Electric vehicle sales in the quarter hit a fresh record of 66,501 units as customers rushed to make their EV purchase before the expiry of the federal tax credit of $7,500 on September 30.
General Motors (GM) on Wednesday said that it delivered 710,347 vehicles in the U.S. in the third quarter (Q3), marking a growth of 7.7% year-over-year.
Electric vehicle sales in the quarter hit a fresh record of 66,501 units, marking a growth of 107%, as customers rushed to make their EV purchase before the expiry of the federal tax credit of $7,500 on September 30. The Chevrolet Equinox EV was the company’s best-selling EV in the quarter with 25,085 units delivered. Luxury segment EVs from GM’s Cadillac brand, including the Lyriq, Optiq, and Vistiq, also recorded significant delivery numbers despite higher price points.
Chevrolet was the company’s best-selling brand in the quarter, with deliveries rising 8.3% to 710,347 units in the three months through the end of September. While the company’s Cadillac and GMC brands also recorded delivery growth in the quarter, Buick deliveries dropped a steep 14%. GMC is on pace for its best year ever, the company noted. Cadillac, meanwhile, recorded its best third quarter since 2013.
Certain models across brands, such as the GMC Terrain, Chevrolet Equinox, Chevrolet Traverse, and Buick Envista, had their best-ever third-quarter sales, the company added. The firm also noted that its fleet business, called GM Evolve, reported a 20% increase in sales in the third quarter.
GM shares rose 1% at the time of writing. On Stocktwits, retail sentiment around GM stock fell from ‘extremely bullish’ to ‘bullish’ territory over the past 24 hours, while message volume stayed at ‘high’ levels.
GM stock is up by 15% this year and by 37% over the past 12 months.
Read also: Stellantis Expands Partnership With Mistral AI Amid Tough AI Push
For updates and corrections, email newsroom[at]stocktwits[dot]com.<