General Motors reports August company’s ‘best month ever for EV sales’

Duncan Aldred, Senior Vice President and President, North America, at General Motors (GM) stated in a post to the corporate site: “U.S. electric vehicle sales likely set an all-time monthly record in August, as customers rushed to make purchases ahead of the expiration of Federal EV tax credits. For General Motors, that meant sales of more than 21,000 EVs combined from Chevrolet, Cadillac, and GMC. GM remains the #2 EV seller, driven by strong demand for vehicles like the Chevrolet Equinox EV, the Cadillac LYRIQ, and the GMC Sierra EV. August was our best month ever for EV sales – and we expect that buying surge to pay long-term dividends, given our industry-leading manufacturer loyalty, and EV customers’ overwhelming commitment to the technology. I’m grateful to our team and our dealers for helping us outperform nearly every EV competitor. We’re expecting strong demand once again in September. The question, of course, is what’s next? There’s no doubt we’ll see lower EV sales next quarter after tax credits end September 30, and it may take several months for the market to normalize. We will almost certainly see a smaller EV market for a while, and we won’t overproduce. Still, we believe GM can continue to grow EV market share. Our confidence in the future of our EV business starts with our portfolio. Before there was an IRA, the strongest segments were affordable EVs and luxury, and we have those bases covered with our stunning Cadillacs, the Chevrolet Equinox EV, and soon, the new Chevrolet Bolt. And the style, performance, and industry-leading range of our Chevrolet, GMC and GMC HUMMER pickups and SUVs is unmatched. Meanwhile, we are seeing marginal competitors dramatically scale back their products and plans, which should end much of the overproduction and irrational discounts we’ve seen in the marketplace.”