GM Releases Solid Fourth-Quarter Results, Fueled By Strong EV Sales

General Motors has released some strong fourth-quarter numbers. Based on the results, the company is doing something right, especially when it comes to electric vehicles.

Sales across all categories rose 4%, with 2.7 million new vehicles delivered in 2024. Fourth-quarter sales reached 755,000 vehicles, a 21% jump compared to the same period in 2023.

Electric vehicle sales were up 125% in the quarter, moving almost 44,000 out the door. Up 50% over 2023, roughly 114,000 GM EVs were sold in 2024. Exceeding the industry average, vehicle transaction prices hovered around $53,000 per unit.

“It was a great year for us across our product lines,” noted GM Executive Vice President Rory Harvey in a press statement. “We have something for everyone, no matter what they like to drive.”

GM’s share of the EV market also increased last year. The increased popularity and awareness of GM EVs like the Cadillac Lyriq, Blazer EV, and Silverado EV put a significant dent in the competition.

Beyond EVs, GM dominated sales of full-size pickups for the fifth consecutive year. GM also sold more full-size SUVs than any other company, a record it has held since 1974.

GM and Ford Had a Great Year, Tesla Did Not

Not to be outdone, Ford also reported some strong figures for last year. The automaker moved 530,660 vehicles in the last quarter of 2024, a nearly 9% increase. For the year, the car giant sold 4% more units than in 2023, coming in just shy of 2.1 million vehicles.

EV sales rose 16% to just over 30,100 in the last three months of the year. Ford hit a total of 97,865 EV sales for the entire year.

While both GM and Ford saw positive EV sales growth in 2024, Tesla experienced a decline for the first time in over a decade. In 2024, the Cybertruck maker delivered 1.79 million units, down from 1.81 million the year before. Despite the decrease, the Elon Musk-owned company still holds 50% of the EV market.

Current estimates suggest that a total of 1.3 million EVs were purchased by Americans in 2024. Yet, there is speculation that the incoming Trump administration will cancel the EV purchase credits offered by the federal government. Losing the credits, which is essentially a price increase, could lead to a slowing of demand for EVs.