GM Surpasses Ford in EV Sales for Q4 2024

General Motors (GM) announced on Friday that it sold nearly 44,000 electric vehicles (EVs) in the fourth quarter of 2024. This achievement allowed GM to surpass its competitor, Ford Motor Co. (F), which has been slower to introduce new EV models.

Sales Overview: In the last quarter of 2024, GM's total EV sales reached 43,982 units, representing a remarkable 125% increase compared to the same period last year. The Chevrolet Equinox EV played a crucial role in this success, constituting a significant portion of the company’s sales during this timeframe.

GM began deliveries of the Equinox EV in May 2024. Initially, the vehicle had modest sales, with only 1,013 units delivered in the second quarter. However, sales surged to 9,772 units in the third quarter and further increased to 18,089 in the fourth quarter. The Equinox EV alone accounted for 41% of GM's overall EV sales in the last three months of 2024.

The entry-level variant of the Equinox EV starts at approximately $35,000, making it a more affordable option compared to Tesla's Model Y SUV and Ford's Mustang Mach-E.

Other popular electric models for GM in the fourth quarter included the Cadillac Lyriq and the Blazer EV. Additionally, GM sold 670 units of its luxury electric SUV, the Escalade IQ EV, which has a starting price around $130,000.

On the other hand, sales of the Bolt EV dramatically declined by 99.6% in this quarter, as GM ceased production of the model in late 2023.

Importance of Sales Performance: GM is now recognized for having the most extensive lineup of EVs among major U.S. automakers, including the electric vehicle leader, Tesla. Tesla currently offers a lineup of only five models: the Model 3, Model Y, Model S, Model X, and the upcoming Cybertruck.

Conversely, Ford has introduced only three EV offerings in the United States, including the Mustang Mach-E SUV, the F-150 Lightning pickup truck, and the E-transit van. Ford reported sales of just 30,176 EVs in the U.S. during the fourth quarter.

Despite having a broader EV lineup, electric vehicles comprised only around 6% of GM’s total vehicle sales during the final quarter of 2024.

For more insights about the transition to electric mobility, follow the updates from the automotive industry.

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Photo credit: Chevrolet

GM, Ford, EV