Ford Motor and General Motors reported impressive year-over-year increases in their US vehicle sales for 2024 and the fourth quarter, driven significantly by the strength of electric vehicles. Ford's full-year vehicle sales rose 4.2% to approximately 2.08 million units. Sales of hybrids surged by 40%, while electric vehicle sales witnessed a substantial increase of 35%.
Each of the electric vehicle models produced by Ford achieved record sales in 2024, as asserted by the automaker. Notably, truck sales advanced by 7.1%, and sport utility vehicle sales grew modestly by 1.2%. However, traditional car sales saw a decline of 9.5%. For the December quarter, Ford's vehicle sales in the US rose 8.8% compared to the previous year, totaling 530,660 units sold.
This performance was majorly led by a remarkable 27% surge in hybrid sales. Electric vehicle sales also grew, increasing by 16% to reach 30,176 units, an accomplishment described by the company as achieving a 'new best-ever' performance. Furthermore, the fourth quarter illustrated a 21% growth in F-Series truck sales, notwithstanding a 10% decline in sales of the F-150 Lightning model, based on company data.
Looking ahead, Ford indicated its intent to bolster vehicle inventory to mitigate the expected impacts of supply reductions during plant transitions intended for key product launches, emphasizing the introduction of new models like the Expedition, Navigator, and Bronco. On a separate note, General Motors announced an increase in its US vehicle deliveries by 4.3%, allowing it to reach a total of 2.71 million units in 2024, marking its highest sales figures since 2019.
Buick witnessed a notable sales increase of 9.8%, while GMC and Cadillac posted growth rates of 8.9% and 8.8%, respectively. Impressively, full-year electric vehicle sales at GM soared by 50%, totaling 114,432 units. In the fourth quarter, GM's US vehicle deliveries grew by 21% from the previous year, summing up to 755,160 units, with electric vehicle sales skyrocketing by a staggering 125% to 43,982 units sold.
All three brands under GM—GMC, Chevrolet, and Cadillac—achieved double-digit sales increases, while Buick's sales grew by 9.5%. Rory Harvey, President of Global Markets at GM, remarked, "The driving force for our business is new vehicles with great design and performance across our portfolio, helping our dealers satisfy more customers." He further added that the company was entering 2025 with substantial momentum.
In the market, Ford shares experienced a rise of 2.6% during late-afternoon trading on Friday, while GM shares increased by 0.6%..