U.S. EV sales set record in August as GM delivers over 21,000 EVs

On the Dash:

• U.S. EV sales likely hit a record high in August, with General Motors selling more than 21,000 EVs across Chevrolet, Cadillac, and GMC.
• GM expects a sales decline after September 30, when federal EV tax credits expire, but remains confident in growing its EV market share through a balanced portfolio of affordable and luxury models.
• GM projects long-term growth supported by expanded charging infrastructure (100,000 fast-charging bays by 2027) and continued strength from its internal combustion vehicle lineup.

U.S. electric vehicle (EV) sales likely hit an all-time monthly record in August, with customers rushing to complete purchases ahead of the expiration of federal EV tax credits on Sept. 30.

In its best-ever month, General Motors (GM) reported selling over 21,000 EVs under the Chevrolet, Cadillac, and GMC brands, solidifying its position as the country’s second-largest EV seller. Chevrolet Equinox EV, Cadillac LYRIQ, and GMC Sierra EV were among the top-performing vehicles.

However, GM cautioned that sales will likely decline in the next quarter once tax credits are no longer available. Yet, executives remain confident in the company’s ability to grow EV market share. Additionally, the automaker plans to avoid overproduction while leaning on a diverse portfolio of affordable and luxury EVs, including the upcoming Chevrolet Bolt and high-performance electric SUVs and pickups.

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The company highlighted long-term advantages, noting that some competitors are scaling back their EV plans, which could help reduce overproduction and heavy discounting. GM also expects infrastructure improvements to help sustain growth. Through partnerships with GM Energy, EVGo, and IONNA, the company states that customers will have access to more than 65,000 public fast-charging bays nationwide by year-end, with plans to expand to 100,000 by 2027.

While EV sales are under pressure, GM emphasized that its internal combustion vehicle lineup continues to provide stability and profitability. The automaker projects another quarter of leadership in full-size pickups and SUVs, along with growth in other segments.

GM is scheduled to report its full third-quarter sales results on Oct. 1.