General Motors (GM) continued its run this year, topping Wall Street’s estimates again in the third quarter. After outpacing Ford and Hyundai in Q3, GM is now the second-best-selling EV maker in the US despite offering fewer incentives.
“GM’s EV portfolio is growing faster than the market because we have an all-electric vehicle for just about everyone,” Rory Harvey, GM’s executive vice president of global markets, said following the results.
The growth was enough to surpass Ford and Hyundai to become North America’s number two seller of EVs.
GM said the growth comes as it offers a wide range of options, including electric SUVs like the Chevy Blaze EV and affordable models like the Chevy Equinox EV. GM confirmed the long-awaited $35K Equinox LT model is now available, GM confirmed. And that’s before the $7,500 EV tax credit.
Over 15,000 Chevy Equinox models were sold in Q3, what GM calls “the most affordable EV in the US with 315+ miles of range.”
The automaker also offers luxury models like the Cadillac Lyriq and electric pickups, including the GMC Hummer EV, Chevy Silverado EV, and GMC Sierra EV.
GM’s market share surged from 7.1% in the second quarter to 9.8% in Q3 2024. The company’s growing EV market presence comes despite incentives being 11 ppts below the industry average.
GM gains EV market share in Q3 with less incentives
The progress is primarily due to advancements with its dedicated Ultium EV platform, falling battery cell costs, and rising US output.
Earlier this month, GM president Mark Reuss took a jab at Ford, saying the company didn’t need “a skunkworks to create affordable electric vehicles,” referring to Ford’s team in California building a low-cost EV platform.
Reuss confirmed that GM is “nearing the crossover point to profitability for EV sales.” The automaker expects battery pack costs to continue improving, “providing an ongoing tailwind to EV profitability.”
In 2025, GM expects the advancements to provide an EV profitability tailwind between $2 billion and $4 billion.
GM also confirmed its plans to produce 200,000 electric vehicles this year while achieving a positive EV variable profit in Q4.
With several new models launching, including the Cadillac Escalade IQ, Optiq, and Vistiq, GM expects the momentum to continue into the end of 2024. Later next year, GM will launch the next-gen Bolt EV, which will be the first of a “family of Bolts,” according to Reuss.
GM generated $48.8 billion in revenue in the third quarter, topping estimates of around $45 billion. Meanwhile, earnings before interest and taxes (EBIT) climbed 15.5% YOY to $4.1 billion.
Following the strong Q3 results, GM raised full-year 2024 earnings guidance. The company now expects adjusted operating income between $14 billion and $15 billion, up from its previous $13 billion to $15 billion target.
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In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss our GMC Sierra EV Denali first drive, Hyundai Ioniq 9 unveiling, Jaguar’s rebranding, and more.
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It’s official: Chrysler will finally launch an electric Pacifica minivan. The company is developing clever storage ideas that could make it even more functional than Volkswagen’s recently introduced ID.Buzz. But you’ll have to wait a little longer to get your hands on one.
Chrysler confirms plans to launch an electric Pacifica
Chrysler has yet to release its first fully electric vehicle. Although the nearly 100-year-old automaker has teased several EV concepts, we have yet to see one come to fruition. That will change soon.
Earlier this year, the company revealed its Halcyon Concept, a futuristic sports car-like EV drastically different from Chrysler vehicles currently on the road. The model builds on previous concepts, like the Airflow crossover introduced in 2022.
Chrysler’s CEO, Christine Feuell, said the Halycon would be brought to life with advanced new tech from parent company Stellantis, sleek new styling, and a software-defined connected cockpit.
The radical design will be used in future Chrysler vehicles, including the electric Pacifica. At the LA Auto Show this week, Feuell confirmed to GreenCarReports that the Pacifica is due for an overhaul in 2026. The refresh will lay the groundwork for the first electric Pacifica, which is expected to launch the following year.
Chrysler’s CEO hinted the upcoming Pacifica EV could challenge Volkswagen’s ID.Buzz, the first electric minivan to arrive in the US.
While you’ll need to remove the seats for that open-air space in the ID.Buzz, Chrysler is working on more functional solutions. According to Feuell, the company is developing a system like its patented Stow ‘N Go Seating to open up space in the rear.
Although nothing is set in stone, one option is adjustable front seats, enabling the second row to be stored underneath.
Electrek’s Take
As Chrysler’s only production model in 2024, it only makes sense to launch an electric Pacifica. The Pacifica hybrid was the fourth best-selling plug-in hybrid in the US in Q3. It also accounted for 14% (3,009) of the 21,504 Pacifica models sold last quarter.
Meanwhile, the company is quickly losing market share in the US. Pacifica sales crashed 44% in Q3 and are down 18% through September.
Several new larger electric SUVs, like the Kia EV9, are already hitting the market, and more are on the way, including the recently unveiled Hyundai IONIQ 9. With the electric Pacifica not due out until 2027 (at the earliest), Chrysler will likely continue losing ground as new, more advanced competitors roll out.
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Tesla has converted an entire Shell gas station into a Supercharger station for electric vehicles in Spain, and it looks fantastic.
One of the favorite arguments of electric vehicle naysayers is that there are not as many charging stations as gas stations – making EVs less convenient.
The argument is flawed since most EVs are charged overnight when parked, and they can be charged literally anywhere there’s an electric outlet, which is not the case with gas-powered vehicles.
Most of the time, charging electric vehicles is more convenient than refueling a gas-powered car, and that’s going to become more widespread as time goes on because there are more charging stations being deployed, and many gas stations are going away.
In some cases, EV charging stations are directly replacing some.
Today, we get to see a beautiful example in Cordoba, Spain, where Tesla took over a Shell gas station and converted it into (hat tip to Aland≡Bru on X):
While it is not completed, it’s particularly interesting to see that Tesla has kept a similar design to the classic gas station setup.
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