2024 was more a base hit than a home run for the automotive industry; Americans bought slightly more new cars and light trucks than in previous years and sales clawed their way back to pre-pandemic levels. But the year could also be viewed as a steadying force heading into 2025’s tariff tangles; uncertainty around critical minerals, consumer EV incentives and EPA standards; and the life-support status of Inflation Reduction Act funds.
New-vehicle sales were up 2%, with 16 million units sold. Late in the year, consumer worries that tariffs and a new presidential administration would increase car prices and eliminate EV incentives led to a boomlet at the dealerships. But for most of 2024, automotive sales were flat, thanks partly to continued inflation and a lack of new vehicle models affordable to the average consumer.
General Motors Co., #3 overall among U.S.-based manufacturing companies in the 2025 IndustryWeek 500, had its best year since 2019, with year-over-year sales up 4.2% in 2024. GM brought in more than $187 billion in revenue, up 9.1% , but slid 40.7% in net income, taking a big hit as it restructured its China operations in the hopes of reducing costs and increasing sales there. Full-size pickups, refreshed SUVs and more EV offerings helped increase sales.
Revenue at Ford Motor Co. (#4) increased 5%, with its gas-powered vehicles carrying the profit load but its EV models taking a beating and losing more than $5 billion. Tesla Inc. (#8), meanwhile, faced battery shortages and a surplus of inventory that led to price cuts. The EV-maker eked out a .9% increase in revenue but took a 57.2% tumble in net income.
Auto suppliers, which usually lag behind the original-equipment manufacturers in profitability, rallied in the fourth quarter of 2024 to outpace automaker profits. Supplier performance in the IW 500 automotive top ten was mixed, with Lear Corp. and American Axle & Manufacturing Inc. seeing a decent boost in year-over-year revenue, while Goodyear Tire & Rubber Co., Borgwarner Inc. and Dana Inc.
Thor Industries led the charge in RV companies, while over in the motorcycle space, Harley-Davidson spun out in both revenue and net income.
Click through the slideshow to see more details about the 2025 IW 500 top ten automotive manufacturers.
