GM Overtakes Ford EV Sales In Q4 With Equinox EV, Sells 670 Units Of Escalade IQ Priced At $130,000

General Motors GM said on Friday that it sold nearly 44,000 electric vehicles in the fourth quarter of 2024 with the help of new vehicle models, effectively overtaking rival Ford Motor Co. F which has been hesitant to add new EV models.

What Happened: GM sold 43,982 EVs in the three months through the end of December, marking a growth of 125% year-on-year, with the Chevrolet Equinox EV accounting for a majority of the deliveries.

GM started deliveries of the Equinox EV in May 2024. In the second quarter, the company delivered only 1,013 units of the vehicle. However, in the third quarter, delivery numbers rose to 9,772 units and further to 18,089 in Q4. The Equinox EV accounted for 41% of the company’s overall EV sales in the last quarter.

The SUV's entry-level variant starts at about $35,000, lower than Tesla's Model Y SUV or Ford's Mustang Mach-E.

Other best-selling EVs in the quarter include the Cadillac Lyriq and the Blazer EV. The company also sold 670 units of its luxury 7-seater electric SUV called Escalade IQ EV with a starting price of around $130,000.

Bolt EV sales in the quarter, however, dropped by 99.6% in the quarter after the company discontinued its production in late 2023.

Why It Matters: GM currently has the longest EV lineup among major U.S. EV players including EV giant Tesla.

Tesla's current lineup has just five vehicles – Model 3, Model Y, Model S, Model X, and the Cybertruck.

Dearborn-based Ford, meanwhile, has only three EV offerings in the U.S. – the Mustang Mach-E SUV, the F-150 Lightning pickup truck, and the E-transit van. The company sold just 30,176 EVs in the U.S. in the fourth quarter.

Despite the longer EV lineup, electric vehicles accounted for only about 6% of GM’s total vehicle sales in the last three months of 2024.

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Photo courtesy: Chevrolet