Detroit-based automaker General Motors (NYSE:GM) said on Monday that it surpassed selling its 300,000th electric vehicle in the U.S. since 2016 in October.
What Happened: "We have more great EVs coming soon, like Cadillac's OPTIQ and ESCALADE IQ, ensuring that when you're ready to make the switch to an all-electric vehicle, you won't have to compromise," the company said in a statement. "GM has spent decades advancing EV technology."
GM made a battery electric car as far back as late 90s called the EV1 but the program was eventually terminated in 2001.
Tesla Inc CEO Elon Musk said in June 2023 that if General Motors had made more EV1s, they would have been the leaders in electric vehicles today. "But they didn't, so there was need for Tesla," he said.
According to data from automotive research company Kelley Blue Book, Tesla sold 471,374 EVs in the U.S. through the end of the third quarter, exceeding GM's EV sales across nearly 8 years.
Why It Matters: In the third quarter, GM became the second best-seller of EVs in the U.S. after Tesla after selling over 32,000 EVs, with the Chevrolet Equinox EV accounting for a majority of the deliveries.
GM had the longest EV lineup in the U.S. among major players including Tesla in the quarter with eight EV models on sale.
"We are on track to produce and wholesale approximately 200,000 EVs this year and reach variable profit positive in Q4. Our EV momentum is growing," company CFO Paul A Jacobson said during the company's third-quarter earnings call last month.
For the third quarter, GM reported better-than-expected results.
GM's quarterly adjusted earnings per share of $2.96 beat the street view of $2.43. Quarterly sales of $48.757 billion also beat the analyst consensus estimate of $44.585 billion.
The company also raised 2024 adjusted EPS guidance from $9.50 – $10.50 to $10.00 – $10.50.
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Photo courtesy: GM
