General Motors (GM) capped off a stellar 2024, driving U.S. sales up by 4%, reaching 2.7 million vehicles—its highest total since 2019. GM’s market share for the year stands at an estimated 16.5%. The company’s diverse portfolio, featuring both electric and gas-powered vehicles, played a key role in this success.
In addition to overall sales growth, GM finished the year with inventory levels aligned with its target at about 54 days. All of its major brands—Chevrolet, GMC, Buick, and Cadillac—saw notable sales increases.
For the fourth quarter alone, GM saw a 21% increase in sales compared to the same period last year, with EV sales soaring 50% for the year and an impressive 125% jump in Q4 alone. As a result, GM doubled its market share in EVs and became the #2 EV seller in the U.S. in the second half of 2024.
Moreover, GM continued its dominance in the full-size pickup market, maintaining the title of the leading seller for the fifth consecutive year. It also claimed the top spot in full-size SUVs for the 50th straight year, marking a significant milestone in the company’s history.
Rory Harvey, GM’s Executive VP and President of Global Markets emphasized the company’s success, saying, “It was a great year for us across our product lines. 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 focus on EVs is paying off, with Q4 EV sales reaching 42,000 units, a 10,000-unit increase from the third quarter and nearly double the sales from Q2. Additionally, the average transaction price for GM vehicles in Q4 reached nearly $53,000, significantly above the industry average, while incentive spending per vehicle continued to decline.
Brand performance highlights:
- Chevrolet: Sales increased 1.5%, marking the highest level since 2019. The Chevrolet Equinox EV was a standout, with Q4 sales up 85% from Q3, and the Trax led the small SUV segment with an 84% increase in sales for the year.
- Cadillac: Cadillac saw its best sales year and quarter since 2016, driven by strong demand for the Escalade (the #1 large luxury SUV for the 11th consecutive year) and the LYRIQ, which became the top-selling electric mid-size luxury SUV. Cadillac’s Q4 sales rose 35%, and two new electric SUVs, VISTIQ and OPTIQ, will debut in Q1.
- GMC: GMC had its best-ever year, with sales up 9% and a 33% spike in Q4. The Sierra and Canyon posted record years, and the Denali sub-brand celebrated its 25th anniversary with strong sales growth.
- Buick: Buick saw a 10% sales increase, marking the highest total since 2021. The Buick Envista led the charge with a 57% sales increase in Q4.
The automaker’s strategic investments in a well-rounded portfolio have positioned the company for continued growth in 2025 and beyond, catering to the evolving needs of both traditional and electric vehicle consumers.
