Today, GM reported a 9% growth in its yearly revenue in 2024, while the company doubling its share in the EV market.
For 2024, GM’s annual net income was $6.0 billion, and its EBIT-adjusted income was $14.9 billion.
In a letter to shareholders, Mary T. Barra, GM CEO, boasted that her company led the U.S. market in total retail and fleet deliveries, grew its market share, and distanced itself from the industry’s pricing, incentive, and inventory pressures.
Looking forward, Barra said, “As we look to the year ahead, we will continue to allocate capital consistently and in a balanced manner, and our vehicle portfolio will continue to get stronger. For example, we will offer three stunning new Cadillac EVs – the ESCALADE IQ, OPTIQ and VISTIQ – and we’re targeting further improvements in EV profitability as we continue to scale.”
Barra added, “We will see the full-year impact of the new gas-powered SUVs we launched in 2024. They include some of our highest volume nameplates like the Chevrolet Equinox, Chevrolet Traverse, and GMC Acadia, which are great examples of our strategy to pair bold design and capital efficiency to drive profitability. I look forward to sharing our progress because there’s so much opportunity ahead of us.”
Approaching the current Administration, Barra said, “Of course, there is uncertainty over trade, tax, and environmental regulations and we have been proactive with Congress and the administration. In our conversations, we have stressed the importance of a strong manufacturing sector and American leadership in advanced technologies. It’s clear that we share a lot of common ground, and we appreciate the dialogue.”
“Whatever happens on these fronts, we have a broad and deep portfolio of ICE vehicles and EVs that are both growing market share, and we’ll be agile and execute as efficiently as possible,” she concluded.
By CEO NA Editorial Staff
