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

New Chevrolet models emerged (Blazer EV and Silverado EV), while Cadillac and GMC ramped up their sales volume.

2024 Chevrolet Silverado EV Work Truck side view

Mark Kane

By: Mark Kane

Oct 3, 2023 at 6:22pm ET

Add InsideEVs as a preferred source in Google

Comment

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

The all-electric vehicle sales are also growing in the US, but both the volume (especially Ultium-based models) and the year-over-year growth rate 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 less than in the record first quarter of this year (20,670). Such volume represents about 3.0 percent of GM's total deliveries (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 the one that is responsible for more than three-fourths of the BEV sales.

In the case of Chevrolet, electric vehicle sales amounted to 15,872 (up 8 percent year-over-year), which is about 3.5 percent of the brand's total volume. Nearly all Chevrolet BEV sales fall on the Chevrolet Bolt EV/Bolt EUV duo (15,835), which is set to retire soon.

2023 Chevrolet Bolt EV

2022 Chevrolet Bolt EUV Interior

Chevrolet Bolt EUV

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

The Cadillac Lyriq all-electric vehicle sales during the third quarter increased noticeably to a new record of 3,018 units (up from 1,348 in Q2), but it's a low figure considering that it's been in production for more than a year. A positive thing is that the BEV share out of Cadillac's total sales increased to a new record of 8.5 percent.

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

Overall, GM delivered 4,257 Ultium-based BEVs in Q3, compared to 447 a year ago. The issues with production ramp-up are the main source of disappointment because that limits sales. The products appear to be interesting and already attracted a substantial number of orders/reservations.

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

GM BEV Sales in Q3'2023 (YOY change):

BrightDrop: 35 (vs. 0 a year ago)
Cadillac (Lyriq): 3,018 (vs. 36 a year ago) and 8.5% share
Chevrolet: 15,872 (up 8%) and 3.5% share
- 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%) and 0.8% share
Total: 20,092 (up 33%) and 3% share

General Motors BEV Sales in the US - Q3 2023

So far this year, GM delivered more than 56,000 all-electric vehicles in the US (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 (vs. 36 a year ago) and 4.8% share
Chevrolet: 49,531 (up 125%) and 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%) and 0.3% share
Total: 56,414 (up 147%) and 2.9% share

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

What do you think?

View

Comments

In 2023, GM should be able to easily double all-electric vehicle sales. In the previous reports, GM said that its target in North America is 50,000 BEVs produced in the first half of the year and double that in the second half of the year, which indicates 150,000 in total. However, after Q3, with only 20,000 units delivered, we are doubtful whether achieving those targets will be possible. Even 100,000 deliveries might 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).

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

New Chevrolet models emerged (Blazer EV and Silverado EV), while Cadillac and GMC ramped up their sales volume.

General Motors BEV Sales in the US - Q3 2023

Charts

Chevrolet Bolt EV/EUV sales in the US - Q3 2023

Cadillac Lyriq sales in the US - Q3 2023

GMC Hummer EV Pickup/SUV sales in the US - Q3 2023