U.S. electric vehicle manufacturer General Motors moves up to the second spot in sales amidst highest tax incentives offered
General Motors Unveils Innovative Electric Vehicle Lineup for 2023 and Beyond
General Motors (GM) is pushing forward with its electric vehicle (EV) strategy, announcing a series of innovative models and updates for the 2023 and beyond. The automaker's lineup includes the Chevrolet Equinox EV, the next-generation Chevrolet Bolt EV, and electrified versions of popular pickups like the GMC Sierra and Chevrolet Silverado.
The Chevrolet Equinox EV, introduced in January 2022, began dealer deliveries for the 2024 model year in May 2024. The 2025 model offers two trims (LT and RS) with power outputs ranging from 220 hp (FWD) to 300 hp (AWD) and ranges up to 326 miles (FWD) or 307 miles (AWD). Production for the 2025 model started in August 2024, with plans to update charging interfaces for the 2027 model year and beyond.
GM has also confirmed a new generation of the Bolt EV to debut in 2025. The new model will continue to use a revised BEV2 architecture with newer technologies and a lithium iron phosphate (LFP) battery pack to reduce cost. The new Bolt EV is expected to have pricing slightly above the outgoing Bolt, which started at around $28,795.
In addition to these models, GM plans a broad EV portfolio scaling quickly through the mid-2020s with strong investments in software and vehicle variety across key segments, such as SUVs and luxury vehicles (including Cadillac Lyriq). The automaker's strategy is delivering results in the EV market, with GM selling over 300,000 electric vehicles in the U.S. since 2016.
GM is also enhancing home charging options and expanding access to public charging stations across the country. The company is offering EVs with tax credits of $7500, including the Chevrolet Blazer EV, Equinox EV, Cadillac Lyriq, and Silverado EV. The 2023 Bolt EUV and EV also qualify for the $7500 tax credit.
GM's research, engineering, and design efforts are focused on EV technology. The company is developing ways for EVs to serve as backup power sources, such as the GM Energy PowerShift Charger and GM Energy V2H Enablement Kit. However, it's important to note that an adequately charged and properly equipped GM EV with bidirectional charging capabilities, a properly equipped home, and proper grid interconnection are required for these features.
In the third quarter of 2024, GM set a new EV sales record, delivering over 32,000 all-electric vehicles in the U.S. This represents a 46% increase quarter-over-quarter and a 60% improvement year-over-year. As of October 2024, GM's North American EV sales exceeded 370,000. The company is the second-largest seller of EVs in the U.S. for the third quarter of 2024.
GM is also increasing the number of charger stalls in convenient locations. To qualify for the tax credit, a vehicle must have a battery capacity of at least 7 kilowatt-hours, weigh less than 14,000 pounds, be made by an approved manufacturer, and use battery materials from approved sources. Various factors, such as weather, battery life, vehicle use, and other conditions, may affect power supply duration, which could be interrupted.
Some eligible 2024 model-year EVs may need a dealership or over-the-air update for bidirectional charging. It's important to check with your dealership for the latest information on your specific vehicle.
GM's upcoming innovative EVs, such as the Cadillac's OPTIQ and ESCALADE IQ, are expected to join this lineup in the coming years, further solidifying GM's position in the EV market.
- General Motors' (GM) electric vehicle (EV) strategy is not confined to automotive industry alone; it also includes investments in technology to enhance charging options and reduce costs.
- The finance sector plays a significant role in GM's EV market success, with various electric vehicles, such as the Chevrolet Bolt EUV and EV, qualifying for tax credits of $7500.
- Besides cars and SUVs, GM's EV portfolio extends to the energy sector, with research and development focused on using EVs as backup power sources.
- As transportation shifts towards electric vehicles, GM's position in the market is strengthened by a broad EV lineup, incorporating luxury vehicles like the Cadillac Lyriq.
