Disappointing 2023 for GM’s EVs, Share Slips to 3.1% Q4

In the final quarter of 2023, General Motors (GM) saw its electric vehicle (EV) sales in the U.S. market reach 19,469 units, comprising a mere 3.1% of its total new car sales, which amounted to 625,176 units. This figure represents a notable decline from the 20,920 units sold in the previous quarter and falls significantly short of the U.S. average EV market share, which hovers around 8%. This underperformance is noteworthy, particularly in light of GM’s earlier expectations of increased sales from models based on its Ultium platform.

GM’s lineup of Ultium platform-based models includes the GMC Hummer EV and the Cadillac Lyriq (depicted above). In the fourth quarter, the Hummer EV registered sales of 2,028 units, while the Cadillac Lyriq recorded 3,820 units sold. In contrast, sales figures for the Chevrolet Blazer EV and Silverado EV remained relatively minuscule, with 463 and 443 units sold, respectively.

The existing model of the Chevrolet Bolt EV/EUV represented the largest share of total EV sales, with 62,045 units sold. However, as the Bolt transitions into an Ultium platform model, its production has been halted.

GM and Ford continue to face delays in producing battery electric vehicles, making it challenging to anticipate growth in this segment for 2024.

Meanwhile, the Chevrolet Blazer EV and Cadillac Lyriq are no longer eligible for tax deductions due to new IRS regulations in the United States. However, other models like the Chevrolet Equinox, GMC Sierra Denali, and Cadillac Optiq are expected to become eligible for such benefits shortly.

GM has committed to providing incentives equivalent to the lost tax deductions for the affected models.