GM said that it sold more than 19,000 electric vehicles in the month, marking a growth of 115% year-on-year.
General Motors (GM) on Monday stated that its electric vehicle sales in the U.S. more than doubled year-over-year in July, thanks to the demand for its Chevrolet Equinox EV.
GM said that it sold more than 19,000 electric vehicles in the month, marking a growth of 115% year-on-year. The company sold more than 8,500 units of the Equinox EV alone in the month, implying the model accounted for about 45% of the company’s overall EV sales. “That’s not just the best U.S. sales month ever for Equinox EV–it is the best ever for a non-Tesla EV in the U.S.,” GM said in a statement.
The company noted that demand for EVs is surging as the federal tax credit on the purchase of EVs nears expiration. As per GM, EV sales are expected to increase to about 8.5% of industry sales in July.
On Stocktwits, retail sentiment around GM trended in the ‘bearish’ territory, while message volume remained at ‘low’ levels.
President Donald Trump signed the Republican tax bill into law on the Fourth of July. Under the new law, tax credits for the purchase of electric vehicles will expire on September 30. This includes the $7,500 federal tax credit on the purchase of new EVs and the $4,000 credit on buying used ones.
The expiry of federal tax credits will weigh on multiple automakers selling EVs, including GM’s competitors, Ford (F) and Tesla (TSLA), whose certain vehicles also currently qualify for the tax credit. The Equinox EV is presently eligible for a federal tax credit of $7,500, as are the Chevrolet Blazer EV and the Silverado EV.
Certain other models from GM, belonging to different brands such as Cadillac and GMC, are also eligible for the tax credit, including the Cadillac Lyriq and the GMC Sierra EV.
The Equinox EV went on sale in May 2024. The base and cheapest variant of the SUV starts at around $35,000, placing it among more affordable EVs from U.S. automakers such as the Tesla Model 3.
Last month, GM CEO Mary Barra noted that there was demand for EVs before the federal tax credit, and that real EV demand would be apparent in 2026 once the federal tax credit on the purchase of new EVs ends in September. “We think there is going to be an EV market that will grow over time, albeit it’ll start lower and potentially grow more slowly,” Barra then said while reiterating the company’s commitment to making EVs to meet consumer demand.
GM stock is down by 1% this year but up by nearly 33% over the past 12 months.
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