GM is the second best-selling EV brand in the US after topping Ford in the third quarter. With EV prices coming down, GM took a shot at its rival on Tuesday, saying it “doesn’t need a skunkworks team to create affordable EVs.”
GM overtakes Ford as America’s number two EV brand
“We’re now the number two seller of EVs in North America,” GM boasted during its 2024 Investor Day on Tuesday.
After selling a record 32,095 electric vehicles in Q3, GM officially overtook Ford through the first nine months of 2024. GM has sold 70,450 EVs in the US through September, while Ford has sold 67,689.
Ford’s EV sales also increased but by much less. The company sold 23,509 EVs in the third quarter, up 12% from Q3 2023 but less than the nearly 24,000 sold in Q2 2024.
GM told investors on Tuesday that new models are helping improve EV profits. With “the most diverse EV portfolio in the industry,” the company is taking EV market share from rivals.
The portfolio includes a wide range of vehicles, including affordable models like the Chevy Equinox, luxury EVs such as the Cadillac Lyriq, and electric pickups including the GMC Hummer EV, Chevy Silverado EV, and GMC Sierra EV.
New models are driving demand while lowing costs
GM will continue launching new EVs, including the Cadillac VISTIQ and OPTIQ. The iconic Chevy Bolt EV will also make its return in late 2025.
GM’s president, Mark Reuss, confirmed the next-gen Bolt EV will launch next year. Reuss said the new model will be part of a “family of Bolts,” including an even lower-priced version. It will initially start slightly higher than the previous $28,785 Bolt EUV but features faster charging. Reuss claims the upcoming Bolt will be “a moneymaker” for GM.
The new long-range models are expected to drive demand. GM claimed, “Our EV economics will improve as volume increases,” adding, “We’re nearing the crossover point to profitability for EV sales.”
GM added EV prices are coming down due to declining battery cell costs. As a result, GM said it reduced fixed costs by over $2 billion over the last two years.
While rival Ford has a “skunkworks” team in California, filled with ex-Tesla, Rivian, and Apple execs, developing a low-cost platform, GM said it’s ahead of the game.
Reuss took a shot at Ford at the event, saying, “We don’t need to create a skunkworks to create affordable electric vehicles.” He added, “We know how to do this.”
Despite cutting its EV production goal, GM still expects its EVs to achieve positive variable profitability by the end of 2024.
Moving forward, GM plans to drop the Ultium name from its batteries and launch new chemistries to cut costs.
On Monday, Chevy launched the long-awaited lower-priced 2025 Silverado EV LT. The new electric pickup features over 400 miles range with a $75,195 starting price tag.
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