Chevy, Cadillac, and GMC EVs are finally winning buyers, but GM has other plans
The electric Chevy Equinox is America’s best-selling EV outside of Tesla. Cadillac is now leading the luxury segment, but GM said its aggressive EV expansion is over as it shifts back to ICE vehicles.
GM’s electric vehicle sales are growing faster than those of any major OEM in the US. In the third quarter, Chevy, Cadillac, and GMC sold nearly 67,000 EVs, more than doubling from Q3 2024.
Combined, GM accounted for 16.5% of all EV sales in the US in Q3. Although it’s outpacing the industry, GM is pulling back EV plans and will continue to offer several internal combustion engine (ICE) vehicles for a bit longer than expected.
GM is “reassessing” EV capacity and manufacturing in the US.
I’m not long any car company. So, I haven’t done a lot of research into their markets and financials. But, on the surface, this seems to be an error to me. Certainly, ICE vehicles still dominate, and it would be unwise (from a business perspective) to move away from that market at this time. But EVs are becoming more popular, and the numbers you quoted are significant. Seems like GM is ceding the space to other automakers. Many are expanding their offerings, and there are some EV-only makers out there other than Tesla (though most are expensive luxury makers, like Lucid).
I was looking at a Bolt back in 2021, but ended up buying an ID.4 (VW). Full disclosure. 1poorkid’s best friend has a Bolt EUV, and loves it.
Yes. A quick check says that Toyota is dominant in the hybrid sector, primarily because of the Prius.
IMO, hybrids are more popular because they are more familiar, and there isn’t really an anxiety about range. Just go to any gas station and fuel up. Charging stations are less common, at least for now.
However, range anxiety really isn’t justified for most people. Most people use their cars to commute to work, and for errands. They put less than 50 miles per day, and it spends most of its time in a garage or parking lot. With that usage profile, range really isn’t an issue. Some people need more range, but not many.
I’ve noticed that even a driving-intensive application like Amazon package delivery is accomplished with electric vans. At least here (Phoenix), I see them frequently.