Basic Motors famous a optimistic second quarter, as its whole car deliveries improved by 0.6% year-over-year to 696,086, whereas all-electric automotive deliveries reached a brand new report.
Of the 21,930 electrical automobiles delivered in Q2 2024, 20,556, or almost 94%, have been Ultium-based EVs. That is the primary time GM has bought a five-digit variety of Ultium EVs. Even in Q1 2024, the amount was simply 9,385. It is a true signal that the Ultium household of fashions is lastly taking off. On the identical time, we’re seeing the final word fade of the Chevrolet Bolt EV/Bolt EUV duo. Simply 1,374 have been bought in Q2.
100,000 EV gross sales in 2024?
In 2024, GM’s EV deliveries within the U.S. would possibly exceed 100,000 for the very first time. It is not going to be trivial, however seems attainable after the corporate bought over 38,000 throughout the first half of the 12 months.
Basic Motors’s whole EV deliveries elevated by 40% year-over-year and accounted for a near-record 3.2% of the producer’s whole quantity, in comparison with 2.3% a 12 months in the past. Because the ramp-up of recent EV fashions progresses, it’s totally doubtless that the following two quarters will convey extra information.
The outcomes embody EV gross sales from 4 manufacturers: Cadillac, Chevrolet, GMC, and the business EV model BrightDrop. GM says that EVs are attracting clients from different manufacturers in lots of instances.
Chevrolet delivered 11,217 EVs in Q2 (down 20% year-over-year), which is 2.5% of the model’s whole gross sales. In addition to the 1,374 retired Bolt EV/Bolt EUV, this quantity features a substantial variety of Chevrolet Blazer EVs (6,634), in addition to 2,196 Chevrolet Silverado EV (the brand new RST model arrived in June) and the all-new Chevrolet Equinox EV (1,013), which is arriving at sellers now.
In accordance with GM, 40% of Blazer EV consumers are new to GM, often coming from Jeep, Ford, and Hyundai/Kia manufacturers.
The Cadillac Lyriq stays the corporate’s best-selling Ultium mannequin and, with a brand new quarterly report of seven,294 models (up 441% year-over-year), has grow to be the best-selling EV general.
One of the vital vital statistics right here is the 19% share that Lyriq has in Cadillac’s whole quantity. GM famous that throughout the second quarter, greater than half of consumers with a trade-in have been conquests from a competing producer, together with Tesla and Lexus. Moreover, the corporate provides that the model outsold all European EVs within the first half of the 12 months.
The GMC Hummer EV Pickup and SUV duo famous a report of two,929 deliveries in Q2. Additionally, nearly 70% of consumers have been new to GM. In accordance with GM, the break up between the SUV and the Pickup is 60%/40 %.
Lastly, the BrightDrop van fashions famous a brand new report of 490 deliveries (up 64% year-over-year). The expansion is solely in every single place, other than the discontinued Bolts.
Nonetheless, regardless of all of the optimistic outcomes, GM nonetheless bought fewer EVs than Ford (23,957) final quarter.
GM BEV gross 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 a couple of.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 Whole: 21,930 (up 40%) and three.2% share
Let’s not neglect that GM additionally produced Ultium-based EVs for Honda and Acura. A complete of 1,873 models have been bought in Q2 2024, bringing Ultium’s whole to 22,429.
To this point this 12 months, GM has bought greater than 38,000 all-electric automobiles within the U.S., 6% greater than a 12 months in the past. That is about 3.0% of the corporate’s whole quantity.
GM BEV gross 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 a couple of.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 Whole: 38,355 (up 6%) and three% share
For reference, in 2023, GM delivered 75,883 all-electric automobiles within the U.S. (93% greater than in 2022), which was about 2.9% of its whole quantity.
The discontinued Bolt fashions have been accountable for almost all of GM’s EV gross sales previously, which shall be a serious impediment to reaching vital progress in 2024. Nonetheless, GM would possibly be capable of promote greater than 100,000 models in 2024 (assuming two quarters above 30,000).
Basic Motors is concurrently ramping up manufacturing of a number of EVs and increasing the lineup by including new variations or fashions. On the horizon are new all-electric GMC Sierra EV pickups (mirroring the Chevrolet Silverado EV), in addition to a couple of Cadillac fashions (Cadillac Escalade IQ, Cadillac Optiq, and Cadillac Celestiq this 12 months, plus Cadillac Vistiq in 2025).