General Motors (GM) saw a notable surge in electric vehicle (EV) sales during the third quarter of 2024, reporting a 60% year-over-year increase to around 32,100 units. Despite this, the automaker experienced a slight overall decline in total sales, with a 2.2% drop compared to the same period last year, selling 659,601 vehicles. This drop, however, was better than industry expectations, with forecasts from Cox Automotive and Edmunds predicting a decline of more than 3%.
EVs now represent 4.9% of GM’s total sales, and the company estimates that its market share in the U.S. EV market has climbed to 9.5%, a 3% increase since the first quarter. Rory Harvey, GM’s president of global markets, highlighted the growing momentum of GM’s EV lineup, which includes vehicles priced from $35,000 to over $300,000.
GM’s best-selling EVs for the quarter included the Cadillac Lyriq, with 7,224 units sold, and the Hummer EV pickup and SUV totaled 4,305 units. Despite some EV sales progress, GM’s gas-powered small crossovers also performed well. Sales of models like the Chevrolet Trax, Buick Envista, and Buick Envision saw significant year-over-year increases, contributing to the automaker’s overall performance.
GM’s total sales for 2024 through the third quarter amounted to 1.95 million vehicles, a 1% decrease compared to the first nine months of 2023. This aligns with industrywide projections, as forecasters expect a 2% decline in third-quarter auto sales across the board.
Looking ahead, GM faces potential challenges from external factors such as Hurricane Helene’s impact on vehicle sales in the South and possible disruptions from the U.S. East Coast and Gulf Coast ports strike.
In contrast to GM’s slight decline, other automakers reported mixed results. Hyundai posted a 5% sales increase with 210,971 units sold, marking its second-best third quarter ever. Its Genesis luxury brand achieved its best third quarter to date, with 20,117 units sold. Toyota, however, saw an 8% decrease in sales, with September alone showing a sharp 20.3% decline. Nissan’s sales fell 2.2%, while Honda reported an 8% increase, selling 366,214 vehicles in the quarter.
As GM continues to focus on expanding its EV offerings, the automaker is positioning itself as a strong contender in the rapidly growing electric vehicle market despite broader market challenges.
