Click for more.
General Motors (NYSE: GM) said today that U.S. electric vehicle sales likely set an all-time monthly record in August, as customers rushed to make purchases ahead of the expiration of Federal EV tax credits.*
“August was our best month ever for EV sales – and we expect that buying surge to pay long-term dividends, given our industry-leading manufacturer loyalty, and EV customers’ overwhelming commitment to the technology. I’m grateful to our team and our dealers for helping us outperform nearly every EV competitor,” said Duncan Aldred, GM Senior Vice President and President, North America.**
“We’re expecting strong demand once again in September. The question, of course, is what’s next? There’s no doubt we’ll see lower EV sales next quarter after tax credits end September 30, and it may take several months for the market to normalize. We will almost certainly see a smaller EV market for a while, and we won’t overproduce. Still, we believe GM can continue to grow EV market share,” said Aldred.
Our confidence in the future of our EV business starts with our portfolio. Before there was an IRA, the strongest segments were affordable EVs and luxury, and we have those bases covered with our stunning Cadillacs, the Chevrolet Equinox EV, and soon, the new Chevrolet Bolt. And the style, performance, and industry-leading range of our Chevrolet, GMC and GMC HUMMER pickups and SUVs is unmatched.
Meanwhile, we are seeing marginal competitors dramatically scale back their products and plans, which should end much of the overproduction and irrational discounts we’ve seen in the marketplace.
Finally, road trips are getting easier by the day as GM Energy, EVGo, IONNA and others expand the public fast charging network, which will help drive long-term adoption. By the end of the year, our customers will have access to more than 65,000 public fast-charging bays across the country. We expect that will grow to more than 80,000 by the end of next year and 100,000 by the end of 2027 – a more than 50% improvement in just three years.
As we adjust to the new EV market realities, the strength of our ICE portfolio will continue to separate our brands from the pack and give us flexibility and profitability that EV-only companies lack. You’ll see that when we report our full third-quarter sales results on October 1. We have considerable momentum, and I’m very comfortable saying today that our third quarter sales have us on track to deliver another year of leadership in full-size pickups and full-size SUVs, and strong growth in other SUV segments. I look forward to sharing that news.**
*AutoInformed on
**Inevitable SEC and Security Laws Footnotes – Cautionary Note on Forward-Looking Statements:
“This press release and related comments by management may include “forward-looking statements” within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact and represent our current judgment about possible future events.
“In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances.
“We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission.
“We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law,” GM said. [Too Bad the Trump mids-administration is not covered by Forward-Looking Statements – AutoCrat]
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
Trump Tarriff Chaos – GM EV Sales Set Record
Click for more.
General Motors (NYSE: GM) said today that U.S. electric vehicle sales likely set an all-time monthly record in August, as customers rushed to make purchases ahead of the expiration of Federal EV tax credits.*
“August was our best month ever for EV sales – and we expect that buying surge to pay long-term dividends, given our industry-leading manufacturer loyalty, and EV customers’ overwhelming commitment to the technology. I’m grateful to our team and our dealers for helping us outperform nearly every EV competitor,” said Duncan Aldred, GM Senior Vice President and President, North America.**
“We’re expecting strong demand once again in September. The question, of course, is what’s next? There’s no doubt we’ll see lower EV sales next quarter after tax credits end September 30, and it may take several months for the market to normalize. We will almost certainly see a smaller EV market for a while, and we won’t overproduce. Still, we believe GM can continue to grow EV market share,” said Aldred.
Our confidence in the future of our EV business starts with our portfolio. Before there was an IRA, the strongest segments were affordable EVs and luxury, and we have those bases covered with our stunning Cadillacs, the Chevrolet Equinox EV, and soon, the new Chevrolet Bolt. And the style, performance, and industry-leading range of our Chevrolet, GMC and GMC HUMMER pickups and SUVs is unmatched.
Meanwhile, we are seeing marginal competitors dramatically scale back their products and plans, which should end much of the overproduction and irrational discounts we’ve seen in the marketplace.
Finally, road trips are getting easier by the day as GM Energy, EVGo, IONNA and others expand the public fast charging network, which will help drive long-term adoption. By the end of the year, our customers will have access to more than 65,000 public fast-charging bays across the country. We expect that will grow to more than 80,000 by the end of next year and 100,000 by the end of 2027 – a more than 50% improvement in just three years.
As we adjust to the new EV market realities, the strength of our ICE portfolio will continue to separate our brands from the pack and give us flexibility and profitability that EV-only companies lack. You’ll see that when we report our full third-quarter sales results on October 1. We have considerable momentum, and I’m very comfortable saying today that our third quarter sales have us on track to deliver another year of leadership in full-size pickups and full-size SUVs, and strong growth in other SUV segments. I look forward to sharing that news.**
*AutoInformed on
**Inevitable SEC and Security Laws Footnotes – Cautionary Note on Forward-Looking Statements:
“This press release and related comments by management may include “forward-looking statements” within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact and represent our current judgment about possible future events.
“In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances.
“We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission.
“We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law,” GM said. [Too Bad the Trump mids-administration is not covered by Forward-Looking Statements – AutoCrat]
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn. He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe. Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap. AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks. Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.