General Motors (GM) reported a 2.2% drop in third-quarter sales for 2024, with total vehicle sales amounting to 659,601 units. This decline was slightly better than analysts’ expectations, as forecasters such as Cox Automotive and Edmunds predicted a greater dip of more than 3%. The overall industry is expected to see a similar trend, with third-quarter sales projected to decrease by about 2% year-over-year.
One of the highlights for GM was the growth in electric vehicle (EV) sales, which surged by 60% compared to the same period last year, totaling around 32,100 units. Despite this impressive increase, EVs still represented only 4.9% of GM’s total sales in the quarter. The company estimates its market share in the U.S. EV market has risen to 9.5%, an improvement of 3 percentage points since the first quarter of 2024.
GM attributes its EV sales growth to an expanding lineup of electric models, ranging from the more affordable $35,000 vehicles to high-end models exceeding $300,000. The Cadillac Lyriq, a luxury crossover, led GM’s EV sales with approximately 7,224 units sold. Other key EV models included the Hummer EV pickup and SUV, which together accounted for 4,305 units sold during the quarter.
In addition to EVs, GM saw an uptick in sales of small, gas-powered crossovers, particularly the Chevrolet Trax and Buick models such as the Envista and Envision, which performed well compared to last year.
Despite the positive momentum in certain segments, GM’s total year-to-date sales for 2024 reached 1.95 million vehicles, reflecting a 1% decline from the same period in 2023. External factors such as Hurricane Helene, which impacted the U.S. in late September, and a strike at East Coast and Gulf Coast ports may further affect vehicle sales in the fourth quarter.
Among other automakers, Hyundai reported a 5% increase in third-quarter sales to 210,971 units, with its Genesis luxury brand achieving its best-ever third quarter. Honda saw an 8% increase in sales to 366,214 units. In contrast, Toyota and Nissan experienced declines of 8% and 2.2%, respectively, in the third quarter.
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