GM Sold More Than 20,000 EVs In Q3 In US, But Growth Disappoints

General Motors reports 674,336 vehicle deliveries in the third quarter of 2023 in the United States, which is 21 percent more than a year ago. Total volume so far this year reached 1,969,522 (up 19 percent year-on-year).

Sales of all-electric vehicles are also increasing in the US, but volume (especially Ultium models) and year-over-year growth rates are considered disappointing.

In Q3, the company delivered 20,092 battery-electric vehicles (BEVs), which is 33 percent more than a year ago, but still below the record for the first quarter of this year (20,670). That amount represents about 3.0 percent of GM’s total sales (compared to 2.6 percent a year ago).

The result consists of four brands: the commercial EV brand BrightDrop, Cadillac, Chevrolet, and GMC, although Chevrolet is responsible for more than three-quarters of BEV sales.

In Chevrolet’s case, sales of electric vehicles reached 15,872 (up 8 percent year-on-year), which is about 3.5 percent of the brand’s total volume. Almost all Chevrolet BEV sales fall on the two Chevrolet Bolt EV/Bolt EUV models (15,835), which are slated for retirement soon.

In Q3, for the first time ever, we saw the new Chevrolet Blazer EV (19 units) and Chevrolet Silverado EV (18 units) in the figures. Those are the first customer deliveries (fleet customers in the case of the Silverado EV WT) of the two models.

Sales of the all-electric Cadillac Lyriq in the third quarter rose to a new record of 3,018 units (up from 1,348 in Q2), but that’s a low number considering it’s been in production for more than a year. On a positive note, BEV’s share of total Cadillac sales increased to a new record of 8.5 percent.

Volume also improved for the GMC Hummer EV Pickup/GMC Hummer EV SUV, which set a new record of 1,167 units (up 184 percent year-over-year).

Overall, GM delivered 4,257 Ultium BEVs in Q3, compared to 447 a year ago. Production ramp-up issues are a major source of frustration because it hinders sales. The products look attractive and have already attracted a large number of orders/reserves.

GM explains in its presentation that demand is strong and production is increasing, so the next quarter should bring new records.

GM BEV sales in Q3’2023 (YOY change):

BrightDrop: 35 (vs. 0 a year ago)
Cadillac (Lyriq): 3,018 (vs. 36 a year ago) with an 8.5% share
Chevrolet: 15,872 (up 8%) and share 3.5%.
- Chevrolet Blazer EV: 19 (new)
- Chevrolet Bolt EV/Bolt EUV: 15,835 (up 8%)
- Chevrolet Silverado EV: 18 (new)
GMC (Hummer EV Pickup/SUV): 1,167 (up 184%) with a 0.8% share
Total: 20,092 (up 33%) and 3% share.

So far this year, GM has delivered more than 56,000 electric vehicles in the United States (about 2.9 percent of its total volume). Unfortunately, only 6,920 units were based on the Ultium platform.

GM BEV sales in Q1-Q3’2023 (YOY change):

BrightDrop: 333 (up 128%)
Cadillac (Lyriq): 5,334 (versus 36 a year ago) with a 4.8% share
Chevrolet: 49,531 (up 125%) and a 3.8% share.
- Chevrolet Blazer EV: 19 (new)
- Chevrolet Bolt EV/Bolt EUV: 49,494 (up 125%)
- Chevrolet Silverado EV: 18 (new)
GMC (Hummer EV Pickup/SUV): 1,216 (up 55%) with a 0.3% share
Total: 56,414 (up 147%) with a 2.9% share.

For reference, in 2022, General Motors delivered 39,096 all-electric vehicles in the United States (up 57% year-on-year), which was 1.7 percent of the total volume.

In 2023, GM should be able to easily increase sales of all-electric vehicles. In previous reports, GM said that its target in North America is 50,000 BEVs produced in the first half of the year and twice that in the second half of the year, which indicates 150,000 in total. However, after Q3, with only 20,000 units delivered, we doubt whether achieving those targets will be possible. Even 100,000 shipments may be out of range.

By 2025, the company would like to increase BEV sales in North America to 1 million annually (about 250,000 per quarter).