General Motors (GM) has seen a significant increase in its electric vehicle (EV) sales in recent months, nearly matching its second-quarter sales figures with just July and August combined. This growth is attributed to an expanding EV lineup spanning various price points and a focus on outpacing industry growth.
EV sales data provided to CNBC by the Detroit automaker, which publicly reports sales quarterly, shows a notable increase for GM through August.
EV sales data provided to CNBC by the Detroit automaker, which publicly reports sales quarterly, shows a notable increase for GM through August. GM sold nearly 21,000 EVs in the U.S. in July and August – almost matching its full second-quarter EV sales. GM's EV sales through August were up about 70% compared with a year earlier.
The legacy automakers are still fighting for a distant second behind Tesla, which Motor Intelligence estimates to have sold more than 164,000 EVs during the second quarter – roughly double the sales of GM, Hyundai/Kia and Ford combined during that time. GM currently offers eight "Ultium-based" EVs for consumers — referring to its electric vehicle architecture and battery technologies."They're doing what they said they were going to do. Their plan was to have Ultium and have it underneath a lot of cars relatively quickly," said Stephanie Brinley, principal automotive analyst at S&P Global. "It didn't come online quite as fast as they wanted it to. But this was the plan.".
Cox Automotive expects EVs to make up roughly 10% of overall U.S. vehicle sales by the end of the year, up from 7.3% in the first quarter.Selling more EVs is still somewhat counterintuitive for GM: They remain far less profitable than other gas-powered models, but the automaker expects EVsEVs, which also help the company to meet tightening federal fuel economy standards, have been a major growth area under Barra.
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