Grow, Team, Grow

January 31, 2025Newsletter Archives

General Motors finished 2024 with a flourish, posting fourth quarter financial results that easily topped Wall Street expectations. Revenue in the December quarter rose 11%, while per share profits on an adjusted basis reached $1.92 a share, jumping 55% from a year earlier.

For the full year, revenue was $187 billion, up 9% from 2023. Since 2021, our revenues have grown 10% a year on average on a compounded basis, nicely outstripping industry growth over the same span.

Not only that, but we led the U.S. market in 2024 in overall sales, retail sales, and fleet sales – the vehicle sales triple crown. Our U.S. market share reached 17.5% in the fourth quarter, the highest since 2018.

We had a particularly strong year in electric vehicles, where we turned profitable on a variable cost basis in the fourth quarter. GM was the #2 seller of electric vehicles in the U.S. market in the 2024 second half; we doubled our share of the domestic EV market over the course of 2024.

GM’s employees are sharing in the company’s success. Our hourly employees together will receive more than $640 million in performance bonuses, up to $14,500 per person, equal to more than two months of extra pay for our UAW-represented team.

In a letter to shareholders, CEO and Chair Mary Barra credited the strong results to a “combination of compelling vehicles in high volume and growing segments, strong execution, and discipline.” Looking ahead, Barra added that in 2025, “our vehicle portfolio will continue to get stronger.”

In her letter, Barra noted that “there is uncertainty over trade, tax, and environmental regulations” in the near-term, while adding that GM has been “proactive” in its interactions with both Congress and the White House. “Whatever happens on these fronts,” she wrote, “we have a broad and deep portfolio of ICE vehicles and EVs… and we’ll be agile and execute as efficiently as possible. “

– Eric J. Savitz, editor-in-chief, GM News