General Motors and Ford Report Record EV Sales in 2024

General Motors (GM)

General Motors (GM) and Ford, two of the largest US automakers, have reported unprecedented sales figures for electrified vehicles (EVs) in 2024, underscoring a significant shift towards electric mobility in the automotive industry.

Impressive Growth in EV Sales

General Motors announced that it sold 114,432 EVs in 2024, marking a 50% increase from the previous year. This surge contributed to an overall growth in GM's total vehicle sales, which climbed 4% to reach 2.7 million units—its best performance since 2019. The momentum for GM's EV sales was particularly strong in the fourth quarter, with sales of 42,000 vehicles, an increase of 10,000 units from the third quarter and nearly double the sales from the second quarter.

Ford also saw a significant rise in its EV sales, with a total of 285,291 vehicles sold in 2024, up by 38% from the previous year. Ford's total vehicle sales increased by 4% to 2.08 million units. Notably, Ford's F-series hybrid and electric models captured an estimated 76% of the segment share, solidifying Ford’s position as the second-largest US electric vehicle brand behind Tesla.

Strategic Positioning in the EV Market

These sales figures not only reflect the increasing consumer demand for electric vehicles but also highlight the successful strategies employed by GM and Ford to capture a significant share of the burgeoning EV market. Both companies have been proactive in expanding their EV lineups and enhancing their technological capabilities to compete effectively with electric vehicle pioneer Tesla.