General Motors (GM) experienced a slight dip in overall sales during the year’s third quarter, but the automaker saw positive momentum in its electric vehicle (EV) segment. Despite a 2.2% decline in sales compared to the previous year, GM exceeded industry expectations thanks to solid performance from its EV lineup and small crossovers.
Third-Quarter Sales: A Small Decline but Not as Expected
GM’s total sales dropped to 659,601 vehicles, marking a 2.2% decrease from last year. Industry experts, including Cox Automotive and Edmunds, had predicted a steeper decline, with estimates exceeding 3%. In contrast, the auto industry was projected to see a 2% drop in third-quarter sales, meaning GM’s performance aligns with the broader market.
EV Sales: A Surge in Growth
While GM saw a slight dip in total sales, its electric vehicle division told a different story. The automaker reported a significant 60% year-over-year increase in EV sales, totaling approximately 32,100 units. However, EVs still represent a modest 4.9% of GM’s third-quarter sales. Rory Harvey, GM president of global markets, commented on this progress, saying, “We are outstripping the industry in terms of growth, in terms of EVs.” He highlighted the company’s comprehensive EV lineup, ranging from affordable models priced at around $35,000 to high-end luxury options exceeding $300,000.
Small Crossovers: Another Bright Spot
In addition to its EV success, GM saw impressive gains in sales of small crossovers. Models such as the Chevrolet Trax, Buick Envista, and Envision recorded notable year-over-year increases. This helped cushion the overall decline in sales as the growing popularity of compact SUVs continues to benefit automakers.
The Road Ahead for GM’s EV Lineup
Despite retracting some of its ambitious EV targets, GM remains optimistic about the future of electric vehicles. The company is betting on its expanding lineup to continue driving growth in this segment. Harvey emphasized the company’s leadership in the EV market, stating, “We have the most comprehensive EV lineup out of any manufacturer in the industry, in the U.S., at the moment.”
A Mix of Challenges and Opportunities
While GM faced challenges in the third quarter with an overall decline in sales, the company’s EV growth and strong performance in the small crossover market offer a promising outlook for the future. GM’s focus on expanding its EV lineup and capturing a larger share of the growing electric vehicle market will likely continue shaping its strategy.