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    GM Releases 2024 Second-Quarter Results and Raises Full-Year Guidance

    7/23/24 6:30:00 AM ET
    $GM
    Auto Manufacturing
    Consumer Discretionary
    Get the next $GM alert in real time by email

    DETROIT, July 23, 2024 /PRNewswire/ -- General Motors Co. (NYSE:GM) today reported second-quarter 2024 revenue of $48.0 billion, net income attributable to stockholders of $2.9 billion and EBIT-adjusted of $4.4 billion.

    GM is also updating its 2024 full-year earnings guidance for the second consecutive quarter:



    Updated 2024 Guidance

    Previous 2024 Guidance

    Net income attributable to stockholders

    $10.0 billion - $11.4 billion

    $10.1 billion - $11.5 billion

    EBIT-adjusted

    $13.0 billion - $15.0 billion

    $12.5 billion - $14.5 billion

    Automotive operating cash flow

    $19.2 billion - $22.2 billion

    $18.3 billion - $21.3 billion

    Adjusted automotive free cash flow

    $9.5 billion - $11.5 billion

    $8.5 billion - $10.5 billion

    EPS-diluted

    $8.93 - $9.93

    $8.94 - $9.94

    EPS-diluted-adjusted

    $9.50 - $10.50

    $9.00 - $10.00

    GM's 2024 financial guidance includes anticipated capital spending of $10.5 billion - $11.5 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

    June 30, 2024

    June 30, 2023

    Change

    % Change

    Revenue

    $      47,969

    $      44,746

    $       3,223

    7.2 %

    Net income attributable to stockholders

    $        2,933

    $        2,566

    $          367

    14.3 %

    EBIT-adjusted

    $        4,438

    $        3,234

    $       1,204

    37.2 %

    Net income margin

    6.1 %

    5.7 %

    0.4 ppts

    7.0 %

    EBIT-adjusted margin

    9.3 %

    7.2 %

    2.1 ppts

    29.2 %

    Automotive operating cash flow

    $        7,713

    $        7,114

    $          599

    8.4 %

    Adjusted automotive free cash flow

    $        5,297

    $        5,548

    $         (251)

    (4.5) %

    EPS-diluted(a)

    $          2.55

    $          1.83

    $         0.72

    39.3 %

    EPS-diluted-adjusted(a)

    $          3.06

    $          1.91

    $         1.15

    60.2 %

    GMNA EBIT-adjusted

    $        4,433

    $        3,194

    $       1,239

    38.8 %

    GMNA EBIT-adjusted margin

    10.9 %

    8.6 %

    2.3 ppts

    26.7 %

    GMI EBIT-adjusted

    $             50

    $           236

    $         (186)

    (78.8) %

    China equity income (loss)

    $          (104)

    $             78

    $         (182)

    n.m.

    GM Financial EBT-adjusted

    $           822

    $           766

    $            56

    7.3 %

    __________

    (a)

    EPS-diluted and EPS-diluted-adjusted include a $(0.10) and $(0.03) impact from revaluation on equity investments in the three months ended June 30, 2024 and 2023.

    (b)

    n.m. = not meaningful

     



    Six Months Ended





    ($M) except per share amounts

    June 30, 2024

    June 30, 2023

    Change

    % Change

    Revenue

    $      90,983

    $      84,732

    $       6,251

    7.4 %

    Net income attributable to stockholders

    $        5,913

    $        4,962

    $          951

    19.2 %

    EBIT-adjusted

    $        8,310

    $        7,037

    $       1,273

    18.1 %

    Net income margin

    6.5 %

    5.9 %

    0.6 ppts

    10.2 %

    EBIT-adjusted margin

    9.1 %

    8.3 %

    0.8 ppts

    9.6 %

    Automotive operating cash flow

    $       11,311

    $        9,346

    $       1,965

    21.0 %

    Adjusted automotive free cash flow

    $        6,388

    $        5,415

    $          973

    18.0 %

    EPS-diluted(a)

    $          5.10

    $          3.52

    $         1.58

    44.9 %

    EPS-diluted-adjusted(a)

    $          5.68

    $          4.12

    $         1.56

    37.9 %

    GMNA EBIT-adjusted

    $        8,273

    $        6,769

    $       1,504

    22.2 %

    GMNA EBIT-adjusted margin

    10.8 %

    9.7 %

    1.1 ppts

    11.3 %

    GMI EBIT-adjusted

    $             40

    $           583

    $         (543)

    (93.1) %

    China equity income (loss)

    $          (210)

    $           161

    $         (371)

    n.m.

    GM Financial EBT-adjusted

    $        1,559

    $        1,537

    $            22

    1.4 %

    __________

    (a)

    EPS-diluted and EPS-diluted-adjusted include an $(0.11) impact from revaluation on equity investments in the six months ended June 30, 2024.

    (b)

    n.m. = not meaningful

    General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which will power everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in safety services and connected vehicle technology, can be found at https://www.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.

    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



    Updated



    Previous

    Net income attributable to stockholders

    $ 10.0-11.4



    $ 10.1-11.5

    Income tax expense

    2.2-2.8



    2.2-2.8

    Automotive interest (income) expense, net

    (0.1)



    0.1

    Adjustments(a)

    0.9



    0.1

    EBIT-adjusted

    $ 13.0-15.0



    $ 12.5-14.5

    __________

    (a)

    Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted and segment profit (loss) for adjustment details. These expected financial results do not include the potential impact of future adjustments related to special items.

    The following table reconciles expected EPS-diluted under U.S. GAAP to expected EPS-diluted-adjusted:



    Year Ending December 31, 2024



    Updated



    Previous

    Diluted earnings per common share

    $ 8.93-9.93



    $ 8.94-9.94

    Adjustments(a)

    0.57



    0.06

    EPS-diluted-adjusted

    $ 9.50-10.50



    $ 9.00-10.00

    __________

    (a)

    Refer to the reconciliation of diluted earnings per common share under U.S. GAAP to EPS-diluted-adjusted for adjustment details. These expected financial results do not include the potential impact of future adjustments related to special items.

    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



    Updated



    Previous

    Net automotive cash provided by operating activities

    $ 19.2-22.2



    $ 18.3-21.3

    Less: Capital expenditures

    10.0-11.0



    10.0-11.0

    Adjustments

    0.3



    0.2

    Adjusted automotive free cash flow(a)

    $ 9.5-11.5



    $ 8.5-10.5

    __________

    (a)

    These expected financial results do not include the potential impact of future adjustments related to special items.

     

    General Motors Company and Subsidiaries1

     Combining Income Statement Information

    (In millions) (Unaudited)





    Three Months Ended June 30, 2024



    Three Months Ended June 30, 2023



    Automotive



    Cruise



    GM Financial



    Reclassifications

    /Eliminations



    Combined



    Automotive



    Cruise



    GM Financial



    Reclassifications

    /Eliminations



    Combined

    Net sales and revenue







































    Automotive

    $ 44,060



    $      25



    $     —



    $              (25)



    $ 44,060



    $ 41,254



    $      26



    $     —



    $              (26)



    $ 41,254

    GM Financial

    —



    —



    3,918



    (10)



    3,908



    —



    —



    3,498



    (5)



    3,493

    Total net sales and revenue

    44,060



    25



    3,918



    (35)



    47,969



    41,254



    26



    3,498



    (31)



    44,746

    Costs and expenses







































    Automotive and other cost of

          sales

    37,592



    1,023



    —



    —



    38,615



    36,059



    574



    —



    (1)



    36,632

    GM Financial interest,

         operating and other

         expenses

    —



    —



    3,109



    —



    3,109



    —



    —



    2,768



    —



    2,768

    Automotive and other selling,

          general and

         administrative expense

    2,234



    138



    —



    (1)



    2,372



    2,434



    125



    —



    (1)



    2,558

    Total costs and expenses

    39,827



    1,161



    3,109



    (2)



    44,096



    38,493



    698



    2,768



    (2)



    41,958

    Operating income (loss)

    4,233



    (1,136)



    809



    (33)



    3,873



    2,761



    (673)



    729



    (29)



    2,789

    Automotive interest expense

    206



    112



    —



    (112)



    206



    226



    8



    —



    (8)



    226

    Interest income and other non-

         operating income, net

    133



    6



    —



    (79)



    60



    308



    29



    —



    21



    358

    Equity income (loss)

    (97)



    —



    14



    —



    (84)



    71



    —



    37



    —



    108

    Income (loss) before income

         taxes

    $   4,063



    $(1,242)



    $   822



    $                —



    $   3,643



    $   2,914



    $  (651)



    $   766



    $                —



    $   3,029

    Income tax expense (benefit)

















    767



















    522

    Net income (loss)

















    2,877



















    2,507

    Net loss (income) attributable

         to noncontrolling interests

















    57



















    59

    Net income (loss)

         attributable to

         stockholders

















    $   2,933



















    $   2,566









































    Net income (loss)

         attributable to common

         stockholders

















    $   2,919



















    $   2,540











    Six Months Ended June 30, 2024



    Six Months Ended June 30, 2023



    Automotive



    Cruise



    GM Financial



    Reclassifications

    /Eliminations



    Combined



    Automotive



    Cruise



    GM Financial



    Reclassifications

    /Eliminations



    Combined

    Net sales and revenue







































    Automotive

    $ 83,272



    $      51



    $     —



    $              (50)



    $ 83,273



    $ 77,900



    $      51



    $     —



    $              (51)



    $ 77,900

    GM Financial

    —



    —



    7,730



    (19)



    7,710



    —



    —



    6,841



    (9)



    6,832

    Total net sales and revenue

    83,272



    51



    7,730



    (69)



    90,983



    77,900



    51



    6,841



    (60)



    84,732

    Costs and expenses







































    Automotive and other cost of

         sales

    71,189



    1,422



    —



    (1)



    72,611



    67,775



    1,105



    —



    (2)



    68,879

    GM Financial interest,

         operating and other

         expenses

    —



    —



    6,215



    (1)



    6,215



    —



    —



    5,381



    (1)



    5,380

    Automotive and other selling,

         general and administrative

         expense

    4,269



    279



    —



    (1)



    4,547



    4,872



    234



    —



    (1)



    5,105

    Total costs and expenses

    75,459



    1,701



    6,215



    (3)



    83,372



    72,647



    1,340



    5,381



    (4)



    79,364

    Operating income (loss)

    7,813



    (1,650)



    1,514



    (66)



    7,611



    5,253



    (1,289)



    1,459



    (56)



    5,367

    Automotive interest expense

    425



    128



    —



    (128)



    425



    460



    10



    —



    (10)



    460

    Interest income and other non-

         operating income, net

    406



    18



    —



    (62)



    362



    661



    60



    —



    46



    767

    Equity income (loss)

    (234)



    —



    45



    —



    (189)



    52



    —



    78



    —



    129

    Income (loss) before income

         taxes

    $   7,561



    $(1,761)



    $  1,559



    $                —



    $   7,359



    $   5,506



    $(1,239)



    $  1,537



    $                —



    $   5,803

    Income tax expense (benefit)

















    1,529



















    950

    Net income (loss)

















    5,830



















    4,853

    Net loss (income) attributable

          to noncontrolling interests

















    83



















    109

    Net income (loss)

         attributable to

         stockholders

















    $   5,913



















    $   4,962









































    Net income (loss)

         attributable to common

         stockholders

















    $   5,889



















    $   4,908

    __________

    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



    Six Months Ended



    June 30, 2024



    June 30, 2023



    June 30, 2024



    June 30, 2023

    Basic earnings per share















    Net income (loss) attributable to stockholders

    $               2,933



    $               2,566



    $               5,913



    $               4,962

    Less: cumulative dividends on subsidiary preferred stock(a)

    (15)



    (27)



    (24)



    (53)

    Net income (loss) attributable to common stockholders

    $               2,919



    $               2,540



    $               5,889



    $               4,908

















    Weighted-average common shares outstanding

    1,136



    1,385



    1,145



    1,390

















    Basic earnings per common share

    $                 2.57



    $                 1.83



    $                 5.14



    $                 3.53

    Diluted earnings per share















    Net income (loss) attributable to common stockholders –

         diluted

    $               2,919



    $               2,540



    $               5,889



    $               4,908

















    Weighted-average common shares outstanding – diluted

    1,147



    1,389



    1,155



    1,396

















    Diluted earnings per common share

    $                 2.55



    $                 1.83



    $                 5.10



    $                 3.52

    Potentially dilutive securities(b)

    4



    24



    4



    24

    __________

    (a)

    Includes an insignificant amount in participating securities income from a subsidiary for the three and six months ended June 30, 2024.

    (b)

    Potentially dilutive securities attributable to outstanding stock options and Restricted Stock Units (RSUs) at June 30, 2024 and outstanding stock options, RSUs and Performance Stock Units at June 30, 2023, were excluded from the computation of diluted earnings per share (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)





    June 30, 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

    $   13,970



    $ 1,098



    $  7,448



    $                 —



    $   22,516



    $   12,228



    $ 1,344



    $  5,282



    $                 —



    $   18,853

    Marketable debt securities

    8,313



    —



    —



    —



    8,313



    7,613



    —



    —



    —



    7,613

    Accounts and notes receivable,

         net(a)

    12,482



    4



    2,086



    (1,166)



    13,406



    11,814



    —



    1,891



    (1,327)



    12,378

    GM Financial receivables, net

    —



    —



    43,023



    (241)



    42,783



    —



    —



    39,246



    (170)



    39,076

    Inventories

    17,610



    —



    —



    (5)



    17,605



    16,467



    —



    —



    (6)



    16,461

    Other current assets

    2,502



    38



    4,899



    3



    7,442



    1,994



    466



    5,205



    (428)



    7,238

    Total current assets

    54,877



    1,140



    57,456



    (1,409)



    112,064



    50,115



    1,809



    51,624



    (1,931)



    101,618

    Non-current Assets







































    GM Financial receivables, net(c)

    —



    —



    45,128



    (381)



    44,747



    —



    —



    45,391



    (348)



    45,043

    Equity in net assets of

         nonconsolidated affiliates

    9,059



    —



    1,675



    —



    10,734



    8,943



    —



    1,670



    —



    10,613

    Property, net

    50,964



    69



    113



    —



    51,145



    50,104



    93



    124



    —



    50,321

    Goodwill and intangible assets, net

    2,717



    714



    1,346



    —



    4,778



    2,793



    715



    1,354



    —



    4,862

    Equipment on operating leases, net

    —



    —



    30,345



    —



    30,345



    —



    —



    30,582



    —



    30,582

    Deferred income taxes

    20,661



    1,760



    (1,333)



    —



    21,088



    21,722



    1,723



    (1,106)



    —



    22,339

    Other assets(b)

    8,866



    199



    1,172



    (2,182)



    8,054



    6,869



    215



    1,140



    (538)



    7,686

    Total non-current assets

    92,267



    2,742



    78,446



    (2,563)



    170,891



    90,430



    2,745



    79,156



    (886)



    171,446

    Total Assets

    $ 147,144



    $ 3,882



    $  135,902



    $           (3,972)



    $ 282,956



    $ 140,546



    $ 4,555



    $  130,780



    $           (2,817)



    $ 273,064

    LIABILITIES AND EQUITY







































    Current Liabilities







































    Accounts payable (principally

         trade)(a)

    $   28,645



    $    121



    $  1,161



    $           (1,164)



    $   28,762



    $   27,846



    $    185



    $  1,136



    $           (1,054)



    $   28,114

    Short-term debt and current portion

         of long-term debt







































    Automotive

    1,146



    2



    —



    (226)



    922



    591



    272



    —



    (435)



    428

    GM Financial

    —



    —



    37,176



    —



    37,176



    —



    —



    38,540



    —



    38,540

    Cruise

    —



    14



    —



    (14)



    —



    —



    6



    —



    (6)



    —

    Accrued liabilities

    22,234



    332



    5,941



    (4)



    28,503



    21,468



    590



    5,741



    (436)



    27,364

    Total current liabilities

    52,025



    469



    44,279



    (1,409)



    95,363



    49,906



    1,053



    45,417



    (1,931)



    94,445

    Non-current Liabilities







































    Long-term debt







































    Automotive(b)

    15,395



    2,195



    —



    (2,182)



    15,409



    15,979



    544



    —



    (538)



    15,985

    GM Financial

    —



    —



    72,929



    —



    72,929



    —



    —



    66,788



    —



    66,788

    Cruise(c)

    —



    381



    —



    (381)



    —



    —



    348



    —



    (348)



    —

    Postretirement benefits other than

          pensions

    4,250



    —



    —



    —



    4,250



    4,345



    —



    —



    —



    4,345

    Pensions

    6,163



    —



    8



    —



    6,171



    6,673



    —



    8



    —



    6,680

    Other liabilities

    13,741



    454



    2,738



    —



    16,933



    13,447



    454



    2,614



    —



    16,515

    Total non-current liabilities

    39,550



    3,030



    75,676



    (2,563)



    115,692



    40,444



    1,345



    69,409



    (886)



    110,312

    Total Liabilities

    91,574



    3,498



    119,954



    (3,972)



    211,055



    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

    11



    —



    —



    —



    11



    12



    —



    —



    —



    12

    Additional paid-in capital(d)

    18,891



    687



    1,255



    (1,231)



    19,602



    18,866



    240



    1,314



    (1,290)



    19,130

    Retained earnings

    45,248



    (1,524)



    16,082



    1



    59,807



    39,579



    (12)



    15,823



    1



    55,391

    Accumulated other comprehensive

         loss

    (9,397)



    (1)



    (1,390)



    —



    (10,787)



    (9,066)



    1



    (1,183)



    —



    (10,247)

    Total stockholders' equity

    54,752



    (838)



    15,948



    (1,229)



    68,633



    49,391



    229



    15,954



    (1,289)



    64,286

    Noncontrolling interests(d)

    817



    1,221



    —



    1,229



    3,267



    805



    1,809



    —



    1,289



    3,903

    Total Equity

    55,570



    383



    15,948



    —



    71,900



    50,196



    2,038



    15,954



    —



    68,189

    Total Liabilities and Equity

    $ 147,144



    $ 3,882



    $  135,902



    $           (3,972)



    $ 282,956



    $ 140,546



    $ 4,555



    $  130,780



    $           (2,817)



    $ 273,064

    __________

    (a)

    Eliminations primarily include GM Financial accounts and notes receivable of $0.6 billion due from Automotive; and Automotive accounts receivable of $0.6 billion primarily due from GM Financial and Cruise at June 30, 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 convertible note issued by Cruise to Automotive 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.

    (c)

    Eliminations primarily related to intercompany loans due from Cruise to GM Financial.

    (d)

    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)





    Six Months Ended June 30, 2024



    Six Months Ended June 30, 2023



    Automotive



    Cruise



    GM Financial



    Reclassifications

    /Eliminations



    Combined



    Automotive



    Cruise



    GM Financial



    Reclassifications

    /Eliminations



    Combined

    Cash flows from operating activities







































    Net income (loss)

    $    6,051



    $  (1,366)



    $  1,145



    $                 —



    $    5,830



    $    4,508



    $  (781)



    $  1,126



    $                 —



    $    4,853

    Depreciation and impairment of

         Equipment on operating leases, net

    —



    —



    2,425



    —



    2,425



    —



    —



    2,476



    —



    2,476

    Depreciation, amortization and

         impairment charges on Property,

         net

    3,221



    617



    20



    —



    3,859



    3,236



    15



    20



    —



    3,270

    Foreign currency remeasurement and

         transaction (gains) losses

    (145)



    —



    (3)



    —



    (148)



    144



    —



    4



    —



    148

    Undistributed earnings of

         nonconsolidated affiliates, net

    (55)



    —



    (45)



    —



    (101)



    271



    —



    (78)



    —



    193

    Pension contributions and OPEB

         payments

    (430)



    —



    —



    —



    (430)



    (458)



    —



    —



    —



    (458)

    Pension and OPEB income, net

    29



    —



    1



    —



    30



    (42)



    —



    1



    —



    (41)

    Provision (benefit) for deferred taxes

    1,234



    (396)



    289



    —



    1,127



    391



    (458)



    25



    —



    (42)

    Change in other operating assets and

         liabilities(a)(c)

    1,406



    (145)



    (617)



    (4,107)



    (3,464)



    1,296



    285



    (163)



    (1,140)



    278

    Net cash provided by (used in)

         operating activities

    11,311



    (1,291)



    3,214



    (4,107)



    9,128



    9,346



    (940)



    3,411



    (1,140)



    10,677

    Cash flows from investing activities







































    Expenditures for property

    (5,267)



    (2)



    (10)



    (73)



    (5,352)



    (4,544)



    (32)



    (16)



    (91)



    (4,683)

    Available-for-sale marketable

         securities, acquisitions

    (2,232)



    —



    —



    —



    (2,232)



    (2,354)



    (374)



    —



    —



    (2,727)

    Available-for-sale marketable

         securities, liquidations

    1,535



    —



    —



    —



    1,535



    3,838



    1,566



    —



    —



    5,404

    Purchases of finance receivables(a)

    —



    —



    (20,016)



    3,377



    (16,639)



    —



    —



    (18,189)



    380



    (17,810)

    Principal collections and recoveries on

         finance receivables(a)

    —



    —



    15,577



    1



    15,578



    —



    —



    13,921



    2



    13,922

    Purchases of leased vehicles

    —



    —



    (7,489)



    —



    (7,489)



    —



    —



    (6,834)



    —



    (6,834)

    Proceeds from termination of leased

         vehicles

    —



    —



    6,157



    —



    6,157



    —



    —



    6,673



    —



    6,673

    Other investing activities (b)

    (1,693)



    —



    —



    1,147



    (546)



    (1,031)



    —



    1



    261



    (770)

    Net cash provided by (used in)

         investing activities

    (7,656)



    (2)



    (5,781)



    4,452



    (8,987)



    (4,091)



    1,161



    (4,445)



    551



    (6,824)

    Cash flows from financing activities







































    Net increase (decrease) in short-term

         debt

    (2)



    —



    296



    —



    294



    (4)



    —



    74



    —



    70

    Proceeds from issuance of debt

         (original maturities greater than

         three months) (b)

    20



    960



    29,350



    (960)



    29,370



    10



    97



    26,224



    (97)



    26,235

    Payments on debt (original maturities

         greater than three months)

    (52)



    (7)



    (23,815)



    (29)



    (23,904)



    (1,582)



    (14)



    (22,237)



    21



    (23,812)

    Payment to purchase common stock

    (1,346)



    —



    —



    —



    (1,346)



    (869)



    —



    —



    —



    (869)

    Issuance (redemption) of subsidiary

         stock(b)

    —



    255



    —



    (255)



    —



    —



    235



    —



    (235)



    —

    Dividends paid(c)

    (275)



    —



    (959)



    900



    (334)



    (252)



    —



    (959)



    900



    (311)

    Other financing activities

    (14)



    (163)



    (112)



    —



    (288)



    (243)



    (136)



    (91)



    —



    (470)

    Net cash provided by (used in)

         financing activities

    (1,668)



    1,046



    4,760



    (345)



    3,793



    (2,938)



    183



    3,010



    588



    843

    Effect of exchange rate changes on

         cash, cash equivalents and

         restricted cash

    (173)



    —



    (58)



    —



    (231)



    46



    —



    62



    —



    108

    Net increase (decrease) in cash, cash

          equivalents and restricted cash

    1,814



    (247)



    2,135



    —



    3,702



    2,363



    404



    2,038



    —



    4,805

    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

    $   14,123



    $ 1,112



    $ 10,384



    $                 —



    $   25,620



    $   16,109



    $ 1,930



    $  8,715



    $                 —



    $   26,753

    __________

    (a)

    Includes eliminations of $3.3 billion and $0.2 billion in the six months ended June 30, 2024 and 2023 primarily driven by 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 six months ended June 30, 2024 and $0.3 billion and $0.2 billion of Automotive investment in Cruise in the six months ended June 30, 2024 and 2023.

    (c)

    Eliminations include dividends issued by GM Financial to Automotive in the six months ended June 30, 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 June 30, 2024



































    Net sales and revenue

    $ 40,725



    $   3,298



    $        37



    $           —



    $     44,060



    $       25



    $   3,918



    $                (35)



    $   47,969

    Expenditures for property

    $   2,461



    $       74



    $          4



    $           —



    $       2,539



    $      (10)



    $         6



    $                 35



    $     2,569

    Depreciation and amortization

    $   1,515



    $      147



    $        20



    $           —



    $       1,682



    $         7



    $   1,192



    $                  —



    $     2,880

    Impairment charges

    $        —



    $        —



    $        —



    $           —



    $            —



    $      605



    $        —



    $                  —



    $        605

    Equity income (loss)(a)(b)

    $      330



    $    (103)



    $        —



    $           —



    $          227



    $        —



    $       14



    $                  —



    $        240







































    GMNA



    GMI



    Corporate



    Eliminations



    Total

    Automotive



    Cruise



    GM

    Financial



    Reclassifications/

    Eliminations



    Total

    Three Months Ended June 30, 2023



































    Net sales and revenue

    $ 37,220



    $   3,955



    $        79



    $           —



    $     41,254



    $       26



    $   3,498



    $                (31)



    $   44,746

    Expenditures for property

    $   2,014



    $      114



    $          7



    $           —



    $       2,136



    $       15



    $       10



    $                 90



    $     2,251

    Depreciation and amortization

    $   1,531



    $      144



    $          5



    $           —



    $       1,680



    $       10



    $   1,245



    $                  —



    $     2,936

    Impairment charges

    $        —



    $        —



    $        —



    $           —



    $            —



    $        —



    $        —



    $                  —



    $          —

    Equity income (loss)(a)(b)

    $       31



    $       77



    $        —



    $           —



    $          108



    $        —



    $       37



    $                  —



    $        145







































    GMNA



    GMI



    Corporate



    Eliminations



    Total

    Automotive



    Cruise



    GM

    Financial



    Reclassifications/

    Eliminations



    Total

    Six Months Ended June 30, 2024



































    Net sales and revenue

    $ 76,824



    $   6,380



    $        68



    $           —



    $     83,272



    $       51



    $   7,730



    $                (69)



    $   90,983

    Expenditures for property

    $   5,091



    $      167



    $          8



    $           —



    $       5,267



    $         2



    $       10



    $                 73



    $     5,352

    Depreciation and amortization

    $   2,924



    $      272



    $        25



    $           —



    $       3,221



    $       12



    $   2,445



    $                  —



    $     5,678

    Impairment charges

    $        —



    $        —



    $        —



    $           —



    $            —



    $      605



    $        —



    $                  —



    $        605

    Equity income (loss)(a)(b)

    $      457



    $    (211)



    $        —



    $           —



    $          245



    $        —



    $       45



    $                  —



    $        291







































    GMNA



    GMI



    Corporate



    Eliminations



    Total

    Automotive



    Cruise



    GM

    Financial



    Reclassifications/

    Eliminations



    Total

    Six Months Ended June 30, 2023



































    Net sales and revenue

    $ 70,108



    $   7,682



    $      110



    $           —



    $     77,900



    $       51



    $   6,841



    $                (60)



    $   84,732

    Expenditures for property

    $   4,274



    $      262



    $          7



    $           —



    $       4,544



    $       32



    $        16



    $                 91



    $     4,683

    Depreciation and amortization

    $   2,959



    $      266



    $        10



    $           —



    $       3,235



    $       15



    $   2,496



    $                  —



    $     5,746

    Impairment charges

    $        —



    $        —



    $        —



    $           —



    $            —



    $        —



    $        —



    $                  —



    $          —

    Equity income (loss)(a)(b)

    $      (15)



    $      157



    $        —



    $           —



    $          142



    $        —



    $        78



    $                  —



    $        220

    __________

    (a)

    Includes Automotive China joint ventures (Automotive China JVs) equity loss of $104 million and $210 million in the three and six months ended June 30, 2024 and Automotive China JVs equity income of $78 million and $161 million in the three and six months ended June 30, 2023.

    (b)

    Equity earnings related to Ultium Cells Holdings LLC, an equally owned joint venture with LG Energy Solution, 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 (EVs). Equity earnings related to Ultium Cells Holdings LLC were $324 million and $479 million in the three and six months ended June 30, 2024 and insignificant in the three and six months ended June 30, 2023.

    General Motors Company and Subsidiaries

    Supplemental 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 (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 attributable to stockholders under U.S. GAAP to EBIT-adjusted and segment profit (loss) (dollars in millions):



    Three Months Ended



    Six Months Ended



    June 30, 2024



    June 30, 2023



    June 30, 2024



    June 30, 2023

    Net income attributable to stockholders(a)

    $                  2,933



    $                  2,566



    $                  5,913



    $                  4,962

    Income tax expense (benefit)

    767



    522



    1,529



    950

    Automotive interest expense

    206



    226



    425



    460

    Automotive interest income

    (229)



    (251)



    (414)



    (479)

    Adjustments















    Cruise restructuring(b)

    583



    —



    583



    —

    GMI plant wind down(c)

    103



    —



    103



    —

    Buick dealer strategy(d)

    75



    246



    171



    345

    Voluntary separation program(e)

    —



    —



    —



    875

    GM Korea wage litigation(f)

    —



    (76)



    —



    (76)

    Total adjustments

    761



    170



    857



    1,144

    EBIT-adjusted

    4,438



    3,234



    8,310



    7,037

    Operating segments















    GM North America (GMNA)

    4,433



    3,194



    8,273



    6,769

    GM International (GMI)

    50



    236



    40



    583

    Cruise

    (458)



    (611)



    (900)



    (1,172)

    GM Financial(g)

    822



    766



    1,559



    1,537

    Total operating segments

    4,847



    3,585



    8,971



    7,717

    Corporate and eliminations(h)

    (409)



    (351)



    (662)



    (680)

    EBIT-adjusted

    $                  4,438



    $                  3,234



    $                  8,310



    $                  7,037

    __________

    (a)

    Net of net loss attributable to noncontrolling interests.

    (b)

    These adjustments were excluded because they relate to restructuring costs resulting from Cruise voluntarily pausing its driverless, supervised and manual AV operations in the U.S. and the indefinite delay of the Cruise Origin. The adjustments primarily consist of non-cash restructuring charges, supplier related charges and employee separation charges.

    (c)

    These adjustments were excluded because they relate to the wind down of our manufacturing operations in Colombia and Ecuador.

    (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)

    This adjustment was excluded because it relates to the acceleration of attrition as part of the cost reduction program announced in January 2023, primarily in the U.S.

    (f)

    This adjustment was excluded because it relates to the partial resolution of subcontractor matters in Korea.

    (g)

    GM Financial amounts represent EBT-adjusted.

    (h)

    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



    Six Months Ended



    June 30, 2024



    June 30, 2023



    June 30, 2024



    June 30, 2023



    Amount



    Per Share



    Amount



    Per Share



    Amount



    Per Share



    Amount



    Per Share

    Diluted earnings per common share

    $  2,919



    $    2.55



    $  2,540



    $    1.83



    $  5,889



    $    5.10



    $  4,908



    $    3.52

    Adjustments(a)

    761



    0.66



    170



    0.12



    857



    0.74



    1,144



    0.82

    Tax effect on adjustments(b)

    (170)



    (0.15)



    (60)



    (0.04)



    (194)



    (0.17)



    (299)



    (0.21)

    EPS-diluted-adjusted

    $  3,510



    $    3.06



    $  2,650



    $    1.91



    $  6,552



    $    5.68



    $  5,753



    $    4.12

    __________

    (a)

    Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted and segment profit (loss) for adjustment details.

    (b)

    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.

    The following table reconciles our effective tax rate under U.S. GAAP to ETR-adjusted (dollars in millions):



    Three Months Ended



    Six Months Ended



    June 30, 2024



    June 30, 2023



    June 30, 2024



    June 30, 2023



    Income

    before

    income

    taxes



    Income

    tax

    expense

    (benefit)



    Effective

    tax rate



    Income

    before

    income

    taxes



    Income

    tax

    expense

    (benefit)



    Effective

    tax rate



    Income

    before

    income

    taxes



    Income

    tax

    expense

    (benefit)



    Effective tax

    rate



    Income

    before

    income

    taxes



    Income

    tax

    expense

    (benefit)



    Effective

    tax rate

    Effective tax rate

    $  3,643



    $   767



    21.0 %



    $  3,029



    $   522



    17.2 %



    $  7,359



    $  1,529



    20.8 %



    $  5,803



    $   950



    16.4 %

    Adjustments(a)

    828



    170







    170



    60







    924



    194







    1,144



    299





    ETR-adjusted

    $  4,471



    $   937



    20.9 %



    $  3,199



    $   582



    18.2 %



    $  8,283



    $  1,723



    20.8 %



    $  6,947



    $  1,249



    18.0 %

    __________

    (a)

    Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted and segment profit (loss) for adjustment details. These adjustments include Net income attributable to noncontrolling interests where applicable. 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.

    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):



    Four Quarters Ended



    June 30, 2024



    June 30, 2023

    Net income attributable to stockholders

    $                 11.1



    $                 10.3

    Average equity(a)

    $                 70.4



    $                 70.5

    ROE

    15.7 %



    14.6 %

    __________

    (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): 



    Four Quarters Ended



    June 30, 2024



    June 30, 2023

    EBIT-adjusted(a)

    $                 13.6



    $                 15.1

    Average equity(b)

    $                 70.4



    $                 70.5

    Add: Average automotive debt and interest liabilities (excluding finance leases)

    16.2



    17.3

    Add: Average automotive net pension & OPEB liability

    9.3



    8.0

    Less: Average automotive and other net income tax asset

    (22.1)



    (20.7)

    ROIC-adjusted average net assets

    $                 73.8



    $                 75.0

    ROIC-adjusted

    18.5 %



    20.2 %

    __________

    (a)

    Refer to the reconciliation of Net income 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



    Six Months Ended



    June 30, 2024



    June 30, 2023



    June 30, 2024



    June 30, 2023

    Net automotive cash provided by operating activities

    $              7,713



    $              7,114



    $           11,311



    $              9,346

    Less: Capital expenditures

    (2,539)



    (2,136)



    (5,267)



    (4,544)

    Add: Buick dealer strategy

    114



    316



    276



    355

    Add: Employee separation costs

    —



    253



    58



    258

    Add: GMI plant wind down

    9



    —



    9



    —

    Adjusted automotive free cash flow

    $              5,297



    $              5,548



    $              6,388



    $              5,415

    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 six months ended June 30, 2024, 26.6% 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



    Six Months Ended



    June 30, 2024



    June 30, 2023



    June 30, 2024



    June 30, 2023

    GMNA

    903



    833



    1,695



    1,556

    GMI

    140



    147



    243



    288

    Total

    1,043



    979



    1,938



    1,844

    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) certain vehicles used by dealers in their business. Total vehicle sales data includes all sales by joint ventures on a total vehicle basis, not based on our 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 our 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



    Six Months Ended



    June 30, 2024



    June 30, 2023



    June 30, 2024



    June 30, 2023



    Industry



    GM



    Market

    Share



    Industry



    GM



    Market

    Share



    Industry



    GM



    Market

    Share



    Industry



    GM



    Market

    Share

    North America















































    United States

    4,195



    696



    16.6 %



    4,227



    692



    16.4 %



    8,048



    1,290



    16.0 %



    7,909



    1,295



    16.4 %

    Other

    1,007



    131



    13.0 %



    921



    113



    12.3 %



    1,898



    246



    13.0 %



    1,714



    217



    12.6 %

    Total North America

    5,202



    827



    15.9 %



    5,148



    805



    15.6 %



    9,946



    1,537



    15.5 %



    9,623



    1,512



    15.7 %

    Asia/Pacific, Middle

         East and Africa















































    China(a)

    5,870



    373



    6.4 %



    6,149



    526



    8.6 %



    11,525



    814



    7.1 %



    11,251



    988



    8.8 %

    Other

    5,107



    121



    2.4 %



    5,236



    143



    2.7 %



    10,645



    233



    2.2 %



    10,815



    251



    2.3 %

    Total Asia/Pacific,

         Middle East and

         Africa

    10,977



    493



    4.5 %



    11,384



    669



    5.9 %



    22,170



    1,047



    4.7 %



    22,067



    1,239



    5.6 %

    South America















































    Brazil

    629



    84



    13.4 %



    526



    78



    14.7 %



    1,143



    141



    12.3 %



    998



    149



    14.9 %

    Other

    317



    27



    8.5 %



    344



    31



    8.9 %



    626



    54



    8.7 %



    726



    65



    9.0 %

    Total South America

    946



    111



    11.7 %



    870



    108



    12.4 %



    1,769



    195



    11.0 %



    1,724



    214



    12.4 %

    Total in GM markets

    17,125



    1,432



    8.4 %



    17,403



    1,583



    9.1 %



    33,885



    2,779



    8.2 %



    33,414



    2,965



    8.9 %

    Total Europe

    4,353



    1



    — %



    4,314



    1



    — %



    8,721



    1



    — %



    8,402



    1



    — %

    Total Worldwide(b)

    21,477



    1,432



    6.7 %



    21,717



    1,583



    7.3 %



    42,606



    2,780



    6.5 %



    41,816



    2,966



    7.1 %

    United States















































    Cars

    780



    53



    6.8 %



    835



    68



    8.1 %



    1,489



    103



    6.9 %



    1,542



    128



    8.3 %

    Trucks

    1,126



    359



    31.9 %



    1,132



    342



    30.2 %



    2,062



    650



    31.5 %



    2,128



    639



    30.0 %

    Crossovers

    2,290



    284



    12.4 %



    2,260



    283



    12.5 %



    4,496



    538



    12.0 %



    4,239



    528



    12.5 %

    Total United States

    4,195



    696



    16.6 %



    4,227



    692



    16.4 %



    8,048



    1,290



    16.0 %



    7,909



    1,295



    16.4 %

    China(a)















































    SGMS





    120











    240











    275











    413





    SGMW





    253











    286











    539











    576





    Total China

    5,870



    373



    6.4 %



    6,149



    526



    8.6 %



    11,525



    814



    7.1 %



    11,251



    988



    8.8 %

    __________ 

    (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



    Six Months Ended



    June 30, 2024



    June 30, 2023



    June 30, 2024



    June 30, 2023

    GMNA

    179



    196



    320



    373

    GMI

    98



    118



    166



    208

    Total fleet sales

    277



    314



    486



    581

















    Fleet sales as a percentage of total vehicle sales

    19.3 %



    19.8 %



    17.5 %



    19.6 %

















    North America capacity two-shift utilization

    108.1 %



    102.7 %



    105.1 %



    99.3 %

     

    Cision View original content:https://www.prnewswire.com/news-releases/gm-releases-2024-second-quarter-results-and-raises-full-year-guidance-302203382.html

    SOURCE General Motors Company

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