General Motors and Ford Motor on Friday reported robust U.S. auto sales and electric-vehicle sales for the final quarter of 2024. GM more than doubled EV sales for the full year, while Tesla suffered a sales decline. GM stock edged higher on Friday, while Ford stock popped and Tesla jumped.
Toyota Motor posted declining U.S. new vehicle sales, but marked an EV sales milestone, including hybrid vehicles. Hyundai, which trades over the counter, and Honda Motor saw robust hybrid and EV sales, spearheading their overall sales growth.
Here are Q4 sales results for auto giants in the U.S. vs. estimates from Cox Automotive analysts.
General Motors Growing EV Share As Tesla Sales Decline
On Friday, GM reported Q4 sales jumped 21%. Its full-year 2024 sales rose 4% to 2.7 million vehicles, in line with Cox analyst views.
The No. 1 U.S. automaker retained the sales crown in 2024, as expected.
GM's EV sales jumped 50% in Q4 to 43,982 units, and vaulted 125% in 2024 to more than 114,000 units, the sales release showed.
The EV tally suggests that GM was the distant No. 2 U.S. EV seller behind Tesla in 2024, in terms of fully battery electric vehicles. But as Tesla sales declined in 2024, GM said it nearly doubled its U.S. EV market share over the course of 2024, reaching around 12% in Q4 from 6.5% in Q1, after launching several new Cadillac and Chevrolet electric models, such as the Equinox EV.
Tesla's U.S. sales fell 6% in 2024 to around 633,000 electric vehicles, Cox analysts estimated. Tesla itself does not break down its EV sales by country or region. Its U.S. market share dipped by a fraction in 2024 to reach 4%, according to Cox estimates.
GM stock gained 0.7% in Friday's stock market action, still below the 50-day moving average. GM shares rallied for most of 2024 while most rivals struggled. Robust GM earnings defied challenging industry conditions. The company cited strong pricing and incentive discipline.
Tesla stock rallied 8.2% on Friday, clawing back Thursday's losses. Wedbush analyst Dan Ives forecast a 20%-30% increase in Tesla deliveries in 2025. He cited the expected launch of a cheaper new EV, the growth of Tesla's Full Self-Driving software, and the Cybercab as potential growth drivers.
Separately, Carvana extended Thursday's losses by more than 11%. Shares of the online used-car seller slid after short seller Hindenburg Research called Carvana's recent turnaround a "mirage" built upon unstable loans and accounting manipulation.
Toyota Motor Tops 1 Million EV And Hybrid Sales
On Friday, Toyota reported Q4 U.S. sales of 603,104 vehicles, a 2.7% decrease, and 2024 total sales of 2.33 million, a 3.7% increase.
Both fell slightly short of estimates. Analysts had estimated Toyota would sell 606,256 units in Q4 2024. For the full year, Toyota's U.S. sales were expected to reach 2.34 million.
However, sales of Toyota and Lexus electric and hybrid vehicles jumped 53% in 2024, topping 1 million units for the first time, the company said in its sales release. Hybrid and EV sales made up 43% of total 2024 sales volume, helped by 30 model options, the most of any U.S. automaker, the company added. Toyota and Honda sell mostly hybrid cars, though they are making inroads in battery electric vehicles.
Toyota stock rose 1.1% on Friday, rallying after a three-day slide and after cratering last year. Shares remain below the 200-day line. But Toyota and Honda stock surged last week on the companies' plans to revive growth. Toyota plans to increase its return on equity to compete globally, reports said.
Ford's EV Sales Jump In Q4, Trucks Return To Growth
On Friday, Ford reported Q4 sales of 530,660 vehicles, up 8.8%. For the full year, Ford posted unit sales of 2.08 million, a 4.2% increase.
Both beat analyst estimates. Analysts had projected Ford Q4 sales of 519,808 vehicles. For the full year, Ford's U.S. sales were expected to reach 2.06 million.
In Q4, Ford's hybrid sales grew 26.5%. That outpaced a 16.3% gain for EV sales and 6.8% gain for traditional vehicles with internal combustion engines (ICE).
For the full year, Ford's total EV sales jumped 38% to a record 285,291 units, including nearly 98,000 battery electric vehicles and more than 187,000 hybrid vehicles. In contrast, Ford's sales of ICE vehicles were almost flat in 2024, increasing 0.2% to 1.79 million units.
Importantly, Ford reported a 21% Q4 sales jump for its F-series trucks. That showed a continuing comeback for the F-series, Ford's moneymaker, whose sales slid 8% over the first half of 2024.
Shares of Ford Motor gained 2.5% on Friday after closing at its worst level in nearly four years on Thursday. Ford stock remains below a falling 50-day moving average, as well as the 200-day line, a sign of both short- and long-term weakness.
Other Automakers: Hyundai, Honda, Stellantis
For Hyundai, which trades over the counter, Cox Auto analysts estimated Q4 U.S. sales of 439,274, up 9%. Its 2024 vehicle sales were seen rising 1.8% to 1.68 million units.
On Friday, Hyundai reported 2024 sales of 836,802 units, a 4% increase. Sister brand Kia reported 2024 sales of 796,488 units, an almost 2% increase. Both reported record annual sales. The Korean automakers have grown sales rapidly, on the back of strong EV lineups. In Q4, EV and hybrid sales shot up 64% vs. the year-ago quarter, Hyundai said. By comparison, its Q4 total sales increased 10%.
For Honda Motor, analysts expected Q4 sales of 357,392 units, up 5.9%. Over 2024, Honda's U.S. sales were seen rising 8.1% to 1.41 million vehicles. On Friday, Honda reported sales of 1.42 million vehicles in 2024, an increase of 8.8%. Honda's EV and hybrid sales jumped 19% in 2024 to around 349,000 units, the company said.
For Stellantis, analysts estimated Q4 sales of 343,552, down 8%. In 2024, the Dodge and Jeep parent company's U.S. sales were seen sliding 15% to around 1.3 million vehicles.
In December, Honda confirmed that it is mulling a merger with Japanese rival Nissan. Also last month, Stellantis CEO Carlos Tavares resigned abruptly amid disappointing sales and reported differences with the board. The Italian American carmaker expects to appoint a new CEO in the first half of 2025 and backed 2024 guidance.
Honda stock rose 0.8% on Friday. Shares jumped above the 50-day line last month on the merger news. Stellantis stock shed 1.9% after crumbling below key averages in 2024.
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Robust Auto Sales In Q4, Record EV Sales In 2024
A robust Q4 should lift 2024 sales to above 15.8 million vehicles, the best level since 2019 and above the industry's expectations at the beginning of last year, Cox Automotive said.
U.S. auto sales kicked higher in the final quarter of 2024 after steady growth in the first three quarters, the analysts said. They tied the uptick to rising inventories and deeper discounts, as well as some pull-forward in EV demand following Donald Trump's win in the November U.S. elections.
For 2024, Cox analysts predicted another record year of U.S. EV sales at around 1.3 million, up from 1.2 million in 2023, despite declining sales for Tesla. Legacy automakers are shifting, albeit somewhat unsteadily, from gas and diesel cars to electric and hybrid vehicles.
In 2025, U.S. auto sales are set to gain a further 3% to 16.3 million units, Cox Auto analysts said. They also expect another record year for sales of hybrid and electric vehicles.
Please follow Aparna Narayanan on X @IBD_Aparna for more coverage.
