General Motors (GM) has delivered a strong financial performance in 2024, achieving record results in key metrics, including revenue growth, adjusted earnings, and automotive free cash flow. CEO Mary Barra expressed gratitude to the GM team, dealers, and suppliers for their contributions to a stellar year.
In its Q4 2024 letter to shareholders, GM highlighted a 9% year-over-year revenue growth, which further cemented its position as the U.S. market leader in total, retail, and fleet vehicle deliveries. The company expanded its EV market share, doubling it over the year as production scaled up, leading to EV portfolio profitability in the fourth quarter.
Key Highlights:
- EV Growth: GM introduced a robust lineup of electric vehicles, achieving profitability in its EV segment for the first time and doubling its market share.
- U.S. Market Leadership: GM retained its top position in total and retail deliveries, leveraging strong demand for its redesigned SUVs and full-size pickups.
- Employee Profit Sharing: GM announced a record $640 million in profit-sharing payouts for U.S. hourly employees, with eligible workers earning up to $14,500.
- Global Performance: Positive equity income in China during Q4 offset restructuring costs, with plans underway to strengthen operations with its partner.
2025 Outlook:
GM plans to introduce three new Cadillac EVs – the Escalade IQ, Optiq, and Vistiq – alongside the continued rollout of new gas-powered SUVs, such as the Chevrolet Traverse and GMC Acadia. With a balanced capital allocation strategy, GM is targeting further improvements in EV profitability as production scales.
Despite uncertainty in trade, tax, and environmental regulations, GM remains agile and committed to delivering both internal combustion engine (ICE) vehicles and EVs that meet evolving consumer needs.
“This combination of compelling vehicles, strong execution, and discipline led directly to record-breaking results,” said Mary Barra. “Looking ahead, we are well-positioned to capitalize on the tremendous opportunities in the market.”
The company achieved a 50% total return for investors and reduced its outstanding shares to below 1 billion, reaching the milestone ahead of schedule.
With a robust vehicle portfolio, disciplined execution, and innovative EV technology, GM aims to maintain its market leadership in 2025 while addressing challenges in an evolving automotive landscape.
