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 (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.
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.
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.
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.
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On today’s exciting episode of Quick Charge, we don’t even mention “you know who,” focusing instead on EV news from Rivian, Lucid, Nissan, Ford, and what it takes to make a MAN in the heavy truck space. Check it out!
Sure, Nissan is pushing back production estimates on its yet-to-begin-production Nissan LEAF and Ford’s EV sales were down significantly in Q2, but there’s more to the story than the “Faux News” crowd would have you believe. Plus: some new electric success stories from Porsche and a disappointing (but still cool) dive into some new home backup battery tech.
New episodes of Quick Charge are recorded, usually, Monday through Thursday (most weeks, anyway). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.
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Got news? Let us know! Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show.
he 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. 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. It has 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.
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Battery electric cars sold today in Europe produce 73% less life-cycle greenhouse gas emissions than gas cars, even when factoring in production, according to new research from the International Council on Clean Transportation (ICCT). That’s a big improvement from 2021, when the gap was 59%.
Meanwhile, hybrids and plug-in hybrids haven’t made much progress. The study confirms what clean transportation advocates have been saying for years: If Europe wants to seriously slash emissions from its dirtiest mode of transport – ICE passenger cars, which pump out nearly 75% of the sector’s pollution – it needs to go all-in on battery EVs.
“Battery electric cars in Europe are getting cleaner faster than we expected and outperform all other technologies, including hybrids and plug-in hybrids,” said ICCT researcher Dr. Marta Negri. Credit the continent’s rapid shift to renewables and the higher energy efficiency of EVs.
The makeup of the EU’s power grid is changing fast. By 2025, renewables are expected to generate 56% of Europe’s electricity, up from 38% in 2020. And that’s just the beginning: the share could hit 86% by 2045. Since cars bought today could still be on the road two decades from now, the growing use of clean electricity will only boost EVs’ climate benefits over time.
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Gas-powered cars, on the other hand, will stay mostly tied to fossil fuels as the cost and availability of biofuels and e-fuels are still uncertain.
Hybrids and plug-in hybrids only cut lifetime emissions by 20% and 30%, respectively, compared to gas cars. That’s partly because plug-in hybrids tend to run on gas more than expected. So while hybrids aren’t useless, they’re just not good enough if we’re serious about climate goals.
Countering EV myths with hard data
There’s been a lot of noise lately about whether EVs are really that green. The ICCT study takes aim at the bad data and misleading claims floating around, like ignoring how the grid gets cleaner over time or using unrealistic gas mileage figures.
It’s true that manufacturing EVs creates more emissions upfront – about 40% more than making a gas car, mostly due to the battery. But EVs make up for it quickly: that extra emissions load is usually wiped out after about 17,000 km (10,563 miles) of driving, which most drivers hit in a year or two.
“We’ve recently seen auto industry leaders misrepresenting the emissions math on hybrids,” said Dr. Georg Bieker, senior researcher at the ICCT. “But life-cycle analysis is not a choose-your-own-adventure exercise.”
ICCT’s new analysis includes emissions from vehicle and battery production and recycling, fuel and electricity production, and fuel consumption and maintenance. It even adjusts for how the electricity mix will change in the coming years – a key detail when measuring plug-in hybrid performance.
The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. 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. It has 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 Energy Advisors to help you every step of the way. Get started here.
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The EV2 may be Kia’s smallest electric vehicle, but it has a big presence on the road. Kia promises it won’t feel so small when you’re inside, thanks to clever storage and flexible seating. After a prototype was spotted testing in the Alps, we are getting our closest look at the Kia EV2 so far.
Kia EV2 spotted in the Alps offers our closest look yet
Kia first unveiled the Concept EV2 during its 2025 EV Day event (see our recap of the event) in April, a preview of its upcoming entry-level electric SUV.
Despite its small size, Kia claims it will “redefine urban electric mobility” with new innovative features and more. Kia has yet to say exactly how big it will be, but given it will sit below the EV3, it’s expected to be around 4,000 mm (157″) in length. The EV3 is 4,300 mm (169.3″) in length.
Looking at it from the side, it sits much higher than you’d expect, similar to Kia’s larger EV9. During an exclusive event at Milan Design Week in April, Kia gave a sneak peek of the interior.
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Kia said the interior is inspired by a “picnic in the city,” or in other words, a retreat from the busy city life. With a flat-floor design and flexible seating, you can quite literally have a picnic in the city.
Kia Concept EV2 (Source: Kia)
Although we’ve seen the EV2 out in public testing a few times, a new video provides the closest look at Kia’s upcoming electric SUV.
The video, courtesy of CarSpyMedia, shows an EV2 prototype testing in the Alps with European license plates. There’s also a “Testfahrt” sticker on the back, which translates to “Test Car” in German.
Kia EV2 entry-level EV caught testing in the Alps (Source: CarSpyMedia)
As the prototype drives by, you can get a good look at it from all angles. Like in past sightings, the front features stacked vertical headlights with Kia’s signature Star Map lighting. Even the rear lights appear to be identical to those of the concept.
The interior will feature Kia’s next-gen ccNC (connected car Navigation Cockpit) infotainment system. The setup includes dual 12.3″ instrument clusters and infotainment screens in a curved panoramic display. Depending on the model, it could also include an added 5.3″ climate control screen.
Last month, a crossover coupe-like model was spotted on a car carrier in Korea, hinting at a new variant. The new model featured a design similar to that of the Genesis GV60.
Kia’s CEO, Ho Sung Song, also recently told Autocar that a smaller, more affordable EV was in the works to sit below the EV2. Song said the new EV, priced under €25,000 ($30,000), was “one area we are studying and developing.”
With the EV4 and EV5 launching this year, followed by the EV2 in 2026, it could be closer toward the end of the decade before we see it hit the market. Next-gen EV6 and EV9 models are also due out around then.
The Kia EV2 is set to launch in Europe and other global regions in 2026. Unfortunately, it’s not expected to make the trip to the US.
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