GM’s U.S. EV Sales Decreased 21% In Q1 2024 As Bolt EVs Fade

Basic Motors reported 594,233 car deliveries throughout Q1 2024 in the USA, which is 1.5% lower than a yr in the past. The automaker additionally was not capable of enhance its all-electric car gross sales, as a result of the decline of the retired Chevrolet Bolt EV/Bolt EUV far outweighs the ramp-up of the all-new Ultium-based EVs.

In Q1 2024, GM delivered 16,425 all-electric automobiles, down 21% year-over-year. That is about 2.8% share of the entire quantity (in comparison with 3.4% a yr in the past).

The outcomes embody EV gross sales from 4 manufacturers: Cadillac, Chevrolet, GMC and the business EV model BrightDrop. Following the retirement of the Chevrolet Bolt EV/Bolt EUV duo, we now see that Cadillac’s EV gross sales usually are not far behind Chevrolet’s EV gross sales.

Chevrolet delivered 8,701 EVs in Q1 (down 56% year-over-year), which is 2.2% of the model’s complete gross sales. This quantity consists of 7,040 Bolt EV/Bolt EUV (down 64%), and slowly ramping up Ultium EVs, together with the Chevrolet Silverado EV (1,061) and Chevrolet Blazer EV (600).

Cadillac Lyriq as soon as once more was the best-selling Ultium mannequin, with a brand new quarterly report of 5,800 models (up 499% year-over-year). That is not sufficient to beat Bolt EV duo, however possibly subsequent quarter the Lyriq will come out on high.

GM boasted that 70% of Lyriq consumers are new to Cadillac and 50% are new to GM. Moreover, the corporate highlights that the mannequin outsold each EV from overseas premium manufacturers: Mercedes, BMW, Audi and Volvo. For us, probably the most fascinating level is nonetheless the Lyriq’s share of 16.4% within the model’s complete quantity.

The GMC Hummer EV Pickup and GMC Hummer EV SUV duo famous 1,668 deliveries in Q1 (in comparison with simply 2 a yr earlier). The BrightDrop van fashions famous a complete of 256 models.

In complete, Ultium EV gross sales amounted to 9,385 (in comparison with 970 a yr in the past), which is a brand new quarterly report. Nonetheless, in comparison with 6,918 models in This fall 2023, the ramp-up charge remains to be disappointing.

GM BEV gross sales in Q1’2024 (YOY change):

• BrightDrop: 256 (new)
• Cadillac (Lyriq): 5,800 (up 499%) and 16.4% share
• Chevrolet: 8,701 (down 56%) and a pair of.2% share
  • Chevrolet Blazer EV: 600 (new)
  • Chevrolet Bolt EV/Bolt EUV: 7,040 (down 64%)
  • Chevrolet Silverado EV: 1,061 (new)
• GMC (Hummer EV Pickup/SUV): 1,668 (up 83,300% from 2) and 1.3% share
• Complete: 16,425 (down 21%) and a pair of.8% share

For reference, in 2023, GM delivered 75,883 all-electric vehicles in the U.S. (93% more than in 2022), which was about 2.9% of its total volume.

The discontinued Bolt fashions had been accountable for almost all of GM’s EV gross sales, which can be a serious impediment to attaining important progress in 2024.

GM BEV gross sales in Q1-This fall’2023 (YOY change):

• BrightDrop: 497 (up 240%)
• Cadillac (Lyriq): 9,154 (up 7,403%) and 6.2% share
• Chevrolet: 62,988 (up 65%) and three.7% share
  • Chevrolet Blazer EV: 482 (new)
  • Chevrolet Bolt EV/Bolt EUV: 62,045 (up 63%)
  • Chevrolet Silverado EV: 461 (new)
• GMC (Hummer EV Pickup/SUV): 3,244 (up 280%) and 0.6% share
• Complete: 75,883 (up 93%) and a pair of.9% share

Within the coming months, GM intends to broaden its EV lineup with the Chevrolet Silverado EV RST (top-of-the-line version of the pickup) for retail prospects. It’ll be part of the already launched business variations: 4WT and 3WT. Deliveries are anticipated within the first half of 2024.

The all-electric GMC Sierra EV pickup (mirroring the Chevrolet Silverado EV) will observe in summer time (see an overview here).

The Chevrolet Equinox EV will enter the market in Q2 2024, so inside just some months.

In keeping with Basic Motors, all its all-electric automobiles below the federal MSRP cap are eligible for the total $7,500 IRA client tax credit score.

Some constructive strikes are additionally seen on the BrightDrop entrance, because the EV battery module meeting begins this month at CAMI. It ought to enhance van manufacturing.

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