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The U.S. auto industry ended 2024 on a high note, selling nearly 16 million vehicles. That's a 2% bump from the previous year and the best numbers since 2019, when sales peaked at 17 million.
According to S&P Global Mobility, the recovery shows real momentum despite rising costs and inflation challenges. "Given the affordability and inflationary headwinds, it's probably a decent year," said Stephanie Brinley, Associate Director at S&P Global Mobility. "It's moving in the direction we need to move."
General Motors (GM) stayed on the leaderboard, moving over 2.7 million vehicles in 2024. That's a solid 4.3% increase from 2023 and GM's best year since 2019, when they sold 2.9 million.
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Electric vehicles (EVs) were a bright spot, with sales jumping 50% to over 114,400 units. Still, EVs made up just 4.2% of GM's total sales. "GM's EV portfolio is growing faster than the market because we have an all-electric vehicle for just about everybody, no matter what they like to drive," said Rory Harvey, GM's President of Global Markets.
Not far behind, Ford had a strong showing with 2.08 million vehicles sold, up from just under two million the year before. While Ford hasn't quite hit its 2019 peak of 2.42 million, its electrified vehicles – like hybrids and EVs – were the star of the show.
Sales in that segment surged 38.3% to 285,291 units, making up 13.7% of Ford's total sales. In July 2024, Andrew Frick, then President of Ford Blue, noted, “Hybrid and electric vehicles are driving growth,” highlighting the company's focus on electrified options.
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According to Reuters, Toyota also had a solid year, with sales rising 3.7% to over 2.3 million vehicles compared to 2.25 million in the previous year. Honda saw an even more significant boost, with an 8.8% increase to 1.4 million units sold.