In the latest update from GM (General Motors), the delivery numbers for the third quarter of 2023 shed light on the company's slow progress in the electric vehicle (EV) market. While GM has positioned itself as a leader in the EV race, the Q3 2023 numbers reveal that they are just beginning to gain some momentum in EV production, albeit at a rather timid pace.
One of the key takeaways from GM's Q3 report is the performance of its EV lineup. The Bolt, one of GM's established electric models, managed to sell 15,835 units during this period. Although this figure represents a decent number, it's essential to keep in mind that the Bolt is currently being phased out, which accounts for its relatively modest sales numbers.
The more significant development comes from GM's electric SUVs. The Hummer EV, a highly anticipated model, achieved sales of 1,167 units in Q3. While this marks a notable improvement from previous years, it's important to acknowledge that these sales numbers are still quite low for an entire quarter. While the Hummer EV is gaining some traction, it's far from the pace needed to deliver the 65,000 pre- orders the EV apparently had.
Similarly, the Cadillac Lyriq, another Ultium-based EV from GM, delivered a somewhat stronger performance during Q3. A total of 3,108 Lyriq units were delivered, more than doubling the previous record set in Q2 (1,348 units). While this is a positive sign, it's important to keep in mind that GM's total EV sales still represent a fraction of their overall business.
GM's Q3 2023 report also introduced delivery numbers for two new models based on the Ultium platform – the Blazer EV and Silverado EV. 19 Blazer EV's and 18 Silverado EV's were delivered during the quarter, marking their first appearance in quarterly reports. However, these figures, while encouraging for those awaiting these models, underscore the fact that GM is just beginning to diversify its electric lineup. Despite promises of 20 EV models by 2025.
Despite the company's claims of being a leader in the EV race and its years-long commitment to electric vehicles, GM's Q3 2023 report revealed a stark reality. Only 3% of their total sales for the quarter were electric vehicles, showcasing the considerable gap between GM's aspirations and its current market share in the EV segment.
In conclusion, GM's Q3 2023 report indicates that the company is gradually gaining momentum in the production of electric vehicles so that is good. However, these modest numbers suggest that GM still has a long way to go to solidify its position in the rapidly evolving EV market. While the progress is notable, it's a reminder that being a leader in the EV race requires more that just promises and goal. It requires execution.
Thanks for reading. Lars Strandridder, BestInTESLA
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