General Motors has been touting its Ultium EV Platform as the future of its passenger car and truck lineup. However, in the first two years of its existence, the platform had little impact on the marketplace. Finally, in the third quarter of 2023, we are starting to see Ultium products becoming available to real-world shoppers, although they still represent a small portion of GM’s overall combustion portfolio.
Currently, there are five Ultium EV Platform models being produced for the US market: the GMC Hummer EV, Cadillac Lyriq, Chevrolet Blazer & Silverado EV, and Bright Drop Zevo 600. The Bright Drop Zevo 600 is a commercial product that may not be seen on the road for some time. In the third quarter alone, these four models achieved a combined sales figure of 4,257 units. This is a significant increase compared to the 2,663 units sold in the first half of the year.
Let’s focus on the less popular models first
The Chevy Blazer EV and Silverado EV, for example, are only just beginning production. In the third quarter, GM delivered a total of 19 Blazers and 18 Silverados, which are the entirety of their production runs up to this point. The Bright Drop Zevo 600 delivery van also has minimal presence in the consumer marketplace, with only 35 units delivered. This leaves us with the two well-known models: the GMC Hummer EV and Cadillac Lyriq, both of which have high price tags and long reservation queues.
In the first half of the year, GMC sold a total of 49 Hummer EVs. However, in the three months of the third quarter alone, GM sold an impressive 1,167 units. This is a major improvement over the first half and exceeds the total Hummer sales for 2022 (854 units). The Cadillac Lyriq, although not as eye-catching, also saw improvement. After selling just 122 units in 2022 and 2,013 units in the first half of 2023, Cadillac managed to sell 3,018 units in the third quarter alone.
Supply Chain Issues
GM is placing a large bet on the Ultium EV Platform for its short-term electric vehicle future. Therefore, it is crucial for these upward trends to continue if the company wants this wager to be profitable. The upcoming Blazer EV is expected to be the next high volume model based on this platform. Components availability remains a question for the new Buick Electra, Silverado EV, Sierra EV, and the Bolt.