General Motors and Ford Motor Co. each reported significant increases in U.S. auto sales in the final three months of 2024, amid growing hopes for continued growth in the new year.
GM said its fourth quarter sales rose 21% from a year earlier, to more than 755,000 cars and light trucks. The company's electric vehicle sales more than doubled to 43,982 units.
Ford sold more than 530,000 vehicles in the quarter, an increase of nearly 9%. Of these, electric vehicles accounted for 30,176 units, an increase of 16%.
For the full year, GM sold 2.7 million cars and trucks, and Ford sold nearly 2.1 million, an increase of just over 4% for each company.
EV leader Tesla on Thursday said its global sales in 2024 will decline slightly in the face of increased competition, the first decline in its history, although fourth-quarter sales set a record for the company. Announced.
Other automakers are also expected to announce sales totals later on Friday.
Market research firm Cox Automotive estimates that the industry will sell 15.85 million cars and light trucks in the U.S. in 2024, a 2% increase over 2023.
Cox predicts further growth this year, with car sales rising to 16.3 million cars and trucks in 2025.
Jonathan Smoak, senior economist at Cox, said consumer sentiment, wages and other economic indicators favor an increase in auto sales.
“Wages are going up, car incentives are going up, loan approval rates are going up,” he said. “As we move into 2025, the momentum will come back.”
