GM 2nd in EV Sales

During the first quarter of 2023, General Motors (GM) surpassed Ford as the country's second-best seller of all-electric vehicles, with Tesla remaining the industry leader. GM sold 20,670 EVs during this time frame, while Ford sold 10,866, dropping to fifth place in the US rankings due to production downtime at two of its North American plants. Interestingly, Hyundai Motor and Volkswagen also pulled ahead of Ford, according to the auto industry data firm, Motor Intelligence.

While GM's EV sales are increasing, they still significantly trail Tesla's. In the first quarter of 2023, Motor Intelligence estimated that Tesla sold 161,630 EVs in the US, dominating the market. GM's majority of EV sales were of Chevrolet Bolt models that start under $30,000 and feature older battery technology than its newer, more expensive Ultium-based EVs, such as the GMC Hummer and Cadillac Lyriq.

Both GM and Ford have plans to overtake Tesla in EV sales in the years ahead. However, Tesla is targeting significant expansion of its own EV production and previously stated that it expects to produce 20 million electric vehicles per year by 2030. As the EV market continues to grow, companies like GM and Ford will need to keep pace with Tesla's expansion plans to remain competitive.

Key Takeaways

• General Motors overtakes Ford to become the US's second-best seller of all-electric vehicles, with Tesla as the industry leader
• During Q1 2021, GM sold 20,670 EVs, while Ford sold 10,866 and Tesla sold 161,630 EVs
• Ford's drop in rankings and sales is largely due to production downtimes at two of its North American plants that produce EVs
• Both GM and Ford plan to beat Tesla in EV sales, with Tesla aiming to produce 20 million electric vehicles annually by 2030
• GM's majority of EV sales were of its Chevrolet Bolt models
• GM confirms its plan to build 50,000 EVs in Q1 & Q2 2023 and "double that" in Q3 & Q4
• Ford plans to achieve an annual production capacity of 2 million EVs globally by 2026, while GM aims to hit that same threshold a year earlier