General Motors (NYSE:GM) sold more than 21K electric vehicles in August — a new record — driven by strong demand for its Chevy Equinox, Cadillac LYRIQ, and GMC Sierra.
This follows a monthly record in July of more than 19K EVs sold, an increase of 115% from July 2024.
The surge in demand is likely attributed to customers capitalizing on the federal EV tax credit before expiring at the end of September.
“August was our best month ever for EV sales – and we expect that buying surge to pay long-term dividends, given our industry-leading manufacturer loyalty, and EV customers’ overwhelming commitment to the technology,” the company said in a statement on its website.
The company also attributes demand to the expansion of its EV-charging network through GM Energy, EVgo (EVGO), and IONNA, with a goal to increase this network to more than 65,000 fast-charging bays across the U.S by the end of 2025, to 80,000 by the end of 2026, and to 100,000 by the end of 2027.
GM reports third quarter sales on October 1.