GM Powers Ahead: 50% Jump In EV Sales Reaches New Milestones In 2024

General Motors (GM) has emerged as America’s second-largest electric vehicle (EV) seller, showcasing the rapid evolution of the American automotive industry’s transition to electric mobility. 

According to GM, the company closed 2024 with a record-breaking 114,432 EV sales, marking a 50% increase from the previous year and displaying the growing mainstream appeal of EVs across diverse market segments. 

The comeback story is noteworthy given GM’s challenging position in late 2023 when the company faced production difficulties, delays, and software challenges with its EV program. Within just 12 months, GM not only resolved these issues but achieved unprecedented success, expanding its market share and setting new sales records across its brand portfolio.

Within GM’s success lies the Chevrolet Equinox EV, which emerged as the company’s bestselling electric model with 28,847 units sold in 2024. The Equinox EV’s popularity stems from its exceptional market position as the most affordable EV in the United States (U.S.) offering over 300 miles of range, with a starting price of $35,000. When combined with the federal EV tax credit, qualified buyers can acquire the vehicle for as low as $27,500.

Q4 2024 proved quite successful for GM, with EV sales surging 125% compared to the same period in 2023. The company sold 43,982 EVs during these three months, with December marking GM’s second consecutive month of over 15,000 EV sales – a feat previously achieved only by industry leader Tesla.

GM’s success extends across its diverse EV lineup. The luxury Cadillac LYRIQ closely followed the Equinox EV’s success with 28,402 units sold in 2024, while the Chevrolet Blazer EV contributed 23,115 sales. Even the premium GMC Hummer EV, despite its $100,000 price tag, found nearly 14,000 buyers.

The company’s EV portfolio now contains ten fully electric models across the Chevrolet, Cadillac, and GMC brands, ranging from affordable crossovers to luxury SUVs. GM’s market share nearly doubled throughout 2024, reaching around 12% in Q4, up from 9.3% in Q3. This growth positioned GM ahead of Ford, which reported 97,865 EV sales for the year.

Furthermore, GM plans to expand its electric lineup for 2025 with two new Cadillac luxury SUVs: the three-row VISTIQ and the smaller OPTIQ. However, the company faces potential challenges from proposed policy changes under the Trump administration, including possible 25% tariffs on vehicles manufactured in Mexico – which would affect the Mexican-built Equinox EV and Blazer EV – and the potential elimination of the federal EV tax credit.

“The automotive industry is driven by momentum, and General Motors has momentum on its side,” stated Rory Harvey, GM’s executive VP and president of global markets. “We have the largest EV share growth of any manufacturer, offering something for everyone, no matter what they like to drive.”

Read More: GM Surpasses 300,000 EV Sales Milestone In The U.S.

Despite these uncertainties, GM’s overall U.S. sales increased 4% to 2.7 million units in 2024, reaching its highest total since before the COVID-19 pandemic. While Tesla maintains its position as the dominant EV producer in the U.S. market with 1.78 million deliveries in 2024, GM’s rapid growth and diverse product lineup suggest a shifting competitive landscape in the American EV market.

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