GM and Ford report strong US sales in 2024, while Stellantis faces steep declines in key brands
New vehicle sales in the United States continued to rise in 2024, marking the highest volumes since the pandemic-driven lows of recent years, according to CNBC.
Legacy automakers, including General Motors (GM) and Ford Motor, reported their best annual US sales since 2019, fuelled by the growing popularity of electric and hybrid vehicles.
Market analysts estimate total US sales reached nearly 16 million vehicles in 2024, just below the 17 million units sold in 2019.
Stephanie Brinley, associate director of AutoIntelligence at S&P Global Mobility, noted, “We got to just under 16 million units, it looks like, for 2024, with strengthening in the last quarter.”
Despite challenges such as affordability concerns and inflation, Brinley described the year as moving in the right direction for the industry.
GM retained its position as the top-selling automaker in the US, with over 2.7 million vehicles sold in 2024, representing a 4.3 percent increase from 2023.
Sales remained below the 2.9 million units sold in 2019.
GM attributed its growth to higher sales across all four of its US brands and a nearly 50 percent surge in electric vehicle (EV) sales, reaching more than 114,400 units. EVs accounted for 4.2 percent of GM’s total sales, with a 12 percent US EV market share in the fourth quarter.
Rory Harvey, GM’s president of global markets, said, “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.”
Ford reported annual US sales of 2.08 million vehicles in 2024, an increase from just under 2 million units in 2023. Fourth-quarter sales grew by 8.8 percent year-over-year, totalling 530,660 vehicles.
Electrified vehicles, including hybrids and EVs, led Ford’s growth, with sales rising 38.3 percent compared to 2023. These vehicles accounted for 13.7 percent of Ford’s total annual sales. Sales of traditional internal combustion engine vehicles increased modestly by 0.2 percent.
Toyota, the second-largest automaker by sales, recorded a 3.7 percent increase to more than 2.3 million vehicles in 2024.
Honda followed, reporting an 8.8 percent increase in sales to 1.4 million units. Hyundai and Kia, which are sibling companies, achieved record sales.
Hyundai’s sales rose by approximately 4 percent to over 836,800 vehicles, while Kia’s sales increased by 1.8 percent to 796,488 units.
Stellantis, the parent company of brands such as Jeep, Dodge, and Ram Trucks, reported a 15 percent decline in US sales to approximately 1.3 million vehicles, marking its worst year since 2010.
Dodge experienced the steepest decline, with sales dropping 29 percent. Ram Trucks and Alfa Romeo recorded 19 percent decreases, while Jeep sales fell by 9 percent.
Market research firms S&P Global Mobility and Edmunds project US vehicle sales will grow to approximately 16.2 million units in 2025. Although this is an improvement, sales are expected to remain below 2019 levels.
Despite varied performance across brands, automakers continue to invest heavily in electrified vehicles as a primary growth driver.
Brinley highlighted the challenges the industry faces, saying, “Given some of the affordability and inflationary headwinds, it’s probably a decent year.”
