In an impressive display of growth, General Motors (GM) has broken both its second-quarter and first-half electric vehicle (EV) sales records, driven not only by its new electric cars but also by the soaring sales of Cadillac Lyriq and GMC Hummer EVs. These achievements mark a significant turnaround for GM, which faced challenges last year in meeting its EV sales targets.

Leading the charge, GM delivered a total of 21,930 EVs in the second quarter of 2024, representing a 34% increase from the previous quarter. The robust sales continued throughout the first half of the year, resulting in a staggering 38,355 EVs sold. With this remarkable performance, GM has set new records for both the second quarter and the first half.

GM's strong retail EV registrations, which have increased by 17% year-to-date (YTD), outpaced the industry average of 10%. This promising trend has prompted GM to set an ambitious goal of offering ten EV nameplates by the end of 2024, displaying their commitment to electric mobility.

The release of GM's newest electric models has made a notable impact on the market. The Chevy Blazer led the pack with 6,634 units sold, followed by the Equinox with 1,013 units and the Silverado EV with 2,196 units. It is worth highlighting that 40% of Blazer EV buyers were new to GM, coming from other popular brands such as Jeep, Ford, Hyundai, and Kia.

The existing Ultium-based EVs also experienced a surge in production. Cadillac, GM's luxury brand, reported its highest retail sales quarter since 2015, with the Lyriq selling a remarkable 7,294 units and becoming the second best-selling model behind the iconic Escalade. In a testament to the Lyriq's appeal, more than half of its buyers traded in rivals' vehicles such as Tesla and Lexus.

GMC, another GM brand, also achieved its best second-quarter sales performance since 2005. The Hummer EV played a crucial role in this success, with sales reaching 2,929 units, an impressive 76% increase from the previous quarter. Astonishingly, almost 70% of Hummer EV buyers were new to GM, indicating the brand's ability to attract new customers.

Although GM temporarily halted Chevy Bolt EV production last year, the company plans to reintroduce it as an Ultium-based model next year. GM is confident that the new Bolt will become the most affordable EV on the market in 2025, ensuring that their EV lineup appeals to a wide range of customers.

GM's record-breaking sales align with the industry trend, as other automakers like Hyundai, Kia, and Toyota also reported record EV results. Tesla, the leading EV manufacturer, exceeded expectations by delivering a staggering 443,956 EVs in the second quarter. These achievements disprove the notion of an "EV slowdown," with most automakers experiencing impressive double-digit, and sometimes even triple-digit, growth in EV sales.

As the market for electric vehicles continues to expand, GM is poised to benefit from the introduction of advanced, longer-range models at lower price points. Later this year, GM plans to offer the Chevy Equinox EV at an affordable price of $35,000 with an impressive range of up to 300 miles. Additionally, the deliveries of the highly anticipated Chevy Silverado EV RST will begin this month, further fueling GM's sales.

Although there has been a slight adjustment in GM's EV production target for 2024, from 250,000 to 300,000 units to 200,000 to 250,000 units, their strong sales figures and continuous expansion of their EV portfolio demonstrate their unwavering commitment to electric mobility.

In conclusion, GM's impressive Q2 and first-half EV sales records, buoyed by the success of their new electric models and the growing popularity of the Cadillac Lyriq and GMC Hummer EVs, showcase the company's extraordinary turnaround. With promising retail registrations and plans for future expansion, GM is solidifying its position as a major player in the rapidly evolving EV market.