Sales of new vehicles in the United States saw continued growth last year, recovering from the historically low levels caused by the COVID-19 pandemic and the supply chain disruptions over the past four years.
On Friday, American automakers General Motors (GM) and Ford Motor Company both reported their best annual U.S. new vehicle sales since 2019, driven by increased sales of electrified vehicles such as all-electric and hybrid models.
These results aligned with the industry’s expectations. Market research firms anticipated that U.S. automakers would report total sales close to 16 million vehicles in 2024, marking the industry’s best year since it sold approximately 17 million units in 2019.
“We got to just under 16 million units, it looks like, for 2024, with strengthening in the last quarter,” said Stephanie Brinley, associate director of AutoIntelligence at S&P Global Mobility.
“Given some of the affordability and inflationary headwinds, it’s probably a decent year … It’s moving in the direction we need to move.”
Auto sales are projected to continue growing in 2025 but are expected to fall short of 2019 levels. S&P Global Mobility and Edmunds forecast about 16.2 million vehicles to be sold this year.
Several other automakers, including Toyota Motor, Hyundai Motor, and Honda Motor, reported single-digit annual sales increases, which also aligned with industry expectations.
GM maintained its position as the top-selling automaker in the U.S., followed by Toyota and Ford.
Hyundai, including its sibling company Kia, ranked fourth, with Honda and Stellantis, the parent company of Chrysler, following. Stellantis, in particular, has faced significant sales declines in recent years.
Stellantis, previously Fiat Chrysler, reported annual sales of about 1.3 million vehicles in 2024, marking its worst sales year since 2010, when its predecessor was still recovering from bankruptcy.
In terms of sales results, GM reported sales of more than 2.7 million vehicles in 2024, a 4.3% increase from the previous year. However, GM had sold 2.9 million units in 2019.
“The driving force for our business is new vehicles with great design and performance across our portfolio, helping our dealers satisfy more customers. We’re carrying significant momentum into 2025,” said Rory Harvey, GM president of global markets, in a release.
GM’s sales growth was driven by increases across all four of its U.S. brands, along with a roughly 50% rise in electric vehicle (EV) sales, which totaled more than 114,400 units.
Despite the significant growth in EV sales, these vehicles accounted for only 4.2% of GM’s overall sales. GM estimated a 12% EV market share in the U.S. during the fourth quarter.
A similar trend was observed at Ford, which reported a notable increase in sales of its electrified vehicles, including both EVs and hybrids.
Ford reported 2024 sales of 2.08 million vehicles, a slight increase from just under 2 million in 2023. In 2019, Ford had sold 2.42 million vehicles in the U.S. For the fourth quarter of 2024, Ford saw an 8.8% year-over-year increase in sales, totaling 530,660 vehicles sold.
Ford noted that sales of traditional internal combustion engine vehicles increased by 0.2% compared to 2023, while electrified vehicle sales surged by 38.3% year-over-year.
Electrified vehicles, including hybrids and EVs, accounted for 13.7% of Ford’s total annual sales.
Other automakers reporting U.S. sales figures on Friday included:
- Stellantis, which saw a 15% decline in U.S. sales, selling approximately 1.3 million vehicles. The company’s Dodge brand experienced a 29% drop, Ram Trucks declined by 19%, and Alfa Romeo fell by 19%. Jeep sales decreased by 9%.
- Toyota, which saw a 3.7% increase in sales, selling over 2.3 million vehicles despite a 7.1% decrease in December.
- Honda, which reported an 8.8% increase in sales, totaling 1.4 million vehicles, including a 9.9% rise in sales during December.
- Hyundai, which saw its sales increase by about 4%, reaching a record 836,800 vehicles.
- Kia, Hyundai’s sibling company, also reported record U.S. sales of 796,488 vehicles in 2024, up 1.8% from its previous record set in 2023.