Expanding EV Portfolio and Strong SUV Sales Drive Momentum
General Motors (GM) reported an exceptional performance in 2024, marked by robust growth in both U.S. sales and market share. The company’s success is attributed to a well-rounded portfolio that features both electric and internal combustion engine vehicles, strategically designed to cater to diverse customer preferences.
For the full year, GM’s sales increased by 4%,Sales Growth reaching a total of 2.7 million vehicles—the company’s highest figure since 2019. The automaker also estimated its market share for 2024 at 16.5%, demonstrating steady growth in an increasingly competitive landscape. GM ended the year with an inventory of approximately 54 days, meeting its operational targets. Notably, all four of GM’s major brands—Chevrolet, GMC, Buick, and Cadillac—delivered strong sales performances, contributing to the overall growth.
The fourth quarter of 2024 was particularly impressive, with GM posting a 21% year-over-year increase in sales. Electric vehicle (EV) sales were a standout, surging 50% for the year and an astounding 125% for the quarter. This remarkable growth enabled GM to nearly double its EV market share over the course of the year. During the second half of 2024, GM emerged as the #2 seller of EVs in the U.S., solidifying its position as a leader in the EV segment. The company also maintained its dominance in other key categories, being the top seller of full-sized pickups for the fifth consecutive year and leading the full-size sport utility vehicle (SUV) market for an incredible 50th straight 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. “How did we do it? By investing to have the best portfolio in the industry. We have something for everyone, no matter what they like to drive.
GM’s electric vehicle segment gained significant traction throughout the year. In the fourth quarter alone, the company sold 42,000 EVs, Sales Growth a notable increase of 10,000 units from the third quarter and nearly double the second-quarter total. This acceleration highlights GM’s growing presence in the EV market, which is a key focus area for the company as it transitions towards a more sustainable future.
In addition to sales growth, GM’s financial metrics also reflected its strong performance. The company’s average transaction price in the fourth quarter approached $53,000, significantly higher than the industry average. Moreover, GM continued to reduce its incentive spending per vehicle, underscoring its ability to command premium prices and maintain profitability.
Brand Performance Highlights
Chevrolet
Chevrolet recorded a 1.5% increase in Sales Growth sales for 2024, achieving its highest sales total since 2019. The Equinox EV played a pivotal role, with fourth-quarter sales surging 85% compared to the third quarter. Additionally, the Chevrolet Trax led the small SUV segment with an impressive 84% increase in full-year sales. Overall, Chevrolet’s fourth-quarter sales rose by 17%, showcasing the brand’s strong momentum.
Cadillac
Cadillac had its best year since 2016, driven by robust demand for both its traditional and electric vehicle offerings. The Escalade continued its reign as the #1 large luxury SUV for the 11th consecutive year, while the LYRIQ emerged as the best-selling electric mid-size luxury SUV. Cadillac is poised for further growth with the upcoming deliveries of two new electric SUVs—the Sales Growth three-row VISTIQ and the smaller OPTIQ—scheduled to begin in the first quarter of 2025. For the fourth quarter, Cadillac’s sales increased by 35%.
GMC
GMC achieved a record-breaking year in 2024, with total sales up 9%. The brand’s fourth-quarter sales surged by 33%, driven by the exceptional performance of the Sierra and Canyon models, both of which had their best years in history. The Denali sub-brand also celebrated its 25th anniversary with a record year, reflecting the enduring appeal of GMC’s Sales Growth premium offerings.
Buick
Buick experienced a 10% increase in sales for 2024, Sales Growth reaching its highest total since 2021. The Envista, a key model for the brand, saw its sales jump by 57% in the fourth quarter, highlighting Buick’s ability to compete effectively in the highly competitive SUV market.
GM’s performance in 2024 underscores the company’s ability to adapt and thrive in a rapidly changing automotive landscape. By leveraging its diversified portfolio, GM has successfully captured a broad spectrum of customers, from traditional truck and SUV buyers to environmentally conscious EV enthusiasts. The company’s strategic investments in both product development and operational efficiency have positioned it for sustained growth in the years ahead.
As GM prepares to roll out new models, particularly in the electric vehicle segment, the company is well-positioned to further capitalize on its momentum. With its innovative product lineup and strong market presence, GM is set to remain a key player in the global automotive industry.
