Chevrolet Equinox EV Surges in US, Driving GM's EV Market Share to 15%
Janine Warren, an Oklahoma resident, has joined the growing number of Americans switching to electric vehicles (EVs). She accelerated her EV purchase to benefit from federal incentives, marking her farewell to combustion engine vehicles. This trend is reflected in the stock market today, where General Motors' Chevrolet Equinox EV has emerged as the second best-selling electric vehicle in the US.
GM's Equinox EV, priced at $33,600 before incentives, has found significant demand, trailing only Tesla's Model Y and Model 3. This success has contributed to GM's growing market share in the US EV sector, now at 15%, up from a mere 5% four years ago. Janine Warren, an accounting coordinator in Norman, Oklahoma, chose GM's Cadillac Optiq EV to reduce her carbon footprint and replace her gas-burning Cadillac SUV.
Despite a slight decrease in sales in the second quarter of the year, with 310,800 EVs sold, the market remains robust. Cadillac's electric vehicle sales account for 20% of its total sales. Meanwhile, Tesla, the dominant EV producer, holds a 38% market share, although this is the lowest since 2017. Industry experts anticipate a surge in EV sales until September 30, 2023, when federal purchase incentives expire. However, recent changes in incentives and clean-air mandates have revised the expected EV adoption rate in the US to 27% by 2030, down from the previously estimated 48%. Paul Jacobson, GM's Chief Financial Officer, attributes the Equinox EV's success to its affordability and the familiarity of the Chevy brand.
Janine Warren's decision to switch to an EV, driven by federal incentives, is part of a broader trend in the US. The Chevrolet Equinox EV's success, coupled with GM's growing market share, signals a shift towards more affordable and accessible electric vehicles. Despite the recent decline in sales, the EV market is expected to surge before the expiration of federal incentives, with a projected adoption rate of 27% by 2030.
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