General Motors (GM, Financial) reported a total vehicle delivery of 659,601 units in the U.S. for Q3, marking a 2.2% year-over-year decline. However, electric vehicle (EV) sales reached a new peak with 32,195 units sold, representing a 60% year-over-year increase and a 46% rise from Q2. As a result, GM's market share in the U.S. EV market climbed from 7.1% in Q2 to 9.5% in Q3.
By brand, the surge in EV sales was largely driven by strong demand for Chevrolet Blazer and Equinox models. The Blazer saw a 21% increase in sales, while the Equinox EV sold 9,700 units in its first full quarter on the market. Chevrolet plans to introduce a more affordable Silverado EV LT model in Q4.
In Q3, Cadillac experienced a 5% increase in sales, marking its best third quarter since 2016. Buick saw an 8% rise in sales, its best quarter since 2021, and GMC's sales increased by 6%.
Year-to-date, GM's stock has surged nearly 26%.
