Last Quarter, GM’s Sales Of Electric Vehicles Plummeted

Recent sales data from General Motors indicates a significant decline in demand for its electric vehicles within the United States, contributing to an overall decrease in company-wide sales throughout the third quarter and the first nine months of the current year.

It is well-documented that electric vehicle (EV) sales in the United States have experienced a downturn following the revocation of the $7,500 federal tax credit by the Trump administration last September. However, it appears that General Motors may not have fully anticipated the magnitude of this decline.

The downward trend is particularly evident within the Cadillac brand. During the third quarter, sales of the Escalade IQ and IQL models decreased by 29.2% to 1,604 units. Furthermore, Cadillac Lyriq sales fell by 50.2% to 3,617 units, Optiq sales declined by 6.9% to 4,550 units, and Vistiq sales dropped by 34.1% to 2,587 units. Consequently, total quarterly sales for the Cadillac brand decreased by 30% to 32,650 units.

Chevrolet’s sales fell 4.6% to 437,321 vehicles. The Blazer EV dropped 84.4% to 1,261 units, while the Equinox EV plummeted 92.4% to just 1,905 units. Additionally, Silverado EV sales fell 58% to 1,655 units, and discontinued BrightDrop van sales dropped 43.6% to 1,344 units.

In the case of GMC, sales dropped 4.7% to 157,103 units, with the Hummer EV down 72.9% and Sierra EV down 50.8%. GM’s total Q3 sales fell 5.5% to 670,974, bringing the nine-month decline to 6.4% with 2,012,299 units sold.

Despite the broader downturn, select models experienced a notable increase in sales during the third quarter. For instance, the Buick Enclave, Encore GX, and Envista saw sales growth of 3.4%, 5.4%, and 18.4%, respectively. Furthermore, sales for the Cadillac CT5 rose by 4.1%, the Chevrolet Colorado by 2.4%, and the Corvette by 28.5%, with the Chevrolet Trailblazer recording a significant 51.1% increase. Within the GMC lineup, Acadia, Canyon, Sierra LD, and Yukon sales also showed positive momentum, with respective increases of 7.7%, 17.9%, 2.9%, and 8%.