After losing EV market share in the US in the first three months of 2024, GM believes it can turn things around. GM expects new models like the Chevy Equinox EV and improved battery production will help regain EV market share in the second half of the year.

A record first quarter, but what about EVs?

GM raised full-year guidance after topping Wall St estimates and achieving its best Q1 revenue. The company’s revenue rose 8% to $43 billion with a consistent +15% CAGR growth over the past 24 months.

Although Ultium-based vehicle deliveries were up 36% during the quarter, total EV sales slid over 20% YOY as the company’s cheapest Chevy Bolt EV was phased out.

GM’s Cadillac Lyriq and GMC Hummer EV both saw solid sales growth in Q1, with 5,800 (+499%) and 1,668 units sold, respectively. The Blazer EV (600) and Silverado EV (1,061) contributed to the Ultium sales growth.

However, it wasn’t enough to maintain market share in the US EV market. With Chevy Bolt EV sales down 64% to just 7,040, GM lost market share from Q4.

GM accounted for 6.2% of the US EV market in the first three months of 2024. That’s down from 8.4% a year ago and 6.9% last quarter.

Of the over 594,000 vehicles GM sold in the US in Q1, only 16,425, or about 2.7% of them, were EVs.

GM to ramp EV market share and profitability

After missing its EV sales targets over the past two years, GM believes it’s finally exiting “production hell” with high hopes for the second half of 2024.

GM aims to build around 200,000 to 300,000, or about 20X more Ultium EVs this year than in 2023. Although that may seem drastic, it’s still down from GM’s initial 400,000 EV production goal through mid-2024.

CEO Mary Barra says 2024 will be the “year of execution” as it looks to get back on track. In the first quarter, GM said battery module production increased 300% over the past six months.

The company plans to double its current capacity by the end of summer, which GM believes can help it regain US EV market share.

Cadillac’s Lyriq accounted for 20% of brand sales in Q1, second to only the Escalade. With 50% of Lyriq buyers new to GM and 70% new to Cadillac, the brand believes the electric crossover will continue seeing strong demand.

New models coming to boost market share

Meanwhile, the new electric Chevy Equinox, which GM says is the most affordable EV with over 300 miles range, is already available to order.

Starting at $34,995 (including destination), the Chevy Equinox EV will be one of the cheapest EVs on the US market. However, that’s for the 1LT trim, which will be available later this year.

The current cheapest 2LT trim starts at $43,295. With the tax credit, the Chevy Equinox EV price could fall as low as $35,295.

Chevy’s Blazer EV is also eligible for the $7,500 tax credit. Following recent price cuts, the Blazer EV can be bought for as low as $50,195. With the credit, it can be bought for as little as $42,695.

GM also revealed the 2024 Silverado EV RST will have “more range than any EV pickup,” with up to 440 miles range (GM estimated). It will be available in mid-2024 with up to 10,000 lbs max towing. The GMC Sierra EV Denali is also expected to reach 440 miles range and have similar towing power.

Cadillac will expand its lineup with the CELESTIQ, OPTIQ, and Escalade IQ launching. With the new models, GM says its EV business is on track to achieve a positive variable profit in the second half of 2024.

Today’s Green Deals are headlined by a limited-time sale on Lectric’s Foldable XP e-Trike that gives you $333 in free gear for $1,499. It is joined by a one-day discount on Anker’s 522 Powerhouse Portable Power Station at $189, as well as the Greenworks 40V 12-inch Cordless Electric Compact Chainsaw at $124. Plus all of the other days’ Green Deals that are still going.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Get Lectric’s Foldable XP e-Trike with $333 in free gear for $1,499 during two-day lightning sale

Lectric has launched a lightning deal through tomorrow that gives you $333 in free add-on accessories along with a purchase of the Foldable XP e-Trike for $1,499 shipped. Down from $1,832, we’ve mainly seen similar sales on this particular model where buying it at its MSRP gives you additional gear at no extra cost. Along with your purchase today, you’ll receive a front-mountable rack, a small basket for the front, a large basket for the rear, a wider seat with a back cushion, a bike lock, mirrors, and a phone mount – everything you could need for a safe, comfortable cruise around town with or without any extra cargo. You can learn more by heading below or by checking out our hands-on review.

The Lectric e-Trike comes equipped with a 500W planetary geared brushless motor (1,092W peak) alongside a removable 48V battery that pushes it up to top speeds of 14 MPH for up to 60 miles on a single charge. It has five levels of pedal assistance that are monitored by a unique cadence sensor combined with the company’s PWR+ technology, as well as an ergonomic twist throttle for pure electric action. It even has a default mode for less experienced riders that limits its acceleration and speed until you feel more comfortable with its system. There’s also an array of add-on features outside of the free gear, like hydraulic brakes, parking brakes, integrated front and rear lights, brake lights on both back-wheel fenders, slim tires for sharper turns, a foldable frame for easier storage options, and a backlit LCD display with an IP65 water-and-dust-resistant rating that gives you real-time performance data and battery levels.

Anker’s 522 Powerhouse Portable Power Station hits $189 in 1-day sale

Best Buy is offering the Anker 522 Powerhouse Portable Power Station for $189 shipped through the end of the day. Normally fetching $269, this device has seen relatively few discounts since its release earlier in 2023, with the first official discounts happening around Thanksgiving Sales where the price was brought down to the $179 low. Since the new year began we’ve already seen two previous discounts, one in February to $189 and then one to $199 in March. Today’s deal comes in as a 30% markdown off the going rate that beats our previous mention by $10 and returns costs to the second-lowest price we have tracked. It currently beats out Amazon as well, with the power station still listed at its MSRP.

This power station has been upgraded with a LiFePO4 battery, providing a 299Wh capacity and a max power output of 300W, which comes surge protected. It can be fully charged via a wall outlet and a USB-C port in 3.5 hours and up to 80% via an appropriate solar panel in 2.7 hours. Through the Anker app, you’ll be able to get real-time status updates, view your battery level, and set AC charging speeds. It also boasts six different ports: one carport, one USB-A, two USB-Cs, and two AC outlets.

Greenworks 40V 12-inch Cordless Electric Compact Chainsaw now $124

Amazon is offering the Greenworks 40V 12-inch Cordless Electric Compact Chainsaw for $124.15 shipped. Down from its $180 price tag, this chainsaw has seen two previous discounts since the new year began, with the first being a drop to the $120 low in January and the second to $136 in March. Today’s deal comes in as a 31% markdown off the going rate that beats out our previous mention by $12, giving you $56 in savings and landing at the second-lowest price we have tracked – matching the current price over at Greenworks.

With hurricane season on the horizon, this compact chainsaw makes an ideal tool for your storm cleanup needs. The 40V brushless motor comes powered by a 2.0Ah battery that allows up to 65 cuts of 4×4 planks on a single charge. It features a 12-inch bar and chain that stays lubricated and running smoothly thanks to its built in auto-oiler, as well as an oil window to keep track of when it will need a refill. Its compact, lightweight design and wrap-around handle ensures little to no strain while maintaining maximum control. And you won’t need to deal with the headache of pulling its cord or priming the motor first as this chainsaw starts with a simple push of a button, ultimately saving you time, energy, and most importantly – money.

Spring e-bike deals!

• Super73 RX Electric Motorbike: $2,999 (Reg. $3,695)
• Juiced JetCurrent Pro Foldable e-bike: $2,499 (Reg. $2,799)
• Juiced’s HyperScrambler 2: $1,999 (Reg. $3,499)
• Vanpowers UrbanGlide Ultra e-bike: $1,899 (Reg. $2,499)
• Aventon Aventure.2 All-Terrain e-bike with free extra battery: $1,799 ($2,499 value)
• Aventon Abound Cargo e-bike with $372 in free accessories: $1,799 (Reg. $2,199)
• Hover-1 Altai Pro R750 e-bike: $1,632 (Reg. $3,000)
• Heybike Brawn Fat-Tire e-bike: $1,449 (Reg. $1,800)
• Electric Bike Co. Model J e-bike: $1,299 (Reg. $1,499)
• Lectric XPress 750 High-Step e-bike with extra battery: $1,299 (Reg. $1,799)
• Lectric XPress 750 Step-Thru e-bike with extra battery: $1,299 (Reg. $1,799)
• Vanpowers UrbanGlide Pro e-bike: $1,299 (Reg. $1,899)
• Velotric Nomad 1 e-bike: $1,299 (Reg. $1,799)
• Velotric Discover 1 e-bike: $1,099 (Reg. $1,599)
• Vanpowers UrbanGlide Standard e-bike: $999 (Reg. $1,299)
• Schwinn Ridgewood Electric Mountain Bike: $800 (Reg. $1,500)
• Schwinn Ingersoll Electric Hybrid Bike: $700 (Reg. $1,500)

Other new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.

It’s right there in the title. Having followed the electric bicycle industry for 15 years and running, I can pretty much guarantee you that there has never been a better time than right now to buy an e-bike. Here are the top three reasons why.

E-bike prices are at all-time lows

It’s true, essentially every single electric bike brand in North America (and many in Europe) have some amazing deals right now. Companies are slashing prices right and left, creating some incredible opportunities for riders.

There are several underlying reasons for the drop in prices, but most of them relate to overstock situations caused by pandemic ordering sprees. When e-bikes turned into one of the surprise winners of the COVID-19 pandemic, all of the major e-bike companies rushed to build more bikes. At the same time, new e-bike brands sprung up to sink their own shovel into the gold rush. It took a while for that manufacturing to spool up, but it resulted in record amounts of new e-bikes heading our way.

Sales are still decently strong but certainly have dipped from the e-bike rush in the year or two following the pandemic. Now, those companies’ warehouses are all overstocked as they compete with each other and all of the new little import companies to get those existing e-bikes into customers’ hands. That’s resulted in some killer deals floating around right now.

For example, you can still get a Brose-powered mid-drive e-bike for just $1,995 with the Ride1Up Prodigy. That’s a German-made mid-drive motor with other quality parts sprinkled around the bike for good measure, wrapped up in a package that costs the same as what many basic hub motor e-bikes used to cost just a few years ago (and at a fraction of what the other Brose-powered e-bikes used to cost). For a more minimalist ride, the company’s lightweight, single-speed Roadster V2 e-bike is now priced at just $895, while its Gates belt drive and gravel-focused cousin, the Roadster V2 Gravel, comes in at an incredibly reasonable $1,295.

Other companies have some impressive deals as well. Aventon is giving out a free second battery with most of its models, including its $1,799 abound electric cargo bike. Speaking of cargo e-bikes, Lectric’s XPedition is still an amazing deal at just $1,475 for an unbelievable amount of utility and value – plus that price includes a pile of free accessories. Rad has lowered its folding RadExpand 5 down to just $1,299, which matches the new sale price of another fun minimalist e-bike, the $1,299 Juiced RipRacer.

Basically, everyone’s prices are as low or lower than they’ve nearly ever been, and it’s a great time to take advantage of those deals.

More incentives are stacking up

Another great reason to buy an e-bike now is that there’s never been more local and state-level incentives. Cities, counties, and state governments around the US are rolling out new incentive programs that can take hundreds or even thousands of dollars off the price of a new electric bike.

As more of the US awakens to the benefits of electric bikes, from reducing city traffic to reducing healthcare costs and improving quality of life, cities have been creating evermore incentives to make these e-bikes more affordable.

Famous programs like Denver’s e-bike rebate have gotten a lot of press, but hundreds of smaller programs are spread around the US. With a little luck, your city or state might have its own e-bike rebate program you can take advantage of to combine with current sale prices to snag an absolutely killer deal.

E-bikes were once the travel choice of early adopters, eschewing their cars for a quirky new alternative. But that was years ago, and these days they’ve become so normal that many cities have begun investing much more heavily in cycling infrastructure to keep up with the booming number of e-bike riders.

This isn’t true across the board (please spare me the “not in my city!” comments below this article), but on average, more bike lanes are being added than ever before.

North America isn’t going to mimic the Netherlands anytime soon, and cars will still likely be the dominant form of transportation in the US for decades to come. But the ratio is shifting as the United States slowly moves towards the standards of developed countries in regards to cycling infrastructure and safety.