GM’s EV sales surged in May, marking a turnaround despite Bolt’s discontinuation

General Motors experienced its highest-ever monthly electric vehicle (EV) sales in May, just six months after discontinuing its affordable and best-selling Chevrolet Bolt EV and EUV. This impressive achievement, announced by CEO Mary Barra during the annual shareholder meeting, signals a significant turnaround for GM, which faces production and software challenges with its new EV lineup.

David Caldwell, GM’s director of finance and sales communications, attributed the success to robust demand across the board, especially for the Cadillac Lyriq and the new Chevrolet Blazer EV. The Hummer EV and Silverado EV also contributed to the increase, with initial deliveries of the new Equinox EV starting at the end of May. Caldwell highlighted that the Lyriq sold over 3,000 units in May, with GM’s total EV sales in the U.S. and Canada exceeding 9,000 vehicles.

Although GM has historically reported sales figures quarterly, making monthly tracking challenging, the company plans to release detailed quarterly figures around July 2, as the second quarter of 2024 concludes. Despite the lack of exact monthly data, the trend indicates a significant rise from previous records, which hovered around 7,000 units sold in the best months of 2023.

The Cadillac Lyriq, which accounted for 17% of Cadillac’s total sales in Q1, has been a key player in GM’s EV sales momentum. The Blazer EV also resumed sales after resolving software issues, while the Equinox EV, priced at $35,000 after tax credits, is expected to become a volume seller. GM’s lineup is expanding further with the upcoming Cadillac Optiq, Escalade IQ, and GMC Sierra EV, along with ramping up sales of the consumer-spec Silverado EV.

However, the EV market remains unpredictable, with high interest rates and concerns about range and charging affecting consumer adoption. Barra has acknowledged that the transition to EVs may take decades, and Cadillac has postponed its plans to phase out internal combustion engines by the early 2030s.

Despite these challenges, GM’s recent sales surge is a promising development for both the company and the broader EV market. With an ambitious goal to sell over 100,000 EVs in a year, GM is in a tight race with Hyundai Motor Group and Ford, aiming to join Tesla in achieving this milestone.