GM’s EV Sales Surge in Back-to-back Record Months, Narrowing Gap with Ford

General Motors (GM) is positioned to potentially surpass Ford in U.S. EV sales by the end of 2024. After record-breaking sales in July and August, GM is now only about 2,000 units behind Ford. GM’s success is driven by its expanding EV lineup, including models like the Chevy Equinox and Blazer EVs, which are expected to further boost sales in the coming months. In August alone, GM’s EV sales surged by roughly 70% compared to the previous year. The introduction of new models, including the Cadillac Lyriq and Silverado EV, gives GM a competitive edge in multiple market segments.

Ford, meanwhile, has faced some challenges, including delays and setbacks in its EV production plans. With GM’s momentum and the upcoming release of additional electric vehicles, GM could very well overtake Ford by year-end. However, overtaking Hyundai-Kia in EV sales might be more challenging, given Hyundai’s continued growth and upcoming launches from its Metaplant in Georgia. The competition between legacy automakers like GM, Ford, and Hyundai will be intense as the year progresses.

General Motors (GM) delivered 21,930 electric vehicles (EVs) in the second quarter of 2024. Following this, GM saw a significant surge in EV sales during July and August, with nearly 21,000 EVs sold across these two months alone, according to CNBC. This surge is largely attributed to GM’s expanding EV lineup, which now covers key market segments, from affordable options like the Chevy Equinox EV to luxury models such as the Cadillac Lyriq.

GM’s luxury Cadillac brand has experienced a rise in EV demand, particularly with the Cadillac Lyriq. In the second quarter of 2024, Cadillac sold nearly 7,300 Lyriq units, contributing to GM’s record EV sales. This success is expected to continue as Cadillac plans to introduce two more electric models by the end of the year: the Escalade IQ and the Optiq.

With these additions, GM’s electric vehicle lineup spans a broad price range, from the affordable Chevy Equinox EV, starting around $35,000, to high-end luxury vehicles like the Escalade IQ, which could exceed $300,000.

“We have the most comprehensive EV lineup out of any manufacturer in the industry, in the US, at the moment,” GM’s president of global markets, Rory Harvey, said.

Harvey believes GM is “definitely outstripping the industry in terms of growth” with EVs.

Hyundai Still in the Lead

As of August 2024, General Motors (GM) remains about 20,000 EV sales behind Hyundai Motor Group, which includes Hyundai and Kia. In July and August, Hyundai and Kia combined sold around 21,760 electric vehicles, while GM sold 20,948 EVs, outpacing Ford, which delivered 17,876 EVs in the same period.

For the year-to-date, Hyundai and Kia have sold approximately 83,643 EVs, maintaining their position as the second-largest EV seller in the U.S. Ford holds the second spot among American automakers with 62,056 EVs sold, but GM is closing the gap, with 59,303 EVs delivered through the first eight months of 2024.

“We have momentum on our side,” Harvey told CNBC. “We anticipate quarter four will be strong in terms of EV adoption.” GM’s president of global markets believes the company will take a “disproportionate share” of the EV growth.

Hyundai Motor’s electric vehicles, including models from its Kia and Genesis brands, range in price from approximately $34,000 for the Hyundai Kona Electric to around $80,000 for the Genesis G80 EV.

GM Delays EV Plans

Originally, GM had pledged in 2021 to phase out gas-powered vehicle sales entirely by 2035. However, CEO Mary Barra has since clarified that the timeline for this transition will depend on consumer demand rather than rigid deadlines. GM has also delayed some other goals, including scaling back its 2025 EV production target from 1 million units to a more modest 200,000 to 250,000 this year​.

Despite this, GM is poised to be an EV leader in the United States and around the globe. It’s low-cost version of the Equinox, and the highly anticipated 2025 Chevy Bolt, will only further extend its EV leadership.

Possible Collaboration with Hyundai

On September 12, 2024, General Motors (GM) and Hyundai Motor Company signed an agreement to explore future collaboration across several key strategic areas. The goal of the partnership is to leverage the companies’ complementary strengths and scale to reduce costs, accelerate the development of vehicles and technologies, and bring a broader range of products to the market more quickly. This collaboration could help both automakers navigate the fast-paced electric vehicle (EV) revolution, which has posed challenges for many traditional automakers as they transition to EV production.

This partnership is particularly significant given that both GM and Hyundai are major players in the EV market. By combining their efforts, they could address key areas such as supply chain efficiency, production scalability, and technological advancements. As incumbent OEMs (original equipment manufacturers), GM and Hyundai have faced difficulties in adjusting to the rapid pace of EV development. This agreement offers a promising way for them to stay competitive while delivering innovative products to consumers faster.