GM within striking distance of Ford, Hyundai in U.S. EV sales race

GM is gaining on Ford and Hyundai/Kia to claim the #2 spot in annual U.S. EV sales. Tesla remains far ahead. But, GM's recent EV sales surge and growing lineup have put it within reach of overtaking its nearest competitors by the end of 2024.

Why it matters: After struggling with production delays and supply chain bottlenecks, GM’s EV strategy is finally paying off. Ford's limited lineup and Hyundai/Kia's low prices have kept them ahead. But, GM's diverse models that meet both mainstream and luxury demand are changing things.

GM, which usually reports sales quarterly, provided CNBC with its July and August EV data. The company sold nearly 21,000 EVs in those two months. This was almost as many as its entire second-quarter sales. This figure puts GM just 2,000 units behind Ford and within 20,000 of Hyundai/Kia’s total.

By the numbers:

• Hyundai/Kia: Leading with 83,643 EVs sold through August 2024.

• Ford: Sold 62,056 EVs but risks falling behind due to a limited model range.

• GM: Close behind with 59,303 EVs sold through August.

GM’s EV offerings stand out because they cater to various segments and price points.

• The Chevy Equinox EV, under $35,000, will attract budget buyers. While Cadillac's high-end EVs, the Lyriq and Celestiq, appeal to luxury consumers.

• The key to GM’s success is its Ultium platform, which allows for a wide range of models without significant production cost spikes.

Ford's early EV success with the Lightning and Mach-E created momentum, but the company has failed to build on it. 

• Without new models in the pipeline, Ford’s position is precarious. The limited product range leaves Ford vulnerable as GM rolls out more models across multiple segments. 

• Ford's cut in EV production targets and delays in new models may also help GM gain an edge.

Hyundai/Kia is second due to its low prices and cheap EVs, like the Ioniq 5 and Kia EV6. 

• But, Hyundai's focus on budget buyers may limit its ability to compete in the luxury and performance EV markets. 

• If Hyundai scales up production at its new EV plant and its models qualify for federal EV tax credits, it may hold off GM in the budget EV segment.

What to watch: The fourth quarter will be a critical period for GM, with new models expected to drive further growth. GM’s ability to ramp up production and maintain sales momentum could be the deciding factor in overtaking Ford by year’s end.

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