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General Motors Reports 4% Sales Growth In 2024 As Market Share Expands Significantly
General Motors (GM) experienced a successful 2024, with increased U.S. sales and market share due to its revamped lineup of electric and gasoline vehicles. The company reported a 4% rise in total sales, reaching 2.7 million vehicles, marking the highest figure since 2019. GM estimates its market share for 2024 at 16.5%. Inventory levels were maintained at about 54 days, aligning with targets.
Electric vehicle sales surged by 50% in the fourth quarter and 125% over the year, effectively doubling GM's market share in this segment. Throughout the second half of 2024, GM ranked as the second-largest EV seller in the U.S. In Q4 alone, EV sales reached 42,000 units, an increase of 10,000 from Q3 and nearly double the Q2 total.
Chevrolet saw a notable increase in sales by 1.5%, achieving its highest level since 2019. The Equinox EV played a significant role, with Q4 unit sales rising by 85% compared to Q3. Trax sales also grew by 84%, leading the small SUV category. Overall, Chevrolet's fourth-quarter sales rose by 17%.
Cadillac achieved its best full-year and quarterly sales since 2016. This success was driven by high demand for the Escalade, which remained the top large luxury SUV for the eleventh consecutive year, and LYRIQ, now leading as the best-selling electric mid-size luxury SUV. Sales for Cadillac increased by 35% during the quarter.
GMC had an exceptional year in 2024 with a total sales increase of 9%, supported by a significant 33% rise in Q4 sales. Both Sierra and Canyon recorded their best years ever. The Denali sub-brand celebrated its 25th anniversary with record-breaking performance.
Buick's Impressive Gains
Buick's sales improved by 10%, reaching their highest point since 2021. The Envista model experienced a remarkable jump of 57% in fourth-quarter sales.
"It was a great year for us across our product lines," stated Rory Harvey, GM executive VP 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 maintained its position as the leading seller of full-sized pickups for five consecutive years, achieving its highest annual sales since 2007. Additionally, GM continued to dominate as the top seller of full-size SUVs for an impressive fifty years straight.
The average transaction price for GM vehicles in Q4 approached $53,000, significantly higher than the industry average. Meanwhile, incentive spending per vehicle has been on a decline.
General Motors Co., listed on NYSE:GM, is committed to advancing transportation technology to produce safer and smarter vehicles with lower emissions. Its brands—Buick, Cadillac, Chevrolet, and GMC—offer an extensive range of innovative gasoline-powered vehicles alongside one of the industry's broadest selections of electric vehicles as it transitions towards an all-electric future.
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