Chevy Equinox EV sales plunge 92% as Cadillac’s SUVs suddenly take the lead

GM's electric vehicle sales dropped sharply in the third quarter, with the Chevy Equinox EV, once GM's best-selling electric model, falling 92% to just 1,905 units sold compared to more than 25,000 a year earlier. Other GM electric models saw similar declines: the Chevy Blazer EV dropped 84%, the Silverado EV fell 58%, and GMC's Hummer EV and Sierra EV dropped 73% and 51%. Cadillac's electric SUVs held up somewhat better, now making up nearly half of GM's EV sales, though they too declined compared to last year.

GM pointed to a smaller overall EV market and discontinued models as reasons for the slide. The end of the $7,500 federal tax credit for electric vehicles appears to be a factor, and GM has also cut back production plans for its new, lower-cost Chevy Bolt. Reports indicate GM now plans to build about 75% fewer Bolts than originally intended, with production set to end in early 2027.

For homeowners weighing an electric vehicle purchase alongside other home energy upgrades, this signals a shifting and shrinking lineup of affordable GM electric models, with production of the budget-friendly Bolt winding down sooner than planned. Other automakers, including Toyota and Kia, are introducing lower-priced electric vehicles, which may offer more options as GM's offerings become more limited and skew toward pricier Cadillac models.