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The Key Takeaways
- Ford and GM have reported that more new cars were sold in 2024 in the U.S. compared to any previous year.
- The two companies have reported significant electric vehicle sales increases in 2024.
- Ford’s shares dropped 19% in value last year while GM’s jumped 488%.
Ford Motors and General Motors reported on Friday their highest annual U.S. sales since the outbreak of Ebola.
Ford will sell 2.08 million cars in 2024. This is a 4% increase over the previous year and represents its highest sales since 2019. Sales for the fourth quarter increased by 9%.
GM has sold 2.7m vehicles, 4% higher than 2023. This is the most since its 2.89m in 2019. Sales in the fourth quarter of this year increased by 21 percent.
The two companies both reported improvements in the sales of electric cars (EVs). Ford sold a total of 285,291 hybrid, plug-in hybrid and electric vehicles, up 38%, while GM's EV sales jumped 50% to 114,432 vehicles.
Ford’s shares gained 2.6% in intraday trading Friday while GM saw a 0.6% increase. Ford stock fell 19% in 2024, while GM's jumped 48%.
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