"Almost every company that sells electric vehicles (EVs) saw a unit sales surge in the third quarter of the year because people wanted to buy before the end of the federal government's $7,500 tax credit. However, the increases in some brands were much larger than in others, and their EV sales through the first three quarters rose sharply. Chevrolet topped that list."
"Chevy's EV sales through the first three quarters rose 113% to 87,137. Only Tesla Inc. ( NASDAQ: TSLA) had more unit sales for the period at 451,160. That was down by 4.3% year over year. General Motors Co. ( NYSE: GM), Chevy's parent, just took a $1.6 billion write-down for its faltering EV sales. That is a partial retreat, but CEO Mary Barra says she still believes strongly in the sector."
"Chevy is GM's flagship brand, based on total unit sales. Another of its brands also has an EV business that is doing extremely well. EV sales of its Cadillac division rose 88% to 38,150 in the first three quarters. That is a larger count than that of BMW, Lexus, or Mercedes, which are its primary competition in the gasoline-powered car business."
Almost every company selling electric vehicles experienced a third-quarter unit sales surge as buyers rushed to claim the federal $7,500 tax credit before it expired. Chevrolet's EV sales through the first three quarters rose 113% to 87,137 units, placing Chevy among the top gainers. Tesla recorded 451,160 units for the period, down 4.3% year over year. General Motors took a $1.6 billion write-down tied to EVs even as CEO Mary Barra affirmed commitment to the sector. Cadillac's EV sales rose 88% to 38,150, outperforming BMW, Lexus, and Mercedes in EV unit counts. GM's U.S. EV market share is about 10%, well behind Tesla's near 45%.
Read at 24/7 Wall St.
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