General Motors (GM) reported strong third-quarter results, surpassing Wall Street’s expectations and securing its position as the second-best-selling electric vehicle (EV) manufacturer in the US, behind only Tesla.
GM sold a record 32,095 electric vehicles in Q3, a 60% increase compared to the same period in 2023, bringing its US market share close to 10%.
Rory Harvey, GM’s executive vice president of global markets, attributed the company’s success to its diverse lineup of electric vehicles, including models like the Chevy Blaze EV and the affordable Chevy Equinox EV.
GM also confirmed the availability of the long-anticipated $35,000 Chevy Equinox LT, which qualifies for the $7,500 federal EV tax credit. Sales of the Equinox surpassed 15,000 units, making it what GM calls “the most affordable EV in the US with a range of over 315 miles.”
GM’s growth in the EV sector has come despite offering fewer consumer incentives than many of its competitors. In Q3 2024, GM’s market share rose to 9.8%, up from 7.1% in the previous quarter. The company credits its expanding market presence to advancements in its Ultium platform, falling battery cell costs, and increasing production capacity in the US.
Looking ahead, GM expects to continue its upward momentum with new model launches like the Cadillac Escalade IQ and the next-generation Bolt EV, part of a planned family of Bolt vehicles. GM’s third-quarter revenue reached $48.8 billion, exceeding estimates of around $45 billion, while earnings before interest and taxes (EBIT) rose 15.5% year-over-year to $4.1 billion.
Based on the Q3 performance, GM has raised its full-year 2024 earnings guidance to between $14 billion and $15 billion, up from the previous target of $13 billion to $15 billion.
