Chevrolet is the second most popular EV brand in the US behind Tesla, while Cadillac carved out a market in the luxury space. With essentially zero new or updated EVs now planned over the next few years, GM is leaving the door wide open for rivals to take the lead.
New Chevy and Cadillac EVs put on the back burner
After reporting second quarter 2026 earnings on Tuesday, GM’s CEO Mary Barra said during the company’s earnings call that “the next generation of Cadillac ICE vehicles” will begin to arrive next spring.
The new internal combustion engine (ICE) Cadillac models will include an updated CT5 sedan, XT5 SUV, and three-row XT6 SUV, Barra confirmed.
Cadillac’s new gas-powered models will be sold alongside its current electric SUVs as the luxury brand pivots back to ICE.
While Cadillac was initially set to offer vehicles exclusively with an electric powertrain by 2030, the new gas-powered models are part of GM’s broader scaled-back EV plans.
Chevy, which ranked as the second best-selling EV brand in the US through the first half of the year, is also planning to launch new gas vehicles.
The new Chevy Bolt is only here for a limited time. Production is set to end at the end of the year, and GM will replace it with a gas-powered crossover in Kansas.
The Chevy Equinox EV, Blazer EV, and Silverado EV will remain on sale. Although it has yet to be confirmed, Automotive News reported the electric Blazer could receive a “significant update in 2028,” and the Equinox may receive one the same year.
Again, the update is not even set in stone, and by 2028, GM’s lead will all but disappear. Even Toyota updated its electric SUV, the 2026 bZ, which is already outselling GM’s top-seller, the Chevy Equinox EV. By 2028, it will face a new wave of competition.
GM said it has recorded $10.9 billion of EV-related charges since the second half of 2025, $7.2 billion of which will have a cash impact. The company paid $4.5 billion of the $7.2 billion through the end of Q2 2026.
Despite the added charges, GM raised its full-year adjusted profit guidance to $14 billion to $16 billion, up from $13.5 billion to $15.5 billion.
Electrek’s Take
While GM remained the second largest EV seller in the US behind Tesla, Hyundai and other rivals are already closing the gap.
The Hyundai IONIQ 5 is now outselling the Chevy Equinox, GM’s best-selling electric model through the first half of the year, ranking as America’s third most popular EV.
Hyundai produces the IONIQ 5 alongside the three-row IONIQ 9 at its Metaplant in Georgia, while GM builds the electric Equinox in Mexico.
While GM is ramping up engine production with plans to build more gas-powered vehicles over the next few years, Hyundai just opened its new $5 billion battery plant with SK On. With the capacity to produce about 35 GWh of EV battery cells annually, Hyundai said it’s enough to support around 300,000 electric vehicles.
The first battery cells will be shipped to Hyundai’s Metaplant to power the IONIQ 9, but Hyundai will use them in upcoming Kia and Genesis vehicles as well.
And it’s not just Hyundai. Several new or updated EVs are seeing considerably higher demand this year, including the Toyota bZ, which is also outselling the Chevy Equinox through June.
While GM plans to launch new ICE vehicles, it will face a wave of new competition in the EV space with models like the Rivian R2, BMW iX3, and Tesla Model Y L arriving.
Duncan Aldred, GM’s senior VP and president of North America, even admitted in May that “the broader data shows that once customers move to an EV, they tend to stay, and they are likely to choose another EV for their next vehicle,” so why go back to gas now?
And this is only in the US. Imagine how far GM will fall behind in global markets to BYD and other leading EV manufacturers.
FTC: We use income earning auto affiliate links. More.