EV Sales Growth Slows in Q1 as Tesla and GM Miss Targets, BYD and Rivian See Mixed Results

General Motors' Q1 deliveries fell 1.5% YoY to 594,233 vehicles. EV sales dropped 20% due to falling Chevy Bolt demand, but Cadillac Lyriq sales rose 500%.

Tesla missed Q1 delivery expectations, selling 386,810 EVs. This included 369,784 Model 3 & Y vehicles and 17,027 other models.

BYD's Q1 EV sales fell 43% versus Q4 2022 but rose 14% YoY to 300,114 units. The company continues expanding globally despite the slowing China market.

Rivian delivered 13,588 EVs in Q1, just beating estimates. Production rose 49% YoY to 13,980 vehicles. The company lost $5.4 billion in 2022.

Toyota sold 565,098 vehicles in Q1, up 21% YoY. EV deliveries, including hybrids, rose 76% to 206,850 units and made up 36% of Toyota's sales.