GM delivered 20,670 electric vehicles in the first quarter, up from 16,266 delivered in the fourth quarter.
Courtesy of GM
General Motors
made progress delivering electric vehicles in the first quarter. That should please investors. The second half of the year, though, is a much bigger deal for the auto maker.
GM (ticker: GM) delivered a total of 603,208 vehicles in the first quarter of 2023, down a little from the 623,261 units delivered in the fourth quarter, but up almost 18% from 512,846 vehicles delivered in the first quarter of 2022.
GM delivered 20,670 electric vehicles in the first quarter, up from 16,266 delivered in the fourth quarter and up 4,400% from the 457 delivered in the first quarter of 2022. (GM paused Chevy Bolt production while it worked out a battery issue in late 2021, early 2022).
EVs accounted for 3.4% of U.S. sales, a record for General Motors. EV penetration was 2.6% of U.S. sales in the fourth quarter of 2022 and 2.7% in the third quarter of 2022.
“GM is off to a great start in 2023. We gained significant market share in the first quarter, pricing was strong, inventories are in very good shape, and we sold more than 20,000 EVs in a quarter, for the first time,” said Steve Carlisle, executive vice president of North America, in a news release.
He sounded optimistic, and GM has bigger plans for EVs in coming quarters. It wants to build 50,000 EVs in North America in the first half of 2023 and “double that in the second half.”
That implies roughly 150,000 EVs sold in North America in 2023. The numbers aren’t directly comparable, but GM sold 39,179 EVs in the U.S. in 2022.
GM is stepping on the accelerator. If the company hits its goals investors likely will come away impressed.
Shares of closed down 1.1%. The
S&P 500
rose 0.4%. The
Dow Jones Industrial Average
rose 1%.
Most EV-related stocks traded lower.
Tesla
(TSLA) shares fell off 6.1% on Monday, leaving them close where they closed at on Thursday of last week.
Tesla
stock rose more than 6% on Friday.
Tesla reported deliveries of almost 423,000 vehicles, a record for a quarter.
Rivian Automotive
(RIVN) produced 9,395 units, in line with Wall Street expectations, and maintained its guidance for 50,000 units of production in 2023. Still, Rivian shares fell 1.6%.
Corrections & amplifications: GM plans to sell roughly 150,000 EVs in 2023. An earlier version of this article said they plan to sell that amount in 2022.
Write to Al Root at [email protected]
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