Just a few years ago, General Motors had ambitious plans to overtake Tesla in the electric vehicle (EV) market. However, due to various challenges, including slower-than-expected industry adoption and GM-specific hurdles in production, software, and supply chains, those aspirations have been tempered.
Despite the setbacks, GM is now seeing a significant increase in its EV sales momentum. The company attributes this growth to its expanding lineup of all-electric vehicles, catering to a wide price range from affordable to luxury models.
Rory Harvey, GM’s president of global markets, expressed confidence in the company’s progress, stating that GM is “outstripping the industry in terms of growth” and boasts the most comprehensive EV lineup of any manufacturer in the U.S.
Sales data from July and August support this claim, with GM selling nearly 21,000 EVs in the U.S. during those two months, almost matching its entire second-quarter sales. Year-over-year, GM’s EV sales through August have increased by about 70%.
This recent surge in sales puts GM within striking distance of Ford in terms of EV sales through August, although still trailing behind Hyundai/Kia. However, all three legacy automakers remain far behind Tesla, which is estimated to have sold more than double the combined sales of GM, Hyundai/Kia, and Ford in the second quarter.
While Harvey declined to predict when or if GM will catch up to its competitors, he remains optimistic about the company’s prospects, anticipating a strong finish to the year and a “disproportionate share of the upside.”
GM’s journey in the EV market has been marked by challenges, but the recent sales figures offer a glimmer of hope. As the company continues to expand its EV offerings and address production and supply chain issues, it may yet achieve its goal of becoming a major player in the electric vehicle space.
