General Motors and Ford Motor reported strong increases in vehicle sales in the United States in the final three months of 2024 amid rising expectations for continued growth in the new year.
GM said its fourth-quarter sales rose 21 percent from the year-ago period to more than 755,000 cars and light trucks. The company’s electric vehicle sales more than doubled to 43,982 vehicles.
Ford sold more than 530,000 vehicles in the quarter, up nearly 9 percent. This included 30,176 electric vehicles, an increase of 16%.
For the full year, GM sold 2.7 million cars and trucks and Ford sold nearly 2.1 million vehicles, with each company up just over 4 percent.
On Thursday, EV leader Tesla announced a slight drop in 2024 global sales, its first ever, in the face of increased competition, although its fourth-quarter sales set a company record.
Other automakers are expected to report their sales totals later on Friday.
Cox Automotive, a market researcher, has estimated that the industry will sell 15.85 million cars and light trucks in the United States in 2024, which would be a 2% increase over 2023.
Cox predicts further growth this year, with vehicle sales in 2025 rising to 16.3 million cars and trucks.
Consumer sentiment, wages and other economic indicators are working in favor of higher vehicle sales, said Jonathan Smoke, senior economist at Cox.
“Wages are up, vehicle incentives are up, loan approval rates are up,” he said. “As we enter 2025, momentum is once again on our side.”
