General Motors Beats Ford in EV Popularity, Is Tesla Next?
General Motors (GM) EVs Article Highlights:
- General Motors (GM) outsold Ford in the first quarter (Q1) of 2023, snagging the No. 2 spot just behind Tesla.
- GM sold 20,670 EVs in Q1, like its popular Chevrolet Bolt EV and EUV models.
- Ford and GM seem optimistic about overtaking Tesla in the coming years, although Tesla outsold the top legacy automaker by nearly 141,000 EVs.
General Motors recently overtook Ford in electric vehicle (EV) production. However, GM’s sales figures suggest a long road ahead to dethrone Tesla and CEO Elon Musk in the EV space. Still, Tesla was one of the original dominant EV manufacturers, and its fans’ loyalty is comparable to super fans like that of the Chevrolet Corvette.
How many EVs did General Motors sell in Q1 2023?
General Motors sold 20,670 EVs in Q1 2023, per CNBC. As a result, GM is the No. 2 best-selling marque in the EV segment. However, the legacy automaker is well behind Tesla, which holds the No. 1 spot.
GM’s increasing popularity is primarily due to its budget-friendly Chevrolet Bolt EV and EUV models, both of which start under $30,000. Tesla’s most affordable option is the Model 3 RWD, which starts at around $42,990. However, Elon Musk says that a more affordable vehicle, likely a Model 2, is part of the marque’s plans for the future.
Which company has the highest EV sales?
Tesla is the undisputed leader of the segment heading into Q2 2023. The EV automaker sold 161,630 vehicles in Q1, nearly 15 times the volume of Ford. General Motors, Hyundai, Kia, and Volkswagen also operate in the EV market, but at much lower numbers than Elon Musk’s fully-electric marque.
However, Tesla’s market dominance is in question now that legacy automakers and other boutique EV manufacturers are challenging Elon Musk’s marque in the segment. For instance, Axios reports that the Model 3 and Model Y lost popularity year over year. Instead, vehicles like the Chevrolet Bolt and Volkswagen ID.4 are increasingly popular among EV shoppers.
Can GM compete with Tesla?
General Motors says it is on track to produce 50,000 EVs by June 2023. Moreover, the legacy manufacturer says the figure will double by year’s end, which means around 100,000 EVs by the beginning of 2024.
The American automotive giant has the potential to go toe-to-toe with Tesla in the future, but no time soon. Tesla’s plans to expand are ongoing, including a new plant in Mexico. Moreover, Elon Musk says the electric marque still plans to manufacture 20 million EVs by 2030.
Can any legacy manufacturer challenge the king of EV hill? Tell us in the comments below!