GM (GM) reported strong fourth quarter and full-year 2024 sales results in the US, capping off a robust year for the Big Three automaker. GM’s results come as crosstown rival Ford also saw sales gains in Q4 and for the year.
GM reported Q4 sales jumped 21% from a year ago and were up 4% in 2024 to 2.7 million vehicles, with full-size pickup sales up for the fifth straight year, hitting their highest level since 2007. Sales of full-size SUVs like the Tahoe, Suburban, and Yukon also propelled GM to a category win in the segment for the 50th straight year.
Both GM and rival Ford had their best sales years since 2019 as the industry climbed back to pre-pandemic sales levels.
GM shares were up slightly in midday trade.
It was also a big quarter for EVs, which GM continues to see as the future despite slowing sales growth across the industry. EV sales jumped 50% for the quarter and 125% for the year, GM said.
GM also noted it doubled its EV market share over the course of the year, eating away mainly at Tesla. EVs like the Cadillac Lyriq (up 111.6%), Blazer EV (up over 1000%), and Silverado EV (up 391%) were behind the EV push.
“It was a great year for us across our product lines,” said Rory Harvey, GM executive vice president and president of global markets, in a statement. “We have something for everyone, no matter what they like to drive.”
GM’s luxury brand Cadillac saw sales jump 35% in Q4 and nearly 9% for the year, with the aforementioned Lyriq EV and XT6 SUV powering the gains.
Looking under the hood, GM’s overall business and its inventory situation are doing well compared to the industry. For the quarter, GM said average transaction prices (ATPs) rose each month (to $51,292) and incentives declined; GM ended the year with an incentive spend per vehicle of 4.2% of ATP in Q4, whereas the industry stood at 7.1%.
The company also ended the year with 54 days of inventory supply. Usually around 60 days of supply is a good mark for a large automaker, indicating a good selection of product for consumers but not a supply glut at dealers. For comparison’s sake, earlier this year Stellantis (STLA) was struggling with inventory levels hitting 100 days, leading to deep discounting.
It was not all good news for GM’s Q4, as the company wound down its autonomous Cruise business and took a big $5 billion writedown in its China business.
At the moment, however, its home US market is its largest and most profitable. GM will give investors more on that when it reports Q4 and 2024 full-year results on Tuesday, Jan. 28, before the opening bell.
EMEA Tribune is not involved in this news article, it is taken from our partners and or from the News Agencies. Copyright and Credit go to the News Agencies, email news@emeatribune.com Follow our WhatsApp verified Channel
