GM Achieves Record EV Sales in Q2 2024, Signaling Strong Growth in the Electric Vehicle Market

At the end of 2023, General Motors (GM) shared unhappy news that seemed emblematic of the EV industry as a whole: In December, GM indefinitely laid off 1,314 workers across two Michigan plants. The announcement was seen as the latest evidence of the slowing down of the race for electrification in the auto industry. By February of 2024 the company’s EV program seemed to be in turmoil, with the company announcing delays to previously announced rollouts of new battery-powered vehicles and burning through executive leadership.

That was then.

Now, GM has announced record-breaking electric vehicle (EV) sales for the second quarter of 2024, delivering an impressive 21,930 units. This marks a 34% increase from the first quarter and a 40% rise year-over-year, highlighting GM’s accelerating momentum in the EV sector. The rest of the EV industry can only hope GM’s progress is a harbinger of their own fortunes.

Record-breaking deliveries and registrations

In the first half of 2024, GM set a new company record with 38,355 EV deliveries, including the 21,930 units in Q2. Retail EV registrations have surged by 17% year-to-date, outpacing the broader retail industry's growth of 10%. By the end of the year, GM plans to offer ten distinct EV nameplates, catering to a diverse range of consumer preferences. The states leading in GM EV registrations include California, Texas, Florida, New York, and Michigan.

Related:GM Touts Battery Production, EV Advancements in Q1 Report

Marissa West, GM Senior Vice President and President of North America, commented, “We have an incredible portfolio of diverse vehicles and we’re flexible, so we can win as more customers embrace EVs and we can keep winning if they want to stay with the engine technologies they know.”

Chevrolet leads the parade

Chevrolet continues to be a driving force behind GM’s EV growth. Notably, 40% of Blazer EV buyers are new to GM, with the brand successfully attracting customers from competitors such as Jeep, Ford, and Hyundai/Kia. New customer interest may in part be the consequence of the Blazer EV topping a field of 40 competitors to win MotorTrend’s prestigious “Golden Calipers” for 2024 SUV of the Year.  MotorTrend credits the Blazer EV’s cutting-edge technology, dynamic design and unprecedented powertrain choices as the reasons for their selection.

2024 Chevy Blazer EV GM

The Chevy Equinox EV, heralded as the most affordable EV with over 300 miles of EPA-estimated range, has begun arriving at dealerships, poised to become a game-changer in the market. Additionally, the Silverado EV RST, recognized as the longest-range electric truck even while towing, started deliveries in June.

Related:GM to Introduce V2H Capabilities to All Ultium-based EVs

Cadillac dominates the luxury EV market

Cadillac is making significant strides in the rapidly expanding luxury EV segment. The LYRIQ, one of the fastest-growing EVs in the industry, saw a 26% increase in sales from Q1 to Q2. During the first half of 2024, the LYRIQ outsold all European EVs, and more than half of its Q2 buyers traded in vehicles from competitors, including Tesla and Lexus. Cadillac’s retail sales have risen by 5% this year, with a notable 24% increase in California driven by the LYRIQ's popularity.

Cadillac Optiq EV GM

The luxury EV market is the fastest-growing segment, with registrations up 56% year-to-date. Cadillac is poised to capitalize on this trend with the introduction of several new models, including the ESCALADE IQ, OPTIQ, and CELESTIQ launching this year, followed by the VISTIQ in 2025.

GM will release its second-quarter 2024 financial results, followed by a conference call, on July 23, 2024.