Ultium-based EVs are gaining traction, GM's Q3 2023 financial report shows

GM's Ultium EV platform is finally starting to pick up speed. The latest report by the company reveals EV sales are still a small fraction of the company's total sales volume - this quarter, companies under the GM umbrella delivered 20,094 EVs compared to the 674,336 total sales.

And of those 20,094 units, the Bolt EV and Bolt EUV account for 15,835 of the sales. That's an great performance for a vehicle that's approaching its end-of-life stage. GM is going to update it using its Ultium platform in the near future, though.

Although not record-breaking, the rest of the sales are from Ultium EVs like the GMC Hummer EV, Cadillac Lyriq, Chevrolet Silverado EV. Chevrolet Blazer EV and the Zevo 600. Since the Silverado EV, the Blazer EV and the Zevo 600 van are fairly new models, only 19, 18 and 35 units were sold during Q3 2023, so the Hummer EV and Lyriq are the only Ultium-based vehicles actually contributing to the platform's results.

The Hummer EV recorded 1,167 sales while the Lyriq had 3,018, up from 411 and 36 year-over-year. This is an indication that GM might be turning things around with its Ultium platform. Apparently, Q3 is the best quarter for Ultium cars so far and it's important to keep in mind that both, the Hummer EV and Lyriq, are premium vehicles, so volumes are expectedly low.

And overall EV sales are up 28% from Q2 this year, which suggests we should be seeing much higher numbers going forward.

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