General Motors Co. (NYSE:GM) expects EV sales to decline after President Donald Trump's September 30 deadline for $7,500 Federal EV Credit, anticipating an end to heavy discounts on all-electric vehicles in the U.S.
‘Irrational Discounts' Ending As GM Reaches Record EV Sales
The company reached record monthly sales of 21,000 EVs from all of GM's brands in the U.S. during August, positioning it as the #2 EV maker in the country, but warned of sales declines in the following months, GM said in a statement released on Tuesday.
"There's no doubt we'll see lower EV sales next quarter after tax credits end September 30, and it may take several months for the market to normalize," the company said, adding that the pre-IRA EV sales were dominated by affordable EVs and Luxury segments. "We have those bases covered," GM said, citing EVs like the Cadillac Lyriq and Chevrolet Equinox EV.
"We are seeing marginal competitors dramatically scale back their products and plans, which should end much of the overproduction and irrational discounts we've seen in the marketplace," GM said, signaling an end to discounts and incentives on EVs.
Mary Barra Offloads GM Shares
Interestingly, GM CEO Mary Barra offloaded over 40% of her stake in the company, dumping over 372,024 shares at $58.24, totaling approximately $21.67 million, according to an SEC filing on August 28.
Source: SEC
GM's Artemis Rover, Chevrolet Bolt EV
The news comes as GM recently announced it was working on an EV battery to power a Lunar Rover set to be used for NASA's Artemis Program, which aims to put humans on the lunar surface again, decades after the Apollo missions in the 60s and 70s.
GM is also targeting the affordable EV segment with the upcoming Chevrolet Bolt EV, which will be priced at $30,000 and will be powered by LFP batteries from China's battery giant CATL until 2027.
GM's Autonomous Push
Elsewhere, GM is also planning to revive its defunct autonomous driving program, Cruise, as the company pushes towards self-driving cars. The company's approach will be focused on providing self-driving vehicles for personal ownership rather than Robotaxis.
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