GM Committed To Achieving #1 Electric Vehicle Market Share In North America36
General Motors has big plans when it comes to the electric vehicle segment, aiming to launch 30 new EV models worldwide by 2025. In addition, General Motors states it’s committed to reaching the number-one spot with regard to electric vehicle market share in North America.
General Motors set the goal of achieving the number-one electric vehicle market share in North America in its recent second-quarter 2021 financial results report. The report was headlined by $2.8 billion in income on $34.2 billion in revenue, a 450-percent jump compared to Q2 of the 2020 calendar year.
For now, General Motors has its work cut out for it if the automaker hopes to reach that number-one spot in terms of electric vehicle market share in North America. Tesla currently leads the market by a significant portion, with the Tesla Model Y carving out 42 percent of the market segment, and the Tesla Model 3 carving out a further 28 percent. The Tesla Model S and Model X represent 1 percent apiece.
Meanwhile, the Chevy Bolt EV holds 11 percent of market share.
Sales Numbers - Battery Electric Vehicles - Q2 2021 - USA
|MODEL||Q2 21 / Q2 20||Q2 21||Q2 20||Q2 21 SHARE||Q2 20 SHARE||YTD 21 / YTD 20||YTD 21||YTD 20|
|TESLA MODEL 3||-5.33%||28,400||30,000||28%||73%||-18.75%||58,500||72,000|
|TESLA MODEL Y||*||42,800||*||42%||0%||*||87,600||0|
|TESLA MODEL S||-68.75%||1,000||3,200||1%||8%||-68.60%||2,700||8,600|
|TESLA MODEL X||-69.44%||1,100||3,600||1%||9%||-67.78%||2,900||9,000|
|CHEVROLET BOLT EV||+334.63%||10,857||2,498||11%||6%||+137.51%||19,882||8,371|
|CHEVROLET BOLT EUV||*||406||*||0%||0%||*||406||0|
|FORD MUSTANG MACH-E||*||6,361||*||6%||0%||*||12,975||0|
However, while General Motors does have some catching up to do, part of the issue is The General’s highly limited electric vehicle portfolio. For now, the Chevy Bolt EV is really the only GM all-electric vehicle represented in current sales figures, as the second mainstream GM EV offered, the Chevy Bolt EUV, just started production at the GM Lake Orion Assembly plant in May, making its debut alongside the refreshed 2022 Chevy Bolt EV in February.
Indeed, as General Motors begins to roll out its long list of forthcoming electric vehicles, it will undoubtedly start its climb towards the top of the list with regard to EV market share in North America.
Just a few of the models that will help to propel GM towards its goal include the Cadillac Lyriq luxury crossover, the marque’s first-ever fully electric production vehicle, set to enter production in late March of the 2022 calendar year. The highly anticipated all-electric Chevy Silverado and yet-unnamed electric GMC pickup trucks will also likely bolster sales significantly when it arrives.
The all-electric GMC Hummer EV SUV and pickup are also worth mentioning here, as is the upcoming BrightDrop EV600 light commercial vehicle.
To help support production of all these new electric vehicles, General Motors is investing billions into its production infrastructure, including two new massive battery production facilities in Lordstown, Ohio and Spring Hill, Tennessee.
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I don’t doubt GM will achieve it. For all the praise Tesla gets for being the first high volume EV maker, the lineup is getting stale and the new products keep getting delayed.
Volkswagen’s new offerings aren’t exactly knocking it out of the park outside of Europe and these models are what was needed to compete with the cheaper electric models in North America and China. Not Audi or Porsche.
Ford is still 3-4 years away from catching up to GM and Stellantis will take even longer to getting true EV products to the market. Toyota had an opportunity to take an early lead in the market but is still resistant to EVs.
How is Ford 3-4 years away from catching up to gm? I mean they are currently killing it with the Mach e, and are going to beat gm to market with the E transit and a mass p/u in the $30k lighting coming soon. The lyriq and hummer are impressive, but Cadillac’s core buyers(the elderly) haven’t shown much interest in ev’s and the hummer is 115k.
On top of that, Ford currently dominates the van segment with over 50% market share. It’s not impossible for gm to overcome ford’s absolute dominance in the segment, but it won’t be easy.
I seriously doubt the Lightning will be $30k – however they do seem to be ahead of GM
seem ahead.. Gm is launching a new universal battery architecture, and Ford is scrappily hobbling some EVs together, which is great in the short term and not so great in the long term. Gm is doing their HW ahead of time…
When gm unveiled ultium it was already behind Tesla specs. Then, they said it wouldn’t launch for a few years. When it does launch, gm is only producing high priced vehicles. By the time main stream chevys come of the ultium line, how far behind(spec-wise) do you think they’ll be? I’m not hating on the tech, or the lyriq/hummer which I think are pretty damn nice. Just saying, by the time 2024-25 comes and we start seeing ev Silverado’s Ford, VW, Tesla, Nissan and all the others will also have thier mass market vehicles. The idea that gm is 3-4 year ahead of other OEM’s is just a marketing spin. That said, I can’t wait to see what they eventually come out with. Definitely hoping to see an EV Colorado.
@J EV Silverado is coming Fall 2022 as a 23 model… Just FYI,
Yes or no… GMs latest EV’s will see some success, but overall GM needs to do much better, and Tesla’s lead is growing. Gm’s EV’s look nice, but will fail on efficiency, and cost too much to build. GM need to show they can build an EV that is comparable to the Tesla model Y, similar specs, mass, and cost to build, or they are toast… Model Y is so far ahead of GM’s current products, and cars like Lyriq that are competing more with Audi E-Tron (nice car, but the guzzler of the EV world). Tesla gets it, Efficiency means small battery for the same range, and when you have a smaller battery you have less cost = WINNER!!!!
True M…I wont buy an another EV unless there is a long term architecture of the battery supported so that hopefuly they can more cheapily swap out bad parts and if one keeps it long enough replace the battery without too much cost. Hopefuly Ultium does his.
The only new EV on the market that makes anyone at Tesla take notice is the Hyundai Ioniq 5 . Mach E is selling Ok, but will not affect Tesla’s market share as the Mach E is not competitive with Tesla on several EV levels, first of all the Mach E has software and charging issues which show up in review after review.
If you want to buy the best EV, you buy a Tesla, end of story. If you want a Ford, you can buy a Mach E, but know it is inferior in many ways, lacking efficiency, refinement, and it’s just not as fun to drive as a Model Y.
GM has a chance to be number 1 in the USA in 5 years+, and reports have come out that GM is benchmarking the Tesla Model Y right now. A reporter saw Model Y being tested at Milford Proving Grounds recently. I would say that gives me hope for GM, but GM has a lot to learn before they will build “The Best EV” The Best EV has to be reliable, efficient, sporty, have long range, and very fast charging. GM does not have to win every category, but they need to be competitive (Bolt EUV is not even close).
Maybe Toyota just realized that battery tech is extremely limited and impractical for most consumers. Look at those sales numbers per quarter… Toyota sells that many Corollas per month. They aren’t the largest automaker in the world because they over investment in tech that’s not in demand.
Someone in the luxury/premium space is going to make a lot of cars and money by being the last to convert to electric. Shame it isn’t Cadillac.
20 years ago, Sony was the world’s largest consumer electronics company. When the market started switching to flatscreen TVs, Sony stuck with picture tubes. Today they make PlayStations, and not much else.
25 years ago, Apple was nearly bankrupt. They cut most of their product lines. Invested in technologies that showed promise.( MP3 players & iPhones).Today Apple is the world’s most profitable company.
Toyota is starting to a lot like Sony. While GM is starting look a lot like Apple
That’s pure hogwash. Sony made a lot of mistakes, all of which went back to their core values of making everything proprietary and more expensive than everyone else’s.
Cars are cars. If any cars are being made proprietary and more expensive it’s the electrics. 20 years from now I’ll still be able to drive coast to coast without waiting to charge my car, looking for the elusive charging station or hoping it isn’t too hot or too cold to make it from one to the other.
Will I be able to with an electric? Maybe. Maybe not. I know I can’t now. And I know I won’t be able to in 5 years.
GM showed up to the party first and they have absolutely NOTHING EV I have any interest in. Nothing they have unveiled looks like something I would want either. They squandered their EV credits on the lame Bolt.
Ford has two vehicles, 1 of which is on lots now that look really cool and I would not mind owning.
GM isn’t going to be #1 or even #3 unless they have some exciting products very very close to production that they haven’t unveiled.
It seems Mary Barra thinks the future is all electric and she aims to dominate that future but what if she’s wrong? What happens to gm if EVs aren’t embraced en masse as she predicts they will be? After all, gm hasn’t found much EV success yet.
Some forty years ago Roger B. Smith thought the future was front wheel drive and he planned to convert the entire General Motors fleet (except Corvette and trucks) to this cheaper-to-build configuration where the engine sits sideways and power is sent to the front two tires. The wholesale embrace of this new configuration supposedly would make GM a leader in the critical metric of fuel efficiency and thus in sales. The world was, after all, running out of oil so GM needed to be a leader in saving this most precious commodity and FWD could help do that. The world and car buyers alike would reward GM for being so prescient… Most of us know what happened next.
The rush to all-FWD was disastrous for Cadillac and all of GM’s high margin luxury cars. They simply lost their dominance in that field entirely to carmakers who maintained a traditional configuration. Sales plunged by over 60 percent for GM’s luxury cars. Cadillac has never been the same nor has Buick. Mercedes Benz, BMW, and Lexus, with rear drive luxury cars, took the luxury niche from GM pretty much completely. The FWD F-Body was shelved as GM began to see the error of their all-FWD future plans. With sales of new FWD products not achieving the hoped-for market acceptance, many old RWD models stayed in production as GM panicked. The smaller cars did fine with FWD but the error Roger made was to assume EVERYTHING needed to be pulled instead of pushed. He misread the market.
It can be argued that the SUV craze was born of GMs all-FWD error in the mid-80s as buyers who’d loved their big RWD sedans suddenly bought Suburbans and Jeep’s Cherokee instead of the new FWD Oldsmobiles and Buicks. The pickup as a personal-use vehicle segment was also born at this time. Many former car buyers simply selected a big Silverado over the new Lumina and GM’s profit margins started to depend on sales of pickup trucks instead of the elegant Fleetwoods and Rivieras.
GM got it wrong 40 years ago. FWD was an important new technology and they were wise to embrace it but Roger’s error was to assume everyone would want it and every product should have it. Today Roger B. Smith’s tenure at GM is considered a colossal failure and he’s considered to have caused grave, permanent damage to the once-mighty automaker. I wonder if EVs and Mary’s steadfast determination for an all-EV future might be a bit like that. I think there’s a market for EVs but I’m not convinced it’s the entire market. This time lowercase gm isn’t as mighty and massive and may not survive another such blunder.
I’d argue with some of that because when both Fuel Crisis happened in ’73 and ’79 Detroit was really sweating for fuel efficiency, Chrysler pretty much was done if it wasn’t for the K-Car and the X-Body cars were hits in ’80 (only if the quality was better). It’s easy to sit on a high horse now but those were uneasy times as an automaker then and MB was with Pontiac at that time.
Cadillac is in a better position to go all in or
scale back rather then be under the knife of CAFE like the ’80s. I’d add we’ll see a better picture of what they’ll do by ’24 if they forced by regulation to go EV but for GMs EV investment isn’t going away.
I said converting the smaller cars, like the X-bodies, was the right move and the industry did largely convert to FWD so it wasn’t entirely an error. GM’s mistake though was their commitment to go all-in on FWD and use the configuration for everything. It was a plan that caused grave damage and was eventually scaled back. Today gm has a similar singleminded determination to be an all-EV company when I think a more targeted approach would be better.
Consumers haven’t yet responded to EVs with their dollars in numbers to suggest an all-EV future is prudent. I think this is what Toyota sees. If the Bolt was flying out of dealers with a line out the door of customers waiting for the next truckload, one might surmise Mary was on the right track. But that’s not happening. The ‘21 Bolt has $12,000 in incentives right now. Buyers aren’t in line for them. Maybe Mary thinks she’ll get some sort of green trophy for pushing ahead with such ferocity but her responsibility is first and foremost to the company and its shareholders. If she’s pushing ahead on a foolhardy mission, she could end gm forever. They survived Roger B. Smith’s gamble but they’v been greatly diminished because of it. Another massive blunder may not be survivable. They say go big or go home and gm is doing that. In this case I’m not sure that’s wise.
Come on… Bolt is a crapper car, do not judge EV’s by Bolt or Leaf. Tesla sells Model Y starting at $55K going up to $70K, and is selling all they can build, with a 3 month waiting list in the USA.
GM did a terrible job on the Bolt, it is not their best engineering or their best technology, or their best design. GM built a fleet car that will only sell on price. GM did not try to be the best on the Bolt, and its certainly not the best. Now, its an OK economy car, and at the price it sells at it is best in class in some ways, but anyone paying $43K for a Bolt EUV is just a fool with their money, because even though a Tesla Model Y is more expensive, its twice the car, and the cost of ownership will be less due to very high resale value on the Tesla. I am a long time GM fan, and GM is my biggest stock position, but the Bolt pisses me off… and the EUV even more, why did they not fix the Bolt’s real problems which are looks, efficiency, charging, and add AWD? Why? Because GM tried to create the Bolt out of the Sonic platform, and did not do a ground up EV design. GM cut corners on the design and engineering and as a result they have to pay customers to buy them. The sad part is for GM, if they would have done a ground up EV platform it would not have taken them that much longer, or cost that much more, and they would have a car that sells on merits (like Model 3 and Y), and not only on price.
HummerEV is a different story, it will sell on merits (although low volume), Lyriq I am told by several Cadillac dealers is receiving massive public interest and might be a winner. We will have to wait and see on Lyriq, but when I heard how much it weighs I am not getting my hopes up too high,
Sorry your biggest position is in gm. Mine happens to be in Apple . I also have Tesla. The marketplace reacts much better to innovative market leaders which gm never was or will be.
So sorry to you, Rick, GM has blown Apple away as an investment in 2021, GM has blown Tesla away too in 2021. Tesla had a great 2020 (I made 8X my investment), and for the most part Apple is stuck in neutral with the same problem as GM, no chips.
Apple was trading at $132 on January 1st 2021, so its up about 10%, and has lost to the S & P and the Dow which are up over 15%
GM was trading at $41 on January 1st, so up 35%, meaning it has beat Apple, Tesla, the S & P 500, the Dow Jones Industrial average, and even the Nasdaq YTD… Don’t feel sorry for me… I am doing fine.
Fortunately for me my Apple and Tesla investments are from many years past. I have never calculated the percentage increase after all the stock splits and run ups. Thankfully, the various stocks I have sold did pay for my grandchildrens college education. 🥰
I sold my small amount of gm stock when I retired in 1998. Sadly, my sister was still in it when gm went bankrupt. It could happen again if the EV market tanks.
By the way, I was a long time exclusive gm buyer but had so many problem vehicles that my garage is now Tesla model X, Honda Pilot, Ram 1500 all built in the USA.
Glad you are OK too in these tough times. Stay safe.
The good ole days of Roger Smith. The “full size” 1986 Cadillac Eldorado was actually the same length as a “compact” chevrolet Camaro.
What you describe is called “management myopia” and im afraid it will bite gm in the ads yet again. After the bankruptcy, a gm lifer should have been barred from being a CEO for at least 12 to 15 years. Barra served under too many bad gm CEOs and a lot of bad practices have undoubtedly rubbed off on her.
What…Well when GM quits gas vehicles they are done….Almost done now? If it’s not for the Huge rebates in Canada they would sell nothing here. I will never buy an EV GM or not. The government can put a sock it it. The EV’s are just a huge cost with no real data on the environment. If they don’t burn down no one will have any idea how to fix them. In 5 years resale will be minimal.
Big government pushing the people into vehicles we don’t want – It doesn’t help that the Tesla fanbois are so vocal in believing Musk and have drunk the kool aid
I believe Electrical Vehicles has there place. Everyone can’t use them. Most people in rental apartments won’t be able to use them. Nobody is going to pay and retrofit millions of apartments. People in urban areas won’t use them. Suburbs will be the best. GM has back tracked on 100% electric by saying recently carbon neutral by 2040. That’s not 100% electric. In 10 years nothing the enviromentalist have predicted will come true just like the last 30 years. Whoever the next US president is all this will be turned on its head. Until we embrace nuclear, fossil fuels will never ever go away.
Look forward: There will be no gasoline after the 2040s. Evolve or Die!
Well stated Tom. I believe by 2040 hydrogen power will play a large part as well.
More stock price talk every couple months to please the investors. GM history says otherwise…plus GM management hasn’t accepted that not everyone wants or needs a suv/cuv whether electric or ice.
I drive a 2014 Chevy Volt and I enjoy it’s commuter friendly drivetrain BUT there is little support from GM after a purchase of any vehicle they sale. I have an all GM household and have owned different models that were eventually traded or sold due to problems that the dealer denied were covered by any warranty. My stable is now all 50 plus years old except for the Volt. The idea of buying a full EV from GM or anyone is something I wouldn’t consider because for all of the EV’s being built there are no charging stations. Thankfully I can charge my Volt at home overnight because the few charging stations at work are all taken by Tesla’s. I’m holding out for the Duntov Corvette now….
Toyota making huge profits is no doubt due to forward thinking vehicles:
Like the fast selling MIRAI Hydrogen vehicle as a for instance….
They keep coming up with upgraded versions since they sell – what? – 100 vehicles per year so constant refreshes are necessary to satisfy this HUGE demand of the North American Consumer demanding this technology. But I have to hand it to them – They are right on top of Hydrogen Refueling – sometimes even the areas they sell the car in actually have a WORKING dispensary.
Included with my purchase of a brand new 2022 Bolt EUV a month and a half ago had either a garage 220 volt receptacle installation or an ‘EVGO’ $500 fast charging credit. I chose the fast-charging credit since I already have several receptacles.
gm gave up any chance to be #1 in EVs when CEO Rick Waggoner scrapped the EV1 program. He like a long list of gm CEOs had no vision for future changes in the automobile business.
There is no way the lofty EV goals of Biden or many auto companies will be reached by 2030 or 2035.
I don’t care what they look like, but can the e-market vehicles have equal or better utility of gas powered vehicles..right now..that’s highly doubtful.
Side note..when batteries are no longer usable, how are the green people react..faces turning purple from the pollution.
The depends on your metric of utility. In some ways EV’s cannot be touched by ICE vehicles today. Quiet, Acceleration, efficiency, reliability, cost to operate, EV’s of today win…
Ice wins on cost to build (today), when you have to tow heavy, or go long distances daily (more than 150 miles).
Batteries get ground up and recycled, the elements are reused in new batteries.
When you are in the desert , couldn’t make it to the next charging station , make sure you have a portable GAS generator in the trunk to charge the battery . Gas stations are my choice .
I’ve been thinking the same thing. The company went bankrupt and US taxpayers lost $21 million bailing them out so why in the heck did we allow not one but two gm lifers to be put back in charge to run the operation. Mark Reuss is a lifer too and the son of a lifer. His father Lloyd spent his life at gm. It explains why new gm is exactly like old GM and why they continue to operate the same way and continue to shrink, lose market share, and build uncompetitive products. At any other company with any other leadership, the fiasco at Cadillac would get someone swiftly kicked out. At gm, no one is ever held accountable.