General Motors (GM) and Ford Motor have achieved their highest U.S. new vehicle sales in two years, marking a significant milestone for the automotive industry. The annual sales reported by these two major automakers are a clear sign of recovery from the challenges posed by the coronavirus pandemic and ongoing supply chain disruptions.
GM Leads the Pack with Strong Sales Performance
GM, the leading automaker in the country, reported sales of over 2.7 million vehicles in 2024, representing a 4.3% increase from the previous year. This impressive performance was driven by a surge in sales across all four of GM’s U.S. brands, as well as a substantial 50% rise in electric vehicle (EV) sales, totaling over 114,400 units. Despite this growth in EV sales, they only accounted for 4.2% of GM’s overall sales. However, GM estimated that it captured a 12% market share in the EV sector during the fourth quarter.
Ford’s Electrifying Sales Growth
Ford also saw a notable uptick in sales, particularly in its electrified vehicles category, which includes EVs and hybrids. The automaker reported sales of 2.08 million vehicles in 2024, up from just under 2 million in 2023. Ford’s sales of traditional internal combustion engine vehicles increased by 0.2% compared to the previous year, while sales of electrified vehicles surged by 38.3% year over year. Electrified vehicles accounted for 13.7% of Ford’s total annual sales, reflecting a growing trend towards sustainable mobility solutions.
Industrywide Sales Trends
Other automakers such as Toyota, Hyundai, and Honda also reported positive sales figures for 2024, in line with industry expectations. Toyota saw a 3.7% increase in sales, despite a slight decline in December, selling over 2.3 million vehicles. Honda reported an 8.8% sales growth to 1.4 million vehicles, with a significant rise in sales during the last month of the year. Hyundai and its sibling company Kia achieved record U.S. sales in 2024, demonstrating the overall resilience and recovery of the automotive sector.
Overall, the robust sales performance of GM and Ford, along with other major automakers, signals a promising outlook for the industry in 2025. As the demand for electric vehicles continues to grow, automakers are poised to capitalize on this shift towards sustainable mobility solutions, driving innovation and growth in the coming years. The automotive landscape is evolving rapidly, and these sales milestones are a testament to the resilience and adaptability of the industry in the face of unprecedented challenges.
