GM sales rise 4% in 2024, powered by trucks, SUVs, and EVs

Published On Jan 3, 2025, 12:42 PM

General Motors (GM) reported a 4% increase in overall vehicle sales for 2024, totaling 2.7 million vehicles. The company experienced significant growth in the fourth quarter, with a 21% increase year-over-year, driven by strong sales in trucks, SUVs, and electric vehicles (EVs). Notably, GM's EV sales surged 125% for the year, marking a substantial growth in this segment, which the company sees as crucial for the future. Despite the positives, GM faced some challenges, including a $5 billion writedown in its China operations and winding down its autonomous Cruise business. Overall, the company's performance aligns with the broader recovery in the automotive industry post-pandemic, with average transaction prices increasing and inventory levels being managed effectively.