General Motors (GM) reported strong sales results for the fourth quarter and full year of 2024, marking a successful year for the automaker. GM's performance was in line with its crosstown rival Ford, which also saw sales increases during the same period.
For Q4, GM saw a 21% sales increase compared to the previous year, while full-year sales were up 4%, totaling 2.7 million vehicles. The growth was largely driven by the continued popularity of full-size pickups, which recorded their highest sales in years, marking a fifth consecutive year of growth. Full-size SUVs, including the Tahoe, Suburban, and Yukon, also contributed to GM’s success, securing a category win for the 50th year in a row.
Both GM and Ford had their best sales years since 2019, as the industry returned to pre-pandemic sales levels.
GM shares saw a slight uptick in midday trading.
Electric vehicles (EVs) also saw strong growth, with GM continuing to invest heavily in EVs as a key part of its future, even as industry-wide sales growth in the sector showed signs of slowing. GM’s EV sales surged 50% in Q4 and 125% for the year. The automaker also doubled its EV market share in 2024, mainly at the expense of Tesla. Notable EV models like the Cadillac Lyriq (up 111.6%), Blazer EV (up over 1000%), and Silverado EV (up 391%) played a major role in the company's push to expand its electric offerings.
“It was a fantastic year for us across all product lines,” said Rory Harvey, GM’s executive vice president and president of global markets. “We offer something for everyone, regardless of what they like to drive.”
Cadillac, GM’s luxury brand, posted a strong Q4 performance with a 35% sales increase and nearly 9% growth for the year, thanks to models like the Lyriq EV and XT6 SUV.
From a business operations standpoint, GM is faring well compared to industry peers. The automaker reported rising average transaction prices (ATPs), which reached $51,292 per vehicle, while incentives declined. In Q4, GM’s incentive spending per vehicle was 4.2% of ATP, significantly lower than the industry’s 7.1%.
GM’s inventory levels were also in a healthy range, with a supply of 54 days at year-end. Typically, 60 days of supply is considered ideal for large automakers, balancing consumer choice with avoiding excess stock. For context, earlier in 2024, Stellantis faced challenges with inventory levels hitting 100 days, prompting deep discounting.
However, GM’s Q4 wasn’t without challenges. The company wound down its autonomous Cruise business and took a $5 billion writedown related to its China operations.
Despite these setbacks, GM’s U.S. market remains its largest and most profitable. The company is set to report its full Q4 and 2024 results on Tuesday, January 28, before the market opens.