The automotive industry is experiencing a noteworthy resurgence, with both General Motors (GM) and Ford Motor Company reporting their best annual sales figures in the U.S. since 2019. After facing the crippling effects of the COVID-19 pandemic and ongoing supply chain disruptions, these results are a breath of fresh air for the sector, suggesting a recovery phase. Market analysts are optimistic, projecting that total vehicle sales in the U.S. could approach 16 million in 2024, hinting at a robust rebound from the nadir of pandemic restrictions.
The impressive sales figures are not exclusive to GM and Ford. Toyota, Honda, and Hyundai also announced single-digit growth in annual sales, aligning with the upward trend expected by industry insiders. GM continues to hold the mantle of the top-selling automotive brand in the U.S., followed closely by Toyota and Ford. For 2024, GM’s sales were reported at over 2.7 million vehicles, marking a 4.3% increase relative to the previous year. Despite having sold 2.9 million units in 2019, the current figures signal a positive trajectory.
Rory Harvey, President of Global Markets for GM, emphasized that cutting-edge design and superior performance are pivotal in appealing to customers, reinforcing their strategy for sustained growth. The automaker has also reported a significant surge in electric vehicle (EV) sales, which rose by about 50% to surpass 114,400 vehicles sold. However, GM’s electric vehicles still represented only 4.2% of total sales, indicating that while growth is promising, it remains a small fraction of overall performance.
Similarly, Ford is stepping up its game, emphasizing a significant increase in the sales of “electrified” vehicles, which includes both EVs and hybrids. The automaker achieved a full-year sales tally of approximately 2.08 million vehicles in 2024, which is an increase from just below 2 million units in 2023. During the last quarter, Ford recorded an impressive 8.8% annual growth, with sales totaling around 530,660 vehicles.
Remarkably, while traditional internal combustion engine (ICE) vehicles saw a modest increment of 0.2% year over year, electrified vehicle sales exploded by 38.3%. Electrified vehicles accounted for 13.7% of Ford’s total sales, underscoring the brand’s pivot toward alternative fuel technologies and sustainability.
The competition remains fierce as other major automakers also unveil their sales performances. Toyota reported a 3.7% increase in total sales for 2024, despite experiencing a setback in December with a 7.1% drop. It sold over 2.3 million vehicles last year, reinforcing its position within the market. Honda also displayed resilience, achieving an 8.8% sales growth to reach approximately 1.4 million vehicles, including a strong finish with a 9.9% increase in December.
Hyundai has set a record for itself, selling more than 836,800 vehicles, representing roughly a 4% growth compared to 2023. Meanwhile, Kia, a partner brand under the Hyundai umbrella, mirrored this success with record sales of 796,488 vehicles, marking a 1.8% annual increase.
As we glance toward the future of the automotive industry, the clear trajectory suggests a burgeoning marketplace that is slowly overcoming its prior obstacles. The push towards electric and hybrid vehicles will continue to shape consumer preferences and automaker strategies alike.
With increasing commitments to sustainability and advanced technologies, major players like GM and Ford are not just reporting higher sales—they are laying groundwork for a transformative shift in the automotive landscape. As 2025 approaches, it will be intriguing to observe how these shifts influence production strategies, consumer choices, and the overall market dynamic. The evolution of the automotive industry is underway, and the path forward appears brighter than ever.