General Motors reports record Q4 2024 earnings, boosted by EV profitability and strong sales in full-size pickups and SUVs. Investors see strong returns.
GM Reports Record Financial Results for 2024
General Motors (GM) capped off 2024 with record-breaking financial results, citing strong execution, disciplined cost management, and growing EV profitability as key drivers. CEO Mary Barra credited the company’s performance to strategic investments, an expanding electric vehicle (EV) lineup, and continued leadership in the full-size pickup and SUV segments.
GM’s Financial Performance Surpasses Expectations
The automaker posted a 9% increase in total revenue, reaching $187.4 billion for the year. GM also saw record earnings before interest and taxes (EBIT)-adjusted at $14.9 billion and adjusted automotive free cash flow of $14.0 billion. Earnings per share (EPS) rose to $10.60, reinforcing investor confidence.
Key financial highlights:
- U.S. market share grew to 16.5%, with fleet and retail sales leading the industry.
- GM maintained the No. 1 position in full-size SUVs and full-size pickups.
- The company’s EV portfolio became variable profit positive in Q4.
- GM returned $7.6 billion to shareholders through dividends and share buybacks.
EV Market Share Doubles Amid Expanding Portfolio
GM doubled its U.S. EV market share in 2024, bolstered by rising sales of the Chevrolet Equinox EV and strong performance from Cadillac’s LYRIQ. The company sold over 44,000 EVs in Q4, cementing its position as the second-largest EV seller in the U.S. for the second half of the year.
“Our EV strategy is delivering results,” said Mary Barra, adding that profitability improvements will continue as production scales and battery costs decline. The Equinox EV’s profitability improved by $1,000 per unit since its Q2 launch.
Strong Sales in ICE Vehicles Complement EV Growth
Despite its EV push, GM’s internal combustion engine (ICE) vehicles remain vital to its profitability. Sales of the Chevrolet Traverse, GMC Acadia, and Buick Enclave surged, with mid-size SUV transactions averaging 10% higher than previous models. The company also launched refreshed full-size SUVs, including the Chevrolet Tahoe, Suburban, and Cadillac Escalade, boosting segment market share to 67%.
GM Plans for 2025: More EVs, Higher Profitability
Looking ahead, GM is targeting further improvements in EV profitability while maintaining leadership in its ICE portfolio. The company will introduce three new Cadillac EVs—the Escalade IQ, OPTIQ, and VISTIQ—in 2025, expanding its presence across all luxury SUV segments.
On the ICE front, GM expects strong sales from its newly redesigned SUVs, including the Chevrolet Equinox, Traverse, and GMC Acadia. These models feature advanced driver-assistance technology, larger infotainment screens, and enhanced fuel efficiency.
Investor Confidence Remains Strong
GM’s financial health remains robust, with a 50% total return for investors in 2024. The company reached its goal of reducing outstanding shares below 1 billion ahead of schedule and returned over $640 million in profit-sharing payments to U.S. employees, with some receiving up to $14,500 in bonuses.
Despite uncertainties in trade, tax, and environmental regulations, GM remains committed to maintaining a strong balance sheet and agile operations. The automaker will work with policymakers to support American manufacturing and technological leadership.
Find More Interesting Feature Stories From ThumbWind
- Michigan Feature Stories – Unveiling the diverse and vibrant people, captivating places, and remarkable events that come together to make the Great Lake State unique and cherished by both residents and visitors alike.
- Weird Political News – A sarcastic take on official news from around the U.S., exploring the absurdities that often arise in the political landscape while providing a humorous perspective on current events and highlighting the quirks of politicians and policies.
- Michigan News – News and events from Michigan’s Upper Thumb region worth knowing, including local stories, impactful interviews, and updates on community happenings that shape the culture and lifestyle of the area.
Your Turn – Like This, or Loath it – We Want To Hear From You
Please offer an insightful and thoughtful comment. We review each response. Follow us to have other feature stories fill up your email box, or check us out on ThumbWind Publications.
