General Motors (GM) has disclosed its Q4 sales figures, revealing a mixed performance in the electric vehicle (EV) segment. While the Ultium platform continues to experience steady growth, the overall EV sales have seen a decline, largely attributed to the phasing out of the best-selling Chevy Bolt.
In the fourth quarter, GM reported the sale of 19,469 EVs, a modest decrease from the previous quarter’s 20,092 units but a notable improvement from Q4 2022, which recorded 16,266 EV sales. The Ultium-based models, particularly the Lyriq and Hummer EV, exhibited positive momentum with increasing sales figures, indicating a promising trend for GM’s new battery platform.
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The Hummer EV, despite its extravagant nature, demonstrated a robust quarter with 2,028 units sold in Q4 ’23, nearly doubling the previous quarter’s sales of 1,167 and significantly surpassing the 72 units sold in Q4 of the previous year. Similarly, the Lyriq experienced growth, with 3,820 units sold in Q4, up from 3,108 in Q3 and a substantial improvement from the mere 86 units sold in Q4 2022.
Despite these positive developments, the mass-market viability of Ultium-based EVs remains pending, with the awaited launch of the Equinox EV later this year. The Blazer EV saw its initial customer deliveries in Q4, amounting to 463 units. However, this figure was impacted by a temporary stop-sale order related to software issues, leading to a subsequent recall.
The Silverado EV, available only in the work truck version, also commenced deliveries with 443 units sold in its inaugural quarter. The true mass-market potential, however, hinges on the Equinox EV’s release and subsequent market reception.
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Notably, GM’s overall EV sales experienced a decline, primarily attributed to the phasedown of the Chevy Bolt. The Bolt, despite a down quarter with 12,551 units sold in Q4 compared to 15,835 in Q3, marked its last year of production with 62,045 units sold, a remarkable 63% increase from its previous best year in 2022. GM’s strategic decision to conclude Bolt production in December aligns with its focus on advancing the Ultium platform, including an upcoming Ultium-powered Bolt.
As GM navigates this transition, potential buyers can still acquire the Chevy Bolt in the coming weeks and months, now benefiting from the revised US EV tax credit that is more accessible to low-income buyers and available upfront. The phased-out Bolt presents a compelling option, with a potential cost under $20,000 after factoring in the tax credit. Additionally, GM delivered 164 BrightDrop vans in Q4, reflecting a notable increase from the previous quarter’s 35 units.
