Automotive giant General Motors Company (NYSE:GM) hit an impressive milestone for its electric vehicles in the month of July, a record that only Tesla Inc (NASDAQ:TSLA) has accomplished previously.
What Happened: Strength for General Motors' electric vehicles segment continued in the month of July, thanks to the company's Chevrolet Equinox EV.
GM said it sold over 19,000 electric vehicles in July in the U.S., up more than 115% year-over-year. Leading the way in the month was the Chevrolet Equinox EV with sales of more than 8,500 units.
General Motors said that this marked the best sales month ever in the U.S. for the Equinox EV, and it also represents the best month ever for a non-Tesla EV in the United States market.
According to GM, sales momentum for EVs is increasing with the upcoming expiration of the federal tax credit, along with the affordability and range of vehicles like the Equinox EV.
The surge in electric vehicle sales for GM in July comes on the heels of strong momentum in the second quarter, and as GM stated, it has surpassed Ford Motor Company (NYSE:F) to become the number two electric vehicle seller in the U.S.
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Why It's Important: The sales momentum comes with GM launching a lower-priced model of the Equinox EV starting under $35,000 in late 2024, according to an Electrek report.
The strength of the Equinox EV in July puts the vehicle on pace to be a top-selling EV for the U.S. in 2025, likely trailing only the Tesla Model Y and other Tesla models.
For comparison, other top non-Tesla SUVs, such as the Honda Prologue, Hyundai IONIQ5, and Mustang Mach-E, trailed the Equinox EV in July, with 6,318 units, 5,818 units, and 5,308 units, respectively, according to the report.
The Equinox EV ranks ahead of these three popular non-Tesla EV SUV models on a year-to-date basis, following its strong July performance.
General Motors recently said its U.S. sales were up 7% year-over-year in the second quarter, with EV sales up more than double, thanks to the strength of the Chevrolet and Buick brands.
In 2024, the Equinox EV was the eighth best-selling EV in the U.S. with 28,874 units. Through July, GM has sold an estimated 36,000 Equinox EVs in the U.S., already surpassing the 2024 total with five months to go
GM Price Action: General Motors stock is down 0.4% to $52.56 on Tuesday versus a 52-week trading range of $39.78 to $61.24. General Motors stock is up 2.3% year-to-date in 2025.
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