Electrified vehicles drive growth as the industry rebounds from pandemic-induced lows.
By Alex
Published: January 1, 2025
Sales of new vehicles in the U.S. surged in 2024, marking the best year since 2019 for several major automakers. Leading the charge were General Motors (GM) and Ford Motor, both of which reported significant gains in annual sales, spurred by rising demand for electrified vehicles.
The broader auto industry showed signs of recovery, with total sales for 2024 reaching nearly 16 million units, a marked improvement over the pandemic-era lows of recent years.
GM Leads the Pack
General Motors, the top-selling automaker in the U.S., reported over 2.7 million vehicles sold in 2024, up 4.3% from the previous year. This represents a strong rebound, though slightly below the 2.9 million units sold in 2019.
“The driving force for our business is new vehicles with great design and performance across our portfolio, helping our dealers satisfy more customers. We’re carrying significant momentum into 2025,” said Rory Harvey, GM’s president of global markets.
GM’s success was bolstered by a 50% increase in electric vehicle (EV) sales, totaling over 114,400 units. EVs accounted for 4.2% of GM’s overall sales, with the automaker estimating a 12% share of the U.S. EV market during the fourth quarter.
Ford Sees Electrified Vehicle Growth
Ford Motor reported 2024 sales of 2.08 million vehicles, an increase from just under 2 million in 2023. While this is below the 2.42 million units sold in 2019, the automaker experienced an 8.8% year-over-year increase in fourth-quarter sales, reaching 530,660 vehicles.
Sales of Ford’s electrified vehicles, including hybrids and EVs, rose 38.3% compared to 2023. These vehicles accounted for 13.7% of the company’s total annual sales. Meanwhile, sales of internal combustion engine vehicles increased slightly by 0.2%.
Industrywide Gains
Other automakers also reported improved sales for 2024:
- Toyota: A 3.7% increase in sales, totaling more than 2.3 million vehicles, despite a 7.1% decline in December.
- Honda: An 8.8% rise in sales to 1.4 million vehicles, with a 9.9% increase in December alone.
- Hyundai: A 4% increase to a record 836,800 vehicles sold.
- Kia: Record sales of 796,488 vehicles, up 1.8% from its previous high in 2023.
However, not all automakers shared in the success. Stellantis, parent company of brands like Jeep, Dodge, and Ram Trucks, reported a 15% decline in U.S. sales to 1.3 million vehicles, marking its worst year since 2010.
Looking Ahead
Industry experts anticipate continued growth in 2025, with projected U.S. sales of approximately 16.2 million vehicles. While this would still fall short of pre-pandemic highs, it reflects a steady recovery as automakers adapt to evolving market demands and regulatory pressures.
As the popularity of electrified vehicles rises, legacy automakers like GM and Ford are positioning themselves to compete with EV pioneers while navigating ongoing affordability challenges and supply chain disruptions.
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