After back-to-back EV sales in July and August, GM is on pace to surpass Ford this year. With new electric models like the Chevy Equinox and Blazer EVs hitting the market, will GM overtake Ford in EV sales this year?
Can GM top Ford after EV sales backfire?
After delivering 21,930 electric vehicles throughout the second quarter, GM sold nearly as many EVs in the past two months.
GM sold nearly 21,000 EVs in the US in the past two months, according to new sales data from CNBC. In August alone, GM's EV sales were up nearly 70% from last year.
The sales increase comes as GM expands its lineup across all key EV segments, including affordability and comfort.
“We have the most complete EV lineup of any manufacturer in the industry, in the US, right now,” said GM's president of global markets, Rory Harvey.
Harvey believes GM is “outpacing the industry in terms of growth” with EVs. Although it is still far behind the market leader Tesla, GM is closing the gap with its rivals Ford and Hyundai.
GM still sold about 20,000 EVs behind Hyundai Motor (including Kia), but only about 2,000 shy of surpassing Ford.
Hyundai and Kia sold about 21,760 EVs in July and August, Ford sold 17,876, and GM sold 20,948.
In the first eight months of the year, Hyundai and Kia remain second in the US EV market with 83,643 vehicles sold, Ford is second with 62,056, and GM is third with 59,303.
Building momentum
“We have momentum on our side,” Harvey said CNBC. “We expect the fourth quarter to be strong in terms of EV adoption.” GM's president of global markets believes the company will take an “unparalleled share” of EV growth.
GM's good looks come as new models, such as the Chevy Equinox, Blazer, and Silverado EVs, develop.
Its luxury brand Cadillac is also seeing high EV demand. Cadillac sold nearly 7,300 Lyriqs in Q2, setting a GM EV sales record. The brand will add two more EVs, the Escalade and Optiq, to its lineup by the end of the year.
With new EV models, GM's lineup includes vehicles priced from $35,000 to more than $300,000. In comparison, Tesla's cheapest car, the Model 3, starts around $39,000, while the Cybertruck tops out at $100,000.
Hyundai Motor's EVs, including the Kia and Genesis, range from $34,000 (Hyundai Kona Electric) to nearly $80,000 (Genesis G80).
Although GM was one of the first automakers to go “all in” on EVs, the American automaker has withdrawn many of its targets. Although GM initially committed to ending sales of gas-powered vehicles by 2021, CEO Mary Barra says the goal is now based on consumer demand.
GM has delayed other plans, including its goal of producing 1 million EVs by 2025. The company said it is on track to build 200,000 to 250,000 EVs this year, down from its previous goal of more than 300,000.
Electrek's Take
Will GM overtake Ford and Hyundai in US EV sales by the end of the year? Ford's recent setbacks, including the cancellation of its three-row electric SUV, could open the way for GM to overtake its US rival by the end of 2024.
Meanwhile, surpassing Hyundai may be another challenge. Hyundai will begin production at its new Metaplant America facility later this year, where it will build new EVs, including the updated IONIQ 5 for 2025.
In the US, Hyundai plans to launch its three-row electric SUV, the IONIQ 9, later this year. After a hot start with Kia's three-row EV9, Hyundai expects to see demand for a large electric SUV.
When the battery division opens at the plant next year, Hyundai expects EVs built at the facility to qualify for a $7,500 tax credit, leveling the field with GM and Ford.
It will be an interesting race to watch until the end of the year. Besides Tesla, which automaker will end 2024 with the most EV sales? GM, Hyundai, or Ford? Let us know what you think in the comments below.
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