Ford, GM Post Best Annual Sales in 5 Years

The Ford logo at the North American International Auto Show in Detroit, Mich. Brendan McDermid/Reuters

Ford and General Motors (GM) have reported their highest U.S. sales figures in five years, each achieving significant growth in 2024 driven by replenished inventories and strong demand for both electric and traditional vehicles.

The sales numbers, reported on Jan. 3, place GM as the top-selling car manufacturer in the United States, followed by Toyota in second place and Ford in third.

General Motors Performance

GM reported a 4.3 percent increase in U.S. sales for 2024, totaling approximately 2.7 million vehicles—its highest sales volume since 2019. The fourth quarter was particularly strong, with sales rising 20.8 percent year over year. Electric vehicles (EVs) were a standout, with sales surging 50 percent in the fourth quarter and 125 percent for the full year, effectively doubling GM’s EV market share over the course of a single year.

The automaker remained the leader in full-sized pickups, marking its fifth consecutive year at the top in this category, with 2024 sales reaching their highest since 2007. GM also celebrated 50 straight years as the top seller of full-size SUVs.

“The driving force for our business is new vehicles with great design and performance across our portfolio, helping our dealers satisfy more customers. We’re carrying significant momentum into 2025,” Rory Harvey, GM president of global markets, said in a statement.

Ford and Toyota Numbers

Ford reported that its U.S. sales grew 4.2 percent in 2024. The automaker sold a total of 2.08 million units, up from just less than 2 million in 2023 and the highest since 2019.

Electrified vehicles—including electric, hybrid, and plug-in hybrid models—were a key growth driver, with sales increasing 38 percent year over year to 285,291 units. The F-Series pickups continued to dominate, with sales rising 2 percent to 765,649 units, maintaining their position as America’s best-selling truck series.

In the fourth quarter, Ford posted an 8.8 percent year-over-year sales increase, bolstered by strong demand for electrified vehicles, which saw quarterly growth of 22.3 percent. Internal combustion also showed steady gains, rising 6.8 percent.

Toyota retained its position as the second-largest U.S. automaker, reporting a 3.7 percent sales increase for 2024 with total annual sales of 2.3 million vehicles. Electrified vehicles played a key role in Toyota’s performance, with sales of 1 million in 2024, up 53.1 year over year and a record high.

“Our teams are working with suppliers and dealers to prepare for a busy 2025 as we introduce approximately 24 all-new, refreshed or special edition Toyota and Lexus vehicles, and start battery production at our new $13.9 billion North Carolina facility to meet future demands of our customers,” Jack Hollis, chief operating officer at Toyota Motor North America, said in a statement.

What’s in Store for 2025?

Analysts project U.S. auto sales growth to moderate slightly in 2025, citing uncertainty around interest rate levels and potential policy shifts by the incoming Trump administration, such as possible changes to EV tax credits.

“There are significant hurdles ahead, and profitability will be challenged; but the road into 2025 looks relatively clear,” Cox Automotive analysts wrote in a recent forecast.

The group expects continued progress on the inflation front to drive further interest rate cuts by the Federal Reserve, which would improve vehicle affordability by lowering borrowing costs. Wage growth could also be another tailwind for sales growth if unemployment levels stay in check.

“With growing new-vehicle inventory and improving affordability, we believe 2025 will be the best year for the market since 2019, with new-vehicle sales reaching 16.3 million units, an increase of 3 [percent] from 2024,” the analysts wrote in the forecast. “Profitability will continue to be squeezed, but the consumer and economy will be healthy and supportive of growth.”

Projections from S&P Global Mobility put U.S. automakers on pace to sell 16.18 million vehicles in 2025, a modest improvement over 2024 sales.

“Unfortunately, the new vehicle affordability issues that coalesced to constrain auto-demand levels for much of 2024 will not be resolved quickly in 2025,” Chris Hopson, manager of North American light vehicle sales forecasting at S&P Global Mobility, said in a statement.

“Vehicle pricing levels are expected to decline, but remain high; interest rates are expected to shift further downward, but inflation levels are anticipated to remain sticky, and new vehicle inventory should also progress, but careful management is expected too. Combined with an uneasy consumer, we project this translates to mild growth prospects for U.S. auto sales.”