General Motors reported a 5.5 percent drop in third-quarter US sales on October 1, 2026, delivering 670,974 vehicles against 710,347 a year earlier, Reuters reported.

GM blamed a shrunken electric vehicle market after federal tax credits of up to $7,500 expired on September 30, 2025. Buyers had rushed to purchase EVs ahead of the deadline, and demand has since faded: Equinox EV sales fell 92.4 percent, Blazer EV 84.4 percent, and Hummer EV 72.9 percent. Discontinued models also hurt comparisons.

Brand results were mixed. Buick rose 7.9 percent, but Cadillac plunged 30 percent, Chevrolet fell 4.6 percent, and GMC dropped 4.7 percent.

Rival Toyota narrowed the gap, with sales up 0.6 percent to 633,223 on strong hybrid demand. With petrol at $4.41 a gallon nationally, analysts say GM’s thin hybrid lineup, limited to the Corvette E-Ray, leaves it exposed as buyers shift toward hybrids.

The broader US market stayed resilient. Cox Automotive raised its 2026 new-vehicle forecast to 16.1 million units, suggesting GM’s decline is company-specific. GM shares hovered near $79, close to recent highs, as investors focused on buybacks and dividends. Ford and Stellantis also reported this week, with Ford down 6 percent and Stellantis flat.