GM’s share of the US electric vehicle market doubled in the fourth quarter as the new Chevy Equinox EV became a top seller. With new electric Cadillac SUVs arriving this year, GM sees more growth opportunities in 2025. Meanwhile, it will likely face a few headwinds. Here’s what to expect.
After publishing the revenues of the quarter quarter of 2024 on Tuesday, GM claimed to be the “fastest expansion electric vehicle manufacturer” in the United States.
The percentage of GM in the electric vehicle market has doubled the year because the production of new models higher. At the time of 2024, GM had exceeded Ford to become the greatest moment of EV in the United States behind Tesla.
The new models, such as Chevy Equinox and Electric Blazer, have contributed to the superior sales of VE of GM. With sales, 85% increased in the fourth quarter, the new Chevy Electric equinox among the first five maximum electric cars in the United States.
Other electric vehicles, adding the Cadillac Lyriq and GMC Hummer EV, have had their quarter-sales since launch.
With plans to offer “electric cars for all”, GM will now be models of offers in almost all segments of “at several prices”, adding prices at a decrease charge (Chevy Equinox EV), Luxury Vans (Cadillac Lyriq) ( Chevy Silverado EV EV, GMC Sierra EV Denali), and more.
Although GM does not provide a separate breakdown for electric vehicles, the company did say it achieved a positive variable profit in the fourth quarter.
CFO Paul Jacobson told reporters (via Reuters) that GM slightly missed its goal of producing 200,000 EVs in North America, ending 2024 at 189,000 units wholesale. However, it did manage to reduce EV inventory from 100 days in Q3 to 70 days in the fourth quarter of 2024.
The company expects Ev operating losses up to around $ 2 billion, reducing its objective from $ 2 billion to $ 4 billion. This is based on its estimation of wholesale EVs of around 300,000 units.
GM said average transactions on all cars exceeded $50,000 “with a decrease in incentives than average. “
GM posted fourth-quarter revenue of $47.7 billion, up 11% year over year. However, the company reported a net loss of $3 billion due to its restructuring in China. GM said Q4 net income was reduced by over $5 billion in special charges, including $4 billion for the restructuring in China and $500 million to halt its Cruise robotaxi business.
Despite the loss, GM expects losses to be reduced in 2025 with the improvement in the profitability of the VES, a fact about Chinese corporations and their resolve to end the cruise.
New electric Cadillacs, such as IQ, Optiq and Vistiq Climbing, the luxury brand, will offer an EV in the segment.
GM sold 114,432 electric vehicles in 2024, outpacing Ford, which sold 97,865 EVs last year. In the fourth quarter, GM’s share of the US EV market reached 12.5%, up from 6.5% in Q1 2024.
GM experienced a forged year and exceeded expectations. Spot restructuring prices were expected for Chinese operations and cruising. But inventory has been hit today. Minus 10%.
Meanwhile, Tesla last Q missed expectations, sales declined, and the stock increased—definition of meme stock.
Despite optimism, GM can face opposite primary winds this year. Trump threatening to put an end to federal EV subsidies and the financing of US battery production, GM can be one of the maximum affected through significant investments.
In addition, Trump is now threatening to impose new tariffs on imports from key US trade partners, including Mexico and Canada, where GM has several manufacturing plants.
GM has already begun to move shares of Mexico and Canada. Will this be enough to expand in 2025?
The automobile manufacturer has identified that “there is uncertainty about trade, tax and environmental regulations” that are taken into account in its directives.
Peter Johnson covers the transformation of the passage of the automotive industry into electric vehicles. It is an experienced investor, a monetary and an EV enthusiast. His enthusiasm for electric vehicles, basically Tesla, is a vital explanation why he followed an investment race. If he does not tell him about his new 10K discoveries, he can locate him to enjoy the outdoors or exercise