General Motors has made significant progress in its EV strategy while increasing full-year revenue by 9 percent to $187 billion, with a 6 percent rise in wholesale volumes and ATPs above $50,000.
The company maintained disciplined pricing and incentives, ending the year with the lowest incentive levels in the industry.
U.S. market share grew by 30 basis points to 16.5 percent for the full year, reaching 17.5 percent in the fourth quarter, the highest since 2018, driven by strong EV growth and a refreshed ICE portfolio, General Motors said in its earnings report.
Mary Teresa Barra, Chairman and Chief Executive Officer of General Motors, said: “In our growing EV business, we produced and wholesaled 189,000 vehicles in North America. We doubled our market share over the course of the year as we scaled production, and our portfolio became variable profit positive in the fourth quarter.”
In 2024, GM wholesaled 189,000 EVs and delivered over 146,000 units. EV dealer inventory was strategically managed, decreasing from 100 days at the end of Q3 to 70 days by year-end as EV deliveries rose.
GM achieved variable profit positivity on EVs in Q4 through increased manufacturing scale, lower cell costs, and the expansion of its EV portfolio with the Cadillac Escalade IQ and Sierra EV.
The Equinox EV alone improved variable profit by $1,000 since its launch in Q2 of 2023.
GM reduced costs by $900 million in marketing spend and $700 million in automotive engineering costs compared to 2022, while EV inventory valuation allowances ended the year at $1.4 billion, with further reductions expected in 2025 depending on EV demand.
GM anticipates EV profitability improvements at the low end of its $2 billion to $4 billion EBIT year-over-year target.