AUTO

GM’s Q2 2024: Record EV Sales Surge Led by Cadillac Lyriq Despite SUV Challenges

July 9, 2024

GM’s EV sales surged by 40% in Q2 2024 compared to Q2 2023, with the Cadillac Lyriq seeing a 441% increase in deliveries.
GM delivered 696,086 vehicles in Q2 2024.
GM plans to keep growing in the EV market by increasing production and introducing new models to maintain their momentum.

GM has moved over to the fast lane. After dealing with some tough supply chain issues and battery problems, GM’s recent sales surge for Q2 2024 is a big deal. This quarter has been their best since the end of 2020, and their EV sales are the highest ever.

Cadillac Lyriq charging, purchase at Costco — _{The Cadillac Lyriq is one of the fastest-growing EVs in the industry, with Q2 sales 26% higher than Q1.}

GM’s latest sales numbers bring hope to those watching the shift from traditional gas engines to electric cars. GM delivered 696,086 vehicles in Q2, a small 0.6% increase from last year, according to the report. But the real highlight is their EV sales, which shot up by 40% compared to Q2 2023 and 34% compared to Q1 2024. This surge is mainly because of their new Ultium-based EVs, especially the Cadillac Lyriq, which saw a huge 441% increase in deliveries from last year.

Under the leadership of CEO Mary Barra, GM’s strategy is paying off. Over half of the Lyriq EV buyers who traded in their old cars switched from other brands, including big names like Tesla and Lexus. This shows that GM’s electric vehicles are appealing to a wide range of customers.

GMC Hummer EV Pickup Truck — _{GMC Hummer EV sales up 76% over Q1 2024.}

Adding to this optimism, Marissa West, GM’s Senior Vice President and President of North America, noted, “We have an incredible portfolio of diverse vehicles and we’re flexible, so we can win as more customers embrace EVs and we can keep winning if they want to stay with the engine technologies they know.”

However, GM still has challenges, especially with their SUVs. Even though their Silverado and Sierra trucks did well, up 5% and 4% so far this year, SUV sales have been weaker. GM is working on this, but their main focus is on increasing EV production to meet the rising demand.

With high interest rates and high vehicle prices, GM’s performance stands out. They’ve managed to balance weak SUV sales with strong truck sales and impressive EV growth.

2025 Cadillac OPTIQ EV SUV — _{2025 Cadillac Optiq.}

Looking ahead, GM is ready to keep growing in the EV market. They plan to increase production and introduce new models, keeping their momentum going.

GM’s shift from making traditional cars to becoming a leader in electric vehicles is fascinating. This story reflects a larger trend in the car industry, where there’s growing demand for sustainable and high-performance vehicles.