“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.