General Motors Gains Ground In Battle With Tesla

The Detroit-based Tesla Rival is not letting the risk of a recession spoil its plans to produce record numbers of electric vehicles.

Rising interest rates, high inflation and a risk of a recession this year have not discouraged consumers from buying electric vehicles as EV manufacturers are reporting record deliveries in the first quarter.

Billionaire Elon Musk's Tesla  (TSLA) - Get Free Report remains the top selling EV company in the U.S., as it delivered a record 422,875 new cars over the three months ended in March, up 36.4% from a year earlier and 4.3% higher than the 405,278 amount reached over the three months ended in December, the company said in a statement.

DON'T MISS: Tesla's Record Deliveries Prove Not Enough for Investors

Analysts' forecasts for deliveries ranged from 420,000 to around 440,000. Refinitiv put the March quarter target at 430,000. Production rose 44.5% to 440,808 vehicles as supply chain disruptions and covid-related closures at its Shanghai factory faded.

Tesla Rivals Report Deliveries

Tesla rival Rivian Automotive  (RIVN) - Get Free Report on April 3 said it believes it is on track to produce 50,000 EVs in 2023 as it reported it produced 9,395 EVs at its Normal, Ill., manufacturing facility in the first quarter of the year ending March 31. It also delivered 7,946 in the quarter, according to a statement.

Chinese EV maker Nio  (NIO) - Get Free Report had a successful first quarter of 2023 as it delivered 31,041 EVs in the quarter ending March 31, with 10,378 delivered in March alone.

Another Tesla Rival Hyundai  (HYMTF)  had a disappointing first quarter of 2023 for its EVs as it delivered 5,736 of its Hyundai Ioniq 5 EVs, which was 8% down year-over-year, InsideEVs reported. The company also sold its first 222 units of its new Hyundai Ioniq 6 EV.

General Motors Sets a Record

General Motors  (GM) - Get Free Report set a record for quarterly EV sales as its first quarter ended in March with the company selling over 20,000 EVs in a quarter for the first time.

“GM is off to a great start in 2023," Steve Carlisle, GM's executive vice president and president of North America, said in an April 3 statement. "We gained significant market share in the first quarter, pricing was strong, inventories are in very good shape, and we sold more than 20,000 EVs in a quarter for the first time. We’re leading in the fleet and commercial market, and all our brands have a lot of momentum heading into a busy season of new product launches."

GM considers 2023 a breakout year, as it is on track to produce 50,000 EVs by the end of June and double that amount in the second half for an estimated 150,000 built for the year. The company said it expects to produce 70,000 Chevrolet Bolt EVs and Bolt EUV vehicles in 2023 to meet global demand. 

GM's Chevrolet Silverado EV Work Truck deliveries are set to begin in late spring, Cadillac Lyriq sales will accelerate rapidly throughout the year, and the GMC Hummer EV Pickup and Hummer EV SUV are shipping as well, the statement said. The company has orders from over 340 EV fleet customers, with one-third of them coming from the West Coast.