In 2024, U.S. new car sales are expected to reach a five-year high, with General Motors continuing to claim the sales crown
In 2024, new car sales in the United States are expected to reach a five-year high, approaching 16 million units, primarily driven by the growth of electric and hybrid models. General Motors continues to hold the title of sales champion, with fourth-quarter sales increasing by 21% year-on-year and annual sales rising by 4% to 2.7 million units. Despite electric vehicle sales growing by about 50%, they still account for only 4.2% of total sales. Ford Motor Company also reported an increase in sales
Zhitong Finance learned that new car sales in the United States are expected to continue rising in 2024, rebounding from the historical lows caused by the pandemic and supply chain shortages over the past four years. American traditional automakers General Motors (GM.US) and Ford Motor Company (F.US) both reported their best annual new car sales in the U.S. since 2019 on Friday, thanks to the growth of electric vehicles such as all-electric and hybrid models.
These results align with the industry's expectations for automakers. Market research firms expect total sales for U.S. automakers in 2024 to approach 16 million, making it the best year for the industry since sales of about 17 million in 2019.
Stephanie Brinley, Vice President of S&P Global Mobility, stated, "With growth in the fourth quarter, our sales will approach 16 million in 2024. Considering some affordability and inflation headwinds, this could be a decent year... it is moving in the direction we need."
Car sales are expected to continue growing in 2025, but still below 2019 levels. S&P Global Mobility and Edmunds estimate that car sales this year will be around 16.2 million.
General Motors remains the best-selling automaker in the U.S., followed closely by Ford. General Motors announced a 21% year-on-year increase in fourth-quarter sales, with a 4% increase in 2024 sales, reaching 2.7 million, where full-size pickup sales grew for the fifth consecutive year, reaching the highest level since 2007.
General Motors stated that the sales growth is mainly due to increases in sales across all four of its U.S. brands, as well as a nearly 50% increase in electric vehicle sales, totaling over 114,000 units. Despite the significant growth in electric vehicle sales, electric vehicles only accounted for 4.2% of the automaker's total sales. General Motors estimates that in the fourth quarter of last year, the company's share of the U.S. electric vehicle market reached 12%.
As General Motors announced its performance, local competitor Ford Motor Company also saw growth in fourth-quarter and annual sales. The company reported significant growth in "electrified" vehicles, including electric and hybrid vehicles. Ford reported on Friday that total U.S. car sales in the fourth quarter increased by 8.8% year-on-year to 530,000 units, with total U.S. electric vehicle sales of 77,300 units in the fourth quarter; retail sales in the U.S. grew by 17% in the fourth quarter. Car sales in 2024 are projected to be 2.08 million, up from less than 2 million in 2023. In 2019, this automaker sold 2.42 million cars in the U.S.
Ford Motor Company stated that its annual sales of traditional internal combustion engine vehicles increased by 0.2% compared to 2023, while electric vehicle sales grew by 38.3% year-on-year. Electric vehicles, including hybrids and electric vehicles, accounted for 13.7% of Ford's total annual sales.
Other automakers such as Toyota Motor (TM.US), Hyundai Motor, and Honda Motor (HMC.US) also reported single-digit annual sales growth on Friday, which generally met industry expectations. Toyota ranked third in sales, Hyundai ranked fourth, followed by Honda and Chrysler's parent company Stellantis (STLA.US), which has seen significant declines in sales in recent years. **
Toyota announced a 3.7% increase in sales for 2024, despite a 7.1% decline in sales last December. The company sold over 2.3 million vehicles last year. Honda reported an 8.8% increase in sales last year, reaching 1.4 million, with a 9.9% increase in sales in the last month of the year.
Sales of the Hyundai brand grew by about 4% in 2024, reaching a record 837,000 units. Hyundai's sibling company Kia also announced that its sales in the U.S. reached a record 796,000 units in 2024, an increase of 1.8% over the record set in 2023.
Stellantis reported a 15% decline in sales in the U.S. for 2024, down to about 1.3 million units, marking the worst year since 2010. The brand with the largest sales decline was Dodge, down 29%, followed by Ram Trucks and Alfa Romeo, both down 19%. The popular Jeep brand saw a 9% decline in sales
