Automakers closed 2024 with strong sales in the United States, driven by a surge in demand for electric models. General Motors led the gains, reporting a 21% increase in fourth-quarter sales to over 755,000 vehicles, with its electric-vehicle sales more than doubling to nearly 44,000.
Ford Motor saw a 9% gain in sales, while Honda and Hyundai each reported an 10% increase. Notable exceptions included Toyota, which posted a 3% decline, and Stellantis, which saw a 7% drop.
Market researcher Cox Automotive expects auto sales to grow 2.8% this year, driven by factors such as rising wages, increased vehicle incentives, and improving consumer sentiment. Analysts attribute the recent surge in electric-vehicle sales to lower interest rates, sweetened incentives, and discount plans, including Tesla’s three-year lease on its Model Y hatchback.
The fourth-quarter jump in E.V. sales may also be linked to President-elect Donald J. Trump’s suggestion of eliminating the $7,500 federal tax credit on electric vehicles priced under $80,000. Industry experts suggest that this change could lead to a stronger rush to buy electric vehicles if the tax credit is indeed eliminated.
Overall, the industry sold just shy of 16 million cars and trucks in 2024, with G.M. as the largest producer. Tesla remains the leading E.V. seller, accounting for nearly half of all domestic E.V. sales.
Source: https://www.nytimes.com/2025/01/03/business/ford-gm-vehicle-sales.html