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GM and Ford See Strongest U.S. Sales in Five Years, Driven by EV Growth

GM and Ford See Strongest U.S. Sales in Five Years, Driven by EV Growth
 

The U.S. automotive market continued its steady recovery in 2024, reaching its strongest performance since 2019. General Motors (GM) and Ford Motor Company, two of the largest American automakers, reported their best annual U.S. sales figures in years, driven by increased demand for both traditional internal combustion engine (ICE) vehicles and electrified models.

 

Key Statistics from 2024

  • GM Sales: Over 2.7 million vehicles sold, up 4.3% from 2023.
  • Ford Sales: 2.08 million vehicles sold, up from slightly under 2 million in 2023.
  • Industrywide U.S. auto sales reached nearly 16 million vehicles, the highest since 2019’s 17 million units.

GM: Leading the U.S. Market

General Motors retained its position as the top U.S. automaker by sales in 2024, reporting over 2.7 million vehicles sold. This marks a 4.3% year-over-year increase, with sales driven by strong performance across all four of GM’s U.S. brands.

A major highlight for GM was the growth of its electric vehicle (EV) segment, which saw a 50% increase in sales to over 114,400 units. Despite this surge, EVs accounted for just 4.2% of GM’s total sales. However, the company projected a 12% EV market share in the U.S. for the fourth quarter, signaling its ongoing push into the electrification space.

“The driving force for our business is new vehicles with great design and performance across our portfolio, helping our dealers satisfy more customers. We’re carrying significant momentum into 2025,” said Rory Harvey, GM’s president of global markets.

 

Ford: Strong Gains in Electrified Vehicles

Ford Motor Company also saw significant growth in 2024, with total sales rising to 2.08 million vehicles, up from just under 2 million in 2023. This represents Ford’s best performance since 2019, when it sold 2.42 million vehicles in the U.S.

Electrified vehicles, including fully electric models and hybrids, were a major contributor to Ford’s success. Sales of electrified vehicles rose 38.3% year-over-year, making up 13.7% of the company’s total sales. Meanwhile, Ford’s traditional ICE vehicle sales saw a modest increase of 0.2%.

Ford’s fourth-quarter performance was particularly strong, with an 8.8% year-over-year increase in sales, totaling 530,660 units.

 

Industrywide Recovery

The broader U.S. auto industry also showed resilience in 2024, recovering from challenges such as supply chain disruptions and the lingering effects of the COVID-19 pandemic. Total U.S. auto sales reached nearly 16 million units, up significantly from the lows of the previous years but still shy of 2019’s 17 million units.

Stephanie Brinley, associate director of AutoIntelligence at S&P Global Mobility, described 2024 as “a decent year, given some of the affordability and inflationary headwinds.” Looking ahead, analysts expect 2025 sales to grow further, with projections of around 16.2 million units.

 

Mixed Results for Other Automakers

While GM and Ford posted strong gains, other automakers reported more modest results:

  • Toyota: Sales rose 3.7% in 2024, totaling over 2.3 million vehicles, despite a 7.1% decline in December.
  • Honda: Sales increased 8.8% to 1.4 million vehicles, including a 9.9% rise in December.
  • Hyundai: The Hyundai brand set a new record with over 836,800 vehicles sold, a 4% increase from 2023.
  • Kia: Kia followed suit with record U.S. sales of 796,488 vehicles, up 1.8% from its previous record in 2023.

However, Stellantis, the parent company of Chrysler, struggled in 2024, reporting a 15% decline in U.S. sales to roughly 1.3 million vehicles. This marked its worst performance since 2010. Key Stellantis brands like Dodge, Ram Trucks, and Alfa Romeo saw double-digit declines, while Jeep’s sales fell by 9%.

 

The EV Push and Future Outlook

The push for electrification continues to shape the U.S. automotive landscape. Both GM and Ford reported strong growth in their EV and hybrid sales, though these vehicles still account for a relatively small share of total sales.

GM’s EV sales made up 4.2% of its total sales, while Ford’s electrified vehicles represented 13.7%. Analysts expect these numbers to grow as automakers expand their EV offerings and invest in new technologies.

Looking ahead to 2025, industry experts predict U.S. auto sales will continue to recover, with projections of 16.2 million vehicles. However, the industry is unlikely to match the pre-pandemic highs of 2019 for at least another year.

 
 


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