GM U.S. Sales Fall 5.5% as EV Demand Craters, Equinox Tumbles 92%

General Motors sold 670,974 vehicles in the third quarter, a 5.5% decline from a year earlier, as electric vehicle demand collapsed across the automaker's lineup and tougher comparisons exposed the end of federal EV incentives.

The Detroit-based automaker disclosed the figures on Thursday. The shortfall concentrated in its battery-powered models, with the Equinox EV down 92.4% at 1,905 units. The Blazer EV fell 84.4% and the Hummer EV declined 72.9% over the same period.

How badly did EV sales fall?

The collapse cut deepest among the volume entries. GM reported record EV sales during the third quarter of 2024, when buyers raced to claim up to $7,500 in federal tax credits before the Trump administration ended the program.

That pull-forward demand set up punishing comparisons. GM offers only one hybrid — a Corvette — limiting its ability to capture consumers rotating back toward electrified-but-not-plugged-in powertrains as pump prices rise.

Is the broader auto market also softening?

No, according to industry forecasters. Cox Automotive raised its 2026 U.S. new-vehicle sales outlook by roughly 2% last week, to 16.1 million units, citing new-vehicle sales that have run stronger than expected through 2025.

The contrast shows a market still absorbing supply, even as GM's mix lags. AAA reported a national average gasoline price of $4.41 per gallon — a level analysts expect to pressure sales of large trucks and SUVs, categories on which GM leans disproportionately.

Where is GM still winning?

Lower-priced nameplates carried the quarter. The Chevrolet Silverado Trailblazer rose 51%, the Buick Envista climbed 18.4%, and the Chevrolet Trax advanced 16.3% — categories where budget-conscious buyers pinched by inflation are clustering.

GM said full-size pickup sales ran roughly flat. The Silverado and its peers remain the centerpiece of GM's profitability, and the company's bet on combustion looks set to deepen.

How is each brand performing?

Every GM nameplate sits in negative territory year-to-date. Cadillac led the declines with a 25% drop, a signal that demand at the top of the pricing ladder is thinning fastest.

The middle of the lineup held up better. Buick and Chevrolet entry-level crossovers — the Envista and Trax — posted double-digit gains as inflation-weary shoppers moved down-market.

What is GM doing about it?

The company is leaning further into internal-combustion trucks. GM last month released additional details on its new V-8 engines for pickup trucks, defending a segment it has long dominated. The launches coincide with the rollout of GM's next-generation full-size pickups.

President of GM North America Duncan Aldred struck an upbeat tone despite the headline decline.

"Our business is performing very well, the launch of our next-generation full-size pickup trucks is on track, and we are making investments in new vehicles, innovative technologies, and our U.S. manufacturing footprint to drive our next phase of growth," Aldred said in a statement.

What comes next?

GM's EV posture will remain the swing factor in quarterly results unless the automaker expands its hybrid offerings or fuel prices ease. The new truck launches and the V-8 refresh are the next datapoints investors will weigh. Cox's revised 16.1 million-unit outlook sets a market ceiling GM must now chase without the federal tailwind that pulled forward last year's demand.