Full-Size Vehicles and EV Innovation Drive a Stellar Year for General Motors
General Motors (GM) closed out 2024 with robust sales performance, signaling a strong rebound for the automaker as it navigates an evolving automotive landscape. In its fourth-quarter (Q4) report, GM revealed a 21% year-over-year jump in sales and a 4% increase for the full year, totaling 2.7 million vehicles sold in the U.S. This marks the automaker’s best sales year since 2019 and reaffirms its leadership in key vehicle segments.
Dominance in Full-Size Vehicles
GM’s full-size pickup trucks and SUVs were standout contributors to its success. The automaker achieved its fifth consecutive year of growth in full-size pickup sales, reaching their highest levels since 2007. Meanwhile, iconic SUVs such as the Tahoe, Suburban, and Yukon propelled GM to its 50th consecutive win in the full-size SUV segment.
“This year, we demonstrated our ability to deliver across our product lines,” said Rory Harvey, GM’s executive vice president and president of global markets. “From full-size trucks to electric vehicles, we offer something for every type of driver.”
EV Momentum Accelerates
Despite slowing growth in the broader EV market, GM saw its electric vehicle sales soar in 2024. Fourth-quarter EV sales climbed 50%, while full-year EV sales surged by an impressive 125%. Models like the Cadillac Lyriq (up 111.6%), the Blazer EV (up over 1,000%), and the Silverado EV (up 391%) drove this momentum, helping GM double its EV market share and erode Tesla’s dominance.
GM remains bullish on its electric future, showcasing a commitment to expanding its EV portfolio. The company’s EV gains align with broader industry trends but also reflect GM’s strategic focus on delivering a diverse range of electric options.
Financial and Operational Strength
GM’s financial metrics underscore its operational efficiency. The automaker reported an average transaction price (ATP) of $51,292 in Q4, with rising ATPs each month and declining incentive spending, which stood at 4.2% of ATP—well below the industry average of 7.1%. Additionally, GM ended the year with 54 days of inventory supply, a balanced level that supports consumer demand without oversaturation.
In comparison, competitors like Stellantis struggled with inventory challenges earlier in the year, facing up to 100 days of supply and resorting to significant discounting. GM’s disciplined approach to inventory management reflects its strategic focus on profitability and market competitiveness.
Challenges and Outlook
While 2024 was largely a success, GM faced setbacks, including a $5 billion writedown in its China business and the winding down of its autonomous Cruise unit. Despite these challenges, GM’s strong performance in its home market underscores its resilience.
Investors can expect further insights when GM reports its Q4 and full-year financial results on January 28. With a focus on innovation and operational strength, GM is poised to sustain its momentum into 2025 and beyond.
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