GM’s joint venture in China, SAIC-GM, delivered over 100,000 EVs in 2023, more than doubling from the previous year.
GM’s China joint venture EV sales double in 2023
With 18,911 EVs handed over in December, GM’s China joint venture saw a 312% surge in deliveries over last year.
SAIC-GM sells EVs under GM’s Buick, Chevy, and Cadillac brands in China. The automaker currently builds and sells five electric models in the region.
The first Ultium-based Buick Electra E5 electric SUV was revealed in November 2022, followed by the Electra E4 two months later. Meanwhile, the brand launched its new Velite 6 last summer, starting at only $15,500 (112,800 yuan).
Cadillac introduced its first EV in China, the Lyriq, in December 2021. Between the Buick Velite, Electra E5, and Cadillac Lyriq, SAIC-GM sold over 86,000 EVs alone.
Sales of the Buick Velite reached 45,538, the Electra E5 had 35,129, and 5,400 Lyriqs were handed over last year.
The automaker plans to launch eight electrified vehicles (including PHEVs) over the next two years as it looks to build momentum. SAIC-GM has two dedicated EV plants in Shanghai and Wuhan, where it builds Ultium models. Its third factory, in Yantai, is set to come online in the first half of 2025.
Meanwhile, SAIC-Volkswagen has now sold over 10,000 ID electric models for six consecutive months, led by the VW ID.3 electric hatch. SAIC Group was China’s second-largest NEV maker (including PHEVs) behind BYD. That said, BYD overtook Tesla in EV volume in Q4.
SAIC introduced a three-year new energy action plan last year. It says joint venture brands have focused on “new tracks, moving forward and making strong efforts.” This year, the plan will accelerate as SAIC’s NEV business enters a “stage of rapid development.”
SAIC-GM was also the first automaker in China to gain access to Tesla’s EV charging network. Cadillac and Buick EV owners will have first access to the chargers.
Although GM is picking up the pace in China, it’s scaling back EV plans in its home market. In the US, GM sold 75,883 EVs last year, up 93% over 2022. That includes its commercial Brightdrop electric delivery vans.
Although the Bolt EV and EUV models accounted for over 62,000, or nearly 82% of GM’s 2023 EV sales, the automaker ended production in December. The move comes as GM ramps up its Ultium-based electric models.
GM has already pushed back production of the Equinox EV, Silverado RST EV, and GMC Sierra Denali EV.
With the Bolt being phased out, GM risks falling further behind in the US as the market shifts to electric. The automaker was topped by rival Ford in EV sales last year, but both were far from Tesla’s over 1.8 million EVs delivered.
Source: Automotive News, SAIC-GM
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