In a significant turnaround for the U.S. automotive industry, both General Motors (GM) and Ford Motor Company announced their highest annual vehicle sales since the pre-pandemic era of 2019. This boost in sales reflects a broader recovery trend across the industry, as they strive to navigate the lingering impacts of the COVID-19 pandemic and ongoing supply chain disruptions. Analysts had predicted strong performance for U.S. automakers in 2024, estimating total sales to approach 16 million vehicles—a figure indicative of the industry’s resilience since the record-breaking 17 million units sold in 2019.
The resurgence is not just limited to GM and Ford; several manufacturers, including Toyota, Hyundai, and Honda, also reported single-digit annual sales increases. This collective growth signifies a stable return for the automotive sector, aligning with market expectations that had anticipated a rebound.
General Motors clinched the title of the top-selling automaker in the United States, with sales exceeding 2.7 million vehicles in 2024. This marked a commendable rise of 4.3% from the previous year, despite the company’s sales figures in 2019 being a lofty 2.9 million. Key to GM’s success was the strength of its diversified brand portfolio, enabling the company to cater effectively to varying customer preferences and driving significant engagement with their dealerships. Rory Harvey, GM’s President of Global Markets, emphasized the importance of great design and vehicle performance in fulfilling consumer needs.
Perhaps most noteworthy was the surge in GM’s electric vehicle (EV) sales, which saw a nearly 50% increase compared to the previous year. However, despite this impressive growth, EVs only accounted for 4.2% of GM’s overall sales. The automaker estimated it captured a 12% market share in the EV realm during the last quarter of 2024, suggesting there is still room for growth in this sector.
While GM took the lead in overall sales, Ford Motor Company reported notable strides with its electrified vehicle sales, including both hybrids and all-electric models. The automaker recorded sales of over 2 million vehicles in 2024, a marginal increase from just below the same figure in 2023. In comparison to 2019, when Ford sold 2.42 million vehicles, the company is demonstrating a steady recovery, albeit still slightly below pre-pandemic levels.
Ford’s fourth quarter benefited from an impressive 8.8% year-over-year increase, with 530,660 vehicles sold. Notably, traditional internal combustion engine vehicles saw a slight uptick, while electrified vehicle sales surged by 38.3%. As a result, these electrified models made up 13.7% of Ford’s total annual sales—a clear indicator of the shifting consumer preferences towards more sustainable options.
Industry-Wide Trends and Other Automakers
The sales reports from other automakers further highlight a positive trend within the automotive industry. Toyota, for instance, reported a 3.7% increase in sales, totaling over 2.3 million vehicles in 2024. While the brand faced a 7.1% decline in December sales, the overall performance remained commendable.
Similarly, Honda witnessed an 8.8% rise in sales, bringing its total to 1.4 million vehicles, bolstered by a 9.9% increase in December alone. Hyundai, breaking records with a 4% increase, achieved sales of more than 836,800 vehicles, while Kia demonstrated robust growth, selling 796,488 vehicles—up by 1.8% compared to 2023.
Looking Ahead: Anticipating Future Growth
The data reveals a broader trend of recovery and growth for the automotive sector in the U.S. as manufacturers adapt to post-pandemic realities. The significant uptick in electrified vehicle sales signals a shift toward sustainability, with consumers increasingly prioritizing eco-friendly options. As the industry gears up for 2025, automakers are likely to continue innovating and refining their offerings to meet the evolving demands of the market, ultimately paving the way for a promising future in automotive sales.