GM sold more EVs and hybrids than gas cars for the first time in China

In a significant milestone, GM officially sold more EVs and plug-in hybrid (PHEV) models in China than gas-powered cars for the first time. GM’s electrified models (EVs and PHEVs) accounted for 53% of sales in the third quarter as the company fights for a position in China’s intensifying auto market.

“We are building momentum for both sales volume and market share in China,” Steve Hill, president of GM China, said on Thursday.

GM and its joint ventures delivered over 426,000 vehicles in China in the third quarter, up 14% from Q2 2024.

The growth was driven mainly by GM’s new energy vehicles (NEVs), which include EVs and plug-in hybrids. With over 224,000 units delivered in the third quarter, GM’s EV and hybrid models account for 53% of total sales, surpassing gas-powered cars for the first time.

GM’s NEV sales were up 60.7% from last year and 14.3% from Q2 2024, its highest sequential growth rate since Q3 2022.

Despite this, overall sales slid 21% from last year as gas-powered cars continue falling out of favor in China.

GM is selling more EVs in China, but overall sales slide

SAIC-GM-Wuling accounted for 77% of the company’s total Q3 sales in China. The joint venture’s compact EVs, including the Wuling Hong Guang MINIEV and Wuling Bin Guo EV, accounted for over 130,000 of its Q3 sales alone.

Meanwhile, Chevrolet (8,000), Cadillac (21,000), and Buick (67,000) combined accounted for under 100,000 in sales.

GM is among most automakers struggling to keep up in China, the world’s largest EV market. On Thursday, BMW slashed its full-year 2024 guidance after sales fell by 30%. Many others, including Mercedes-Benz, Volkswagen, Honda, Toyota, and more, are struggling to keep pace.

Chinese EV makers like BYD are dominating the market with ultra-affordable EVs, like its Seagull, which starts at under $10,000 (69,800 yuan). BYD’s Seagull was the top-selling EV in China in August, with nearly 41,000 models sold. Last month, BYD sold another 43,425 Seagull models.

In comparison, BYD sold over 400,000 NEVs last month alone. September was BYD’s fourth consecutive record-breaking sales month.

Source: Bloomberg, GM China