In the final quarter of 2024, electric vehicle (EV) sales witnessed a remarkable upsurge, with fourth-quarter figures doubling those of the second quarter and surpassing the third quarter by 10,000 units. The average transaction price for EVs reached an impressive $53,000, significantly higher than the industry average, while spending on incentives per vehicle steadily decreased. All four major brands—Chevrolet, Cadillac, GMC, and Buick—experienced growth throughout the year, each contributing uniquely to this success.
During the vibrant autumn season of 2024, Chevrolet saw its highest sales levels since 2019, marking a 1.5% increase. This was largely driven by the Equinox EV, which experienced an 85% surge in unit sales from the third to the fourth quarter. Additionally, Trax sales soared by 84% over the entire year, leading the small SUV segment. Overall, Chevrolet's fourth-quarter sales grew by an impressive 17%, reflecting robust consumer demand.
Cadillac achieved its best full-year and quarterly sales performance since 2016. The Escalade maintained its position as the top-selling large luxury SUV for the eleventh consecutive year, while LYRIQ emerged as the leading electric mid-size luxury SUV. Looking ahead, deliveries of two new electric SUV models—the spacious VISTIQ and the compact OPTIQ—are set to commence in the first quarter of 2025. For the fourth quarter, Cadillac’s sales rose by 35%, signaling strong market confidence.
GMC also had a record-breaking year in 2024, with total sales increasing by 9%. A notable highlight was a 33% spike in fourth-quarter sales, driven by the Sierra and Canyon trucks, both of which recorded their best years ever. The Denali sub-brand celebrated its 25th anniversary with record-breaking performance, further bolstering GMC's overall success.
Buick similarly enjoyed a successful year, with sales improving by 10% to reach the highest total since 2021. Notably, the Envista saw a significant 57% increase in fourth-quarter sales, underscoring its growing popularity among consumers.
From a journalistic perspective, these figures reflect not just a shift in consumer preferences but a broader trend toward sustainable transportation solutions. The consistent growth across multiple brands suggests that the automotive industry is well-positioned to meet the increasing demand for environmentally friendly vehicles. As we move forward, it will be interesting to see how manufacturers continue to innovate and adapt to changing market dynamics.