General Motors (GM) is nearing a significant milestone in its electric vehicle (EV) business as it reported record sales and progress toward profitability.
In Q3 2024, the company increased total retail sales 3% year-over-year – but its EV sales achieved 60% growth year-over-year, and a 46% increase compared to the previous quarter.
“GM’s EV portfolio is growing faster than the market because we have an all-electric vehicle for just about everybody, no matter what they like to drive,” said Rory Harvey, GM executive vice president and president of Global Markets, in a news release.
At a recent investor event in Spring Hill, TN, GM executives spoke about the company’s growing presence in the EV market and shared details on its strategic advancements for 2025.
GM’s diverse portfolio has made it the second-largest seller of EVs in North America, with plans to produce and wholesale approximately 200,000 GM-branded EVs by the end of this year. The company attributed its success to the broad appeal of its offerings, including the affordable Chevrolet Equinox EV, the luxury Cadillac LYRIQ, and electric trucks such as the GMC HUMMER EV and Chevrolet Silverado EV.
“GM has the most diverse EV portfolio in the industry, which is helping drive our growth,” GM said in a statement. The company has continued to capture market share from competitors while attracting new customers to its EV lineup.
GM said one of the key concerns of potential EV buyers is range anxiety. The company said it is addressing that by offering several models with a range of more than 300 miles. Additionally, GM is working with partners like EVgo and Pilot Flying J to expand charging infrastructure.
Beyond its EV efforts, GM said its financial outlook for 2025 includes strong performance from its gas- and diesel-powered vehicles, with eight new or redesigned SUVs expected to launch. The company is also focused on improving its operations in China and maintaining consistent capital spending.
As GM continues to improve its EV profitability through cost reductions, including a $2 billion cut in fixed costs over the past two years, the company’s outlook remains optimistic.
“What has been a headwind to earnings will soon become a tailwind,” GM noted.
