MEMPHIS REISEN

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

General Motors reported 594,233 vehicle deliveries during Q1 2024 in the United States, which is 1.5% less than a year ago. The automaker also was not able to increase its all-electric vehicle sales, because 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 vehicles, down 21% year-over-year. That’s about 2.8% share of the total volume (compared to 3.4% a year ago).

Over 75,000 EV sales in 2023

In 2023, GM delivered 75,883 all-electric vehicles in the U.S. (including 62,045 Chevrolet Bolt EV/Bolt EUV). The Bolt EV duo is no longer in production, while the new Ultium-based EVs are in ramp-up phase, which raises questions about the growth in 2024.

The results include EV sales from four brands: Cadillac, Chevrolet, GMC and the commercial EV brand BrightDrop. Following the retirement of the Chevrolet Bolt EV/Bolt EUV duo, we now see that Cadillac’s EV sales are not far behind Chevrolet’s EV sales.

Chevrolet delivered 8,701 EVs in Q1 (down 56% year-over-year), which is 2.2% of the brand’s total sales. This number includes 7,040 Bolt EV/Bolt EUV (down 64%), and slowly ramping up Ultium EVs, including the Chevrolet Silverado EV (1,061) and Chevrolet Blazer EV (600).

Cadillac Lyriq once again was the best-selling Ultium model, with a new quarterly record of 5,800 units (up 499% year-over-year). That’s not enough to beat Bolt EV duo, but maybe next quarter the Lyriq will come out on top.

GM boasted that 70% of Lyriq buyers are new to Cadillac and 50% are new to GM. Additionally, the company highlights that the model outsold every EV from foreign premium brands: Mercedes, BMW, Audi and Volvo. For us, the most interesting point is however the Lyriq’s share of 16.4% in the brand’s total volume.

The GMC Hummer EV Pickup and GMC Hummer EV SUV duo noted 1,668 deliveries in Q1 (compared to just 2 a year earlier). The BrightDrop van models noted a total of 256 units.

In total, Ultium EV sales amounted to 9,385 (compared to 970 a year ago), which is a new quarterly record. Nonetheless, compared to 6,918 units in Q4 2023, the ramp-up rate is still disappointing.

GM BEV 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 2.2% 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
• Total: 16,425 (down 21%) and 2.8% 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 models were responsible for the majority of GM’s EV sales, which will be a major obstacle to achieving significant growth in 2024.

GM BEV sales in Q1-Q4’2023 (YOY change):

• BrightDrop: 497 (up 240%)
• Cadillac (Lyriq): 9,154 (up 7,403%) and 6.2% share
• Chevrolet: 62,988 (up 65%) and 3.7% 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
• Total: 75,883 (up 93%) and 2.9% share

In the coming months, GM intends to expand its EV lineup with the Chevrolet Silverado EV RST (top-of-the-line version of the pickup) for retail customers. It will join the already launched commercial versions: 4WT and 3WT. Deliveries are expected in the first half of 2024.

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

The Chevrolet Equinox EV will enter the market in Q2 2024, so within just a few months.

According to General Motors, all its all-electric vehicles under the federal MSRP cap are eligible for the full $7,500 IRA consumer tax credit.

Some positive moves are also seen on the BrightDrop front, as the EV battery module assembly begins this month at CAMI. It should boost van production.

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