General Motors sales fell 5.5% year on year in the third quarter, with the Detroit-based carmaker selling 670,974 new vehicles as demand for its electric models weakened sharply.
The figures mark a steep reversal from the same period last year, when GM recorded record electric vehicle sales ahead of the end of federal incentives worth up to $7,500 for consumers buying an EV.
Electric vehicle sales fall sharply
Sales of the Chevrolet Equinox EV dropped 92.4% to 1,905 vehicles, while the Blazer EV fell 84.4%. Hummer EV sales were down 72.9%.
The decline comes as hybrids are expected to take a larger share of the market, with high petrol prices putting pressure on consumers. GM offers only one hybrid model, the Corvette, despite having a broad electric vehicle range.
Toyota, a leader in hybrid vehicles, reported a 0.6% increase in quarterly sales to 633,223 vehicles. Sales of its electrified models, including hybrids, rose 28.5% to 363,367.
High fuel prices, with the national average at $4.41, were also expected to weigh on demand for large trucks and sports utility vehicles, an important part of GM’s business. Sales of its full-size pick-up trucks were relatively flat.
All of GM’s brands were down year to date, led by a 25% decline at Cadillac. Lower-cost models provided some relief, with Chevrolet Trailblazer sales rising 51% in the quarter, Buick Envista sales increasing 18.4% and Chevrolet Trax sales climbing 16.3%.
The results came after Cox Automotive raised its 2026 forecast for new vehicle sales by roughly 2% to 16.1 million units, saying the market had been stronger than expected.
GM North America president Duncan Aldred remained positive about the company’s prospects.
“Our business is performing very well, the launch of our next-generation full-size pickup trucks is on track, and we are making investments in new vehicles, innovative technologies, and our U.S. manufacturing footprint to drive our next phase of growth,” he said.
GM announced further details about new V-8 engines for its pick-up trucks last month as it seeks to maintain its position in the truck market.
