From a global behemoth, GM has now become a regionally-focused company, writes Ian Henry
Back in the early 2000s, General Motors vied for top spot in the global rankings with Toyota. In 2000, both companies produced and sold around 8.5 million vehicles worldwide. Since then Toyota has grown to around 10 million in 2023 and just over 9.5 million in 2024. However, GM has fallen back, having sold its Opel/Vauxhall unit in Europe, and withdrawn from Australia, India and South Africa. Having once been a truly global player, it now operates in three regions: namely its home North American market, China (along with a legacy production operation in Korea) and South America, with manufacturing operations in Brazil and Argentina. Production, according to Automotive World data, totalled just 5.4 million in 2023, falling to 5.2 million in 2024.
North America is, unsurprisingly, the largest production area, with nearly 2.8 million vehicles produced in 2024, up from just under 2.6 million in 2023. The US itself and China vie for the largest production country at GM; in 2023, China led with production of 1.82 million, against nearly 1.7 million in the US, but last year the positions were reversed with 1.75 million made in the US, against 1.4 million in China.
The brand and regional make-up of production reveals some interesting stories.
Chevrolet
This is the biggest brand within GM, with 2.89 million vehicles made in 2023 and 2.86 million in 2024, respectively 53.4% and 54.7% of total GM production. Chevrolet output in the US was relatively stable, at just over 1 million units in both 2023 and 2024, while Canada was also stable at just over 150,000 units in both years. Chevrolet production in Mexico, however, rose in 2024 to 569,000 from 508,000 a year earlier, due to the Equinox now being made only in Mexico. GM has just cancelled a third production shift in Mexico so it is likely that GM’s Mexican production will fall in 2025,
In China, Chevrolet volumes fell by more than half between 2023 and 2024, from just under 200,000 units to just under 87,000 units. This reflected a fall in production of all GM models made in China other than the B-segment Aveo hatchback, which is sold as the Sail in China and also exported to Mexico. However, with production only in the low 30,000s, this is a minor player in Chinese market. The highest volume Chevrolet model made in China is the C-segment sedan Monza; its 2024 volume of about 42,000 was only just over one-third of the 2023 volume of roughly 120,000.
Korea is an interesting outpost for Chevrolet. Its factory there has received significant government funding in the past and GM is actually prevented from closing this plant until later in the decade, having received significant support from the Korean government in 2018. The Korean factory makes two SUVs, the Trailblazer and the smaller Trax (called Tracker in some markets). Production was 450,000 in 2023, and rose to nearly half a million in 2023, with the Trax/Tracker doing especially well.
Chevrolet is the only GM brand produced in South America. The main model is the Onix, a B-segment hatchback, of which just over 300,000 were made in 2024, around 60% of GM’s Brazilian production.
Cadillac
Cadillac, GM’s premium and near-luxury brand, saw similar levels of production, over 180,000, in China and the US in 2023. However, Chinese volumes in 2024 were down at just under 114,000, against the US’s slight rise to 195,000 units. Chinese production of all Cadillacs fell in 2024; the one modestly positive development for GM in China was the launch of the electric Optiq which is made in China by the SAIC-GM joint venture. The Optiq is also made in Mexico.
GMC
The large SUV/pick-up brand, GMC appears to be experiencing some production growth in North America. 2023 saw just over 669,000 units produced, with production rising to nearly 751,000 in 2024, a jump of just over 12%. The main volume riser was the Sierra pick-up which rose around 10,000 in the US but by more than 56,000 in Mexico. It will be especially interesting to see whether Mexican production can be maintained in the new era of tariffs on imports to the US.
Buick
Buick, seen by many (including the current US president) as a brand which symbolises the US automotive industry, is actually a minor in its notional home market. Not only are there almost no Buicks to be seen on European roads, but there are also fewer Buicks to be seen on US streets. Buick production is the US was slightly under 35,000 in 2023 and rose to just over 53,000 in 2024. Buick production in the US is now down to just one models, the Enclave, a three-row mid-size SUV.
Meanwhile in China, Buick production consists of a mix of crossovers, sedans and an MPV, the GL8 which was the highest volume Buick made in China with nearly 88,000 units in 2024. This was a fall of 20% from 111,000 in 2023. The venerable LaCrosse name also lives on in China, although it is not a big volume model, with just 28,000 produced in each of 2023 and 2024.
The Envision, a compact crossover, is mainly exported to the US, although how long this will continue given the imposition of penal tariffs on Chinese-made vehicles is open to debate.
Future production growth for Buick in China is expected for its new EV range, Electra, as well as a new flagship MPV for the brand, Encasa, which was launched at this year’s Shanghai auto show
The Chinese brands
Finally there are two Chinese-market brands, Baojun and Wuling. Baojun experienced a major production fall from nearly 177,000 in 2023 to around half, just over 87,000 in 2024. Wuling by contrast saw a 4.5% rise from 740,000 to 773,000. This was due mainly to success of the Bingo (a B-segment car and SUV), Hongguang mini EVs and Starlight (a C-D segment car and SUV).
From a global behemoth, although not one with a coherent global organisation, GM is now a regionally-focused company with two main centres of production in North America and China. South Korea remains part of the manufacturing portfolio for now, but once GM is released from its obligation there under historic financing agreements with the Korean government it will be interesting to see how long this remains part of GM. And in South America GM remains, courtesy of its Brazilian and Argentinian operations. But again it is questionable as to how long it will really want to hold onto these operations which play in low margin segments.
One looming issue for GM is moreover the difference between production and sales. Automotive World sales and production data reveals that production in 2023 of 5.4 million was met with sales of just under 4.3 million, a 20% gap. In 2024, production of just over 5.2 million was accompanied by sales of just under 4.1 million, almost a 22% gap. This gap suggests there may be worrying times ahead for GM’s production network. The company managed to report record annual profits in North America in 2024 but also went back into the red in China in Q4 2024. The tariff situation under President Trump will not make it any easier to maintain its north American profits, nor turn around its Chinese fortunes.