Here’s how many General Motors electric vehicles were sold in the third quarter by Benzinga

© Reuters Watch Out Tesla: Here’s how many General Motors electric vehicles sold in the third quarter

Car manufacturer General Motors Company (NYSE:NYSE:) released its third-quarter financial results ahead of market open Tuesday. Here’s a look at what General Motors did for electric vehicles in the quarter and what’s to come.

What happened: Traditional automaker General Motors posted third-quarter revenue of $41.89 billion, beating an estimate of $41.77 billion. The company also reported earnings per share of $2.25, beating Street’s estimate of $1.89.

In the third quarter, the company highlighted its progress in the electric vehicle segment and also what’s to come.

General Motors reported 14,700 sales of its Bolt EV and Bolt EUV in the third quarter, which it said was its best quarter for electric vehicles.

Total electric vehicle sales in the quarter were 15,200.

The automaker announced an 8% market share in the US electric vehicle market in the third quarter thanks to record sales for the segment. General Motors said the Bolt EV outsold the Mach-E from Ford Motor Company (NYSE:NYSE:) by a margin of two to one in September.

The 15,200 electric vehicles sold in the third quarter remain at the top of the market Tesla Inc. (NASDAQ:NASDAQ:) by a wide margin. Tesla reported third-quarter production of 365,923 vehicles and deliveries of 343,830.

Related Link: ‘Mary We Owe You Big’: Did President Biden Credit GM for Starting the Electric Vehicle Revolution on Tesla, Again?

And after: General Motors said it is rapidly accelerating its electric vehicle capacity in North America, a key focus for future growth.

Production of the Bolt EV and Bolt EUV is expected to increase from 44,000 units per year to 70,000 units next year.

“We are delivering on our commitments and confirming our full year guidance despite a challenging environment as demand continues to be strong for GM products and we are actively managing the headwinds we face,” the CEO said. of General Motors. Mary Barra said.

The company has a range of EVs coming in 2023 and 2024 that could rapidly increase its EV production. The Hummer EV has 90,000 reservations and the Silverado EV has 170,000 reservations.

In 2023, the company will launch electric vehicle versions of the Silverado, Blazer and Equinox. The Cadillac CELESTIQ is also slated for a fall 2023 release window.

“The Chevrolet Equinox EV and GMC Sierra EV that we unveiled in recent weeks, along with the Chevrolet Silverado EV and Blazer EV, are the cornerstones of our strategy to rapidly increase EV volumes by winning in high-speed segments. high volume,” the company said.

General Motors continues to support a plan for annual electric vehicle capacity of one million units in North America by 2025. The goal has been set by Barra on several occasions with the goal of overtaking Tesla as the market leader.

General Motors will host an Investor Day on Nov. 17, 2023, where it could give more color to its electric vehicle ambitions.

GM Price Action: General Motors shares rose 4% to $36.97 on Tuesday, from a 52-week range of $30.33 to $67.21.

Photo: Courtesy of Fortune Live Media on flickr

© 2022 Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Comments are closed.