GM's Q3 EV Deliveries Slid Sharply, But the Tax Credit Story Explains Why

General Motors moved 25,473 electric vehicles in the third quarter, a drop of more than a third from the same period a year earlier. Taken at face value the number looks alarming, but the comparison is distorted by what happened in 2025, when a federal EV incentive worth up to $7,500 was still in place.

Buyers rushed to lock in orders before that federal discount expired at the end of September 2025, pulling demand forward into that quarter and handing GM its strongest EV result on record. Set against that inflated benchmark, most of this year’s shortfall reflects a return to ordinary spending patterns rather than a collapse in appetite for the company’s electric lineup. EV and hybrid deliveries are softer across the U.S. market, not just within GM’s own showrooms, with higher sticker prices and a thinner regulatory push both playing a role.

Inside GM, the pain landed hardest on the more affordable end. The Equinox EV posted the steepest decline at 92.4%, the Blazer EV shed 84.4%, the Hummer EV tumbled 72.9% and the Escalade IQ and IQL slipped 29.2%. Both electric pickups also lost ground, the Silverado EV falling 58% and the Sierra EV 50.8%.

Cadillac carried much of the load. The Optiq led GM’s EV chart with 4,550 deliveries, the returning Chevy Bolt followed at 3,866, and the Lyriq was close behind at 3,617, with the Vistiq adding 2,587. The Bolt’s appearance in the rankings is only a quirk of timing, since it sat out the third quarter of 2025. Read with context, the quarter shows how much muscle federal incentives gave EV adoption, and leaves open the question of how quickly GM can climb back to its previous peak as fuel prices and demand evolve.