GM releases full-year and fourth-quarter 2024 results and 2025 guidance

, /PRNewswire/ -- General Motors (NYSE: GM) today reported full-year 2024 net income attributable to shareholders of $6.0 billion and EBIT-adjusted of $14.9 billion. Fourth-quarter 2024 net income attributable to shareholders was a loss of $3.0 billion and EBIT-adjusted was $2.5 billion. Fourth quarter net income was reduced by more than $5 billion in special charges driven primarily by $4 billion of non-cash restructuring charges and impairment of our interests in certain China Joint Ventures, and $0.5 billion in charges related to the decision to stop funding the Cruise robotaxi business. The chart below summarizes GM's 2024 financial guidance and 2024 results, as well as the company's 2025 guidance, which is for a year of strong financial performance. Final 2024 Guidance 2024 Results 2025 Guidance Net income attributable to stockholders $10.4 billion - $11.1 billion $6.0 billion $11.2 billion - $12.5 billion EBIT-adjusted $14.0 billion - $15.0 billion $14.9 billion $13.7 billion - $15.7 billion Automotive operating cash flow $22.0 billion - $24.0 billion $23.9 billion $21.0 billion - $24.0 billion Adjusted automotive free cash flow $12.5 billion - $13.5 billion $14.0 billion $11.0 billion - $13.0 billion EPS-diluted $9.14 - $9.64 $6.37 $11.00 - $12.00 EPS-diluted-adjusted $10.00 - $10.50 $10.60 $11.00 - $12.00 GM's 2025 financial guidance assumes a stable policy environment in North America and an estimated benefit of $0.5 billion from reduced year-over-year expenses at Cruise. The financial guidance also includes anticipated capital spending of $10.0 billion - $11.0 billion, inclusive of investments in the company's battery cell manufacturing joint ventures. Conference Call for Investors and Analysts GM Chair and CEO Mary Barra and GM Chief Financial Officer Paul Jacobson will host a conference call for the investment community at 8:30 a.m. ET today to discuss these results. Conference call details are as follows: 1-800-857-9821 (U.S.) 1-517-308-9481 (international/caller-paid) Conference call passcode: General Motors An audio replay will be available on the GM Investor Relations website in the Events section. Visit the GM Investor Relations website to download the company's earnings deck and GM Chair and CEO Mary Barra's letter to shareholders. Results Overview Three Months Ended $M except per share amounts December 31, 2024 December 31, 2023 Change % Change Revenue $ 47,702 $ 42,980 $ 4,722 11.0 % Net income (loss) attributable to stockholders $ (2,961) $ 2,102 $ (5,063) n.m. EBIT-adjusted $ 2,509 $ 1,757 $ 752 42.8 % Net income margin (6.2) % 4.9 % (11.1) ppts n.m. EBIT-adjusted margin 5.3 % 4.1 % 1.2 ppts 29.3 % Automotive operating cash flow $ 4,765 $ 4,688 $ 77 1.6 % Adjusted automotive free cash flow $ 1,823 $ 1,341 $ 482 35.9 % EPS-diluted(a) $ (1.64) $ 1.59 $ (3.23) n.m. EPS-diluted-adjusted(a) $ 1.92 $ 1.24 $ 0.68 54.8 % GMNA EBIT-adjusted $ 2,274 $ 2,011 $ 263 13.1 % GMNA EBIT-adjusted margin 5.8 % 5.7 % 0.1 ppts 1.8 % GMI EBIT-adjusted $ 221 $ 269 $ (48) (17.8) % China equity income $ (4,060) $ 93 $ (4,153) n.m. GM Financial EBT-adjusted $ 719 $ 707 $ 12 1.7 % (a) EPS-diluted and EPS-diluted-adjusted include a $0.02 and $(0.05) impact from revaluation on equity investments in the three months ended December 31, 2024 and 2023. (b) n.m. = not meaningful Years Ended $M except per share amounts December 31, 2024 December 31, 2023 Change % Change Revenue $ 187,442 $ 171,842 $ 15,600 9.1 % Net income attributable to stockholders $ 6,008 $ 10,127 $ (4,119) (40.7) % EBIT-adjusted $ 14,934 $ 12,357 $ 2,577 20.9 % Net income margin 3.2 % 5.9 % (2.7) ppts (45.8) % EBIT-adjusted margin 8.0 % 7.2 % 0.8 ppts 11.1 % Automotive operating cash flow $ 23,939 $ 20,828 $ 3,111 14.9 % Adjusted automotive free cash flow $ 14,045 $ 11,666 $ 2,379 20.4 % EPS-diluted(a) $ 6.37 $ 7.32 $ (0.95) (13.0) % EPS-diluted-adjusted(a) $ 10.60 $ 7.68 $ 2.92 38.0 % GMNA EBIT-adjusted $ 14,528 $ 12,306 $ 2,222 18.1 % GMNA EBIT-adjusted margin 9.2 % 8.7 % 0.5 ppts 5.7 % GMI EBIT-adjusted $ 303 $ 1,210 $ (907) (75.0) % China equity income $ (4,407) $ 446 $ (4,853) n.m. GM Financial EBT-adjusted $ 2,965 $ 2,985 $ (20) (0.7) % (a) EPS-diluted and EPS-diluted-adjusted include a $(0.11) and $(0.10) impact from revaluation on equity investments in the years ended December 31, 2024 and 2023. (b) n.m. = not meaningful General Motors (NYSE:GM) is driving the future of transportation, leveraging advanced technology to build safer, smarter, and lower emission cars, trucks, and SUVs. GM's Buick, Cadillac, Chevrolet, and GMC brands offer a broad portfolio of innovative gasoline-powered vehicles and the industry's widest range of EVs, as we move to an all-electric future. Learn more at GM.com. Cautionary Note on Forward-Looking Statements: This press release and related comments by management may include "forward-looking statements" within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact and represent our current judgment about possible future events. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. 2024 Guidance Reconciliations The following table reconciles expected Net income attributable to stockholders under U.S. GAAP to expected EBIT-adjusted (dollars in billions): Year Ending December 31, 2024 Net income attributable to stockholders $ 10.4-11.1 Income tax expense 2.4-2.7 Automotive interest income, net (0.1) Adjustments(a) 1.3 EBIT-adjusted $ 14.0-15.0 The following table reconciles expected automotive net cash provided by operating activities under U.S. GAAP to expected adjusted automotive free cash flow (dollars in billions): Year Ending December 31, 2024 Net automotive cash provided by operating activities $ 22.0-24.0 Less: Capital expenditures 10.0-11.0 Adjustments(a) 0.5 Adjusted automotive free cash flow $ 12.5-13.5 The following table reconciles expected EPS-diluted under U.S. GAAP to expected EPS-diluted-adjusted: Year Ending December 31, 2024 Diluted earnings per common share $ 9.14-9.64 Adjustments(a) 0.86 EPS-diluted-adjusted $ 10.00-10.50 (a) Adjustments as of September 30, 2024. See our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, for full details. We do not consider the potential future impact of adjustments on our expected financial results. 2025 Guidance Reconciliations The following table reconciles expected Net income attributable to stockholders under U.S. GAAP to expected EBIT-adjusted (dollars in billions): Year Ending December 31, 2025 Net income attributable to stockholders $ 11.2-12.5 Income tax expense 2.5-3.2 Automotive interest income, net (0.0) EBIT-adjusted(a) $ 13.7-15.7 The following table reconciles expected automotive net cash provided by operating activities under U.S. GAAP to expected adjusted automotive free cash flow (dollars in billions): Year Ending December 31, 2025 Net automotive cash provided by operating activities $ 21.0-24.0 Less: Capital expenditures 10.0-11.0 Adjusted automotive free cash flow(a) $ 11.0-13.0 (a) We do not consider the potential future impact of adjustments on our expected financial results. General Motors Company and Subsidiaries1 Combining Income Statement Information (In millions) (Unaudited) Year Ended December 31, 2024 Year Ended December 31, 2023 Automotive Cruise GM Financial Reclassifications/Eliminations Combined Automotive Cruise GM Financial Reclassifications/Eliminations Combined Net sales and revenue Automotive $ 171,605 $ 257 $ — $ (256) $ 171,606 $ 157,667 $ 102 $ — $ (110) $ 157,658 GM Financial — — 15,875 (40) 15,836 — — 14,225 (41) 14,184 Total net sales and revenue 171,605 257 15,875 (296) 187,442 157,667 102 14,225 (151) 171,842 Costs and expenses Automotive and other cost of sales 148,501 2,566 — (3) 151,065 138,254 3,088 — (12) 141,330 GM Financial interest, operating and other expenses — — 12,974 (1) 12,972 — — 11,376 (2) 11,374 Automotive and other selling, general and administrative expense 9,898 727 — (4) 10,621 9,349 493 — (2) 9,840 Total costs and expenses 158,399 3,293 12,974 (8) 174,658 147,603 3,581 11,376 (16) 162,544 Operating income (loss) 13,206 (3,036) 2,902 (288) 12,784 10,064 (3,479) 2,848 (135) 9,298 Automotive interest expense 845 189 — (189) 846 928 33 — (49) 911 Interest income and other non- operating income, net 1,124 35 (1) 99 1,257 1,345 107 (1) 86 1,537 Equity income (loss) (4,419) — (256) — (4,675) 342 — 138 — 480 Income (loss) before income taxes 9,065 (3,191) 2,645 — 8,519 10,823 (3,405) 2,985 — 10,403 Income tax expense (benefit) 2,556 563 Net income (loss) 5,963 9,840 Net loss (income) attributable to noncontrolling interests 45 287 Net income (loss) attributable to stockholders $ 6,008 $ 10,127 Net income (loss) attributable to common stockholders $ 7,189 $ 10,022 1 Certain columns and rows may not add due to rounding. General Motors Company and Subsidiaries1 Basic and Diluted Earnings per Share (Unaudited) The following table summarizes basic and diluted earnings per share (in millions, except per share amounts): Three Months Ended Years Ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Basic earnings per share Net income (loss) attributable to stockholders $ (2,961) $ 2,102 $ 6,008 $ 10,127 Adjustments(a) 1,236 (26) 1,181 (106) Net income (loss) attributable to common stockholders $ (1,725) $ 2,076 $ 7,189 $ 10,022 Weighted-average common shares outstanding 1,055 1,302 1,115 1,364 Basic earnings per common share $ (1.64) $ 1.59 $ 6.45 $ 7.35 Diluted earnings per share Net income (loss) attributable to common stockholders – diluted $ (1,725) $ 2,076 $ 7,189 $ 10,022 Weighted-average common shares outstanding – diluted 1,055 1,307 1,129 1,369 Diluted earnings per common share $ (1.64) $ 1.59 $ 6.37 $ 7.32 Potentially dilutive securities(b) 36 23 — 23 (a) Includes a $1.2 billion return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders and an insignificant amount in participating securities income from a subsidiary in the three months ended December 31, 2024 and for the year ended December 31, 2024. (b) Potentially dilutive securities attributable to outstanding stock options, restricted stock units (RSUs) and performance stock units at December 31, 2024 and outstanding stock options and RSUs at December 31, 2023, were excluded from the computation of diluted EPS because the securities would have had an antidilutive effect. General Motors Company and Subsidiaries1 Combining Balance Sheet Information (In millions, except per share amounts) (Unaudited) December 31, 2024 December 31, 2023 Automotive Cruise GM Financial Reclassifications/Eliminations Combined Automotive Cruise GM Financial Reclassifications/Eliminations Combined ASSETS Current Assets Cash and cash equivalents $ 14,470 $ 308 $ 5,094 $ — $ 19,872 $ 12,228 $ 1,344 $ 5,282 $ — $ 18,853 Marketable debt securities 7,265 — — — 7,265 7,613 — — — 7,613 Accounts and notes receivable, net(a) 11,498 22 1,988 (681) 12,827 11,814 — 1,891 (1,327) 12,378 GM Financial receivables, net(e) — — 46,760 (398) 46,362 — — 39,246 (170) 39,076 Inventories 14,569 — — (5) 14,564 16,467 — — (6) 16,461 Other current assets(b) 2,816 38 4,799 2 7,655 1,994 466 5,205 (428) 7,238 Total current assets 50,618 369 58,640 (1,082) 108,545 50,115 1,809 51,624 (1,931) 101,618 Non-current Assets GM Financial receivables, net(d) — — 46,750 (276) 46,474 — — 45,391 (348) 45,043 Equity in net assets of nonconsolidated affiliates 5,896 — 1,206 — 7,102 8,943 — 1,670 — 10,613 Property, net 51,729 69 107 — 51,904 50,104 93 124 — 50,321 Goodwill and intangible assets, net 2,642 570 1,339 — 4,551 2,793 715 1,354 — 4,862 Equipment on operating leases, net — — 31,586 — 31,586 — — 30,582 — 30,582 Deferred income taxes 21,149 1,899 (1,795) — 21,254 21,722 1,723 (1,106) — 22,339 Other assets(c) 9,340 41 1,323 (2,359) 8,346 6,869 215 1,140 (538) 7,686 Total non-current assets 90,756 2,579 80,516 (2,635) 171,216 90,430 2,745 79,156 (886) 171,446 Total Assets $ 141,374 $ 2,948 $ 139,156 $ (3,717) $ 279,761 $ 140,546 $ 4,555 $ 130,780 $ (2,817) $ 273,064 LIABILITIES AND EQUITY Current Liabilities Accounts payable (principally trade)(a) $ 25,446 $ 200 $ 714 $ (681) $ 25,680 $ 27,846 $ 185 $ 1,136 $ (1,054) $ 28,114 Short-term debt and current portion of long-term debt Automotive(a)(e) 2,413 7 — (279) 2,141 591 272 — (435) 428 GM Financial — — 37,291 — 37,291 — — 38,540 — 38,540 Cruise(e) — 119 — (119) — — 6 — (6) — Accrued liabilities(b) 24,949 548 5,661 (4) 31,154 21,468 590 5,741 (436) 27,364 Total current liabilities 52,808 874 43,666 (1,082) 96,265 49,906 1,053 45,417 (1,931) 94,445 Non-current Liabilities Long-term debt Automotive(c) 13,288 2,397 — (2,359) 13,327 15,979 544 — (538) 15,985 GM Financial — — 76,973 — 76,973 — — 66,788 — 66,788 Cruise(d) — 276 — (276) — — 348 — (348) — Postretirement benefits other than pensions 3,990 — — — 3,990 4,345 — — — 4,345 Pensions 5,772 — 7 — 5,779 6,673 — 8 — 6,680 Other liabilities 14,635 297 2,904 — 17,836 13,447 454 2,614 — 16,515 Total non-current liabilities 37,686 2,970 79,885 (2,635) 117,906 40,444 1,345 69,409 (886) 110,312 Total Liabilities 90,494 3,844 123,551 (3,717) 214,171 90,350 2,399 114,826 (2,817) 204,757 Noncontrolling interest - Cruise stock incentive awards — — — — — — 118 — — 118 Equity Common stock, $0.01 par value 10 — — — 10 12 — — — 12 Additional paid-in capital(f) 19,632 1,187 1,196 (1,172) 20,843 18,866 240 1,314 (1,290) 19,130 Retained earnings 40,203 (2,647) 15,916 1 53,472 39,579 (12) 15,823 1 55,391 Accumulated other comprehensive loss (9,744) (3) (1,506) — (11,253) (9,066) 1 (1,183) — (10,247) Total stockholders' equity 50,100 (1,464) 15,606 (1,170) 63,072 49,391 229 15,954 (1,289) 64,286 Noncontrolling interests(f) 780 568 — 1,170 2,518 805 1,809 — 1,289 3,903 Total Equity 50,880 (896) 15,606 — 65,590 50,196 2,038 15,954 — 68,189 Total Liabilities and Equity $ 141,374 $ 2,948 $ 139,156 $ (3,717) $ 279,761 $ 140,546 $ 4,555 $ 130,780 $ (2,817) $ 273,064 (a) Eliminations primarily include GM Financial accounts and notes receivable of $0.5 billion due from Automotive; and Automotive accounts receivable of $0.2 billion primarily due from GM Financial and Cruise at December 31, 2024; and GM Financial accounts and notes receivable of $0.5 billion due from Automotive and Automotive accounts receivable of $0.8 billion due from GM Financial and Cruise at December 31, 2023. (b) Eliminations primarily related to intercompany asset transfer between Automotive and Cruise for autonomous vehicle (AV) capital at December 31, 2023. (c) Eliminations primarily related to convertible note issued by Cruise to Automotive at December 31, 2024 and deferral agreement between Cruise and Automotive as regards to engineering, capital spending, restructuring and other costs incurred by Automotive on behalf of Cruise resulting in a long-term payable for Cruise offset by a long-term receivable for Automotive. (d) Eliminations primarily related to intercompany loans due from Cruise to GM Financial. (e) Eliminations primarily related to GM Financial accounts receivables due from Automotive and Cruise. (f) Primarily reclassification of GM Financial Cumulative Perpetual Preferred Stock, Series A, B and C. The preferred stock is classified as noncontrolling interests in our consolidated balance sheets. General Motors Company and Subsidiaries1 Combining Cash Flow Information (In millions) (Unaudited) Year Ended December 31, 2024 Year Ended December 31, 2023 Automotive Cruise GM Financial Reclassifications/Eliminations Combined Automotive Cruise GM Financial Reclassifications/Eliminations Combined Cash flows from operating activities Net income (loss) $ 6,637 $ (2,535) $ 1,862 $ — $ 5,963 $ 10,102 $ (2,414) $ 2,152 $ — $ 9,840 Depreciation and impairment of Equipment on operating leases, net — — 4,844 — 4,844 — — 4,904 — 4,904 Depreciation, amortization and impairment charges on Property, net 6,549 958 38 — 7,545 6,756 188 40 — 6,984 Foreign currency remeasurement and transaction (gains) losses (314) — (7) — (321) 344 — 5 — 349 Undistributed earnings and impairment of nonconsolidated affiliates, net 3,708 — 411 — 4,118 295 — (50) — 245 Pension contributions and OPEB payments (1,517) — — — (1,518) (1,099) — — — (1,100) Pension and OPEB income, net 88 — 2 — 89 89 — 2 — 90 Provision (benefit) for deferred taxes 966 (656) 1,059 — 1,368 (305) (991) 256 — (1,041) Change in other operating assets and liabilities(a) 4,978 693 (896) (6,304) (1,529) 3,376 637 846 (3,037) 1,822 Other operating activities(c) 2,846 (693) (883) (1,703) (433) 1,272 658 (1,493) (1,601) (1,163) Net cash provided by (used in) operating activities 23,939 (2,233) 6,429 (8,006) 20,129 20,828 (1,921) 6,662 (4,638) 20,930 Cash flows from investing activities Expenditures for property (10,711) (7) (24) (88) (10,830) (10,684) (63) (24) (198) (10,970) Available-for-sale marketable securities, acquisitions (3,986) — — — (3,986) (3,940) (490) — — (4,429) Available-for-sale marketable securities, liquidations 4,331 — — — 4,331 7,443 1,902 — — 9,345 Purchases of finance receivables(a) — — (42,792) 6,444 (36,348) — — (38,593) 3,214 (35,379) Principal collections and recoveries on finance receivables — — 31,783 1 31,784 — — 28,343 4 28,346 Purchases of leased vehicles — — (15,279) — (15,279) — — (13,640) — (13,640) Proceeds from termination of leased vehicles — — 10,892 — 10,892 — — 13,033 — 13,033 Other investing activities(b) (2,448) — 2 1,365 (1,081) (1,505) — — 536 (969) Net cash provided by (used in) investing activities (12,813) (7) (15,418) 7,721 (20,517) (8,686) 1,349 (10,882) 3,556 (14,663) Cash flows from financing activities Net increase (decrease) in short-term debt 16 — 112 — 128 (6) — (150) — (156) Proceeds from issuance of debt (original maturities greater than three months)(b) 83 1,118 53,398 (1,165) 53,435 24 228 50,940 (228) 50,963 Payments on debt (original maturities greater than three months) (919) (8) (42,478) 6 (43,399) (1,644) (33) (43,001) 3 (44,675) Payments to purchase common stock (7,064) — — — (7,064) (11,115) — — — (11,115) Issuance (redemption) of subsidiary stock(b) — 255 — (356) (101) — 493 — (493) — Dividends paid(c) (534) — (1,919) 1,800 (653) (479) — (1,919) 1,800 (597) Other financing activities (82) (161) (164) — (407) (336) (292) (146) — (774) Net cash provided by (used in) financing activities (8,501) 1,204 8,950 285 1,938 (13,555) 396 5,724 1,082 (6,353) Effect of exchange rate changes on cash, cash equivalents and restricted cash (374) — (128) — (503) (15) — 69 — 54 Net increase (decrease) in cash, cash equivalents and restricted cash 2,251 (1,037) (167) — 1,047 (1,437) (167) 1,573 — (31) Cash, cash equivalents and restricted cash at beginning of period 12,310 1,359 8,249 — 21,917 13,746 1,526 6,676 — 21,948 Cash, cash equivalents and restricted cash at end of period $ 14,561 $ 322 $ 8,081 $ — $ 22,964 $ 12,310 $ 1,359 $ 8,249 $ — $ 21,917 (a) Includes eliminations of $6.4 billion and $3.0 billion in the years ended December 31, 2024 and 2023 for purchases/collections of wholesale finance receivables resulting from vehicles sold by GM to dealers that have arranged their inventory floor plan financing through GM Financial. (b) Includes eliminations of $0.9 billion convertible note issued by Cruise to Automotive in the year ended December 31, 2024, $0.4 billion and $0.5 billion in the years ended December 31, 2024 and 2023 for Automotive investment in Cruise. (c) Eliminations include dividends issued by GM Financial to Automotive in the years ended December 31, 2024 and 2023. General Motors Company and Subsidiaries1 The following tables summarize key financial information by segment (dollars in millions): GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Reclassifications/Eliminations Total Three Months Ended December 31, 2024 Net sales and revenue $ 39,528 $ 3,994 $ 76 $ — $ 43,598 $ 181 $ 4,114 $ (191) $ 47,702 Expenditures for property $ 3,046 $ 157 $ 12 $ — $ 3,215 $ 2 $ 8 $ 7 $ 3,233 Depreciation and amortization $ 1,548 $ 103 $ 27 $ — $ 1,678 $ 7 $ 1,221 $ — $ 2,905 Impairment charges $ — $ — $ — $ — $ — $ 328 $ — $ — $ 328 Equity income (loss)(a)(b) $ 190 $ (4,057) $ — $ — $ (3,867) $ — $ (311) $ — $ (4,178) GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Reclassifications/Eliminations Total Three Months Ended December 31, 2023 Net sales and revenue $ 35,231 $ 3,938 $ 96 $ — $ 39,264 $ 25 $ 3,743 $ (53) $ 42,980 Expenditures for property $ 3,437 $ 173 $ 3 $ — $ 3,613 $ 13 $ 4 $ 77 $ 3,706 Depreciation and amortization $ 1,602 $ 165 $ 5 $ — $ 1,771 $ 10 $ 1,217 $ — $ 2,999 Impairment charges $ — $ — $ — $ — $ — $ 209 $ — $ — $ 209 Equity income (loss)(a) $ 106 $ 92 $ — $ — $ 198 $ — $ 27 $ — $ 225 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Reclassifications/Eliminations Total Year Ended December 31, 2024 Net sales and revenue $ 157,509 $ 13,890 $ 206 $ — $ 171,605 $ 257 $ 15,875 $ (296) $ 187,442 Expenditures for property $ 10,266 $ 415 $ 30 $ — $ 10,711 $ 7 $ 24 $ 88 $ 10,830 Depreciation and amortization $ 5,963 $ 506 $ 80 $ — $ 6,548 $ 25 $ 4,883 $ — $ 11,456 Impairment charges $ — $ — $ — $ — $ — $ 933 $ — $ — $ 934 Equity income (loss)(a)(b) $ 955 $ (4,400) $ — $ — $ (3,445) $ — $ (256) $ — $ (3,701) GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Reclassifications/Eliminations Total Year Ended December 31, 2023 Net sales and revenue $ 141,445 $ 15,949 $ 273 $ — $ 157,667 $ 102 $ 14,225 $ (151) $ 171,842 Expenditures for property $ 10,147 $ 522 $ 15 $ — $ 10,684 $ 63 $ 24 $ 198 $ 10,970 Depreciation and amortization $ 6,146 $ 589 $ 21 $ — $ 6,755 $ 38 $ 4,944 $ — $ 11,737 Impairment charges $ — $ — $ — $ — $ — $ 209 $ — $ — $ 209 Equity income (loss)(a) $ 196 $ 440 $ — $ — $ 635 $ — $ 138 $ — $ 773 (a) Includes Automotive China joint ventures (Automotive China JVs) equity loss of $4.1 billion and $4.4 billion in the three months ended December 31, 2024 and in the year ended December 31, 2024 and Automotive China JVs equity income of $93 million and $446 million in the three months ended December 31, 2023 and in the year ended December 31, 2023. (b) Equity earnings related to Ultium Cells Holdings LLC are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our electric vehicles. Equity earnings related to Ultium Cells Holdings LLC were $186 million and $102 million in the three months ended December 31, 2024 and 2023 and $975 million and $293 million in the year ended December 31, 2024 and 2023. General Motors Company and SubsidiariesSupplemental Material1(Unaudited) General Motors Company (GM) uses both generally accepted accounting principles (GAAP) and non-GAAP financial measures for operational and financial decision making, and to assess Company and segment business performance. Our non-GAAP measures include: earnings before interest and taxes (EBIT)-adjusted, presented net of noncontrolling interests; earnings before income taxes-adjusted (EBT-adjusted) for our General Motors Financial Company, Inc. (GM Financial) segment; earnings per share (EPS)-diluted-adjusted; effective tax rate-adjusted (ETR-adjusted); return on invested capital-adjusted (ROIC-adjusted) and adjusted automotive free cash flow. GM's calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures. These non-GAAP measures allow management and investors to view operating trends, perform analytical comparisons and benchmark performance between periods and among geographic regions to understand operating performance without regard to items we do not consider a component of our core operating performance. Furthermore, these non-GAAP measures allow investors the opportunity to measure and monitor our performance against our externally communicated targets and evaluate the investment decisions being made by management to improve ROIC-adjusted. Management uses these measures in its financial, investment and operational decision-making processes, for internal reporting and as part of its forecasting and budgeting processes. Further, our Board of Directors uses certain of these and other measures as key metrics to determine management performance under our performance-based compensation plans. For these reasons, we believe these non-GAAP measures are useful for our investors. EBIT-adjusted (Most comparable GAAP measure: Net income attributable to stockholders) EBIT-adjusted is presented net of noncontrolling interests and is used by management and can be used by investors to review our consolidated operating results because it excludes automotive interest income, automotive interest expense and income taxes as well as certain additional adjustments that are not considered part of our core operations. Examples of adjustments to EBIT include, but are not limited to, impairment charges on long-lived assets and other exit costs resulting from strategic shifts in our operations or discrete market and business conditions, and certain costs arising from legal matters. For EBIT-adjusted and our other non-GAAP measures, once we have made an adjustment in the current period for an item, we will also adjust the related non-GAAP measure in any future periods in which there is an impact from the item. Our corresponding measure for our GM Financial segment is EBT-adjusted because interest income and interest expense are part of operating results when assessing and measuring the operational and financial performance of the segment. EPS-diluted-adjusted (Most comparable GAAP measure: Diluted earnings per common share) EPS-diluted-adjusted is used by management and can be used by investors to review our consolidated diluted EPS results on a consistent basis. EPS-diluted-adjusted is calculated as net income attributable to common stockholders-diluted less adjustments noted above for EBIT-adjusted and certain income tax adjustments divided by weighted-average common shares outstanding-diluted. Examples of income tax adjustments include the establishment or release of significant deferred tax asset valuation allowances. ETR-adjusted (Most comparable GAAP measure: Effective tax rate) ETR-adjusted is used by management and can be used by investors to review the consolidated effective tax rate for our core operations on a consistent basis. ETR-adjusted is calculated as Income tax expense less the income tax related to the adjustments noted above for EBIT-adjusted and the income tax adjustments noted above for EPS-diluted-adjusted divided by Income before income taxes less adjustments. When we provide an expected adjusted effective tax rate, we do not provide an expected effective tax rate because the U.S. GAAP measure may include significant adjustments that are difficult to predict. ROIC-adjusted (Most comparable GAAP measure: Return on equity) ROIC-adjusted is used by management and can be used by investors to review our investment and capital allocation decisions. We define ROIC-adjusted as EBIT-adjusted for the trailing four quarters divided by ROIC-adjusted average net assets, which is considered to be the average equity balances adjusted for average automotive debt and interest liabilities, exclusive of finance leases; average automotive net pension and other postretirement benefits (OPEB) liabilities; and average automotive net income tax assets during the same period. Adjusted automotive free cash flow (Most comparable GAAP measure: Net automotive cash provided by operating activities) Adjusted automotive free cash flow is used by management and can be used by investors to review the liquidity of our automotive operations and to measure and monitor our performance against our capital allocation program and evaluate our automotive liquidity against the substantial cash requirements of our automotive operations. We measure adjusted automotive free cash flow as automotive operating cash flow from operations less capital expenditures adjusted for management actions. Management actions can include voluntary events such as discretionary contributions to employee benefit plans or nonrecurring specific events such as a closure of a facility that are considered special for EBIT-adjusted purposes. The following table reconciles Net income (loss) attributable to stockholders under U.S. GAAP to EBIT-adjusted and segment profit (loss) (dollars in millions): Three Months Ended Years Ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Net income (loss) attributable to stockholders(a) $ (2,961) $ 2,102 $ 6,008 $ 10,127 Income tax expense 318 (857) 2,556 563 Automotive interest expense 215 222 846 911 Automotive interest income (279) (308) (967) (1,109) Adjustments China JV restructuring actions(b) 4,010 — 4,010 — Cruise restructuring(c) 520 478 1,103 478 Buick dealer strategy(d) 643 131 964 569 Restructuring actions(e) 10 — 200 — GMI plant wind down(f) 4 — 150 — Headquarters relocation(g) 30 — 64 — Voluntary separation program(h) — 130 — 1,035 GM Korea wage litigation(i) — (30) — (106) India asset sales(j) — (111) — (111) Total adjustments 5,217 598 6,491 1,865 EBIT-adjusted 2,509 1,757 14,934 12,357 Operating segments GM North America (GMNA) 2,274 2,011 14,528 12,306 GM International (GMI) 221 269 303 1,210 Cruise (418) (792) (1,701) (2,695) GM Financial(k) 719 707 2,965 2,985 Total operating segments 2,796 2,196 16,095 13,806 Corporate and eliminations(l) (287) (439) (1,161) (1,448) EBIT-adjusted $ 2,509 $ 1,757 $ 14,934 $ 12,357 (a) Net of net loss attributable to noncontrolling interests. (b) These adjustments were excluded because they relate to the other-than-temporary impairment and our portion of restructuring charges recorded in equity earnings associated with our restructuring actions of Automotive China JVs. (c) These adjustments were excluded because they relate to restructuring charges resulting from the plan to combine the Cruise and GM technical efforts to advance autonomous and assisted driving, the indefinite delay of the Cruise Origin and the voluntarily pausing in 2023 of Cruise's driverless, supervised and manual AV operations in the U.S. The adjustments primarily consist of non-cash restructuring charges, supplier-related charges and employee separation costs. (d) These adjustments were excluded because they relate to strategic activities to transition certain Buick dealers out of our dealer network as part of Buick's EV strategy. (e) These adjustments were excluded because they relate to employee separation charges primarily in North America. (f) These adjustments were excluded because they relate to the wind down of our manufacturing operations in Colombia and Ecuador. (g) These adjustments were excluded because they relate to the GM headquarters relocation, primarily consisting of accelerated depreciation. (h) These adjustments were excluded because they relate to the acceleration of attrition as part of the cost reduction program announced in January 2023, primarily in the U.S. (i) These adjustments were excluded because they relate to the partial resolution of subcontractor matters in Korea. (j) These adjustments were excluded because they relate to an asset sale resulting from our strategic decision in 2020 to exit India. (k) GM Financial amounts represent EBT-adjusted. (l) GM's automotive interest income and interest expense, legacy costs from the Opel/Vauxhall Business (primarily pension costs), corporate expenditures and certain revenues and expenses that are not part of a reportable segment are recorded centrally in Corporate. The following table reconciles diluted earnings per common share under U.S. GAAP to EPS-diluted-adjusted (dollars in millions, except per share amounts): Three Months Ended Years Ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Amount Per Share Amount Per Share Amount Per Share Amount Per Share Diluted earnings (loss) per common share $ (1,725) $ (1.64) $ 2,076 $ 1.59 $ 7,189 $ 6.37 $ 10,022 $ 7.32 Impact of including dilutive securities(a) 0.03 — — — Adjustments(b) 5,217 4.85 598 0.46 6,491 5.75 1,865 1.36 Tax effect on adjustments(c) (187) (0.17) (180) (0.14) (477) (0.42) (504) (0.37) Tax adjustments(d) — — (870) (0.67) — — (870) (0.64) Return from preferred shareholders(e) (1,239) (1.15) — — (1,239) (1.10) — — EPS-diluted-adjusted $ 2,066 $ 1.92 $ 1,624 $ 1.24 $ 11,963 $ 10.60 $ 10,513 $ 7.68 (a) Represents the dilutive effect of awards under stock incentive plans. Refer to the table below for the effect on weighted-average common shares outstanding — diluted-adjusted. (b) Refer to the reconciliation of Net income (loss) attributable to stockholders under U.S. GAAP to EBIT-adjusted and segment profit (loss) for adjustment details. (c) The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates. (d) In the year ended December 31, 2023, the adjustment consists of tax benefit related to the release of a valuation allowance against deferred tax assets considered realizable in Korea. This adjustment was excluded because significant impacts of valuation allowances are not considered part of our core operations. (e) This adjustment consists of a return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders in the three months and year ended December 31, 2024. The following table reconciles weighted-average common shares outstanding — diluted under U.S. GAAP to weighted-average common shares outstanding — diluted-adjusted used in the calculation of EPS-diluted-adjusted (shares in millions): Three Months Ended Years Ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Weighted-average common shares outstanding — diluted 1,055 1,307 1,129 1,369 Dilutive effect of awards under stock incentive plans 20 — — — Weighted-average common shares outstanding — diluted-adjusted 1,075 1,307 1,129 1,369 The following table reconciles our effective tax rate under U.S. GAAP to ETR-adjusted (dollars in millions): Years Ended December 31, 2024 2023 Income before income taxes Income tax expense Effective tax rate Income before income taxes Income tax expense Effective tax rate Effective tax rate $ 8,519 $ 2,556 30.0 % $ 10,403 $ 563 5.4 % Adjustments(a) 6,564 477 1,916 504 Tax adjustments(b) — 870 ETR-adjusted $ 15,083 $ 3,033 20.1 % $ 12,319 $ 1,937 15.7 % (a) Refer to the reconciliation of Net income (loss) attributable to stockholders under U.S. GAAP to EBIT-adjusted and segment profit (loss) for adjustment details. Net income attributable to noncontrolling interests for these adjustments is included in the years ended December 31, 2024 and 2023. The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates. (b) Refer to the reconciliation of diluted earnings per common share under U.S. GAAP to EPS-diluted-adjusted for adjustment details. We define return on equity (ROE) as Net income attributable to stockholders for the trailing four quarters divided by average equity for the same period. Management uses average equity to provide comparable amounts in the calculation of ROE. The following table summarizes the calculation of ROE (dollars in billions): Years Ended December 31, 2024 2023 Net income attributable to stockholders $ 6.0 $ 10.1 Average equity(a) $ 68.9 $ 72.0 ROE 8.7 % 14.1 % (a) Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in Net income attributable to stockholders. The following table summarizes the calculation of ROIC-adjusted (dollars in billions): Years Ended December 31, 2024 2023 EBIT-adjusted(a) $ 14.9 $ 12.4 Average equity(b) $ 68.9 $ 72.0 Add: Average automotive debt and interest liabilities (excluding finance leases) 16.1 16.2 Add: Average automotive net pension and OPEB liability 9.4 8.1 Less: Average automotive net income tax asset (22.7) (21.1) ROIC-adjusted average net assets $ 71.8 $ 75.2 ROIC-adjusted 20.8 % 16.4 % (a) Refer to the reconciliation of Net income (loss) attributable to stockholders under U.S. GAAP to EBIT-adjusted and segment profit (loss) for adjustment details. (b) Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in EBIT-adjusted. The following table reconciles Net automotive cash provided by operating activities under U.S. GAAP to adjusted automotive free cash flow (dollars in millions): Three Months Ended Years Ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Net automotive cash provided by operating activities $ 4,765 $ 4,688 $ 23,939 $ 20,828 Less: Capital expenditures (3,215) (3,613) (10,711) (10,684) Add: Buick dealer strategy 154 213 530 674 Add: Restructuring actions 89 — 163 — Add: GMI plant wind down 30 — 65 — Add: Employee separation costs — 53 58 849 Adjusted automotive free cash flow $ 1,823 $ 1,341 $ 14,045 $ 11,666 Vehicle Sales GM presents both wholesale and total vehicle sales data to assist in the analysis of our revenue and market share. Wholesale vehicle sales data consists of sales to GM's dealers and distributors, as well as sales to the U.S. government, and excludes vehicles sold by our joint ventures. Wholesale vehicle sales data correlates to GM's revenue recognized from the sale of vehicles, which is the largest component of Automotive net sales and revenue. In the year ended December 31, 2024, 27.9% of GM's wholesale vehicle sales volume was generated outside the U.S. The following table summarizes wholesale vehicle sales by automotive segment (vehicles in thousands): Three Months Ended Years Ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 GMNA 876 782 3,464 3,147 GMI 163 161 547 621 Total 1,039 943 4,010 3,768 Total vehicle sales data represents: (1) retail sales (i.e., sales to consumers who purchase new vehicles from dealers or distributors); (2) fleet sales (i.e., sales to large and small businesses, governments and daily rental car companies); and (3) sales of courtesy transportation vehicles (i.e., vehicles previously used by dealers that were sold to the end consumer). Total vehicle sales data includes all sales by joint ventures on a total vehicle basis, not based on GM's percentage ownership interest in the joint venture. Certain joint venture agreements in China allow for the contractual right to report vehicle sales of non-GM trademarked vehicles by those joint ventures, which are included in the total vehicle sales we report for China. While total vehicle sales data does not correlate directly to the revenue GM recognizes during a particular period, we believe it is indicative of the underlying demand for GM's vehicles. Total vehicle sales data represents management's good faith estimate based on sales reported by GM's dealers, distributors and joint ventures; commercially available data sources such as registration and insurance data; and internal estimates and forecasts when other data is not available. The following table summarizes industry and GM total vehicle sales and GM's related competitive position by geographic region (vehicles in thousands): Three Months Ended Years Ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Industry GM Market Share Industry GM Market Share Industry GM Market Share Industry GM Market Share North America United States 4,323 755 17.5 % 4,021 625 15.5 % 16,385 2,705 16.5 % 16,022 2,595 16.2 % Other 1,025 134 13.1 % 943 122 13.0 % 3,909 510 13.1 % 3,590 460 12.8 % Total North America 5,347 889 16.6 % 4,963 747 15.1 % 20,294 3,215 15.8 % 19,612 3,055 15.6 % Asia/Pacific, Middle East and Africa China(a) 8,444 599 7.1 % 7,227 569 7.9 % 26,567 1,839 6.9 % 24,967 2,099 8.4 % Other 5,528 137 2.5 % 5,695 167 2.9 % 21,727 520 2.4 % 22,058 577 2.6 % Total Asia/Pacific, Middle East and Africa 13,971 736 5.3 % 12,922 736 5.7 % 48,293 2,359 4.9 % 47,025 2,676 5.7 % South America Brazil 776 92 11.9 % 679 92 13.5 % 2,634 315 12.0 % 2,307 328 14.2 % Other 355 27 7.7 % 338 30 8.8 % 1,347 109 8.1 % 1,419 128 9.0 % Total South America 1,131 119 10.6 % 1,017 122 12.0 % 3,980 424 10.7 % 3,726 456 12.2 % Total in GM markets 20,450 1,745 8.5 % 18,902 1,605 8.5 % 72,568 5,998 8.3 % 70,362 6,187 8.8 % Total Europe 4,215 1 — % 4,182 1 — % 16,816 2 — % 16,596 2 — % Total Worldwide(b) 24,665 1,746 7.1 % 23,084 1,605 7.0 % 89,383 6,001 6.7 % 86,958 6,189 7.1 % United States Cars 729 37 5.0 % 737 40 5.5 % 2,939 178 6.0 % 3,070 224 7.3 % Trucks 1,196 396 33.1 % 1,038 321 31.0 % 4,345 1,383 31.8 % 4,249 1,303 30.7 % Crossovers 2,398 322 13.4 % 2,247 264 11.7 % 9,101 1,144 12.6 % 8,702 1,068 12.3 % Total United States 4,323 755 17.5 % 4,021 625 15.5 % 16,385 2,705 16.5 % 16,022 2,595 16.2 % China(a) SGMS 152 211 524 870 SGMW 447 358 1,315 1,229 Total China 8,444 599 7.1 % 7,227 569 7.9 % 26,567 1,839 6.9 % 24,967 2,099 8.4 % (a) Includes sales by the Automotive China JVs: SAIC General Motors Sales Co., Ltd. (SGMS) and SAIC GM Wuling Automobile Co., Ltd. (SGMW). (b) Cuba, Iran, North Korea, Sudan and Syria are subject to broad economic sanctions. Accordingly, these countries are excluded from industry sales data and corresponding calculation of market share. As discussed above, total vehicle sales and market share data provided in the table above includes fleet vehicles. Certain fleet transactions, particularly sales to daily rental car companies, are generally less profitable than retail sales to end customers. The following table summarizes estimated fleet sales and those sales as a percentage of total vehicle sales (vehicles in thousands): Three Months Ended Years Ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 GMNA 168 141 615 679 GMI 127 168 401 506 Total fleet sales 295 309 1,016 1,185 Fleet sales as a percentage of total vehicle sales 16.9 % 19.3 % 16.9 % 19.2 % North America capacity two-shift utilization 103.5 % 93.1 % 105.7 % 97.1 % SOURCE General Motors Company WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

GM releases full-year and fourth-quarter 2024 results and 2025 guidance

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