General Motors Just Set An Electric Vehicle Sales Record But Sees A Slump Coming

General Motors sold more than 21,000 electric vehicles in August, which was its best month ever.

That made it the second best-selling electric brand behind Tesla and kept it ahead of its rival Ford, which was number three the last time the full numbers were released.

EV sales have been strong in recent weeks as shoppers rush to buy before the federal electric vehicle tax credit goes away after Sept. 30. The program was originally planned to continue through 2032, but was cut short as part of the “Big Beautiful Bill” pushed by President Trump.

Duncan Aldred, GM Senior Vice President and President, North America, said in a blog post that strong sales are expected through September, but that a drop off will surely follow.

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“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. We will almost certainly see a smaller EV market for a while, and we won’t overproduce. Still, we believe GM can continue to grow EV market share,” he said.

Chevrolet may be unveiling the new low cost Bolt right about then ahead of its sales starting in 2026. Pricing hasn’t been announced, but it should be significantly lower than the Equinox EV’s $34,995 starting price.

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GM this week paused production of the GMC Hummer EV and Cadillac Escalade IQ for a month to better align supplies with expected demand. In July, the automaker announced that it was canceling a planned second electric truck factory that was supposed to open in 2026 and will add internal combustion engine truck production there, instead.