General Motors and Ford Motor each reported strong increases in vehicle sales in the United States in the final three months of 2024 amid rising expectations for continued growth in the new year.
G.M. said its fourth-quarter sales rose 21 percent from the period a year earlier, to more than 755,000 cars and light trucks. The company’s sales of electric vehicles more than doubled to 43,982 vehicles.
Ford sold more than 530,000 vehicles in the quarter, a gain of nearly 9 percent. That included 30,176 electric vehicles, an increase of 16 percent.
For the full year, G.M. sold 2.7 million cars and trucks, and Ford nearly 2.1 million vehicles, with each company seeing a rise of just over 4 percent.
On Thursday, Tesla, the E.V. leader, announced a slight drop in 2024 worldwide sales, its first decline ever, in the face of increased competition, though its fourth-quarter sales set a company record.
Other automakers are expected to report their sales totals later on Friday.
Cox Automotive, a market researcher, has estimated that the industry sold 15.85 million cars and light trucks in the United States in 2024, which would be a 2 percent rise over 2023.
Cox is forecasting further growth this year, with 2025 vehicle sales rising to 16.3 million cars and trucks.
Consumer sentiment, wages and other economic indicators are working in favor of higher vehicle sales, said Jonathan Smoke, Cox’s senior economist.
“Wages are growing, vehicle incentives have risen, loan approve rates are up,” he said. “As we enter 2025, momentum is back on our side.”
