After back-to-back record EV sales in July and August, GM is on the cusp of surpassing Ford this year. As new electric models like the Chevy Equinox and Blazer EVs hit the market, will GM overtake Ford in EV sales this year?
Can GM top Ford after back-to-back record EV sales?
After delivering 21,930 electric vehicles in the entire second quarter, GM sold nearly as many EVs over the past two months.
GM sold nearly 21,000 EVs in the US over the past two months, according to new sales data from CNBC. In August alone, GM’s EV sales surged roughly 70% from last year.
The sales surge comes as GM expands its lineup across key EV segments, including low-cost and luxury.
“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. Although still far behind market leader Tesla, GM is closing the gap with rivals Ford and Hyundai.
GM is still about 20,000 EV sales behind Hyundai Motor (including Kia), but only about 2,000 shy of overtaking Ford.
Hyundai and Kia sold about 21,760 EVs in July and August, Ford sold 17,876, and GM sold 20,948.
Through the first eight months of the year, Hyundai and Kia remain second in the US EV market with about 83,643 vehicles sold, Ford is second at 62,056, while GM placed third at 59,303.
Momentum building
“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.
GM’s upbeat outlook comes as new models, such as the Chevy Equinox, Blazer, and Silverado EVs, gain momentum.
Its luxury Cadillac brand is also seeing higher EV demand. Cadillac sold nearly 7,300 Lyriqs in Q2, boosting GM’s record EV sales. The brand will add two more EVs, the Escalade and Optiq, to its lineup by the end of the year.
With the new EV models, GM’s lineup includes vehicles priced from $35,000 to over $300,000. In comparison, Tesla’s cheapest vehicle, the Model 3, starts at around $39,000, while the Cybertruck tops off the lineup at $100,000.
Hyundai Motor’s EVs, including its Kia and Genesis, range from $34,000 (Hyundai Kona Electric) to roughly $80,000 (Genesis G80).
Although GM was one of the first legacy automakers to go “all in” on EVs, the American automaker has pulled back on many of its targets. Although GM initially committed to ending gas-powered vehicle sales in 2021, CEO Mary Barra says that goal is now based on consumer demand.
GM has delayed other initiatives, including its 1 million EV production target for 2025. The company said it remains on track to build 200,000 to 250,000 EVs this year, down from its previous goal of upwards of 300,000.
Electrek’s Take
Will GM overtake Ford and Hyundai in EV sales in the US by the end of the year? Ford’s recent setbacks, including canceling its three-row electric SUV, could open the door for GM to top its US rival by the end of 2024.
Meanwhile, surpassing Hyundai may be another challenge. Hyundai will begin production at its new Metaplant America later this year, where it will build new EVs, including the updated 2025 IONIQ 5.
In the US, Hyundai also 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 the larger electric SUV.
Once the battery portion opens at the plant next year, Hyundai expects EVs built at the facility to qualify for the $7,500 tax credit, leveling the playing field with GM and Ford.
It will be an exciting race to watch into the end of the year. Outside of Tesla, which automaker will end 2024 with more EV sales? GM, Hyundai, or Ford? Let us know what you think in the comments below.