General Motors U.S. Sales Drop 5.5% Amid EV Slump

General Motors reported a 5.5% year-over-year decline in U.S. sales for the third quarter, selling 670,974 new vehicles. The downturn was driven primarily by a sharp drop in electric vehicle demand, with sales of the Equinox EV falling 92.4%, the Blazer EV dropping 84.4%, and the Hummer EV decreasing 72.9%.

This decline follows a spike in EV sales last year before the Trump administration ended federal consumer incentives of up to $7,500. While Cadillac experienced a 25% year-to-date decline, the company found growth in lower-cost models, such as the Silverado Trailblazer, which saw a 51% increase.

High fuel prices, which averaged $4.41 nationally according to AAA, have pressured sales of large trucks and SUVs. These costs have increased consumer interest in hybrids, a sector where the company currently only offers the Corvette.