General Motors (GM), the Detroit-based automaker, has achieved a notable milestone in its electric vehicle (EV) journey. The company announced on Monday that it surpassed 300,000 EV sales in the U.S. since 2016, marking a significant step in its commitment to a greener future.
GM’s statement highlighted its ambitious plans for the future, stating, “We have more great EVs coming soon, like Cadillac’s OPTIQ and ESCALADE IQ, ensuring that when you’re ready to make the switch to an all-electric vehicle, you won’t have to compromise.” The company’s dedication to EV technology is evident in its long history of innovation, dating back to the late 1990s with the introduction of the EV1. While the EV1 program was eventually discontinued in 2001, it demonstrated GM’s early foray into the electric vehicle market.
Despite GM’s progress, Tesla Inc. CEO Elon Musk recently remarked that GM could have been the EV leader today if it had continued producing the EV1. He emphasized the need for Tesla’s emergence due to GM’s decision to discontinue the program.
According to data from automotive research company Kelley Blue Book, Tesla has sold a staggering 471,374 EVs in the U.S. through the end of the third quarter of 2023. This figure surpasses GM’s EV sales accumulated over nearly eight years, underscoring Tesla’s dominant position in the market.
However, GM is making significant strides in its pursuit of the EV market. In the third quarter of 2023, GM became the second largest EV seller in the U.S. after Tesla, selling over 32,000 EVs. The Chevrolet Equinox EV contributed significantly to these deliveries. GM boasts the most extensive EV lineup in the U.S. among major players, including Tesla, with eight EV models available for purchase.
GM’s CFO, Paul A Jacobson, expressed confidence in the company’s EV trajectory during the third-quarter earnings call, stating, “We are on track to produce and wholesale approximately 200,000 EVs this year and reach variable profit positive in Q4. Our EV momentum is growing.”
The company reported strong financial results for the third quarter, exceeding analyst expectations. GM’s adjusted earnings per share of $2.96 surpassed the street view of $2.43. Quarterly sales of $48.757 billion also outperformed the consensus estimate of $44.585 billion. Reflecting its optimistic outlook, GM raised its 2024 adjusted EPS guidance from $9.50 – $10.50 to $10.00 – $10.50.
While Tesla maintains its lead in the EV market, General Motors is demonstrating its commitment to the electric future with ambitious goals and a growing EV lineup. It will be interesting to watch how these two giants compete in the rapidly evolving landscape of the automotive industry.
