General Motors (GM) is witnessing a renewed electric vehicle sales revival. That was driven by a strong, diverse lineup. The last three years of GM’s advancements toward what is now considered an overly aggressive goal for an EV target has rested upon the foundations of production issues, supply chain disruption, and a pickup that wasn’t as sharp as the company would have liked for the industry. However, the automaker is optimistic about the recent sales momentum.
In October 2021, GM CEO Mary Barra was bold in her ambition to overtake Tesla by 2025. Since then, GM has faced issues that prevented it from fulfilling its electrical dreams for automobiles, thereby getting well behind not just Tesla but Ford and Hyundai Motor/Kia as well. In response, GM has reset its EV targets, but says it is now on its growth spoor.
We’re going to continue to provide our customers with a growing line of all-electric vehicles beginning at around $35,000 and going well past $300,000,” Rory Harvey, GM’s president of global markets, said. Data shows that the automaker sold a little under 21,000 EVs in the U.S. during the months of July and August, close to its total number for the second quarter. In fact, EV sales jumped 70% over the same two months last year, Harvey said, marking “a step change.”.
While this is the first time GM has exceeded Ford in quarterly deliveries, it is still some 2,000 units behind the Blue Oval in total EV sales through August. Hyundai/Kia continues to outrun the rest, though, by more than 20,000 units. The leader in the industry, though, still is Tesla, which, by far, is on top of its peers; in fact, it has already sold over 164,000 electric vehicles in the second quarter—nearly twice as many electric vehicles as GM, Ford, and Hyundai/Kia managed to sell in combination during that quarter.
As for the rest of the year, GM is looking for a strong finish. Here, support from the marketplace is powered by strong fourth-quarter EV adoption, but on the production side, the automaker is looking to take a “big bite” of the growing EV market, according to Harvey, who said today that it offers eight models based on its Ultium battery technology. It will add two more, bringing the total to ten, including the luxury Cadillac Celestiq.
Analysts point out that even though GM has invested heavily into an EV strategy, pressure builds to see consumer demand. If it’s going to be that EVs comprise around 10% of the total sales of vehicles in the U.S. at the end of the year, it will mean a long and convoluted road to profitability, but GM thinks an extensive portfolio of EVs will put the company well on its way to profiting as the market evolves so that production can be aligned to customer demand over time.
As a whole, GM is striving hard to be prepared for an electric mobility landscape change rapidly and commit itself to a dominant force in all-electric vehicles.
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