Connect with us

Published

on

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.

Chevy-Bolt-EV
Chevy Bolt (Source: GM)

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.

Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024
8.4% 5.4% 6.6% 6.9% 6.2%
GM US EV market share (GM estimates)

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.

Chevy-Equinox-EV-prices
2024 Chevrolet Equinox EV 1LT (Source: Chevrolet)

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.

GM-EV-market-share
2024 Cadillac Lyriq models (Source: GM)

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.

Chevy Equinox EV trim Starting Price
1LT FWD $34,995
2LT FWD $43,295
2RS FWD $44,795
3LT FWD $45,295
3RS FWD $46,795
Chevy Equinox EV prices (including $1,395 destination fee)

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.

Chevy-Blazer-EV-reimbursement
2024 Chevy Blazer EV RS (Source: GM)

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.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Tesla’s sales fall 87% in Quebec as its market gets wiped out

Published

on

By

Tesla's sales fall 87% in Quebec as its market gets wiped out

Tesla’s sales have fallen 87% in Quebec in the first quarter 2025 compared to the same period last year.

The critical Canadian market has been wiped out, and Tesla is no longer importing new vehicles.

Quebec is the leading EV market in Canada, with the highest adoption rate of new electric vehicles.

That’s due to incentives, cheap hydro electricity, and a strong base of EV enthusiasts.

Advertisement – scroll for more content

As the EV leader in North America, Quebec became an important market for Tesla.

However, Tesla’s market in Quebec is now gone.

We don’t have all Canadian data for vehicle registrations in the first quarter; however, Le Devoir managed to obtain data for Quebec from the Société d’assurance automobile du Québec (SAAQ), which revealed that Tesla delivered only 524 vehicles in Quebec during Q1 2025.

That’s down 87% compared to Q1 2024.

The pause in the Quebec and federal EV incentive programs contributed to the sharp decline, but the pause also happened in the quarter, which helped sales by creating urgency to buy and take delivery.

However, it also created an awkward situation for Tesla in which it was accused of filing thousands of questionable requests for incentives worth $42 million CAD, which it later claimed was a backlog of deliveries that it hadn’t filed yet.

This controversy added to growing brand damage for Tesla in Quebec and the broader Canada due to its CEO Elon Musk’s backing of Donald Trump, who is openly calling for the US to annex Canada.

Tesla’s Canadian Troubles are not over

While Q1 2025 was bad, Q2 could prove even worse. Tesla had to increase prices in Canada in April due to the Canadian government slapping 25% tariffs on its vehicles in response to Trump’s trade war.

The combination of the end of some incentive programs, the higher prices, and the degrading sentiment for Tesla in Canada and Quebec is leading to very few sales in the market.

A source familiar with the matter said that Tesla doesn’t plan to import more vehicles in the country this quarter due to low demand.

The broader EV market in Canada declined 45% in Q1 due to the pause in the incentive program, but Tesla’s decline was much sharper, indicating larger issues than just the lack of incentives.

Electrek’s Take

The situation for Tesla in Canada is even worse than in Europe right now. It’s not the largest market in terms of size, but it has a significantly higher EV adoption rate than the US and has helped Tesla in North America.

As long as the tariffs are in place, there’s little hope for Tesla in Canada.

Even if they are removed, which I hope happens soon, as it would mean a de-escalation of Trump’s dumb and illegal trade war, Tesla is still going to have major brand issues due to Musk’s backing of Trump and him saying some foolish things like “Canada is not a real country.”

All of those factors add to Tesla’s aging and limited lineup, which too heavily relies on Model Y, which had a refresh that wasn’t significant enough to revitalize sales.

It’s really hard to be optimistic about Tesla right now.

In Canada, Tesla currently has some inventory of the new Model Y, which it managed to secure before the tariffs. If you’re interested in a Cybertruck, there are plenty available. Although, I have a feeling that you are better off waiting a bit as I assume prices will come down.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Here’s a closer look at Kia’s low-cost EV2 [Video]

Published

on

By

Here's a closer look at Kia's low-cost EV2 [Video]

Kia’s smallest and most affordable EV is already creating quite the buzz. The EV2 will sit below the EV3 in Kia’s expanding EV lineup. With its official launch approaching, the Kia EV2 was spotted on public roads, giving us a closer look at the upcoming electric SUV.

Take a closer look at the Kia EV2 caught on public roads

Although the EV2 will likely only be around 4,000 mm (157″) long, Kia promises it won’t feel so small when you’re actually in it.

Last month, we got a sneak peek of the interior at Milan Design Week. During an exclusive event, Kia showcased the EV2 concept and revealed a few new details we can expect to see.

Kia designed the EV2’s interior to be a relaxing retreat from the city’s hustle and bustle, sort of like a porch or balcony. Thanks to its flat floor layout, the SUV offers flexible seating. By folding the second-row seats and pushing the front seats forward, the EV2 offers an open space to stretch out or “enjoy a meal,” according to Kia.

Advertisement – scroll for more content

Although no other details were offered, like Kia’s newer EVs, you can expect to see its new ccNC panoramic infotainment system with dual 12.3″ driver and navigation screens.

After the EV2 was spotted driving on public roads, we are getting a better look at Kia’s upcoming electric SUV. The video from ShortsCar reveals a front-end design similar to that of the EV3, EV5, and EV9, featuring its signature vertical daytime running lights (DRLs) and Star Map lightning.

Kia EV2 driving on public roads (Source: ShortsCar)

Despite its small size, the EV2 has a surprisingly large presence on the road, thanks to its upright stance and broad wheel arches, reminiscent of the larger EV9.

A production version of the EV2 was also spotted in Germany this week, with its European debut just around the corner. The images by SH Proshots (via TheKoreanCarBlog) show a similar design to the model caught driving in Korea.

Kia will launch the EV2 in Europe and other regions in early 2026. Prices and final specs will be revealed closer to then, but the EV2 is expected to arrive with a WLTP range of around 300 miles (483 km). Smaller battery options could offer less range at a lower price.

Since it’s slated to sit below the EV3, which is 4,300 mm (169″) long, the EV2 is expected to be closer to 4,000 mm (157″) in length.

Like Kia’s other electric vehicles, it will be based on Hyundai’s E-GMP platform, which also underpins its IONIQ series.

Kia’s CEO, Ho-Sung Song, told Autocar that the company plans to launch the EV2 in the UK with prices starting at about £25,000 ($32,000). Since that was a few years ago, plans could have changed. We will learn more soon. Check back for the latest.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Voltpost just flipped the switch on its first public lamppost EV charger

Published

on

By

Voltpost just flipped the switch on its first public lamppost EV charger

Voltpost, a startup that turns existing lampposts into EV chargers, has officially launched its first public charging site in Oak Park, Illinois. The curbside charger, installed in partnership with the Park District of Oak Park and utility ComEd, brings easy, affordable EV charging access right to the neighborhood.

Instead of building entirely new charging stations, Voltpost retrofits existing lampposts with a modular Level 2 charging platform. That means less construction, lower costs, and quicker deployment – Voltpost says its EV charger can be installed on a lamppost in minutes. It’s controlled via a mobile app, and it’s designed to serve public spaces like curbs and parking lots, as well as private locations like university campuses and apartment complexes.

“The deployment of a Voltpost charger in Oak Park will expand EV charging access for the local community and help catalyze the transition to sustainable transportation,” said Voltpost CEO and cofounder Jeffrey Prosserman. “This builds on our work in New York and Michigan, and it’s a step toward scaling our platform nationwide.”

Voltpost says its approach is more sustainable and equitable, since it’s using infrastructure that’s already there instead of building from scratch. And it opens up EV charging to more people who don’t have a private driveway or garage.

Advertisement – scroll for more content

Kassie Porreca, president of the Park District Board of Commissioners, said, “Ensuring the residents of Oak Park benefit from affordable access to EV charging infrastructure is vital to fulfilling our commitment to serving the needs of our community.”

Najwa Abouhassan, senior manager at ComEd and a liaison for the 2c2i climate tech initiative, said this project connects innovation with community impact. “We’re proud to support Voltpost’s mission to bring sustainable, street-level charging to the places people live and work.”

With this first public site now live, Voltpost says it’s aiming to expand across the country, turning more streetlights into smart charging hubs for EV drivers.

In 2023, Voltpost participated in the New York City Department of Transportation (DOT) Studio program, a collaboration between the NYC DOT and Newlab. In its pilot, Voltpost installed chargers on lampposts at Newlab in Brooklyn and in a DOT parking lot. The chargers were installed in an hour, operated with a high uptime, and got positive feedback from EV drivers.

Read more: This lamppost EV charger just went commercial in the US


If you live in an area that has frequent natural disaster events, and are interested in making your home more resilient to power outages, consider going solar and adding a battery storage system. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them.

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending