Chevy EV Sales Surge

Almost every company that sells electric vehicles (EVs) saw a unit sales surge in the third quarter of the year because people wanted to buy before the end of the federal government’s $7,500 tax credit. However, the increases in some brands were much larger than in others, and their EV sales through the first three quarters rose sharply. Chevrolet topped that list.

Chevy’s EV sales through the first three quarters rose 113% to 87,137. Only Tesla Inc. (NASDAQ: TSLA | TSLA Price Prediction) had more unit sales for the period at 451,160. That was down by 4.3% year over year.

General Motors Co. (NYSE: GM), Chevy’s parent, just took a $1.6 billion write-down for its faltering EV sales. That is a partial retreat, but CEO Mary Barra says she still believes strongly in the sector. Either she is wrong, or GM’s success has been delayed along with the rest of the industry.

Chevy is GM’s flagship brand, based on total unit sales. Another of its brands also has an EV business that is doing extremely well. EV sales of its Cadillac division rose 88% to 38,150 in the first three quarters. That is a larger count than that of BMW, Lexus, or Mercedes, which are its primary competition in the gasoline-powered car business. Cadillac is well behind each of these brands in total sales and has been for decades. GM may have finally gained a foothold in the luxury market.

GM’s overall EV market share in the United States is about 10%, which puts it in second place, but well behind Tesla’s share of just below 45%.

GM is a holding company made up of brands. For it to win in the EV segment, Chevy has to do well. Based on the evidence of the first three quarters, it is doing well enough to hold second place behind Tesla, even with a $1.6 billion EV write-off.

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