$60,000 Cadillac Lyriq Drives GM's Q2 EV Sales After Bolt Is Discontinued
Detroit-based automaker General Motors Co. (NYSE:GM) said on Tuesday that the company has sold nearly 22,000 EVs in the U.S. in the second quarter, thanks to the rising popularity of its Cadillac Lyriq SUV.
What Happened: GM sold 21,930 EVs in the second quarter, marking a jump of over 40% from the corresponding quarter of last year.
The sales were mostly buoyed by the Cadillac Lyriq SUV starting at nearly $60,000, of which the company sold nearly 7,300 units, making up for the year-on-year drop in sales of the Chevrolet Bolt which the company discontinued in late 2023. GM sold only 1,374 units of the Bolt in the second quarter, down from the 13,959 sold in the second quarter of 2023.
The newly introduced Equinox EV sold over 1000 units, marking a good start for the vehicle which went on sale in late May.
| VEHICLE NAME | Q2 SALES IN U.S. |
| Chevrolet Bolt | 1,374 |
| Cadillac Lyriq | 7,294 |
| GMC Hummer EV | 2,929 |
| Chevrolet Silverado EV | 2,196 |
| Chevrolet Blazer EV | 6,634 |
| Chevrolet Equinox EV | 1,013 |
| Brightdrop | 490 |
| TOTAL | 21,930 |
Despite the rise in sales, electric vehicles still contribute to merely 3.15% of the company's total vehicle sales in the country which touched 696,086 units in the quarter.
Comparing With The Bigshot: EV giant Tesla Inc. (NASDAQ:TSLA) on Tuesday also reported vehicle delivery numbers for the second quarter. The company delivered 443,956 vehicles in the second quarter globally, marking a 4.8% drop from last year but still beating the consensus estimate. Tesla does not segment its vehicle deliveries by geography.
Tesla’s mass-market offerings Model 3 and Modey Y account for a whopping majority of the total Q2 sales, with other, more premium offerings accounting for merely 5% of the overall sales. The company has three higher-end EV offerings- Model S, X, and Cybertruck. The higher-end version of the Cybertruck is priced at nearly $100,000.
Why It Matters: While Tesla is relying on its mass market, cheaper EV offerings to buoy its EV sales, GM is relying on its pricier Lyriq after discontinuing its cheap Bolt EV starting at $41,542.
The newly launched Equinox EV is among the cheaper of GM’s current EV offerings starting at $41,900. While off to a good start, it is still too early to gauge customers’ reaction to the vehicle.
GM’s other EV offerings cater to higher-end EV customers. The GMC Hummer EV and Silverado EV, for instance, start at nearly $100,000. Even the Chevrolet Blazer EV SUV starts at $48,800, higher than the Model Y which starts at $44,990.
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Photo courtesy: GM