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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BYD’s cheapest EV in China just got even more affordable. After cutting prices this month, the BYD Seagull EV starts at just 56,800 yuan, or under $8,000.
BYD cuts Seagull EV price to under $8,000 in April
Despite an intensifying EV price war in China, BYD is cutting prices once again. The Chinese EV giant announced a new promotion this month across several Ocean Series models, including the Seagull.
The 2025 BYD Seagull EV is available starting at just 56,800 yuan ($7,800). The offer is for the non-Smart Driving Vitality Edition model, which usually starts at 69,800 yuan ($9,500).
After launching the new Seagull last year, BYD said the low-cost electric car officially opened “a new era of electricity being lower than oil.” Earlier this year, it upgraded most of its vehicles, including the Seagull, with its new “God’s Eye” smart driving system at no extra charge.
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BYD’s Seagull is offered in three trims in China: Vitality, Freedom, and Flying. It has two battery options, 30.1 kWh or 38.9 kWh, which is good for the 305 km (190 mi) and 405 km (252 mi) CLTC range, respectively.
BYD cuts vehicle prices in April 2025, including the Seagull EV (Source: BYD)
At just 3,780 mm long, 1,715 mm wide, and 1,540 mm tall, the Seagull is even smaller than the former Chevy Bolt EV (4,145 mm long, 1,765 mm wide, and 1,611 mm tall). It’s about the size of a Fiat 500e.
BYD Seagull EV (Dolphin Mini) testing in Brazil (Source: BYD)
The price cut comes as BYD’s sales continue surging. With another 377,420 new energy vehicles (EVs and PHEVs) sold last month, the Chinese automaker has now sold over one million NEVs in 2025.
BYD’s EVs accounted for 416,388 while PHEV sales reached 569,710, an increase of 39% and 76% from last year, respectively.
Perhaps even more importantly, BYD sold over 206,000 vehicles overseas in 2025, more than doubling from last year. The Seagull EV is also sold in other global markets like Mexico and Brazil as the Dolphin Mini.
Later this year, it will launch in Europe as the Dolphin Surf, with expected prices starting under £20,000 ($26,000). Although it may not be the cheapest EV, BYD’s executive vice president, Stella Li, recently told Autocar it will be “the best value” when it arrives.
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Prior to the launch, only a fully loaded $60,000 Launch Edition Model Y was available to order since January, and had been delivered since early March.
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Now, North American buyers are able to buy a much cheaper version of the new Model Y for $49,000.
Only the Model Y Long Range AWD is available for now, but that’s Tesla’s most popular model in North America.
At the time, we noted that this is a great demand test for Tesla in the US amid some critical brand issues due to CEO Elon Musk.
We only have a few metrics to track the demand of the new Model Y in the US:
Delivery timelines on new orders
Available inventory
Discounts/incentives
For most US zip codes tested by Electrek with different Model Y configurations (wheels and paint colors), Tesla quotes delivery within “1-3 weeks”.
But we also found several zip codes on both the West Coast and the East Coast where Tesla claims it can deliver the new vehicle “today”:
This would point to Tesla already having vehicles in inventory despite launching it just 4 days ago.
But Tesla is hiding the inventory.
If you search for Model Y in Tesla’s new inventory, you can’t find any in the US at the time of writing:
However, Tesla is showing some units in inventory to people configuring new Model Ys.
Some potential buyers are reporting that Tesla has a tab that pops up and directs them to some new inventory available (via TroyTeslike on Patreon):
This confirms that Tesla already has new non-Launch Edition Model Y in inventory available for sale in the US – pointing to Tesla having no backlog of demand for the new vehicle.
Electrek’s Take
This is much worse than I thought. I thought that Tesla would build a backlog of demand for the new Model Y in the US from people who didn’t want the fully loaded version, but it looks like that backlog lasted 4 days.
Of course, it’s all because of Tesla and Elon, and brand destruction.
Many people who invested in the stock market lost a lot of money over the last few weeks, and these people often happen to be people who buy new cars.
Now, the only thing left is for Tesla to start offering discounts and subsidies financing – the latter likely coming first, as it is already the case with new Model 3 orders in the US.
The good news for Tesla is that if Trump continues to crash the stock market, the Fed will likely have to reduce rates, making Tesla’s 0% financing cheaper to subsidize.
That’s a fun balancing act.
Either way, I wouldn’t be surprised to see Tesla offer incentives on the new Model Y in the US within the next 2 weeks – way ahead of schedule.
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The new and improved 2026 Kia EV9 and 2025 EV6 are eligible for the $7,500 federal EV tax credit, but one trim is excluded.
Do the Kia EV6 and EV9 qualify for the federal tax credit?
Kia’s first dedicated electric vehicle, the EV6, received some pretty major upgrades for its mid-cycle update this year.
The 2025 EV6 features a bigger battery providing more range (now up to 319 miles), a stylish interior and exterior redesign, and an NACS port for charging at Tesla Superchargers.
Kia’s first three-row electric SUV, the EV9, also has a native NACS charging port and will be the first model year to offer a high-performance GT trim.
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We got a good look at the EV9 GT at the LA Auto Show last year (check it out here). The sporty electric SUV boasts 501 hp, which is quite a bit more than the current GT-Line’s 379 hp. The added power is enough for the big-body SUV to move from 0 to 60 mph in just 4.3 seconds.
Although Kia America’s vice president of sales, Eric Watson, confirmed the EV6 and EV9 are now in “full-scale production” at its plant in West Point, Georgia, not all trims will qualify for the $7,500 federal tax credit.
According to CarsDirect, Kia told dealers that the 2025 EV6 and 2026 EV9 GT trims wouldn’t be eligible for the credit. A spokesperson said the exclusion is because Kia builds the EV6 GT and EV9 GT in South Korea, while all other trims are assembled in Georgia.
If Trump’s 25% tariff on South Korea is still in effect when the GT models launch in the US, it could create a significant price gap between trims.
Despite this, you will likely still be able to take advantage of the credit through leasing. Kia, like many, is passing the $7,500 on through lease cash, which can significantly cut monthly payments.
Kia will reveal more info, including prices, closer to launch. Check back soon. We’ll keep you updated with the latest.
With the new models arriving soon, Kia is offering clearance pricing on outgoing models. Monthly leases start as low as $179. You can use our links below to find deals on the Kia EV6 and EV9 near you.
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