General Motors reports increased revenue and EV market share in 2024

General Motors has released its fourth-quarter 2024 shareholder letter, outlining financial performance, production updates, and market positioning. The company reported a 9% increase in full-year revenue, maintaining its leadership in total, retail, and fleet deliveries within the U.S. market. GM also noted that it has expanded its market share while avoiding the pricing, incentive, and inventory pressures affecting the industry.

The company doubled its EV market share over the course of the year as production volumes increased. In the fourth quarter, GM’s EV portfolio became variable profit positive. In China, the company reported positive equity income before restructuring costs and is working with its local partner to improve financial results further.

General Motors achieved record EBIT-adjusted, adjusted automotive free cash flow, and adjusted diluted earnings per share. The company also distributed performance bonuses to its global salaried workforce, and U.S. hourly employees received over $640 million in profit sharing, marking a record payout of up to $14,500 per person.

Looking ahead, GM plans to continue allocating capital consistently while expanding its vehicle portfolio. The company will introduce three new Cadillac EVs in 2025: the Escalade IQ, Optiq, and Vistiq. Additionally, GM aims to improve EV profitability as production scales further. Alongside its EV expansion, GM expects continued contributions from its new internal combustion engine SUV models, including the Chevrolet Equinox, Chevrolet Traverse, and GMC Acadia, which were launched in 2024.

General Motors acknowledged ongoing uncertainties related to trade, tax, and environmental regulations. The company has engaged in discussions with policymakers, emphasizing the need for a strong domestic manufacturing sector and U.S. leadership in advanced technologies. Despite these external factors, GM plans to continue offering both internal combustion and electric vehicles while adapting to market conditions.