GM reports 2.2% decrease in third-quarter sales, but EVs make gains

DETROIT — Growing sales of electric cars and small crossovers are helping General Motors Reported third-quarter sales slightly better than expected.

The Detroit automaker reported third-quarter sales fell 2.2% from a year earlier, to 659,601 vehicles. Auto industry forecasters such as Cox Automotive and Edmunds had expected GM sales to fall more than 3% during the period.

GM's third-quarter sales are expected to be in line with the overall industry. Cox Automotive and Edmunds expect third-quarter industry-wide sales to be down about 2% from a year ago.

GM's sales benefited from an annual increase of about 60% in electric vehicle sales in the quarter, reaching approximately 32,100 vehicles. Still, electric vehicles accounted for only 4.9% of the company's total third-quarter sales.

While General Motors has withdrawn most of its previously announced EV targets, the automaker believes its EV sales are finally starting to gain momentum thanks to an expanding lineup of all-electric vehicles — with prices ranging from about $35,000 to more than $300,000. Dollar.

“We're absolutely outgrowing the industry as far as electric vehicles are concerned,” Rory Harvey, GM's president of global markets, including North America, told CNBC last month. “Right now, we have all the industry leaders in the U.S. The most comprehensive lineup of electric vehicles from any manufacturer.”

General Motors reported that sales of small crossovers such as the Chevrolet Trax, Buick Envista and Envision also increased significantly compared with the same period last year.

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