General Motors (GM) concluded 2024 on a high note, recording its strongest performance since 2019. With an expanded portfolio of electric and gas-powered vehicles, the automaker boosted U.S. sales by 4% to 2.7 million units, achieving an estimated 16.5% market share. Inventory levels met the company’s 54-day target.
Fourth-quarter results underscored GM’s momentum, with a 21% year-over-year sales increase. Electric vehicle (EV) sales were particularly notable, surging 50% for the year and an impressive 125% in Q4. This growth propelled GM to become the #2 EV seller in the U.S. during the second half of 2024. The automaker also retained its leadership in full-size pickup sales for the fifth consecutive year and dominated the full-size SUV segment for an unparalleled 50th year.
“It was a great year for us across our product lines,” said Rory Harvey, GM’s Executive Vice President and President of Global Markets. “By investing in the best portfolio in the industry, we have something for everyone, no matter what they like to drive.”
Electric Vehicle Surge
GM’s EV sales reached 42,000 units in Q4, marking a 10,000-unit increase from Q3 and nearly double Q2’s total. The Equinox EV was a key driver, with Q4 sales jumping 85% from the previous quarter. Cadillac’s LYRIQ emerged as the best-selling electric mid-size luxury SUV, while the debut of the three-row VISTIQ and smaller OPTIQ electric SUVs is expected to drive further growth in 2025.
Brand Highlights
Chevrolet achieved its highest sales since 2019, with a 1.5% annual increase. The Trax led the small SUV segment with an 84% surge in sales, while Q4 sales at Chevrolet rose 17%.
Cadillac had its best year since 2016, driven by the Escalade, the top large luxury SUV for 11 consecutive years, and the LYRIQ. Q4 sales soared 35%.
GMC celebrated its best year ever, with total sales up 9% and Q4 sales spiking 33%. The Sierra and Canyon recorded their highest annual sales in history, complemented by a record year for the Denali sub-brand on its 25th anniversary.
Buick posted a 10% sales increase, its best performance since 2021. The Envista led the charge with a 57% Q4 sales jump.
GM’s average Q4 transaction price reached nearly $53,000, significantly higher than the industry average, while incentive spending per vehicle continued to decline.
As GM looks to 2025, the company aims to sustain its growth trajectory with a strong focus on electrification and innovation, reaffirming its position as a leader in the automotive industry.
