General Motors (GM) saw a 4% increase in sales in 2024, reaching 2.7 million vehicles, marking its best performance since 2019. In the fourth quarter, sales grew by 21% compared to the previous year.

The full-size pickup segment continued its success, recording growth for the fifth consecutive year. Additionally, SUVs like the Tahoe, Suburban, and Yukon solidified GM’s position in the category, allowing the company to maintain its leadership in this segment for 50 years.

Electric vehicles were a major growth driver, with sales rising by 50% for the quarter and 125% for the year. Models such as the Cadillac Lyriq, Blazer EV, and Silverado EV showed significant gains, helping GM double its market share in the EV segment.

The average transaction price of GM vehicles in Q4 reached $51,292, while incentive spending dropped to 4.2% of the average deal price, below the industry average of 7.1%.

Despite positive results in the US, the company faced challenges in other areas. GM wrote off $5 billion in China and shut down its autonomous Cruise business.

GM will present a detailed report on its 2024 financial results on January 28.