General Motors posted third-quarter sales of 670,974 vehicles, reflecting a 5.5% decline from the prior year period. The Detroit automaker’s electric vehicle segment experienced significant headwinds, with the Equinox EV dropping 92.4%, the Blazer EV falling 84.4%, and Hummer EV sales declining 72.9%. The weakness in EV demand followed a surge the prior year when consumers purchased electric vehicles ahead of the expiration of federal tax incentives worth up to $7,500.
Toyota Motor demonstrated stronger performance, with third-quarter sales rising 0.6% to 633,223 units. The Japanese automaker’s electrified vehicles—encompassing both hybrids and electric models—comprised over 57% of its sales mix and climbed 28.5% to 363,367 units. This performance enabled Toyota to continue narrowing the sales gap with GM to less than 136,000 units on a quarterly basis, compared to roughly 335,000 units for the full prior year.
Hybrid vehicles emerged as a key differentiator among automakers. Honda Motor reported a 9.3% increase in third-quarter U.S. sales and achieved a record 106,000 hybrid units sold during the quarter. Industry analysts attributed hybrid strength partly to elevated fuel prices, with the AAA national average reaching $4.41. GM’s limited hybrid offerings—limited to a single Corvette model—positioned the automaker at a disadvantage relative to competitors with broader electrified lineups.
GM did find some bright spots in its portfolio. Lower-priced vehicles gained traction as consumers navigated inflationary pressures, with the Chevrolet Trailblazer climbing 51%, the Buick Envista rising 18.4%, and the Chevrolet Trax increasing 16.3%. However, each of GM’s brands declined year to date, led by a 25% drop in Cadillac. Duncan Aldred, president of GM North America, expressed confidence in the company’s outlook, noting that traditional internal combustion engine sales remained roughly level and that next-generation pickup truck launches remained on schedule.
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