GM's U.S. Ultium EV Sales Exceeded 20,000 In Q2 2024

New EVs attract customers from other brands.

Cadillac Lyriq May 2024 Sales

Mark Kane

By: Mark Kane

Jul 7, 2024 at 2:00pm ET

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General Motors noted a positive second quarter, as its total vehicle deliveries improved by 0.6% year-over-year to 696,086, while all-electric car deliveries reached a new record.

Of the 21,930 electric vehicles delivered in Q2 2024, 20,556, or nearly 94%, were Ultium-based EVs. That's the first time GM has sold a five-digit number of Ultium EVs. Even in Q1 2024, the volume was just 9,385. This is a true sign that the Ultium family of models is finally taking off. At the same time, we are seeing the ultimate fade of the Chevrolet Bolt EV/Bolt EUV duo. Just 1,374 were sold in Q2.

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100,000 EV sales in 2024?

In 2024, GM's EV deliveries in the U.S. might exceed 100,000 for the very first time. It will not be trivial, but appears possible after the company sold over 38,000 during the first half of the year.

General Motors's total EV deliveries increased by 40% year-over-year and accounted for a near-record 3.2% of the manufacturer's total volume, compared to 2.3% a year ago. As the ramp-up of new EV models progresses, it's very likely that the next two quarters will bring more records.

The results include EV sales from four brands: Cadillac, Chevrolet, GMC, and the commercial EV brand BrightDrop. GM says that EVs are attracting customers from other brands in many cases.

Chevrolet delivered 11,217 EVs in Q2 (down 20% year-over-year), which is 2.5% of the brand's total sales. Besides the 1,374 retired Bolt EV/Bolt EUV, this number includes a substantial number of Chevrolet Blazer EVs (6,634), as well as 2,196 Chevrolet Silverado EV (the new RST version arrived in June) and the all-new Chevrolet Equinox EV (1,013), which is arriving at dealers now.

According to GM, 40% of Blazer EV buyers are new to GM, usually coming from Jeep, Ford, and Hyundai/Kia brands.

The Cadillac Lyriq remains the company's best-selling Ultium model and, with a new quarterly record of 7,294 units (up 441% year-over-year), has become the best-selling EV overall.

One of the most important statistics here is the 19% share that Lyriq has in Cadillac's total volume. GM noted that during the second quarter, more than half of buyers with a trade-in were conquests from a competing manufacturer, including Tesla and Lexus. Additionally, the company adds that the brand outsold all European EVs in the first half of the year.

The GMC Hummer EV Pickup and SUV duo noted a record of 2,929 deliveries in Q2. Also, almost 70% of buyers were new to GM. According to GM, the split between the SUV and the Pickup is 60%/40 %.

Finally, the BrightDrop van models noted a new record of 490 deliveries (up 64% year-over-year). The growth is simply everywhere, aside from the discontinued Bolts.

However, despite all the positive outcomes, GM still sold fewer EVs than Ford (23,957) last quarter.

GM BEV sales in Q2'2024 (YOY change):

BrightDrop: 490 (up 64%)
Cadillac (Lyriq): 7,294 (up 441%) and 19% share
Chevrolet EVs: 11,217 (down 20%) and 2.5% share
- Chevrolet Blazer EV: 6,634 (new)
- Chevrolet Bolt EV/Bolt EUV: 1,374 (down 90%)
- Chevrolet Equinox EV: 1,013 (new)
- Chevrolet Silverado EV: 2,196 (new)
GMC (Hummer EV Pickup/SUV): 2,929 (up 6,132%) and 1.8% share
Total: 21,930 (up 40%) and 3.2% share

Let's not forget that GM also produced Ultium-based EVs for Honda and Acura. A total of 1,873 units were sold in Q2 2024, bringing Ultium's total to 22,429.

General Motors BEV Sales in the U.S. - Q2 2024

So far this year, GM has sold more than 38,000 all-electric vehicles in the U.S., 6% more than a year ago. That's about 3.0% of the company's total volume.

GM BEV sales in Q1-Q2'2024 (YOY change):

BrightDrop: 746 (up 150%)
Cadillac (Lyriq): 13,094 (up 465%) and 17.7% share
Chevrolet EVs: 19,918 (down 41%) and 2.4% share
- Chevrolet Blazer EV: 7,234 (new)
- Chevrolet Bolt EV/Bolt EUV: 8,414 (down 75%)
- Chevrolet Equinox: 1,013 (new)
- Chevrolet Silverado EV: 3,257 (new)
GMC (Hummer EV Pickup/SUV): 4,597 (up 9,282%) and 1.6% share
Total: 38,355 (up 6%) and 3% share

For reference, in 2023, GM delivered 75,883 all-electric vehicles in the U.S. (93% more than in 2022), which was about 2.9% of its total volume.

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The discontinued Bolt models were responsible for the majority of GM's EV sales in the past, which will be a major obstacle to achieving significant growth in 2024. Nonetheless, GM might be able to sell more than 100,000 units in 2024 (assuming two quarters above 30,000).

General Motors is simultaneously ramping up production of several EVs and expanding the lineup by adding new versions or models. On the horizon are new all-electric GMC Sierra EV pickups (mirroring the Chevrolet Silverado EV), as well as a few Cadillac models (Cadillac Escalade IQ, Cadillac Optiq, and Cadillac Celestiq this year, plus Cadillac Vistiq in 2025).

GM's U.S. Ultium EV Sales Exceeded 20,000 In Q2 2024

New EVs attract customers from other brands.

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General Motors BEV Sales in the U.S. - Q2 2024

Charts

Chevrolet Bolt EV/EUV sales in the U.S. - Q2 2024

Cadillac Lyriq sales in the U.S. - Q2 2024

Chevrolet Blazer EV sales in the U.S. - Q2 2024

GMC Hummer EV Pickup/SUV sales in the U.S. - Q2 2024