General Motors' Q4 US Sales Rise 21% Y/Y on Robust EV Deliveries

General Motors Company GM had a robust 2024, achieving growth in U.S. sales and market share with its revamped lineup of electric and gas-powered vehicles. In 2024, GM’s total sales increased 4% to 2.7 million units, the company’s highest since 2019. GM estimates its 2024 market share at 16.5% and ended the year with 54 days of inventory, aligning with its target. All major brands — Chevrolet, GMC, Buick, and Cadillac — posted significant sales gains.In the fourth quarter, GM's sales rose 21% year over year. Its electric vehicle (EV) sales rallied 50% year over year to 43,982 units for the quarter and 125% year over year to 114,432 units for the year, doubling its EV market share in 2024. GM was the second-best EV seller in the United States during the second half of the year. The company also retained its position as the top seller of full-sized pickups for the fifth consecutive year, achieving its highest annual sales since 2007, and led full-size SUV sales for an impressive 50th consecutive year.EV sales gained momentum throughout the year, with the fourth quarter EV sales reaching 42,000 units, a 10,000-unit increase over the third quarter and nearly double the second quarter’s total. GM's average transaction price for the fourth quarter approached $53,000, significantly higher than the industry average, while per-vehicle incentive spending declined.GM’s Cadillac & GMC Set New Sales RecordAll four brands showed growth in 2024. Chevrolet sales rose 1.5% to its highest level since 2019, driven by the Equinox EV, which saw fourth-quarter sales climb 85% from the third quarter. Trax sales increased 84% for the year, leading the small SUV segment, while fourth-quarter Chevrolet sales grew 17%.Cadillac achieved its best annual and quarterly sales since 2016, fueled by demand for the Escalade, the top-selling large luxury SUV for the 11th straight year, and the LYRIQ, now the leading electric mid-size luxury SUV. Deliveries of two new electric SUVs — the three-row VISTIQ and the smaller OPTIQ — will begin in the first quarter of 2025. Cadillac’s fourth-quarter sales increased 35% year over year.GMC recorded its best year ever, with sales up 9% year over year, driven by a 33% year-over-year rise in the fourth quarter. The Sierra and Canyon models achieved record sales, while the Denali sub-brand celebrated its 25th anniversary with a record year. Buick sales rose 10% year over year to their highest level since 2021, with fourth-quarter Envista sales up 57% year over year.General Motors’ Zacks Rank & Other Key PicksGM currently carries a Zacks Rank #2 (Buy).Some other top-ranked stocks in the auto space are BYD Company Limited BYDDY, Geely Automobile Holdings Limited GELYY and Blue Bird Corporation BLBD, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Consensus Estimate for BYDDY’s 2024 sales and earnings suggests year-over-year growth of 25.07% and 31.51%, respectively. EPS estimates for 2024 and 2025 have improved 14 cents and 21 cents, respectively, in the past 60 days.The Zacks Consensus Estimate for GELYY’s fiscal 2025 sales and earnings suggests year-over-year growth of 60.04% and 138.89%, respectively. EPS estimates for fiscal 2025 and 2026 have improved by 63 cents and 62 cents, respectively, in the past 60 days. The Zacks Consensus Estimate for BLBD’s fiscal 2025 sales and earnings suggests year-over-year growth of 10.97% and 12.14%, respectively. EPS estimates for fiscal 2025 have improved 18 cents in the past 60 days.Research Chief Names "Single Best Pick to Double"From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report General Motors Company (GM): Free Stock Analysis Report Geely Automobile Holdings Ltd. (GELYY): Free Stock Analysis Report Blue Bird Corporation (BLBD): Free Stock Analysis Report Byd Co., Ltd. (BYDDY): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks