GM (GM) reported sturdy fourth quarter and full-year 2024 gross sales leads to the US, capping off a sturdy yr for the Massive Three automaker. GM’s outcomes come as crosstown rival Ford additionally noticed gross sales positive factors in This autumn and for the yr.
GM reported This autumn gross sales jumped 21% from a yr in the past and had been up 4% in 2024 to 2.7 million autos, with full-size pickup gross sales up for the fifth straight yr, hitting their highest degree since 2007. Gross sales of full-size SUVs just like the Tahoe, Suburban, and Yukon additionally propelled GM to a class win within the phase for the fiftieth straight yr.
Each GM and rival Ford had their greatest gross sales years since 2019 because the trade climbed again to pre-pandemic gross sales ranges.
GM shares had been up barely in noon commerce.
It was additionally an enormous quarter for EVs, which GM continues to see as the longer term regardless of slowing gross sales progress throughout the trade. EV gross sales jumped 50% for the quarter and 125% for the yr, GM stated.
GM additionally famous it doubled its EV market share over the course of the yr, consuming away primarily at Tesla. EVs just like the Cadillac Lyriq (up 111.6%), Blazer EV (up over 1000%), and Silverado EV (up 391%) had been behind the EV push.
“It was an excellent yr for us throughout our product strains,” stated Rory Harvey, GM government vice chairman and president of worldwide markets, in an announcement. “We now have one thing for everybody, it doesn’t matter what they wish to drive.”
GM’s luxurious model Cadillac noticed gross sales soar 35% in This autumn and practically 9% for the yr, with the aforementioned Lyriq EV and XT6 SUV powering the positive factors.
Trying below the hood, GM’s total enterprise and its stock scenario are doing nicely in comparison with the trade. For the quarter, GM stated common transaction costs (ATPs) rose every month (to $51,292) and incentives declined; GM ended the yr with an incentive spend per automobile of 4.2% of ATP in This autumn, whereas the trade stood at 7.1%.
The corporate additionally ended the yr with 54 days of stock provide. Normally round 60 days of provide is an effective mark for a big automaker, indicating a wide variety of product for customers however not a provide glut at sellers. For comparability’s sake, earlier this yr Stellantis (STLA) was fighting stock ranges hitting 100 days, resulting in deep discounting.
It was not all excellent news for GM’s This autumn, as the corporate wound down its autonomous Cruise enterprise and took an enormous $5 billion writedown in its China enterprise.
In the mean time, nonetheless, its residence US market is its largest and most worthwhile. GM will give traders extra on that when it reviews This autumn and 2024 full-year outcomes on Tuesday, Jan. 28, earlier than the opening bell.
