General Motors Reports 5.5% Drop in Q3 U.S. Sales Amid Declining EV Demand
General Motors reported a year-over-year decline of 5.5% in third-quarter new vehicle sales, with total units sold reaching 670,974. The automaker's all-electric vehicle (EV) sales dropped across the board as consumer enthusiasm for electric vehicles wanes following changes to federal incentives under the Trump administration. Market analysts note that hybrid vehicle demand is rising due to high gas prices, yet GM offers only one hybrid model—the Corvette—putting it at a disadvantage compared to competitors like Toyota. High fuel costs are also expected to hurt sales of large trucks and SUVs, which constitute significant portions of GM's business.
Topics: electric vehicles GM hybrid cars market trends sales decline