Both General Motors and Ford Motor Co. announced strong increases in auto sales in the United States in the last three months of 2024 amid growing expectations for continued growth in the new year.
General Motors said its sales in the fourth quarter rose by 21 percent Compared to the same period of the previous year, to more than 755 thousand cars and light trucks. The company’s sales of electric cars doubled to 43,982 cars.
Ford sold more than 530,000 vehicles This quarter, an increase of about 9 percent. This included 30,176 electric vehicles, an increase of 16 percent.
For the full year, GM sold 2.7 million cars and trucks, Ford nearly 2.1 million, and each company saw gains of just over 4 percent.
Tesla, the electric vehicle leader, on Thursday reported a slight decline in global sales for 2024, its first decline ever, in the face of increased competition, even though fourth-quarter sales set a record for the company.
Other automakers are expected to report their sales totals later on Friday.
Market researcher Cox Automotive estimated that the industry sold 15.85 million cars and light trucks in the United States in 2024, representing a 2 percent increase from 2023.
Cox expects further growth this year, with 2025 auto sales rising to 16.3 million cars and trucks.
Consumer sentiment, wages and other economic indicators are working in favor of higher auto sales, said Jonathan Smoak, chief economist at Cox.
“Wages are growing, car incentives are up, and loan approval rates are up,” he said. As we enter 2025, momentum is back on our side.”