(Credit: General Motors)
Despite the slowdown in EV sales, General Motors (GM) and Tesla both reported year-over-year increases in the third quarter.
GM delivered 32,095 EVs to customers, up 60% year-over-year and 46% from Q2. That brought its share of the US electric car market to 9.5%, up from 7.1% in the previous quarter.
Tesla, however, still dominates the market. It delivered 462,890 EVs worldwide in Q3 (Tesla does not break out US sales), up from 435,059 during the same time period last year.
That tops GM in total numbers, though it's a more modest 6.4% increase year-over-year, missing analyst expectations, CNBC reports. Plus, GM's success proves it can lure customers away from Tesla, creating more choice in the market.
GM Pushes Cheaper Options, Tesla Discontinues Base Model 3
GM's 2024 lineup led sales. The most affordable option, the Equinox EV, was its top seller at 9,772. Late last month, a cheaper, $35,000 trim arrived at dealers as well, InsideEVs reports. GM says it's the most affordable EV with over 300 miles of range, and it qualifies for the $7,500 federal tax credit, although it's pricier than the originally announced $30,000 starting price.
The Blazer EV was GM's second most popular EV, with 7,998 sold. A more affordable Blazer trim is also on the way, starting at $46,000 or $38,500 with the tax credit.
At the same time, Tesla seems to have quietly discontinued its most affordable model this week, Teslarati reports. Previously, the Model 3 AWD was the entry-level trim, starting at $38,990. It no longer appears as an option on the website. Tesla likely discontinued it because of its Chinese-made battery, which disqualified it for the $7,500 federal tax credit. It has also become more expensive for Tesla after the Biden administration's 100% import tariffs on Chinese EV batteries.
The long-range, RWD Model 3 is now the entry-level option, starting at $42,490. Though it's a few thousand dollars more, it does not have a Chinese battery, and therefore qualifies for the $7,500 federal tax credit. It also has an impressive 363-mile range.
GM and Tesla also have luxury options. Tesla has the nearly $100,000 Cybertruck, while GM's third top seller was the swanky Cadillac Lyriq (7,224 sold). GM says the Lyriq is "outselling all EV nameplates from BMW, Mercedes, Audi and Lexus." GM's final two EV launches of 2024 are also Cadillacs, the $130,000 Escalade IQ and Optiq.
