During the GM Investor Day presentation, the automaker announced that it expects to produce and wholesale about 200,000 EVs by the end of 2024. This estimate is on the low end of GM’s most recent forecast of between 200,000 and 250,000 EVs being built this year.
So far, through the third quarter of 2024, General Motors has produced and wholesaled about 120,000 EVs. Since that amounts to an average of 40,000 per quarter, GM will have to approximately double its electric vehicle output to 80,000 this quarter alone to hit the goal of 200,000 units in 2024.
That might sound overly optimistic, but General Motors is seeing significant growth in EV sales in 2024, largely because of newly available products. In Q3 2024, GM EV sales increased 60 percent year-over-year and increased 46 percent compared to the previous quarter. Much of that is thanks to the Chevy Equinox EV, GM’s best-selling EV of the quarter.
To recap, GM announced in 2021 an ambitious goal of producing 400,000 EVs annually by the end of 2023. A year later, it pushed back that target to early 2024. When early 2024 came around, The General revised its goal again to produce between 200,000 and 300,000 units in 2024. This summer, it slightly tweaked that goal to 200,000-250,000 units in 2024.
Although real-world results came nowhere near matching GM’s EV optimism from 2021, there’s been some good news for electric vehicles in 2024. A report from Cox Automotive this summer said U.S. EV sales reached a new record in Q2 2024, jumping 11.3 percent compared to the same quarter a year prior.
Also of note, Q2 2024 EV sales in the U.S. were 23 percent higher than they were in Q1 2024. The EV market share for the whole U.S. car market hit about eight percent. The same report showed that Cadillac has the highest EV share of its total brand sales among brands that are not EV-only.
As for new General Motors EVs in the pipeline, the 2025 Cadillac Optiq is scheduled to begin production at the GM Ramos Arizpe plant by the end of the year, and the expanded 2025 lineups for the Chevy Silverado EV and GMC Sierra EV are expected to begin deliveries in Q4 2024.
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didnt they originally say 400,000 by end of 2024? But they also said investing in hybrids was a waste, now they playing a haphazard catch up
They revised their guidance to 200-250K earlier this year.
Imagine if your company said we’re giving you a raise. Then 6 months later said nevermind we’re just giving you half what we promised earlier.
We all knew GM was going to hit that forecast. It was idiotic of them to even use such a high number.
It’s worth clarifying they said about 200k *GM-branded* EVs, so that number doesn’t include the Prologue and ZDX, which are both being produced in volume.
I see far more EV’s sitting on dealer lots than equivalent ICE vehicles.
depends on location cause where I am they are selling well.
HUH? No way. Can they even make that many by the end of the year? Maybe they can sell them to dealers and say, sold before they are delivered. If they said they were going to sell 200K in 25, I would say maybe. They are lowering some prices which will make their product more desirable. Not including the Silverado EV, they have totally screwed up the charge speed of their most affordable and sellable EVs. My bet is the Bolt will suck charging again. Some people at GM stopping them from making a competitive EV need to be fired.
It was production numbers…. GM already sold about 80K EVs this year, on track to sell over 100K by the end. So They are going to be near that 200K production number.
If they will have produced 200k by the end of the year but only sold 100k by that same time, then they will have 50% of the annual EV production sitting on the lots come Dec 31 going into the next calendar year. That’s not good.
Nailed it David.
Production and wholesale numbers to dealers are NOT retail sales and are pretty much meaningless as a gauge of real world demand. Retail sales numbers are the true gauge of success.
Let’s see what gm’s retail sales of EV’s are in Q4 and year-end, days supply and incentive spending is to see where they really stand.