General Motors Q3 sales drop 5.5%, while Toyota buoyed by EVs, hybrids
GM's sales of all-electric vehicles are down across the board, as enthusiasm for electric vehicles wanes.
TL;DR
- General Motors reported a 5.5% decrease in third-quarter sales, selling 670,974 vehicles.
- Sales of GM's electric vehicles (EVs) declined significantly across all models, including Equinox EV (-92.4%), Blazer EV (-84.4%), and Hummer EV (-72.9%).
- This decline in EV sales contrasts with last year's performance, which was boosted by federal incentives.
- Hybrid vehicle sales are expected to grow as consumers face high gas prices.
- Toyota Motor reported a 0.6% increase in sales, with a 28.5% rise in electrified (EV and hybrid) vehicle sales, narrowing the gap with GM.
- Honda Motor reported a 9.3% increase in U.S. third-quarter sales, with record hybrid sales of over 106,000 units.
- GM's lower-cost vehicles, such as the Chevrolet Trailblazer, showed sales increases.
- Despite falling overall sales, GM remains optimistic about its business performance, focusing on new truck launches and investments in manufacturing and technology.
- Other automakers like Stellantis, Nissan, Hyundai, and Kia also reported sales increases for the third quarter.