models constitute the bulk of its sales volume. However, deliveries of the Model 3/Y duo dipped by 10.3% last quarter in comparison to Q1 of 2023, contributing to an overall reduction in Tesla’s deliveries.

Peruse more of Benzinga’s riveting Future Of Mobility coverage by perusing this link.

For Additional Insights: Uncover how Elon Musk’s Tesla has emerged as the prominent private employer in Austin and delve into the specifics about the compensation received by Giga Texas employees.