GM’s U.S. EV Sales Decreased 21% In Q1 2024 As Bolt EVs Fade
General Motors saw a decline in vehicle deliveries by 1.5% in the United States during Q1 2024, compared to a year ago. The decrease was primarily due to the retired Chevrolet Bolt EV/Bolt EUV. Despite new Ultium-based EVs coming into the market, GM was not able to increase its all-electric vehicle sales.
In Q1 2024, GM delivered 16,425 all-Electric vehicles, down 21% year-over-year, which represented about 2.8% share of the total volume (compared to 3.4% a year ago). The company’s EV sales included brands like Cadillac, Chevrolet, GMC, and BrightDrop.
Cadillac’s EV sales were notable, particularly the Cadillac Lyriq, which recorded a new quarterly sales record of 5,800 units, up 499% year-over-year. Although Chevy’s EV sales were impacted by the retirement of the Bolt EV/Bolt EUV, slowly ramping up Ultium EVs like the Chevrolet Silverado EV and Chevrolet Blazer EV showed promise.
The GMC Hummer EV Pickup and SUV duo had 1,668 deliveries in Q1, a significant increase from the previous year. Ultium EV sales totaled 9,385 units in the quarter, setting a new record.
Looking ahead, GM plans to expand its EV lineup with the Chevrolet Silverado EV RST for retail customers and the GMC Sierra EV pickup. The Chevrolet Equinox EV is also set to enter the market in Q2 2024. All GM’s all-electric vehicles under the federal MSRP cap are eligible for the full $7,500 IRA consumer tax credit.
Despite challenges posed by the retired Bolt models, GM remains focused on growing its EV sales and production capacity. Additionally, the company is gearing up for the launch of new all-electric models in the coming months to meet market demand.
The Tesla Model Y just received the highest possible safety rating from IIHS, this is the car you want your loved ones in if you take safety very seriously pic.twitter.com/ve07Lzp2YN
— Teslaconomics (@Teslaconomics) February 27, 2024