New car sales in US hit 5-year high in 2024

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U.S. new car sales in 2024 continued to rise from their pandemic lows, bolstered by replenished inventories, higher incentives and surging demand for hybrid vehicles, automakers reported on Friday.

Sales of new vehicles finished at 15.9 million last year, according to Wards Intelligence, up 2.2% from the prior year, and the highest since 2019. Automakers are projecting strong sales will continue into 2025, although President-elect Donald Trump's proposed automotive policies, such as removing tax credits for EVs, present a wild card.

"We’re carrying significant momentum into 2025," Rory Harvey, GM's head of global markets, said in a release. The Detroit automaker defended its 2023 crown as the biggest U.S. carmaker by sales, selling 2.7 million vehicles last year, the company said on Friday, up 4.3% from 2023.

Most automakers recorded solid sales results last year, as they adjusted to slowing demand for EVs and relied on their core business of gasoline-powered trucks and SUVs. Others capitalized on soaring consumer interest in hybrid vehicles.

Sales of traditional hybrids increased 36.7% in 2024 compared with the previous year, Wards reported.