General Motors saw a slight improvement in sales for the third quarter, driven by rising demand for electric vehicles (EVs) and small crossovers.
Despite a 2.2% year-over-year decline, GM sold 659,601 vehicles, which was better than industry forecasts from Cox Automotive and Edmunds, who had predicted a larger drop of more than 3%.
This decrease aligns with industry trends, as analysts estimate a roughly 2% dip in auto sales across the board compared to the same period last year.
However, GM’s third-quarter performance was boosted by a 60% increase in EV sales year-over-year, totaling around 32,100 units.
Even though EVs made up just 4.9% of the automaker’s total sales during the quarter, GM reported growth in its EV market share, reaching 9.5%, up by 3 percentage points from the first quarter.
While GM has stepped back from some of its ambitious EV goals, the company remains optimistic, citing growing momentum thanks to an expanding lineup of electric vehicles, ranging in price from $35,000 to over $300,000.
GM’s president of global markets, Rory Harvey, emphasized this progress, noting that GM is surpassing industry growth in EVs and currently offers the most comprehensive lineup of electric models in the U.S.
Leading GM’s EV sales were the Cadillac Lyriq crossover, with about 7,224 units sold, followed by the Hummer EV pickup and SUV, which sold 4,305 units combined.
Additionally, GM reported strong sales in its small, gas-powered crossovers, including the Chevrolet Trax, Buick Envista, and Envision.
Through the first nine months of 2024, GM has sold 1.95 million vehicles, a slight 1% decrease from the same period in 2023.
The impact of Hurricane Helene, which struck the U.S. in late September, remains unclear, as does the potential effect of a strike at ports along the East and Gulf coasts on GM’s fourth-quarter sales.
As we look to the future, GM’s ability to adapt and innovate will play a crucial role in its continued success in the EV space.
