The United States was the largest single target market for General Motors in 2023. During that fiscal year, the Detroit company and its associations sold some *** million motor vehicles to customers in China, the world’s largest automobile market. Overall, GM’s dealers, distributors, and joint ventures reported vehicle sales of some *** million units, almost *** million of which occurred in China and the United States.  Ownership cap China began to deregulate its automotive sector in the mid-1990s but prohibited foreign firms from owning more than ** percent of stakes in joint ventures. General Motors joined forces with Shanghai-based SAIC on June 12, 1997. The SAIC Motor Corporation, which is also involved in a partnership with Volkswagen, was the leading automobile manufacturer in China in 2021 with car sales of nearly *** million units. Currently, the SAIC-GM joint venture sells vehicles under the Buick, Chevrolet, and Cadillac brands. General Motors also sells commercial vehicles in collaboration with the Changchun-headquartered automotive manufacturing company FAW Group Corporation.

In 2024, General Motors sold six million vehicles. This compares to around 6.2 million units in 2023, representing a decline of around 3.04 percent year-over-year. Turbulent past years still impact GM GM’s brands include Chevrolet, GMC, Buick, and Cadillac, the first two of which were ranked within the top-eleven automobile manufacturers based on U.S. vehicle sales in the fourth quarter of 2023. Figures revealed a significant industry-wide stagnation two years earlier, in 2021, with industry sales increasing by under two percent compared to 2020. Sales had started to rebound in the fourth quarter of 2020, but the global chip shortage further impacted the sector in 2021, shrinking vehicle production and inventory. These automotive supply chain issues were exacerbated in 2022, amid Russia's invasion of Ukraine. In 2023, General Motors had to contend with the United Auto Workers strike. This strike led to an estimated 4.35 billion U.S. dollars in losses for the Detroit Three manufacturers (General Motors, Stellantis, and Ford), and contributed to shaping GM's year. GM accelerates future-proof innovations With Tesla infamously driving innovation in the field of electric vehicles (EV), General Motors, along with other incumbent car manufacturers, are set to join the fiercely competitive U.S. electric vehicle industry. In 2024, Tesla sold around 633,800 battery-electric vehicle units in the U.S. market. General Motors, however, plans to invest around 20 billion U.S. dollars in its EV product portfolio, including SUVs and pickups, by 2025. As of 2024, General Motors Company is also exploring artificial intelligence technology. To that end, GM partnered with Google in August 2023.

At about **** percent, General Motors (GM) held a significant portion of the U.S. market in 2024. However, over the course of the last two decades, GM has lost a considerable amount of market share, which stood at about ** percent some 19 years ago. The company General Motors is a multinational company headquartered in Detroit and is ranked among the leading automobile manufacturers worldwide based on revenue. GM has had some variability in the number of cars sold worldwide, with a decline in recent years, especially after selling the Opel and Vauxhall brands to PSA. However, GM's financial statements indicate that there has been a recent increase in income globally, with 2024 having the highest sales revenue. The company's revenue had started to drop significantly in 2019, but by 2023, the company had recovered from the financial impact of the COVID-19 pandemic and supply chain shortages. GM includes many brands such as Chevrolet, Buick, GMC, Cadillac, and several other companies. The global automotive industry The global automotive industry is facing new challenges with the advent of smart technology. The recent decade has seen the greatest production volume of cars and commercial vehicles around the world, but the COVID-19 pandemic and global automotive chip shortage have led to production halts and to a steep decrease in the global automotive output. By 2024, the industry had started to recover from these challenges.

General Motors generated some ***** billion U.S. dollars in revenue during the 2024 fiscal year, a rise of *** percent year-on-year. Revenue from GM's automotive segments increased by *** percent overall but dropped by **** percent in markets outside North America. The fiscal year end of the company is December, 31st. Financial performance recovers  2023 was an eventful year for General Motors. The automaker had to contend with the United Auto Workers strike. This strike led to an estimated **** billion U.S. dollars in losses for the Detroit Three manufacturers (General Motors, Stellantis, and Ford), and contributed to shaping GM's year. The company's adjusted earnings before interest and taxes decreased year-over-year, despite growing global vehicle sales boosted by the manufacturer's North American success. GM's 2024 fiscal year yielded better results.

In the 2024 fiscal year, General Motors generated around ***** billion U.S. dollars in sales and revenue streams from its automotive segment. This figure compares to ***** billion U.S. dollars in 2023. The North American region contributed roughly ***** billion U.S. dollars to GM's overall automotive revenue, up from some ***** billion U.S. dollars one year earlier.

At about *** million units, the U.S. is the number one sales market for the Ford Motor Company. Globally, sales grew by about ****** units between 2023 and 2024. Slow sales in international markets China is Ford's second-largest market, despite reporting lower sales in 2024. Ford may have been worried about this market, as the United States and China were on the brink of an economic conflict. Tensions remain high as President Biden continues his term in office. The two nations are among the three largest economies in the world. With them is the European Union. There, Ford sales are also under threat. The UK's withdrawal from the European Union disrupts Fords supply chains: three plants operate in the UK, which has now been cut off from assembly locations in the EU. The UK was traditionally Ford's largest market in Europe. Wholesales in the UK came to around ******* units in 2024, and dealerships recorded lower monthly sales of Ford vehicles to end customers in the United Kingdom of Great Britain and Northern Ireland in 2024 when compared to 2019. However, the Ford Puma was the best-selling model in the UK in 2024. Declining domestic market share The Ford Motor Company is among the leading manufacturers in its domestic market, surpassed only by the General Motors Company and Toyota Motor Corporation. This success in the United States' market can be mostly attributed to the manufacturer's eponymous brand, Ford, which was the best-selling brand in the country that year. Its F-Series pickup truck was also among the bestsellers of that type, giving Ford a competitive advantage in its domestic market as light trucks, including pickups, were more popular with consumers than passenger cars.

In 2024, Ford remained the leading car brand in the United States based on vehicle sales, delivering about *** million units to U.S. customers. The United States is the largest market for Ford: wholesales to U.S. dealerships reached over *** million vehicles in 2023. Car sales among major manufacturers The top three U.S. car brands are assembled and distributed by the leading manufacturers in the U.S. market: Ford Motor Company, Toyota Motor Corporation, and General Motors (GM). As of the fourth quarter of 2024, GM's largest segment of sales was attributable to its Chevrolet-badged vehicles. Within the Ford Motor Corporation, the Ford division accounted for the largest number of vehicle sales. And finally, Toyota’s largest distribution of this sales volume was attributable to the Toyota brand vehicles. Automotive industry overview Production and sales volumes are declining among the key automotive brands in the United States, as a result of the accelerated automotive semiconductor shortage, the COVID-19 pandemic, and the fact that the automotive manufacturing and sales market is highly competitive both within the U.S. and globally. Electric vehicles emerged as the leading trend in Europe since 2020 and the U.S. electric vehicle industry has been catching up. Furthermore, it is forecast that autonomous vehicles will disrupt the U.S. market between 2020 and 2030.

In terms of revenue, Toyota and Volkswagen were the leading automakers worldwide as of May 2024. In terms of vehicle sales, Toyota and Volkswagen are also counted among the most successful automakers worldwide. The emergence of China as an exceptional market Before the coronavirus crisis of 2019-2020, the global automotive industry was hit hard by the financial crisis of 2008-2009, and General Motors declared its roughly 91 billion U.S. dollar bankruptcy following the crisis. In 2009, passenger car sales slumped in most markets, except for China, which emerged as the key sales market for passenger cars. The return of the crisis Chinese manufacturers cut the cord from their joint venture partners from other parts of Asia and the Western world a long time ago, and the global automotive industry has begun to feel the impact Chinese motor vehicles and parts manufacturers have. In 2020, the car market was in free-fall again. However, China was also affected this time. The global automotive chip shortage further impacted the industry in 2021 and 2022, leading to a slump in vehicle inventory despite rising demand. By 2023, some improvements were recorded on the global level.

In 2023, some 94 million motor vehicles were produced worldwide. This figure translates into an increase of around 10 percent compared with the previous year. China, Japan, and Germany were among the largest producers of cars and commercial vehicles. China leads production China is ranked as the largest passenger car manufacturer in the world, having produced more than 26 million cars in 2023, and accounting for almost one third of the world’s passenger vehicle production. Over the past decades, China has emerged as one of the main growth markets for players in the global automobile industry. American manufacturers in China One of China’s largest car manufacturing companies is the joint venture between General Motors and SAIC Motor Corporation Limited, known as Shanghai General Motors Company Ltd or simply Shanghai GM. GM produces and sells passenger vehicles under the Chevrolet and Cadillac brands, among others. Aside from manufacturing cars, the company also produces engines and transmission systems. Shanghai GM’s production amounted to a little over 1.3 million units in 2021.

In 2024, the ranking of the world’s largest car brands was topped by Toyota with a market share of around **** percent. The Toyota brand is owned by Japan's Toyota Motor Corporation, the world's largest motor vehicle manufacturer. New trends in the auto industry In light of growing environmental awareness and increasing efforts to connect vehicles, automotive manufacturers are faced with a variety of new challenges. Market trends such as the shift to lighter materials, as well as the trend towards electric and autonomous vehicles are set to revolutionize the industry. Palo Alto-based Tesla Motors is currently among those at the vanguard of the trend towards electrification, along with the Chinese car manufacturer BYD. Tesla delivered nearly **** million vehicles in 2024, meaning that Volkswagen Group's sales tally is over **** times as much. The state of the global auto industry Car sales worldwide have dipped between 2019 and 2020 as a result of the economic downturn generated by the COVID-19 pandemic. 2021 sales recovered, despite remaining below 2019 levels, but supply chain shortages led to a slow recovery of sales in 2022. By the end of 2023, the global car sales volume had grown over pre-pandemic levels. China was the largest automobile market based on new passenger car registrations, recording close to **** million units sold. It was followed by the United States and Europe. China was also the leading passenger car producing country in 2024.

Some 284.6 million vehicles were registered in the United States in 2023. The figures include passenger cars, motorcycles, trucks, buses, and other vehicles. The number of light trucks sold in the U.S. stood at 12.4 million units in 2023. U.S. vehicle registrations The United States is one of the world’s largest automobile markets based on the number of new light vehicle registrations, with more than 15.5 million new light vehicle registrations in 2023. However, domestic production of automobiles stood at around 1.7 million units in 2023, which was under half the output recorded in 2016. At the same time, the United States imports a significant number of vehicles and vehicle parts from various countries, such as Japan, Mexico, and Canada. Leading car manufacturers in the United States The leading car manufacturers overall in the United States include the domestic heavyweights General Motors and Ford. With respect to car brands, the Ford brand clocked in at number one in 2024, selling around 2.1 million vehicles in the United States alone. The brand's holding company is the Ford Motor Company; it was founded by Henry Ford in 1903 in Dearborn, Michigan. The company pioneered in large-scale car manufacturing and introduced production methods such as the assembly line.

In 2024, some 93 million motor vehicles were produced worldwide. This figure translates into a very slight decrease compared with the previous year. China, Japan, and Germany were among the largest producers of cars and commercial vehicles. China leads production China is ranked as the largest passenger car manufacturer in the world, having produced almost 27.5 million cars in 2024 and accounting for almost one third of the world’s passenger vehicle production. Over the past decades, China has emerged as one of the main growth markets for players in the global automobile industry. American manufacturers in China One of China’s largest car manufacturing companies is the joint venture between General Motors and SAIC Motor Corporation Limited, known as Shanghai General Motors Company Ltd or simply Shanghai GM. GM produces and sells passenger vehicles under the Chevrolet and Cadillac brands, among others. Aside from manufacturing cars, the company also produces engines and transmission systems. Shanghai GM’s production amounted to a little over 400,000 units in 2024.