General Motors Co. (NYSE:GM) has said that Chevrolet is the second-largest electric vehicle brand in the U.S., with Cadillac coming in at the fifth spot despite leading luxury EV sales.
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What Happened: "Chevrolet is now the number two EV brand thanks to the success of the Blazer EV and the Equinox EV," GM CEO Mary Barra said at the earnings call on Tuesday.
The CEO also shared that Cadillac had attained the number one spot in luxury EV brands with a conquest rate of 75% for the Lyric and 80% for the Optic EVs. GM also recorded over $4 billion in revenue through software products like OnStar and Super Cruise.
GM also says that the $4 billion investment into U.S. plants will add over 300,000 units of "U.S. capacity for high-margin light-duty pickups, full-size SUVs, and crossovers to help us greatly reduce our tariff exposure, satisfy unmet customer demand, and capture upside opportunities as we launch new models."
Regarding the tariff impacts, GM states that the company expects to offset over 30%-40% of the $4-$5 billion total additional costs resulting from President Donald Trump's 25% auto tariffs.
When asked about GM's profitability versus Tesla Inc. (NASDAQ:TSLA), Barra said that she doesn't usually "comment on competitors," but added that GM EVs specifically are doing well because of the customer's perspective on the brand.
She maintained that GM EVs are "beautifully designed vehicles that have the range and the performance that customers are looking for, whether you’re talking about a truck or all the technology and safety."
Why It Matters: GM released its second quarter earnings report on Tuesday, which showcased that the company beat Wall Street expectations with $47.12 billion in revenue, but still down 2% YoY.
The automaker also recently outsold the Tesla Cybertruck in the U.S., with the GMC Hummer EV selling over 4,508 units in the U.S. The company's Silverado EV also sold over 3,056 units.
However, with Trump's Big Beautiful Bill officially axing incentives on EVs, the company expects prices of the Blazer EV, as well as Cadillac models like the Lyriq, among other GM EVs, to go up.
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