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    GM releases 2024 third-quarter results and updates full-year guidance

    10/22/24 6:30:00 AM ET
    $GM
    Auto Manufacturing
    Consumer Discretionary
    Get the next $GM alert in real time by email

    DETROIT, Oct. 22, 2024 /PRNewswire/ -- General Motors (NYSE:GM) today reported third-quarter 2024 revenue of $48.8 billion, net income attributable to stockholders of $3.1 billion, and EBIT-adjusted of $4.1 billion.

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



    Updated 2024 Guidance

    Previous 2024 Guidance

    Net income attributable to stockholders

    $10.4 billion - $11.1 billion

    $10.0 billion - $11.4 billion

    EBIT-adjusted

    $14.0 billion - $15.0 billion

    $13.0 billion - $15.0 billion

    Automotive operating cash flow

    $22.0 billion - $24.0 billion

    $19.2 billion - $22.2 billion

    Adjusted automotive free cash flow

    $12.5 billion - $13.5 billion

    $9.5 billion - $11.5 billion

    EPS-diluted

    $9.14 - $9.64

    $8.93 - $9.93

    EPS-diluted-adjusted

    $10.00 - $10.50

    $9.50 - $10.50

    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

    September 30,

    2024

    September 30,

    2023

    Change

    % Change

    Revenue

    $    48,757

    $    44,131

    $      4,626

    10.5 %

    Net income attributable to stockholders

    $      3,056

    $      3,064

    $            (8)

    (0.3) %

    EBIT-adjusted

    $      4,115

    $      3,564

    $         551

    15.5 %

    Net income margin

    6.3 %

    6.9 %

    (0.6) ppts

    (8.7) %

    EBIT-adjusted margin

    8.4 %

    8.1 %

    0.3 ppts

    3.7 %

    Automotive operating cash flow

    $      7,863

    $      6,794

    $      1,069

    15.7 %

    Adjusted automotive free cash flow

    $      5,834

    $      4,910

    $         924

    18.8 %

    EPS-diluted(a)

    $        2.68

    $        2.20

    $        0.48

    21.8 %

    EPS-diluted-adjusted(a)

    $        2.96

    $        2.28

    $        0.68

    29.8 %

    GMNA EBIT-adjusted

    $      3,982

    $      3,526

    $         456

    12.9 %

    GMNA EBIT-adjusted margin

    9.7 %

    9.8 %

    (0.1) ppts

    (1.0) %

    GMI EBIT-adjusted

    $           42

    $         357

    $        (315)

    (88.2) %

    China equity income (loss)

    $        (137)

    $         192

    $        (329)

    n.m.

    GM Financial EBT-adjusted

    $         687

    $         741

    $          (54)

    (7.3) %

    __________

    (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 September 30, 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.

    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

    $ 10.4-11.1



    $ 10.0-11.4

    Income tax expense

    2.4-2.7



    2.2-2.8

    Automotive interest income, net

    (0.1)



    (0.1)

    Adjustments(a)

    1.3



    0.9

    EBIT-adjusted

    $ 14.0-15.0



    $ 13.0-15.0

    __________

    (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 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

    $ 9.14-9.64



    $ 8.93-9.93

    Adjustments(a)

    0.86



    0.57

    EPS-diluted-adjusted

    $ 10.00-10.50



    $ 9.50-10.50

    __________

    (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

    $ 22.0-24.0



    $ 19.2-22.2

    Less: Capital expenditures

    10.0-11.0



    10.0-11.0

    Adjustments

    0.5



    0.3

    Adjusted automotive free cash flow(a)

    $ 12.5-13.5



    $ 9.5-11.5

    __________

    (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 September 30, 2024



    Three Months Ended September 30, 2023



    Automotive



    Cruise



    GM Financial



    Reclassifications/

    Eliminations



    Combined



    Automotive



    Cruise



    GM Financial



    Reclassifications/

    Eliminations



    Combined

    Net sales and revenue







































    Automotive

    $ 44,735



    $      26



    $     —



    $              (26)



    $ 44,735



    $ 40,503



    $      25



    $     —



    $              (30)



    $ 40,498

    GM Financial

    —



    —



    4,031



    (10)



    4,021



    —



    —



    3,641



    (8)



    3,633

    Total net sales and revenue

    44,735



    26



    4,031



    (36)



    48,757



    40,503



    25



    3,641



    (38)



    44,131

    Costs and expenses







































    Automotive and other cost of sales

    38,768



    240



    —



    (1)



    39,007



    35,141



    706



    —



    (5)



    35,842

    GM Financial interest, operating and other expenses

    —



    —



    3,354



    —



    3,353



    —



    —



    2,933



    —



    2,933

    Automotive and other selling, general and administrative expense

    2,544



    203



    —



    (1)



    2,745



    2,217



    127



    —



    (1)



    2,344

    Total costs and expenses

    41,312



    442



    3,354



    (2)



    45,105



    37,359



    833



    2,933



    (6)



    41,118

    Operating income (loss)

    3,424



    (417)



    678



    (33)



    3,651



    3,144



    (807)



    708



    (32)



    3,013

    Automotive interest expense

    206



    30



    —



    (30)



    206



    231



    9



    —



    (11)



    229

    Interest income and other non-operating income, net

    379



    11



    —



    4



    394



    406



    26



    —



    20



    453

    Equity income (loss)

    (132)



    —



    10



    —



    (122)



    194



    —



    33



    —



    227

    Income (loss) before income taxes

    $   3,465



    $  (435)



    $   687



    $                —



    $   3,717



    $   3,514



    $  (791)



    $   741



    $                —



    $   3,464

    Income tax expense (benefit)

















    709



















    470

    Net income (loss)

















    3,008



















    2,994

    Net loss (income) attributable to noncontrolling interests

















    48



















    70

    Net income (loss) attributable to stockholders

















    $   3,056



















    $   3,064









































    Net income (loss) attributable to common stockholders

















    $   3,029



















    $   3,038













































     



    Nine Months Ended September 30, 2024



    Nine Months Ended September 30, 2023



    Automotive



    Cruise



    GM Financial



    Reclassifications/

    Eliminations



    Combined



    Automotive



    Cruise



    GM Financial



    Reclassifications/

    Eliminations



    Combined

    Net sales and revenue







































    Automotive

    $  128,007



    $      76



    $     —



    $              (76)



    $  128,008



    $  118,403



    $      76



    $     —



    $              (81)



    $  118,398

    GM Financial

    —



    —



    11,761



    (29)



    11,732



    —



    —



    10,482



    (17)



    10,465

    Total net sales and revenue

    128,007



    76



    11,761



    (105)



    139,740



    118,403



    76



    10,482



    (98)



    128,863

    Costs and expenses







































    Automotive and other cost of sales

    109,958



    1,662



    —



    (2)



    111,618



    102,917



    1,811



    —



    (7)



    104,721

    GM Financial interest, operating and other expenses

    —



    —



    9,569



    (1)



    9,568



    —



    —



    8,314



    (1)



    8,313

    Automotive and other selling, general and administrative expense

    6,813



    482



    —



    (3)



    7,292



    7,089



    362



    —



    (2)



    7,449

    Total costs and expenses

    116,771



    2,144



    9,569



    (5)



    128,478



    110,006



    2,172



    8,314



    (10)



    120,483

    Operating income (loss)

    11,237



    (2,067)



    2,192



    (100)



    11,262



    8,397



    (2,096)



    2,168



    (88)



    8,380

    Automotive interest expense

    631



    158



    —



    (158)



    631



    691



    20



    —



    (22)



    689

    Interest income and other non-operating income, net

    785



    29



    (1)



    (58)



    756



    1,068



    86



    (1)



    66



    1,219

    Equity income (loss)

    (366)



    —



    55



    —



    (311)



    246



    —



    111



    —



    357

    Income (loss) before income taxes

    $ 11,026



    $(2,196)



    $          2,246



    $                —



    $ 11,076



    $   9,019



    $(2,030)



    $          2,278



    $                —



    $   9,267

    Income tax expense (benefit)

















    2,238



















    1,421

    Net income (loss)

















    8,837



















    7,846

    Net loss (income) attributable to noncontrolling interests

















    132



















    179

    Net income (loss) attributable to stockholders

















    $   8,969



















    $   8,026









































    Net income (loss) attributable to common stockholders

















    $   8,914



















    $   7,946

    __________

    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



    Nine Months Ended



    September 30, 2024



    September 30, 2023



    September 30, 2024



    September 30, 2023

    Basic earnings per share















    Net income (loss) attributable to stockholders

    $               3,056



    $               3,064



    $               8,969



    $               8,026

    Less: cumulative dividends on subsidiary preferred stock(a)

    (27)



    (26)



    (55)



    (80)

    Net income (loss) attributable to common stockholders

    $               3,029



    $               3,038



    $               8,914



    $               7,946

















    Weighted-average common shares outstanding

    1,116



    1,372



    1,136



    1,384

















    Basic earnings per common share

    $                 2.71



    $                 2.21



    $                 7.85



    $                 5.74

    Diluted earnings per share















    Net income (loss) attributable to common stockholders – diluted

    $               3,029



    $               3,038



    $               8,914



    $               7,946

















    Weighted-average common shares outstanding – diluted

    1,131



    1,378



    1,147



    1,390

















    Diluted earnings per common share

    $                 2.68



    $                 2.20



    $                 7.77



    $                 5.72

    Potentially dilutive securities(b)

    6



    14



    6



    14

    __________

    (a) 

    Includes an insignificant amount in participating securities income from a subsidiary for the nine months ended September 30, 2024.

    (b) 

    Potentially dilutive securities attributable to outstanding stock options, Performance Stock Units and Restricted Stock Units (RSUs) at September 30, 2024 and outstanding stock options and RSUs at September 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)





    September 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

    $   18,172



    $    720



    $  4,852



    $                 —



    $   23,744



    $   12,228



    $ 1,344



    $  5,282



    $                 —



    $   18,853

    Marketable debt securities

    8,477



    —



    —



    —



    8,477



    7,613



    —



    —



    —



    7,613

    Accounts and notes receivable, net(a)

    12,684



    38



    1,679



    (619)



    13,782



    11,814



    —



    1,891



    (1,327)



    12,378

    GM Financial receivables, net(e)

    —



    —



    44,736



    (283)



    44,453



    —



    —



    39,246



    (170)



    39,076

    Inventories

    17,330



    —



    —



    (5)



    17,325



    16,467



    —



    —



    (6)



    16,461

    Other current assets(b)

    2,639



    39



    4,957



    1



    7,636



    1,994



    466



    5,205



    (428)



    7,238

    Total current assets

    59,303



    796



    56,224



    (905)



    115,419



    50,115



    1,809



    51,624



    (1,931)



    101,618

    Non-current Assets







































    GM Financial receivables, net(d)

    —



    —



    46,249



    (320)



    45,928



    —



    —



    45,391



    (348)



    45,043

    Equity in net assets of nonconsolidated affiliates

    9,469



    —



    1,570



    —



    11,039



    8,943



    —



    1,670



    —



    10,613

    Property, net

    51,306



    89



    109



    —



    51,505



    50,104



    93



    124



    —



    50,321

    Goodwill and intangible assets, net

    2,682



    717



    1,346



    —



    4,745



    2,793



    715



    1,354



    —



    4,862

    Equipment on operating leases, net

    —



    —



    30,956



    —



    30,956



    —



    —



    30,582



    —



    30,582

    Deferred income taxes

    21,003



    1,751



    (1,747)



    —



    21,007



    21,722



    1,723



    (1,106)



    —



    22,339

    Other assets(c)

    9,512



    199



    1,211



    (2,232)



    8,690



    6,869



    215



    1,140



    (538)



    7,686

    Total non-current assets

    93,972



    2,756



    79,694



    (2,552)



    173,870



    90,430



    2,745



    79,156



    (886)



    171,446

    Total Assets

    $ 153,275



    $ 3,552



    $  135,918



    $           (3,457)



    $ 289,289



    $ 140,546



    $ 4,555



    $  130,780



    $           (2,817)



    $ 273,064

    LIABILITIES AND EQUITY







































    Current Liabilities







































    Accounts payable (principally trade)(a)

    $   29,527



    $    135



    $     586



    $             (619)



    $   29,629



    $   27,846



    $    185



    $  1,136



    $           (1,054)



    $   28,114

    Short-term debt and current portion of long-term debt







































    Automotive(a)(e)

    1,147



    5



    —



    (208)



    944



    591



    272



    —



    (435)



    428

    GM Financial

    —



    —



    35,218



    —



    35,218



    —



    —



    38,540



    —



    38,540

    Cruise(e)

    —



    75



    —



    (75)



    —



    —



    6



    —



    (6)



    —

    Accrued liabilities(b)

    24,165



    354



    5,157



    (4)



    29,672



    21,468



    590



    5,741



    (436)



    27,364

    Total current liabilities

    54,839



    568



    40,961



    (905)



    95,463



    49,906



    1,053



    45,417



    (1,931)



    94,445

    Non-current Liabilities







































    Long-term debt







































    Automotive(c)

    15,512



    2,259



    —



    (2,232)



    15,540



    15,979



    544



    —



    (538)



    15,985

    GM Financial

    —



    —



    76,149



    —



    76,149



    —



    —



    66,788



    —



    66,788

    Cruise(d)

    —



    320



    —



    (320)



    —



    —



    348



    —



    (348)



    —

    Postretirement benefits other than pensions

    4,235



    —



    —



    —



    4,235



    4,345



    —



    —



    —



    4,345

    Pensions

    5,991



    —



    7



    —



    5,998



    6,673



    —



    8



    —



    6,680

    Other liabilities

    14,469



    455



    2,817



    —



    17,742



    13,447



    454



    2,614



    —



    16,515

    Total non-current liabilities

    40,207



    3,035



    78,974



    (2,552)



    119,664



    40,444



    1,345



    69,409



    (886)



    110,312

    Total Liabilities

    95,045



    3,603



    119,935



    (3,457)



    215,127



    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(f)

    18,625



    693



    1,255



    (1,231)



    19,342



    18,866



    240



    1,314



    (1,290)



    19,130

    Retained earnings

    47,849



    (1,934)



    16,133



    1



    62,050



    39,579



    (12)



    15,823



    1



    55,391

    Accumulated other comprehensive loss

    (9,065)



    2



    (1,405)



    —



    (10,468)



    (9,066)



    1



    (1,183)



    —



    (10,247)

    Total stockholders' equity

    57,420



    (1,239)



    15,983



    (1,229)



    70,935



    49,391



    229



    15,954



    (1,289)



    64,286

    Noncontrolling interests(f)

    809



    1,188



    —



    1,229



    3,227



    805



    1,809



    —



    1,289



    3,903

    Total Equity

    58,230



    (51)



    15,983



    —



    74,162



    50,196



    2,038



    15,954



    —



    68,189

    Total Liabilities and Equity

    $ 153,275



    $ 3,552



    $  135,918



    $           (3,457)



    $ 289,289



    $ 140,546



    $ 4,555



    $  130,780



    $           (2,817)



    $ 273,064

    __________

    (a)   

    Eliminations primarily include GM Financial accounts and notes receivable of $0.4 billion due from Automotive; and Automotive accounts receivable of $0.2 billion primarily due from GM Financial and Cruise at September 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 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 September 30, 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)





    Nine Months Ended September 30, 2024



    Nine Months Ended September 30, 2023



    Automotive



    Cruise



    GM Financial



    Reclassifications/

    Eliminations



    Combined



    Automotive



    Cruise



    GM Financial



    Reclassifications/

    Eliminations



    Combined

    Cash flows from operating activities







































    Net income (loss)

    $    8,944



    $(1,743)



    $  1,637



    $                 —



    $    8,837



    $    7,537



    $(1,336)



    $  1,645



    $                 —



    $    7,846

    Depreciation and impairment of Equipment on operating leases, net

    —



    —



    3,633



    —



    3,633



    —



    —



    3,697



    —



    3,697

    Depreciation, amortization and impairment charges on Property, net

    4,871



    623



    29



    —



    5,523



    4,984



    27



    30



    —



    5,041

    Foreign currency remeasurement and transaction (gains) losses

    (231)



    —



    2



    —



    (228)



    111



    —



    3



    —



    114

    Undistributed earnings of nonconsolidated affiliates, net

    (232)



    —



    (55)



    —



    (287)



    77



    —



    (111)



    —



    (34)

    Pension contributions and OPEB payments

    (815)



    —



    —



    —



    (815)



    (676)



    —



    —



    —



    (676)

    Pension and OPEB income, net

    49



    —



    1



    —



    50



    (65)



    —



    1



    —



    (64)

    Provision (benefit) for deferred taxes

    970



    (455)



    881



    —



    1,396



    879



    (694)



    49



    —



    235

    Change in other operating assets and liabilities(a)(c)

    5,618



    (175)



    (1,014)



    (6,549)



    (2,120)



    3,293



    583



    (454)



    (2,309)



    1,114

    Net cash provided by (used in) operating activities

    19,174



    (1,750)



    5,114



    (6,549)



    15,989



    16,140



    (1,420)



    4,862



    (2,309)



    17,273

    Cash flows from investing activities







































    Expenditures for property

    (7,495)



    (4)



    (16)



    (81)



    (7,597)



    (7,072)



    (50)



    (21)



    (121)



    (7,264)

    Available-for-sale marketable securities, acquisitions

    (3,467)



    —



    —



    —



    (3,467)



    (3,499)



    (490)



    —



    —



    (3,989)

    Available-for-sale marketable securities, liquidations

    2,757



    —



    —



    —



    2,757



    4,966



    1,709



    —



    —



    6,675

    Purchases of finance receivables(a)

    —



    —



    (31,222)



    5,358



    (25,864)



    —



    —



    (28,376)



    1,196



    (27,180)

    Principal collections and recoveries on finance receivables(a)

    —



    —



    23,524



    1



    23,526



    —



    —



    21,132



    2



    21,135

    Purchases of leased vehicles

    —



    —



    (11,243)



    —



    (11,243)



    —



    —



    (10,247)



    —



    (10,247)

    Proceeds from termination of leased vehicles

    —



    —



    8,627



    —



    8,627



    —



    —



    9,860



    —



    9,860

    Other investing activities(b)(d)

    (1,999)



    —



    1



    1,256



    (742)



    (1,471)



    —



    (252)



    632



    (1,091)

    Net cash provided by (used in) investing activities

    (10,204)



    (4)



    (10,329)



    6,535



    (14,004)



    (7,076)



    1,169



    (7,903)



    1,710



    (12,100)

    Cash flows from financing activities







































    Net increase (decrease) in short-term debt(d)

    (1)



    —



    87



    —



    85



    227



    —



    (24)



    (252)



    (48)

    Proceeds from issuance of debt (original maturities greater than three months)(b)

    64



    1,044



    38,142



    (1,087)



    38,163



    18



    151



    37,339



    (151)



    37,357

    Payments on debt (original maturities greater than three months)

    (128)



    (7)



    (31,882)



    6



    (32,012)



    (1,612)



    (22)



    (31,650)



    14



    (33,269)

    Payment to purchase common stock

    (2,378)



    —



    —



    —



    (2,378)



    (1,119)



    —



    —



    —



    (1,119)

    Issuance (redemption) of subsidiary stock(b)

    —



    255



    —



    (255)



    —



    —



    362



    —



    (362)



    —

    Dividends paid(c)

    (408)



    —



    (1,469)



    1,350



    (526)



    (375)



    —



    (1,469)



    1,350



    (493)

    Other financing activities

    (65)



    (162)



    (142)



    —



    (369)



    (279)



    (207)



    (116)



    —



    (602)

    Net cash provided by (used in) financing activities

    (2,916)



    1,130



    4,735



    14



    2,963



    (3,138)



    284



    4,080



    599



    1,826

    Effect of exchange rate changes on cash, cash equivalents and restricted cash

    (84)



    —



    (67)



    —



    (151)



    (9)



    —



    41



    —



    31

    Net increase (decrease) in cash, cash equivalents and restricted cash

    5,969



    (625)



    (547)



    —



    4,798



    5,916



    34



    1,079



    —



    7,030

    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

    $   18,279



    $    734



    $  7,702



    $                 —



    $   26,715



    $   19,663



    $ 1,560



    $  7,755



    $                 —



    $   28,978

    __________

    (a)   

    Includes eliminations of $5.3 billion and $1.0 billion in the nine months ended September 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 nine months ended September 30, 2024 and $0.4 billion of Automotive investment in Cruise in the nine months ended September 30, 2024 and 2023.

    (c)  

    Eliminations include dividends issued by GM Financial to Automotive in the nine months ended September 30, 2024 and 2023.

    (d)  

    Includes eliminations of $0.3 billion of Intercompany loans due from Automotive to GM Financial in the nine months ended September 30, 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 September 30, 2024



































    Net sales and revenue

    $ 41,157



    $   3,517



    $        62



    $           —



    $     44,735



    $       26



    $   4,031



    $                (36)



    $   48,757

    Expenditures for property

    $   2,128



    $        91



    $        10



    $           —



    $       2,229



    $         3



    $          6



    $                   8



    $     2,245

    Depreciation and amortization

    $   1,491



    $      131



    $        27



    $           —



    $       1,650



    $         6



    $   1,217



    $                  —



    $     2,873

    Impairment charges

    $        —



    $        —



    $        —



    $           —



    $            —



    $        —



    $        —



    $                  —



    $          —

    Equity income (loss)(a)(b)

    $      309



    $    (132)



    $        —



    $           —



    $          177



    $        —



    $       10



    $                  —



    $        187







































    GMNA



    GMI



    Corporate



    Eliminations



    Total

    Automotive



    Cruise



    GM

    Financial



    Reclassifications/

    Eliminations



    Total

    Three Months Ended September 30, 2023



































    Net sales and revenue

    $ 36,106



    $   4,330



    $        67



    $           —



    $     40,503



    $       25



    $   3,641



    $                (38)



    $   44,131

    Expenditures for property

    $   2,435



    $        87



    $          5



    $           —



    $       2,528



    $       18



    $          4



    $                 30



    $     2,581

    Depreciation and amortization

    $   1,585



    $      158



    $          5



    $           —



    $       1,749



    $       12



    $   1,231



    $                  —



    $     2,992

    Impairment charges

    $        —



    $        —



    $        —



    $           —



    $            —



    $        —



    $        —



    $                  —



    $          —

    Equity income (loss)(a)(b)

    $      105



    $      190



    $        —



    $           —



    $          295



    $        —



    $       33



    $                  —



    $        328







































    GMNA



    GMI



    Corporate



    Eliminations



    Total

    Automotive



    Cruise



    GM

    Financial



    Reclassifications/

    Eliminations



    Total

    Nine Months Ended September 30, 2024



































    Net sales and revenue

    $  117,981



    $   9,897



    $      130



    $           —



    $    128,007



    $       76



    $ 11,761



    $              (105)



    $  139,740

    Expenditures for property

    $     7,220



    $      258



    $        18



    $           —



    $       7,495



    $         4



    $        16



    $                 81



    $     7,597

    Depreciation and amortization

    $     4,415



    $      403



    $        53



    $           —



    $       4,871



    $       18



    $   3,662



    $                  —



    $     8,551

    Impairment charges

    $          —



    $        —



    $        —



    $           —



    $            —



    $      605



    $        —



    $                  —



    $        605

    Equity income (loss)(a)(b)

    $        766



    $    (343)



    $        —



    $           —



    $          423



    $        —



    $       55



    $                  —



    $        477







































    GMNA



    GMI



    Corporate



    Eliminations



    Total

    Automotive



    Cruise



    GM

    Financial



    Reclassifications/

    Eliminations



    Total

    Nine Months Ended September 30, 2023



































    Net sales and revenue

    $  106,214



    $ 12,011



    $      177



    $           —



    $    118,403



    $       76



    $ 10,482



    $                (98)



    $  128,863

    Expenditures for property

    $     6,710



    $      350



    $        12



    $           —



    $       7,072



    $       50



    $        21



    $                121



    $     7,264

    Depreciation and amortization

    $     4,544



    $      424



    $        15



    $           —



    $       4,984



    $       27



    $   3,727



    $                  —



    $     8,738

    Impairment charges

    $          —



    $        —



    $        —



    $           —



    $            —



    $        —



    $        —



    $                  —



    $          —

    Equity income (loss)(a)(b)

    $          89



    $      348



    $        —



    $           —



    $          437



    $        —



    $      111



    $                  —



    $        548

    __________

    (a) 

    Includes Automotive China joint ventures (Automotive China JVs) equity loss of $137 million and $347 million in the three and nine months ended September 30, 2024 and Automotive China JVs equity income of $192 million and $353 million in the three and nine months ended September 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 $309 million and $788 million in the three and nine months ended September 30, 2024 and $101 million and $191 million in the three and nine months ended September 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



    Nine Months Ended



    September 30, 2024



    September 30, 2023



    September 30, 2024



    September 30, 2023

    Net income attributable to stockholders(a)

    $                  3,056



    $                  3,064



    $                  8,969



    $                  8,026

    Income tax expense (benefit)

    709



    470



    2,238



    1,421

    Automotive interest expense

    206



    229



    631



    689

    Automotive interest income

    (274)



    (322)



    (688)



    (801)

    Adjustments















    Restructuring actions(b)

    190



    —



    190



    —

    Buick dealer strategy(c)

    150



    93



    321



    438

    GMI plant wind down(d)

    43



    —



    146



    —

    Headquarters relocation(e)

    34



    —



    34



    —

    Cruise restructuring(f)

    —



    —



    583



    —

    Voluntary separation program(g)

    —



    30



    —



    905

    GM Korea wage litigation(h)

    —



    —



    —



    (76)

    Total adjustments

    417



    123



    1,274



    1,267

    EBIT-adjusted

    4,115



    3,564



    12,424



    10,601

    Operating segments















    GM North America (GMNA)

    3,982



    3,526



    12,254



    10,295

    GM International (GMI)

    42



    357



    82



    940

    Cruise

    (383)



    (732)



    (1,284)



    (1,904)

    GM Financial(i)

    687



    741



    2,246



    2,278

    Total operating segments

    4,327



    3,892



    13,299



    11,610

    Corporate and eliminations(j)

    (213)



    (328)



    (874)



    (1,009)

    EBIT-adjusted

    $                  4,115



    $                  3,564



    $                12,424



    $                10,601

    __________

    (a) 

    Net of net loss attributable to noncontrolling interests.

    (b) 

    These adjustments were excluded because they relate to employee separation charges primarily in North America.

    (c) 

    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.

    (d) 

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

    (e) 

    These adjustments were excluded because they relate to the GM headquarters relocation, primarily consisting of accelerated depreciation.

    (f)   

    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.

    (g) 

    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.

    (h) 

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

    (i)  

    GM Financial amounts represent EBT-adjusted.

    (j)   

    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



    Nine Months Ended



    September 30, 2024



    September 30, 2023



    September 30, 2024



    September 30, 2023



    Amount



    Per Share



    Amount



    Per Share



    Amount



    Per Share



    Amount



    Per Share

    Diluted earnings per common share

    $  3,029



    $    2.68



    $  3,038



    $    2.20



    $  8,914



    $    7.77



    $  7,946



    $    5.72

    Adjustments(a)

    417



    0.37



    123



    0.09



    1,274



    1.11



    1,267



    0.91

    Tax effect on adjustments(b)

    (96)



    (0.08)



    (25)



    (0.02)



    (290)



    (0.25)



    (324)



    (0.23)

    EPS-diluted-adjusted

    $  3,350



    $    2.96



    $  3,136



    $    2.28



    $  9,898



    $    8.63



    $  8,889



    $    6.40

    __________

    (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



    Nine Months Ended



    September 30, 2024



    September 30, 2023



    September 30, 2024



    September 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

    $ 3,717



    $   709



    19.1 %



    $  3,464



    $   470



    13.6 %



    $  11,076



    $  2,238



    20.2 %



    $ 9,267



    $  1,421



    15.3 %

    Adjustments(a)

    418



    96







    123



    25







    1,342



    290







    1,267



    324





    ETR-adjusted

    $ 4,135



    $   805



    19.5 %



    $  3,587



    $   495



    13.8 %



    $  12,418



    $  2,528



    20.4 %



    $  10,534



    $  1,745



    16.6 %

    __________

    (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



    September 30, 2024



    September 30, 2023

    Net income attributable to stockholders

    $                 11.1



    $                 10.0

    Average equity(a)

    $                 69.5



    $                 72.8

    ROE

    15.9 %



    13.8 %

    __________

    (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



    September 30, 2024



    September 30, 2023

    EBIT-adjusted(a)

    $                 14.2



    $                 14.4

    Average equity(b)

    $                 69.5



    $                 72.8

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

    16.3



    16.6

    Add: Average automotive net pension & OPEB liability

    9.8



    7.5

    Less: Average automotive and other net income tax asset

    (22.7)



    (20.5)

    ROIC-adjusted average net assets

    $                 73.0



    $                 76.4

    ROIC-adjusted

    19.4 %



    18.9 %

    __________

    (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



    Nine Months Ended



    September 30, 2024



    September 30, 2023



    September 30, 2024



    September 30, 2023

    Net automotive cash provided by operating activities

    $              7,863



    $              6,794



    $           19,174



    $           16,140

    Less: Capital expenditures

    (2,229)



    (2,528)



    (7,495)



    (7,072)

    Add: Buick dealer strategy

    100



    106



    376



    461

    Add: Restructuring actions

    74



    —



    74



    —

    Add: Employee separation costs

    —



    538



    58



    796

    Add: GMI plant wind down

    26



    —



    35



    —

    Adjusted automotive free cash flow

    $              5,834



    $              4,910



    $           12,222



    $           10,325

     

    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 nine months ended September 30, 2024, 27.0% 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



    Nine Months Ended



    September 30, 2024



    September 30, 2023



    September 30, 2024



    September 30, 2023

    GMNA

    893



    810



    2,588



    2,365

    GMI

    140



    171



    383



    459

    Total

    1,033



    981



    2,971



    2,824

    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



    Nine Months Ended



    September 30, 2024



    September 30, 2023



    September 30, 2024



    September 30, 2023



    Industry



    GM



    Market

    Share



    Industry



    GM



    Market

    Share



    Industry



    GM



    Market

    Share



    Industry



    GM



    Market

    Share

    North America















































    United States

    3,993



    660



    16.5 %



    4,091



    674



    16.5 %



    12,039



    1,950



    16.2 %



    12,001



    1,970



    16.4 %

    Other

    987



    130



    13.2 %



    933



    122



    13.0 %



    2,887



    376



    13.0 %



    2,647



    338



    12.8 %

    Total North America

    4,981



    790



    15.9 %



    5,025



    796



    15.8 %



    14,925



    2,326



    15.6 %



    14,648



    2,308



    15.8 %

    Asia/Pacific, Middle East and Africa















































    China(a)

    6,602



    426



    6.5 %



    6,489



    542



    8.3 %



    18,141



    1,240



    6.8 %



    17,740



    1,530



    8.6 %

    Other

    5,486



    150



    2.7 %



    5,547



    159



    2.9 %



    16,168



    382



    2.4 %



    16,363



    410



    2.5 %

    Total Asia/Pacific, Middle East and Africa

    12,088



    576



    4.8 %



    12,036



    701



    5.8 %



    34,309



    1,622



    4.7 %



    34,103



    1,940



    5.7 %

    South America















































    Brazil

    715



    82



    11.4 %



    631



    87



    13.8 %



    1,858



    223



    12.0 %



    1,628



    236



    14.5 %

    Other

    363



    28



    7.7 %



    354



    33



    9.3 %



    989



    82



    8.3 %



    1,081



    98



    9.1 %

    Total South America

    1,078



    110



    10.2 %



    985



    120



    12.2 %



    2,847



    305



    10.7 %



    2,709



    334



    12.3 %

    Total in GM markets

    18,146



    1,475



    8.1 %



    18,046



    1,617



    9.0 %



    52,081



    4,253



    8.2 %



    51,460



    4,582



    8.9 %

    Total Europe

    3,770



    1



    — %



    4,012



    1



    — %



    12,623



    2



    — %



    12,414



    2



    — %

    Total Worldwide(b)

    21,916



    1,476



    6.7 %



    22,057



    1,618



    7.3 %



    64,704



    4,255



    6.6 %



    63,874



    4,584



    7.2 %

    United States















































    Cars

    723



    38



    5.3 %



    791



    55



    7.0 %



    2,205



    141



    6.4 %



    2,334



    183



    7.9 %

    Trucks

    1,099



    337



    30.7 %



    1,083



    343



    31.7 %



    3,152



    987



    31.3 %



    3,212



    982



    30.6 %

    Crossovers

    2,172



    284



    13.1 %



    2,217



    276



    12.4 %



    6,682



    822



    12.3 %



    6,455



    804



    12.5 %

    Total United States

    3,993



    660



    16.5 %



    4,091



    674



    16.5 %



    12,039



    1,950



    16.2 %



    12,001



    1,970



    16.4 %

    China(a)















































    SGMS





    98











    246











    372











    659





    SGMW





    329











    296











    868











    871





    Total China

    6,602



    426



    6.5 %



    6,489



    542



    8.3 %



    18,141



    1,240



    6.8 %



    17,740



    1,530



    8.6 %

    __________ 

    (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



    Nine Months Ended



    September 30, 2024



    September 30, 2023



    September 30, 2024



    September 30, 2023

    GMNA

    127



    165



    447



    538

    GMI

    109



    130



    275



    338

    Total fleet sales

    236



    295



    722



    876

















    Fleet sales as a percentage of total vehicle sales

    16.0 %



    18.2 %



    17.0 %



    19.1 %

















    North America capacity two-shift utilization

    109.1 %



    96.5 %



    106.4 %



    98.4 %

     

    Cision View original content:https://www.prnewswire.com/news-releases/gm-releases-2024-third-quarter-results-and-updates-full-year-guidance-302282403.html

    SOURCE General Motors Company

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