General Motors (GM) Q1 2024 EV Market Performance and Outlook

General Motors (GM) reported its highest revenue for the first quarter since 2020, despite facing a setback with year-over-year EV sales dropping over 20% Sales of the Chevy Bolt EV particularly witnessed a steep 64% decline, contributing to the company's loss in its share of the US EV market from the preceding quarter Despite lowered production targets, GM plans to manufacture between 200,000 to 300,000 vehicles based on its Ultium EV platform in the year 2024, which is notably less than originally planned. On a brighter note, the new Chevy Equinox EV, acclaimed as the most cost-effective EV boasting a range of over 300 miles, has been launched and is available for orders Additionally, the Blazer EV's 2LT trim is now on the market and qualifies for a $7,500 tax credit, further supporting GM's commitment to making EVs more accessible EV enthusiasts are also eagerly anticipating the Silverado EV RST and GMC Sierra EV Denali that are expected to provide ranges up to 440 miles and powerful towing capabilities, marking GM's move towards expanding its EV lineup..