October 11, 2024 – At its 2024 Investor Day on Tuesday local time, General Motors proudly declared, “We are now the second-largest electric vehicle manufacturer in the United States.”
Having surpassed Ford in the third quarter of this year, GM has solidified its position as the second-biggest EV brand in the country. Amid falling EV prices, GM took a swipe at Ford on Tuesday, stating that they “don’t need a secret research team to produce affordable electric cars.”
According to data, GM sold a record-breaking 32,095 electric vehicles in the third quarter, outpacing Ford’s 23,509 sales in the first nine months of 2024. By September, GM had sold 70,450 EVs in the US, compared to Ford’s 67,689.
Meanwhile, Ford’s EV sales for the quarter increased by 12% compared to the same period in 2023, but were lower than the nearly 24,000 sold in the previous quarter.
GM informed investors that new models are helping to boost EV profitability. With “the most diversified EV portfolio in the industry,” GM is capturing market share from its competitors.
The company plans to continue introducing new EV models, such as the Cadillac VISTIQ and OPTIQ (known as “Aoge” in China). Additionally, the iconic Chevrolet Bolt EV is set to make a comeback by the end of 2025.
Ford has assembled a “secret research team” in California, consisting of former Tesla, Rivian, and Apple executives, to develop a low-cost EV platform. However, GM believes it has already taken the lead.
Furthermore, GM intends to discontinue using “Ultium” as its battery name and introduce new battery technology to further drive down costs.
In July of this year, Cadillac’s mid-to-large luxury pure electric SUV, the VISTIQ, made its debut in China. Positioned as a three-row pure electric luxury SUV, it is positioned above the current Regal and its tentative Chinese name is “Ruijing” or “Ruiyi.”
