General Motors (GM) capped off a highly successful 2024, reporting a 4% increase in overall U.S. sales to 2.7 million vehicles, marking its best performance since 2019. With an estimated market share of 16.5% and an inventory averaging 54 days, GM has consolidated its position as a market leader in both electric and gas-powered vehicles.
All GM brands—Chevrolet, GMC, Buick, and Cadillac—recorded notable sales gains, contributing to a stellar fourth quarter that saw sales jump by 21% compared to the same period in 2023.
Electric Vehicles: A Rapid Surge
GM’s electric vehicle (EV) segment had a breakthrough year, with sales skyrocketing 50% annually and an impressive 125% in the fourth quarter. By year-end, GM nearly doubled its EV market share and ranked as the second-largest seller of EVs in the U.S. across the second half of 2024. Fourth-quarter EV sales reached 42,000 units, up 10,000 from the third quarter and nearly double the second quarter’s figures.
Brand Highlights
- Chevrolet: Sales rose 1.5%, achieving the highest levels since 2019. The Equinox EV stood out with an 85% increase in fourth-quarter sales compared to Q3, while Trax sales surged 84%, dominating the small SUV segment.
- Cadillac: The luxury brand recorded its best annual and quarterly sales since 2016. The Escalade retained its crown as the top-selling large luxury SUV for the 11th consecutive year, while the LYRIQ became the best-selling electric mid-size luxury SUV. Two new electric models, the VISTIQ and OPTIQ, are set for Q1 2025 deliveries.
- GMC: Posting its best year ever, GMC saw sales grow 9% year-on-year, with Q4 sales spiking 33%. The Sierra and Canyon models both achieved record sales, while the Denali sub-brand celebrated its 25th anniversary with a banner year.
- Buick: Buick sales grew 10%, hitting their highest total since 2021. The Envista led the charge with a 57% surge in fourth-quarter sales.
Industry Leadership
GM maintained its dominance in key segments, leading U.S. sales of full-sized pickups for the fifth consecutive year, with 2024 marking the highest sales since 2007. Additionally, GM held the top spot in full-size SUVs for an extraordinary 50th straight year.
Executive Commentary
“It was a great year for us across our product lines,” said Rory Harvey, GM executive vice president and president of global markets. “By investing in the best portfolio in the industry, we delivered something for everyone, no matter what they like to drive.”
Market Trends and Financials
GM’s Q4 transaction price averaged nearly $53,000, significantly outpacing the industry average. Incentive spending per vehicle also continued to decline, highlighting the strong demand for GM’s redesigned portfolio.
As GM transitions into 2025, the automaker looks poised to continue building on its momentum, driven by robust EV growth and consistent performance across its traditional vehicle lineup.
