Jamie Spencer
Both General Motors (GM) and Ford Motor Co. (Ford) closed 2024 with their highest U.S. vehicle sales since 2019, marking a significant recovery from the challenges posed by the COVID-19 pandemic and years of supply chain disruptions. The strong performance underscores a broader resurgence in the U.S. automotive industry, which reached its best year since 2019, selling nearly 16 million vehicles.
GM Retains Top Spot
General Motors maintained its position as the top-selling automaker in the U.S., with 2024 sales exceeding 2.7 million vehicles, a 4.3% increase from 2023. While still short of the 2.9 million units sold in 2019, GM’s momentum is evident across its portfolio.
“The driving force for our business is new vehicles with great design and performance across our portfolio, helping our dealers satisfy more customers,” said Rory Harvey, GM president of global markets.
- Electric Vehicles: GM saw a 50% surge in EV sales, delivering more than 114,400 units in 2024. EVs accounted for 4.2% of GM’s total sales, with a 12% U.S. EV market share in the fourth quarter.
- Brand Growth: Sales increased across all four of GM’s U.S. brands.
Ford’s Electrified Vehicles Drive Growth
Ford reported 2024 sales of 2.08 million vehicles, up from just under 2 million in 2023. Although still below its 2019 total of 2.42 million, Ford’s sales growth was fueled by strong demand for electrified vehicles, including hybrids and EVs.
- Electrified Sales: Sales of electrified vehicles rose 38.3% year-over-year, representing 13.7% of Ford’s total annual sales.
- Internal Combustion Vehicles: Traditional internal combustion engine vehicles saw a modest 0.2% increase.
- Fourth Quarter Growth: Ford sold 530,660 vehicles in Q4, an 8.8% year-over-year increase.
Other Automaker Performances
Several other major automakers also reported growth in 2024, reflecting industrywide recovery:
- Toyota: Sales rose 3.7% to more than 2.3 million vehicles, despite a 7.1% decline in December.
- Honda: Achieved an 8.8% annual increase to 1.4 million vehicles, including a 9.9% rise in December.
- Hyundai: Posted record sales of over 836,800 vehicles, a 4% increase from 2023.
- Kia: Delivered record U.S. sales of 796,488 vehicles, up 1.8% from its prior record in 2023.
Industry Context: Best Year Since 2019
With nearly 16 million vehicles sold, 2024 marked the strongest year for the U.S. auto market since the pre-pandemic high of 17 million units in 2019. The rebound was driven by improved supply chain conditions, strong consumer demand, and growing interest in electrified vehicles.
Conclusion: Momentum Heading into 2025
The automotive industry’s performance in 2024 highlights its resilience and adaptability, particularly in the growing EV segment. Both GM and Ford are carrying strong momentum into 2025, with electrification continuing to be a key driver of growth. However, sustained success will depend on navigating evolving market dynamics and maintaining innovation in a highly competitive landscape.
