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

    1/28/25 6:30:00 AM ET
    $GM
    Auto Manufacturing
    Consumer Discretionary
    Get the next $GM alert in real time by email

    DETROIT, Jan. 28, 2025 /PRNewswire/ -- General Motors (NYSE:GM) today reported full-year 2024 net income attributable to shareholders of $6.0 billion and EBIT-adjusted of $14.9 billion. Fourth-quarter 2024 net income attributable to shareholders was a loss of $3.0 billion and EBIT-adjusted was $2.5 billion.

    Fourth quarter net income was reduced by more than $5 billion in special charges driven primarily by $4 billion of non-cash restructuring charges and impairment of our interests in certain China Joint Ventures, and $0.5 billion in charges related to the decision to stop funding the Cruise robotaxi business.

    The chart below summarizes GM's 2024 financial guidance and 2024 results, as well as the company's 2025 guidance, which is for a year of strong financial performance.



    Final 2024 Guidance

    2024 Results

    2025 Guidance

    Net income attributable to stockholders

    $10.4 billion - $11.1 billion

    $6.0 billion

    $11.2 billion - $12.5 billion

    EBIT-adjusted

    $14.0 billion - $15.0 billion

    $14.9 billion

    $13.7 billion - $15.7 billion

    Automotive operating cash flow

    $22.0 billion - $24.0 billion

    $23.9 billion

    $21.0 billion - $24.0 billion

    Adjusted automotive free cash flow

    $12.5 billion - $13.5 billion

    $14.0 billion

    $11.0 billion - $13.0 billion

    EPS-diluted

    $9.14 - $9.64

    $6.37

    $11.00 - $12.00

    EPS-diluted-adjusted

    $10.00 - $10.50

    $10.60

    $11.00 - $12.00

    GM's 2025 financial guidance assumes a stable policy environment in North America and an estimated benefit of $0.5 billion from reduced year-over-year expenses at Cruise. The financial guidance also includes anticipated capital spending of $10.0 billion - $11.0 billion, inclusive of investments in the company's battery cell manufacturing joint ventures.

    Conference Call for Investors and Analysts

    GM Chair and CEO Mary Barra and GM Chief Financial Officer Paul Jacobson will host a conference call for the investment community at 8:30 a.m. ET today to discuss these results.

    Conference call details are as follows:

    • 1-800-857-9821 (U.S.)
    • 1-517-308-9481 (international/caller-paid)
    • Conference call passcode: General Motors
    • An audio replay will be available on the GM Investor Relations website in the Events section.

    Visit the GM Investor Relations website to download the company's earnings deck and GM Chair and CEO Mary Barra's letter to shareholders.

    Results Overview



    Three Months Ended





    $M except per share amounts

    December 31,

    2024

    December 31,

    2023

    Change

    % Change

    Revenue

    $            47,702

    $            42,980

    $                  4,722

    11.0 %

    Net income (loss) attributable to stockholders

    $             (2,961)

    $               2,102

    $                (5,063)

    n.m.

    EBIT-adjusted

    $              2,509

    $                1,757

    $                     752

    42.8 %

    Net income margin

    (6.2) %

    4.9 %

    (11.1) ppts

    n.m.

    EBIT-adjusted margin

    5.3 %

    4.1 %

    1.2 ppts

    29.3 %

    Automotive operating cash flow

    $               4,765

    $              4,688

    $                        77

    1.6 %

    Adjusted automotive free cash flow

    $               1,823

    $                1,341

    $                     482

    35.9 %

    EPS-diluted(a)

    $                (1.64)

    $                  1.59

    $                  (3.23)

    n.m.

    EPS-diluted-adjusted(a)

    $                  1.92

    $                  1.24

    $                    0.68

    54.8 %

    GMNA EBIT-adjusted

    $               2,274

    $                2,011

    $                     263

    13.1 %

    GMNA EBIT-adjusted margin

    5.8 %

    5.7 %

    0.1 ppts

    1.8 %

    GMI EBIT-adjusted

    $                   221

    $                  269

    $                      (48)

    (17.8) %

    China equity income

    $            (4,060)

    $                    93

    $                 (4,153)

    n.m.

    GM Financial EBT-adjusted

    $                   719

    $                  707

    $                        12

    1.7 %









































    (a)

    EPS-diluted and EPS-diluted-adjusted include a $0.02 and $(0.05) impact from revaluation on equity investments in the three months ended December 31, 2024 and 2023.

    (b)

    n.m. = not meaningful

     



    Years Ended





    $M except per share amounts

    December 31,

    2024

    December 31,

    2023

    Change

    % Change

    Revenue

    $          187,442

    $           171,842

    $                15,600

    9.1 %

    Net income attributable to stockholders

    $              6,008

    $              10,127

    $                  (4,119)

    (40.7) %

    EBIT-adjusted

    $             14,934

    $             12,357

    $                  2,577

    20.9 %

    Net income margin

    3.2 %

    5.9 %

    (2.7) ppts

    (45.8) %

    EBIT-adjusted margin

    8.0 %

    7.2 %

    0.8 ppts

    11.1 %

    Automotive operating cash flow

    $            23,939

    $            20,828

    $                    3,111

    14.9 %

    Adjusted automotive free cash flow

    $            14,045

    $              11,666

    $                  2,379

    20.4 %

    EPS-diluted(a)

    $                 6.37

    $                 7.32

    $                  (0.95)

    (13.0) %

    EPS-diluted-adjusted(a)

    $               10.60

    $                 7.68

    $                    2.92

    38.0 %

    GMNA EBIT-adjusted

    $             14,528

    $             12,306

    $                  2,222

    18.1 %

    GMNA EBIT-adjusted margin

    9.2 %

    8.7 %

    0.5 ppts

    5.7 %

    GMI EBIT-adjusted

    $                  303

    $                1,210

    $                    (907)

    (75.0) %

    China equity income

    $            (4,407)

    $                  446

    $                (4,853)

    n.m.

    GM Financial EBT-adjusted

    $               2,965

    $              2,985

    $                      (20)

    (0.7) %







































    (a) 

    EPS-diluted and EPS-diluted-adjusted include a $(0.11) and $(0.10) impact from revaluation on equity investments in the years ended December 31, 2024 and 2023.

    (b) 

    n.m. = not meaningful

    General Motors (NYSE:GM) is driving the future of transportation, leveraging advanced technology to build safer, smarter, and lower emission cars, trucks, and SUVs. GM's Buick, Cadillac, Chevrolet, and GMC brands offer a broad portfolio of innovative gasoline-powered vehicles and the industry's widest range of EVs, as we move to an all-electric future. Learn more at GM.com.

    Cautionary Note on Forward-Looking Statements: This press release and related comments by management may include "forward-looking statements" within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact and represent our current judgment about possible future events. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law.

    2024 Guidance Reconciliations

    The following table reconciles expected Net income attributable to stockholders under U.S. GAAP to expected EBIT-adjusted (dollars in billions):



    Year Ending

    December 31, 2024

    Net income attributable to stockholders

    $ 10.4-11.1

    Income tax expense

    2.4-2.7

    Automotive interest income, net

    (0.1)

    Adjustments(a)

    1.3

    EBIT-adjusted

    $ 14.0-15.0

    The following table reconciles expected automotive net cash provided by operating activities under U.S. GAAP to expected adjusted automotive free cash flow (dollars in billions):



    Year Ending

    December 31, 2024

    Net automotive cash provided by operating activities

    $ 22.0-24.0

    Less: Capital expenditures

    10.0-11.0

    Adjustments(a)

    0.5

    Adjusted automotive free cash flow

    $ 12.5-13.5

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



    Year Ending

    December 31, 2024

    Diluted earnings per common share

    $ 9.14-9.64

    Adjustments(a)

    0.86

    EPS-diluted-adjusted

    $ 10.00-10.50







































    (a)

    Adjustments as of September 30, 2024. See our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, for full details. We do not consider the potential future impact of adjustments on our expected financial results.

    2025 Guidance Reconciliations

    The following table reconciles expected Net income attributable to stockholders under U.S. GAAP to expected EBIT-adjusted (dollars in billions):



    Year Ending

    December 31, 2025

    Net income attributable to stockholders

    $ 11.2-12.5

    Income tax expense

    2.5-3.2

    Automotive interest income, net

    (0.0)

    EBIT-adjusted(a)

    $ 13.7-15.7

    The following table reconciles expected automotive net cash provided by operating activities under U.S. GAAP to expected adjusted automotive free cash flow (dollars in billions):



    Year Ending

    December 31, 2025

    Net automotive cash provided by operating activities

    $ 21.0-24.0

    Less: Capital expenditures

    10.0-11.0

    Adjusted automotive free cash flow(a)

    $ 11.0-13.0



































    (a)

    We do not consider the potential future impact of adjustments on our expected financial results.

     

    General Motors Company and Subsidiaries1

     

    Combining Income Statement Information

    (In millions) (Unaudited)





    Year Ended December 31, 2024



    Year Ended December 31, 2023



    Automotive



    Cruise



    GM

    Financial



    Reclassifications

    /Eliminations



    Combined



    Automotive



    Cruise



    GM

    Financial



    Reclassifications

    /Eliminations



    Combined

    Net sales and revenue







































    Automotive

    $  171,605



    $  257



    $       —



    $             (256)



    $ 171,606



    $  157,667



    $  102



    $       —



    $             (110)



    $ 157,658

    GM Financial

    —



    —



    15,875



    (40)



    15,836



    —



    —



    14,225



    (41)



    14,184

    Total net sales and revenue

    171,605



    257



    15,875



    (296)



    187,442



    157,667



    102



    14,225



    (151)



    171,842

    Costs and expenses







































    Automotive and other cost of

         sales

    148,501



    2,566



    —



    (3)



    151,065



    138,254



    3,088



    —



    (12)



    141,330

    GM Financial interest,

         operating and other

         expenses

    —



    —



    12,974



    (1)



    12,972



    —



    —



    11,376



    (2)



    11,374

    Automotive and other selling,

         general and administrative

         expense

    9,898



    727



    —



    (4)



    10,621



    9,349



    493



    —



    (2)



    9,840

    Total costs and expenses

    158,399



    3,293



    12,974



    (8)



    174,658



    147,603



    3,581



    11,376



    (16)



    162,544

      Operating income (loss)

    13,206



    (3,036)



    2,902



    (288)



    12,784



    10,064



    (3,479)



    2,848



    (135)



    9,298

    Automotive interest expense

    845



    189



    —



    (189)



    846



    928



    33



    —



    (49)



    911

    Interest income and other non-

         operating income, net

    1,124



    35



    (1)



    99



    1,257



    1,345



    107



    (1)



    86



    1,537

    Equity income (loss)

    (4,419)



    —



    (256)



    —



    (4,675)



    342



    —



    138



    —



    480

    Income (loss) before income

         taxes

    9,065



    (3,191)



    2,645



    —



    8,519



    10,823



    (3,405)



    2,985



    —



    10,403

    Income tax expense (benefit)

















    2,556



















    563

    Net income (loss)

















    5,963



















    9,840

    Net loss (income) attributable to

         noncontrolling interests

















    45



















    287

    Net income (loss) attributable

         to stockholders

















    $    6,008



















    $  10,127









































    Net income (loss) attributable

         to common stockholders

















    $    7,189



















    $  10,022















      1 Certain columns and rows may not add due to rounding.

     

     

    General Motors Company and Subsidiaries1

     

    Basic and Diluted Earnings per Share

    (Unaudited)

     

    The following table summarizes basic and diluted earnings per share (in millions, except per share amounts):





    Three Months Ended



    Years Ended



    December 31,

    2024



    December 31,

    2023



    December 31,

    2024



    December 31,

    2023

    Basic earnings per share















    Net income (loss) attributable to stockholders

    $           (2,961)



    $             2,102



    $             6,008



    $           10,127

    Adjustments(a)

    1,236



    (26)



    1,181



    (106)

    Net income (loss) attributable to common stockholders

    $           (1,725)



    $             2,076



    $             7,189



    $           10,022

















    Weighted-average common shares outstanding

    1,055



    1,302



    1,115



    1,364

















    Basic earnings per common share

    $             (1.64)



    $               1.59



    $               6.45



    $               7.35

    Diluted earnings per share















    Net income (loss) attributable to common stockholders –

         diluted

    $           (1,725)



    $             2,076



    $             7,189



    $           10,022

















    Weighted-average common shares outstanding – diluted

    1,055



    1,307



    1,129



    1,369

















    Diluted earnings per common share

    $             (1.64)



    $               1.59



    $               6.37



    $               7.32

    Potentially dilutive securities(b)

    36



    23



    —



    23







































    (a)

    Includes a $1.2 billion return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders and an insignificant amount in participating securities income from a subsidiary in the three months ended December 31, 2024 and for the year ended December 31, 2024.

    (b)

    Potentially dilutive securities attributable to outstanding stock options, restricted stock units (RSUs) and performance stock units at December 31, 2024 and outstanding stock options and RSUs at December 31, 2023, were excluded from the computation of diluted EPS because the securities would have had an antidilutive effect.

     

    General Motors Company and Subsidiaries1 

    Combining Balance Sheet Information

    (In millions, except per share amounts) (Unaudited)





    December 31, 2024



    December 31, 2023



    Automotive



    Cruise



    GM Financial



    Reclassifications/

    Eliminations



    Combined



    Automotive



    Cruise



    GM Financial



    Reclassifications/

    Eliminations



    Combined

    ASSETS







































    Current Assets







































    Cash and cash equivalents

    $ 14,470



    $   308



    $     5,094



    $              —



    $  19,872



    $ 12,228



    $ 1,344



    $     5,282



    $              —



    $  18,853

    Marketable debt securities

    7,265



    —



    —



    —



    7,265



    7,613



    —



    —



    —



    7,613

    Accounts and notes receivable, net(a)

    11,498



    22



    1,988



    (681)



    12,827



    11,814



    —



    1,891



    (1,327)



    12,378

    GM Financial receivables, net(e)

    —



    —



    46,760



    (398)



    46,362



    —



    —



    39,246



    (170)



    39,076

    Inventories

    14,569



    —



    —



    (5)



    14,564



    16,467



    —



    —



    (6)



    16,461

    Other current assets(b)

    2,816



    38



    4,799



    2



    7,655



    1,994



    466



    5,205



    (428)



    7,238

    Total current assets

    50,618



    369



    58,640



    (1,082)



    108,545



    50,115



    1,809



    51,624



    (1,931)



    101,618

    Non-current Assets







































    GM Financial receivables, net(d)

    —



    —



    46,750



    (276)



    46,474



    —



    —



    45,391



    (348)



    45,043

    Equity in net assets of nonconsolidated

         affiliates

    5,896



    —



    1,206



    —



    7,102



    8,943



    —



    1,670



    —



    10,613

    Property, net

    51,729



    69



    107



    —



    51,904



    50,104



    93



    124



    —



    50,321

    Goodwill and intangible assets, net

    2,642



    570



    1,339



    —



    4,551



    2,793



    715



    1,354



    —



    4,862

    Equipment on operating leases, net

    —



    —



    31,586



    —



    31,586



    —



    —



    30,582



    —



    30,582

    Deferred income taxes

    21,149



    1,899



    (1,795)



    —



    21,254



    21,722



    1,723



    (1,106)



    —



    22,339

    Other assets(c)

    9,340



    41



    1,323



    (2,359)



    8,346



    6,869



    215



    1,140



    (538)



    7,686

    Total non-current assets

    90,756



    2,579



    80,516



    (2,635)



    171,216



    90,430



    2,745



    79,156



    (886)



    171,446

    Total Assets

    $  141,374



    $ 2,948



    $  139,156



    $        (3,717)



    $ 279,761



    $  140,546



    $ 4,555



    $  130,780



    $        (2,817)



    $ 273,064

    LIABILITIES AND EQUITY







































    Current Liabilities







































    Accounts payable (principally trade)(a)

    $ 25,446



    $   200



    $        714



    $          (681)



    $  25,680



    $ 27,846



    $   185



    $     1,136



    $        (1,054)



    $  28,114

    Short-term debt and current portion of

         long-term debt







































       Automotive(a)(e)

    2,413



    7



    —



    (279)



    2,141



    591



    272



    —



    (435)



    428

       GM Financial

    —



    —



    37,291



    —



    37,291



    —



    —



    38,540



    —



    38,540

       Cruise(e)

    —



    119



    —



    (119)



    —



    —



    6



    —



    (6)



    —

    Accrued liabilities(b)

    24,949



    548



    5,661



    (4)



    31,154



    21,468



    590



    5,741



    (436)



    27,364

    Total current liabilities

    52,808



    874



    43,666



    (1,082)



    96,265



    49,906



    1,053



    45,417



    (1,931)



    94,445

    Non-current Liabilities







































    Long-term debt







































       Automotive(c)

    13,288



    2,397



    —



    (2,359)



    13,327



    15,979



    544



    —



    (538)



    15,985

       GM Financial

    —



    —



    76,973



    —



    76,973



    —



    —



    66,788



    —



    66,788

       Cruise(d)

    —



    276



    —



    (276)



    —



    —



    348



    —



    (348)



    —

    Postretirement benefits other than

         pensions

    3,990



    —



    —



    —



    3,990



    4,345



    —



    —



    —



    4,345

    Pensions

    5,772



    —



    7



    —



    5,779



    6,673



    —



    8



    —



    6,680

    Other liabilities

    14,635



    297



    2,904



    —



    17,836



    13,447



    454



    2,614



    —



    16,515

    Total non-current liabilities

    37,686



    2,970



    79,885



    (2,635)



    117,906



    40,444



    1,345



    69,409



    (886)



    110,312

    Total Liabilities

    90,494



    3,844



    123,551



    (3,717)



    214,171



    90,350



    2,399



    114,826



    (2,817)



    204,757

    Noncontrolling interest - Cruise stock

         incentive awards

    —



    —



    —



    —



    —



    —



    118



    —



    —



    118

    Equity







































      Common stock, $0.01 par value

    10



    —



    —



    —



    10



    12



    —



    —



    —



    12

      Additional paid-in capital(f)

    19,632



    1,187



    1,196



    (1,172)



    20,843



    18,866



    240



    1,314



    (1,290)



    19,130

      Retained earnings

    40,203



    (2,647)



    15,916



    1



    53,472



    39,579



    (12)



    15,823



    1



    55,391

      Accumulated other comprehensive loss

    (9,744)



    (3)



    (1,506)



    —



    (11,253)



    (9,066)



    1



    (1,183)



    —



    (10,247)

      Total stockholders' equity

    50,100



    (1,464)



    15,606



    (1,170)



    63,072



    49,391



    229



    15,954



    (1,289)



    64,286

      Noncontrolling interests(f)

    780



    568



    —



    1,170



    2,518



    805



    1,809



    —



    1,289



    3,903

    Total Equity

    50,880



    (896)



    15,606



    —



    65,590



    50,196



    2,038



    15,954



    —



    68,189

    Total Liabilities and Equity

    $  141,374



    $ 2,948



    $  139,156



    $        (3,717)



    $ 279,761



    $  140,546



    $ 4,555



    $  130,780



    $        (2,817)



    $ 273,064



































    (a)

    Eliminations primarily include GM Financial accounts and notes receivable of $0.5 billion due from Automotive; and Automotive accounts receivable of $0.2 billion primarily due from GM Financial and Cruise at December 31, 2024; and GM Financial accounts and notes receivable of $0.5 billion due from Automotive and Automotive accounts receivable of $0.8 billion due from GM Financial and Cruise at December 31, 2023.

    (b)

    Eliminations primarily related to intercompany asset transfer between Automotive and Cruise for autonomous vehicle (AV) capital at December 31, 2023.

    (c)

    Eliminations primarily related to convertible note issued by Cruise to Automotive at December 31, 2024 and deferral agreement between Cruise and Automotive as regards to engineering, capital spending, restructuring and other costs incurred by Automotive on behalf of Cruise resulting in a long-term payable for Cruise offset by a long-term receivable for Automotive.

    (d)

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

    (e)

    Eliminations primarily related to GM Financial accounts receivables due from Automotive and Cruise.

    (f)

    Primarily reclassification of GM Financial Cumulative Perpetual Preferred Stock, Series A, B and C. The preferred stock is classified as noncontrolling interests in our consolidated balance sheets.

     

    General Motors Company and Subsidiaries1

     

    Combining Cash Flow Information

    (In millions) (Unaudited)

     




    Year Ended December 31, 2024



    Year Ended December 31, 2023



    Automotive



    Cruise



    GM

    Financial



    Reclassifications/

    Eliminations



    Combined



    Automotive



    Cruise



    GM

    Financial



    Reclassifications/

    Eliminations



    Combined

    Cash flows from operating activities







































    Net income (loss)

    $   6,637



    $ (2,535)



    $ 1,862



    $              —



    $  5,963



    $ 10,102



    $ (2,414)



    $  2,152



    $              —



    $   9,840

    Depreciation and impairment of Equipment on

         operating leases, net

    —



    —



    4,844



    —



    4,844



    —



    —



    4,904



    —



    4,904

    Depreciation, amortization and impairment

         charges on Property, net

    6,549



    958



    38



    —



    7,545



    6,756



    188



    40



    —



    6,984

    Foreign currency remeasurement and

         transaction (gains) losses

    (314)



    —



    (7)



    —



    (321)



    344



    —



    5



    —



    349

    Undistributed earnings and impairment of

         nonconsolidated affiliates, net

    3,708



    —



    411



    —



    4,118



    295



    —



    (50)



    —



    245

    Pension contributions and OPEB payments

    (1,517)



    —



    —



    —



    (1,518)



    (1,099)



    —



    —



    —



    (1,100)

    Pension and OPEB income, net

    88



    —



    2



    —



    89



    89



    —



    2



    —



    90

    Provision (benefit) for deferred taxes

    966



    (656)



    1,059



    —



    1,368



    (305)



    (991)



    256



    —



    (1,041)

    Change in other operating assets and

         liabilities(a)

    4,978



    693



    (896)



    (6,304)



    (1,529)



    3,376



    637



    846



    (3,037)



    1,822

    Other operating activities(c)

    2,846



    (693)



    (883)



    (1,703)



    (433)



    1,272



    658



    (1,493)



    (1,601)



    (1,163)

    Net cash provided by (used in) operating

         activities

    23,939



    (2,233)



    6,429



    (8,006)



    20,129



    20,828



    (1,921)



    6,662



    (4,638)



    20,930

    Cash flows from investing activities







































    Expenditures for property

    (10,711)



    (7)



    (24)



    (88)



    (10,830)



    (10,684)



    (63)



    (24)



    (198)



    (10,970)

    Available-for-sale marketable securities,

         acquisitions

    (3,986)



    —



    —



    —



    (3,986)



    (3,940)



    (490)



    —



    —



    (4,429)

    Available-for-sale marketable securities,

         liquidations

    4,331



    —



    —



    —



    4,331



    7,443



    1,902



    —



    —



    9,345

    Purchases of finance receivables(a)

    —



    —



    (42,792)



    6,444



    (36,348)



    —



    —



    (38,593)



    3,214



    (35,379)

    Principal collections and recoveries on finance

         receivables

    —



    —



    31,783



    1



    31,784



    —



    —



    28,343



    4



    28,346

    Purchases of leased vehicles

    —



    —



    (15,279)



    —



    (15,279)



    —



    —



    (13,640)



    —



    (13,640)

    Proceeds from termination of leased vehicles

    —



    —



    10,892



    —



    10,892



    —



    —



    13,033



    —



    13,033

    Other investing activities(b)

    (2,448)



    —



    2



    1,365



    (1,081)



    (1,505)



    —



    —



    536



    (969)

    Net cash provided by (used in) investing

         activities

    (12,813)



    (7)



    (15,418)



    7,721



    (20,517)



    (8,686)



    1,349



    (10,882)



    3,556



    (14,663)

    Cash flows from financing activities







































    Net increase (decrease) in short-term debt

    16



    —



    112



    —



    128



    (6)



    —



    (150)



    —



    (156)

    Proceeds from issuance of debt (original

         maturities greater than three months)(b)

    83



    1,118



    53,398



    (1,165)



    53,435



    24



    228



    50,940



    (228)



    50,963

    Payments on debt (original maturities greater

         than three months)

    (919)



    (8)



    (42,478)



    6



    (43,399)



    (1,644)



    (33)



    (43,001)



    3



    (44,675)

    Payments to purchase common stock

    (7,064)



    —



    —



    —



    (7,064)



    (11,115)



    —



    —



    —



    (11,115)

    Issuance (redemption) of subsidiary stock(b)

    —



    255



    —



    (356)



    (101)



    —



    493



    —



    (493)



    —

    Dividends paid(c)

    (534)



    —



    (1,919)



    1,800



    (653)



    (479)



    —



    (1,919)



    1,800



    (597)

    Other financing activities

    (82)



    (161)



    (164)



    —



    (407)



    (336)



    (292)



    (146)



    —



    (774)

    Net cash provided by (used in) financing

         activities

    (8,501)



    1,204



    8,950



    285



    1,938



    (13,555)



    396



    5,724



    1,082



    (6,353)

    Effect of exchange rate changes on cash, cash

         equivalents and restricted cash

    (374)



    —



    (128)



    —



    (503)



    (15)



    —



    69



    —



    54

    Net increase (decrease) in cash, cash

         equivalents and restricted cash

    2,251



    (1,037)



    (167)



    —



    1,047



    (1,437)



    (167)



    1,573



    —



    (31)

    Cash, cash equivalents and restricted cash at

         beginning of period

    12,310



    1,359



    8,249



    —



    21,917



    13,746



    1,526



    6,676



    —



    21,948

    Cash, cash equivalents and restricted cash at

         end of period

    $ 14,561



    $    322



    $ 8,081



    $              —



    $  22,964



    $ 12,310



    $ 1,359



    $  8,249



    $              —



    $ 21,917









































    (a)

    Includes eliminations of $6.4 billion and $3.0 billion in the years ended December 31, 2024 and 2023 for purchases/collections of wholesale finance receivables resulting from vehicles sold by GM to dealers that have arranged their inventory floor plan financing through GM Financial.

    (b)

    Includes eliminations of $0.9 billion convertible note issued by Cruise to Automotive in the year ended December 31, 2024, $0.4 billion and $0.5 billion in the years ended December 31, 2024 and 2023 for Automotive investment in Cruise.

    (c)

    Eliminations include dividends issued by GM Financial to Automotive in the years ended December 31, 2024 and 2023.

     

    General Motors Company and Subsidiaries1

     

    The following tables summarize key financial information by segment (dollars in millions):

     



    GMNA



    GMI



    Corporate



    Eliminations



    Total

    Automotive



    Cruise



    GM

    Financial



    Reclassifications/

    Eliminations



    Total

    Three Months Ended December 31, 2024



































    Net sales and revenue

    $ 39,528



    $   3,994



    $        76



    $             —



    $     43,598



    $    181



    $   4,114



    $              (191)



    $        47,702

    Expenditures for property

    $   3,046



    $      157



    $        12



    $             —



    $       3,215



    $       2



    $         8



    $                   7



    $         3,233

    Depreciation and amortization

    $   1,548



    $      103



    $        27



    $             —



    $       1,678



    $       7



    $   1,221



    $                  —



    $         2,905

    Impairment charges

    $        —



    $        —



    $        —



    $             —



    $            —



    $    328



    $        —



    $                  —



    $            328

    Equity income (loss)(a)(b)

    $      190



    $  (4,057)



    $        —



    $             —



    $      (3,867)



    $      —



    $    (311)



    $                  —



    $        (4,178)







































    GMNA



    GMI



    Corporate



    Eliminations



    Total

    Automotive



    Cruise



    GM

    Financial



    Reclassifications/

    Eliminations



    Total

    Three Months Ended December 31, 2023



































    Net sales and revenue

    $ 35,231



    $   3,938



    $        96



    $             —



    $     39,264



    $      25



    $   3,743



    $                (53)



    $        42,980

    Expenditures for property

    $   3,437



    $      173



    $          3



    $             —



    $       3,613



    $      13



    $         4



    $                 77



    $         3,706

    Depreciation and amortization

    $   1,602



    $      165



    $          5



    $             —



    $       1,771



    $      10



    $   1,217



    $                  —



    $         2,999

    Impairment charges

    $        —



    $        —



    $        —



    $             —



    $            —



    $    209



    $        —



    $                  —



    $            209

    Equity income (loss)(a)

    $      106



    $       92



    $        —



    $             —



    $          198



    $      —



    $       27



    $                  —



    $            225







































    GMNA



    GMI



    Corporate



    Eliminations



    Total

    Automotive



    Cruise



    GM

    Financial



    Reclassifications/

    Eliminations



    Total

    Year Ended December 31, 2024



































    Net sales and revenue

    $  157,509



    $ 13,890



    $      206



    $             —



    $    171,605



    $    257



    $ 15,875



    $              (296)



    $      187,442

    Expenditures for property

    $ 10,266



    $      415



    $        30



    $             —



    $     10,711



    $       7



    $       24



    $                 88



    $        10,830

    Depreciation and amortization

    $   5,963



    $      506



    $        80



    $             —



    $       6,548



    $      25



    $   4,883



    $                  —



    $        11,456

    Impairment charges

    $        —



    $        —



    $        —



    $             —



    $            —



    $    933



    $        —



    $                  —



    $            934

    Equity income (loss)(a)(b)

    $      955



    $  (4,400)



    $        —



    $             —



    $      (3,445)



    $      —



    $    (256)



    $                  —



    $        (3,701)







































    GMNA



    GMI



    Corporate



    Eliminations



    Total

    Automotive



    Cruise



    GM

    Financial



    Reclassifications/

    Eliminations



    Total

    Year Ended December 31, 2023



































    Net sales and revenue

    $  141,445



    $ 15,949



    $      273



    $             —



    $    157,667



    $    102



    $ 14,225



    $              (151)



    $      171,842

    Expenditures for property

    $ 10,147



    $      522



    $        15



    $             —



    $     10,684



    $      63



    $       24



    $                198



    $        10,970

    Depreciation and amortization

    $   6,146



    $      589



    $        21



    $             —



    $       6,755



    $      38



    $   4,944



    $                  —



    $        11,737

    Impairment charges

    $        —



    $        —



    $        —



    $             —



    $            —



    $    209



    $        —



    $                  —



    $            209

    Equity income (loss)(a)

    $      196



    $      440



    $        —



    $             —



    $          635



    $      —



    $      138



    $                  —



    $            773











































    (a)

    Includes Automotive China joint ventures (Automotive China JVs) equity loss of $4.1 billion and $4.4 billion in the three months ended December 31, 2024 and in the year ended December 31, 2024 and Automotive China JVs equity income of $93 million and $446 million in the three months ended December 31, 2023 and in the year ended December 31, 2023.

    (b)

    Equity earnings related to Ultium Cells Holdings LLC are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our electric vehicles. Equity earnings related to Ultium Cells Holdings LLC were $186 million and $102 million in the three months ended December 31, 2024 and 2023 and $975 million and $293 million in the year ended December 31, 2024 and 2023.





    General Motors Company and 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-adjusted (EBT-adjusted) for our General Motors Financial Company, Inc. (GM Financial) segment; earnings per share (EPS)-diluted-adjusted; effective tax rate-adjusted (ETR-adjusted); return on invested capital-adjusted (ROIC-adjusted) and adjusted automotive free cash flow. GM's calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures.

    These non-GAAP measures allow management and investors to view operating trends, perform analytical comparisons and benchmark performance between periods and among geographic regions to understand operating performance without regard to items we do not consider a component of our core operating performance. Furthermore, these non-GAAP measures allow investors the opportunity to measure and monitor our performance against our externally communicated targets and evaluate the investment decisions being made by management to improve ROIC-adjusted. Management uses these measures in its financial, investment and operational decision-making processes, for internal reporting and as part of its forecasting and budgeting processes. Further, our Board of Directors uses certain of these and other measures as key metrics to determine management performance under our performance-based compensation plans. For these reasons, we believe these non-GAAP measures are useful for our investors.

    EBIT-adjusted (Most comparable GAAP measure: Net income attributable to stockholders)  EBIT-adjusted is presented net of noncontrolling interests and is used by management and can be used by investors to review our consolidated operating results because it excludes automotive interest income, automotive interest expense and income taxes as well as certain additional adjustments that are not considered part of our core operations. Examples of adjustments to EBIT include, but are not limited to, impairment charges on long-lived assets and other exit costs resulting from strategic shifts in our operations or discrete market and business conditions, and certain costs arising from legal matters. For EBIT-adjusted and our other non-GAAP measures, once we have made an adjustment in the current period for an item, we will also adjust the related non-GAAP measure in any future periods in which there is an impact from the item. Our corresponding measure for our GM Financial segment is EBT-adjusted because interest income and interest expense are part of operating results when assessing and measuring the operational and financial performance of the segment.

    EPS-diluted-adjusted (Most comparable GAAP measure: Diluted earnings per common share)  EPS-diluted-adjusted is used by management and can be used by investors to review our consolidated diluted EPS results on a consistent basis. EPS-diluted-adjusted is calculated as net income attributable to common stockholders-diluted less adjustments noted above for EBIT-adjusted and certain income tax adjustments divided by weighted-average common shares outstanding-diluted. Examples of income tax adjustments include the establishment or release of significant deferred tax asset valuation allowances.

    ETR-adjusted (Most comparable GAAP measure: Effective tax rate)  ETR-adjusted is used by management and can be used by investors to review the consolidated effective tax rate for our core operations on a consistent basis. ETR-adjusted is calculated as Income tax expense less the income tax related to the adjustments noted above for EBIT-adjusted and the income tax adjustments noted above for EPS-diluted-adjusted divided by Income before income taxes less adjustments. When we provide an expected adjusted effective tax rate, we do not provide an expected effective tax rate because the U.S. GAAP measure may include significant adjustments that are difficult to predict.

    ROIC-adjusted (Most comparable GAAP measure: Return on equity)  ROIC-adjusted is used by management and can be used by investors to review our investment and capital allocation decisions. We define ROIC-adjusted as EBIT-adjusted for the trailing four quarters divided by ROIC-adjusted average net assets, which is considered to be the average equity balances adjusted for average automotive debt and interest liabilities, exclusive of finance leases; average automotive net pension and other postretirement benefits (OPEB) liabilities; and average automotive net income tax assets during the same period.

    Adjusted automotive free cash flow (Most comparable GAAP measure: Net automotive cash provided by operating activities)  Adjusted automotive free cash flow is used by management and can be used by investors to review the liquidity of our automotive operations and to measure and monitor our performance against our capital allocation program and evaluate our automotive liquidity against the substantial cash requirements of our automotive operations. We measure adjusted automotive free cash flow as automotive operating cash flow from operations less capital expenditures adjusted for management actions. Management actions can include voluntary events such as discretionary contributions to employee benefit plans or nonrecurring specific events such as a closure of a facility that are considered special for EBIT-adjusted purposes.

    The following table reconciles Net income (loss) attributable to stockholders under U.S. GAAP to EBIT-adjusted and segment profit (loss) (dollars in millions): 



    Three Months Ended



    Years Ended



    December 31,

    2024



    December 31,

    2023



    December 31,

    2024



    December 31,

    2023

    Net income (loss) attributable to stockholders(a)

    $           (2,961)



    $             2,102



    $             6,008



    $           10,127

    Income tax expense

    318



    (857)



    2,556



    563

    Automotive interest expense

    215



    222



    846



    911

    Automotive interest income

    (279)



    (308)



    (967)



    (1,109)

    Adjustments















    China JV restructuring actions(b)

    4,010



    —



    4,010



    —

    Cruise restructuring(c)

    520



    478



    1,103



    478

    Buick dealer strategy(d)

    643



    131



    964



    569

    Restructuring actions(e)

    10



    —



    200



    —

    GMI plant wind down(f)

    4



    —



    150



    —

    Headquarters relocation(g)

    30



    —



    64



    —

    Voluntary separation program(h)

    —



    130



    —



    1,035

    GM Korea wage litigation(i)

    —



    (30)



    —



    (106)

    India asset sales(j)

    —



    (111)



    —



    (111)

    Total adjustments

    5,217



    598



    6,491



    1,865

    EBIT-adjusted

    2,509



    1,757



    14,934



    12,357

    Operating segments















    GM North America (GMNA)

    2,274



    2,011



    14,528



    12,306

    GM International (GMI)

    221



    269



    303



    1,210

    Cruise

    (418)



    (792)



    (1,701)



    (2,695)

    GM Financial(k)

    719



    707



    2,965



    2,985

    Total operating segments

    2,796



    2,196



    16,095



    13,806

    Corporate and eliminations(l)

    (287)



    (439)



    (1,161)



    (1,448)

    EBIT-adjusted

    $             2,509



    $             1,757



    $           14,934



    $           12,357









































    (a)

    Net of net loss attributable to noncontrolling interests.

    (b)

    These adjustments were excluded because they relate to the other-than-temporary impairment and our portion of restructuring charges recorded in equity earnings associated with our restructuring actions of Automotive China JVs.

    (c)

    These adjustments were excluded because they relate to restructuring charges resulting from the plan to combine the Cruise and GM technical efforts to advance autonomous and assisted driving, the indefinite delay of the Cruise Origin and the voluntarily pausing in 2023 of Cruise's driverless, supervised and manual AV operations in the U.S. The adjustments primarily consist of non-cash restructuring charges, supplier-related charges and employee separation costs.

    (d)

    These adjustments were excluded because they relate to strategic activities to transition certain Buick dealers out of our dealer network as part of Buick's EV strategy.

    (e)

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

    (f)

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

    (g)

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

    (h)

    These adjustments were excluded because they relate to the acceleration of attrition as part of the cost reduction program announced in January 2023, primarily in the U.S.

    (i)

    These adjustments were excluded because they relate to the partial resolution of subcontractor matters in Korea.

    (j)

    These adjustments were excluded because they relate to an asset sale resulting from our strategic decision in 2020 to exit India.

    (k)

    GM Financial amounts represent EBT-adjusted.

    (l)

    GM's automotive interest income and interest expense, legacy costs from the Opel/Vauxhall Business (primarily pension costs), corporate expenditures and certain revenues and expenses that are not part of a reportable segment are recorded centrally in Corporate.

    The following table reconciles diluted earnings per common share under U.S. GAAP to EPS-diluted-adjusted (dollars in millions, except per share amounts): 



    Three Months Ended



    Years Ended



    December 31, 2024



    December 31, 2023



    December 31, 2024



    December 31, 2023



    Amount



    Per Share



    Amount



    Per Share



    Amount



    Per Share



    Amount



    Per Share

    Diluted earnings (loss) per common share

    $  (1,725)



    $   (1.64)



    $ 2,076



    $    1.59



    $ 7,189



    $    6.37



    $  10,022



    $    7.32

    Impact of including dilutive securities(a)





    0.03







    —







    —







    —

    Adjustments(b)

    5,217



    4.85



    598



    0.46



    6,491



    5.75



    1,865



    1.36

    Tax effect on adjustments(c)

    (187)



    (0.17)



    (180)



    (0.14)



    (477)



    (0.42)



    (504)



    (0.37)

    Tax adjustments(d)

    —



    —



    (870)



    (0.67)



    —



    —



    (870)



    (0.64)

    Return from preferred shareholders(e)

    (1,239)



    (1.15)



    —



    —



    (1,239)



    (1.10)



    —



    —

    EPS-diluted-adjusted

    $ 2,066



    $    1.92



    $ 1,624



    $    1.24



    $  11,963



    $  10.60



    $  10,513



    $    7.68













































    (a)

    Represents the dilutive effect of awards under stock incentive plans. Refer to the table below for the effect on weighted-average common shares outstanding — diluted-adjusted.

    (b)

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

    (c)

    The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.

    (d)

    In the year ended December 31, 2023, the adjustment consists of tax benefit related to the release of a valuation allowance against deferred tax assets considered realizable in Korea. This adjustment was excluded because significant impacts of valuation allowances are not considered part of our core operations.

    (e)

    This adjustment consists of a return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders in the three months and year ended December 31, 2024.

    The following table reconciles weighted-average common shares outstanding — diluted under U.S. GAAP to weighted-average common shares outstanding — diluted-adjusted used in the calculation of EPS-diluted-adjusted (shares in millions):



    Three Months Ended



    Years Ended



    December 31,

    2024



    December 31,

    2023



    December 31,

    2024



    December 31,

    2023

    Weighted-average common shares outstanding — diluted

    1,055



    1,307



    1,129



    1,369

    Dilutive effect of awards under stock incentive plans

    20



    —



    —



    —

    Weighted-average common shares outstanding — diluted-adjusted

    1,075



    1,307



    1,129



    1,369

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



    Years Ended December 31,



    2024



    2023



    Income before

    income taxes



    Income tax

    expense



    Effective

    tax rate



    Income before

    income taxes



    Income tax

    expense



    Effective

    tax rate

    Effective tax rate

    $         8,519



    $    2,556



    30.0 %



    $       10,403



    $       563



    5.4 %

    Adjustments(a)

    6,564



    477







    1,916



    504





    Tax adjustments(b)





    —











    870





    ETR-adjusted

    $       15,083



    $    3,033



    20.1 %



    $       12,319



    $    1,937



    15.7 %















































    (a)

    Refer to the reconciliation of Net income (loss) attributable to stockholders under U.S. GAAP to EBIT-adjusted and segment profit (loss) for adjustment details. Net income attributable to noncontrolling interests for these adjustments is included in the years ended December 31, 2024 and 2023. The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.

    (b)

    Refer to the reconciliation of diluted earnings per common share under U.S. GAAP to EPS-diluted-adjusted for adjustment details.

    We define return on equity (ROE) as Net income attributable to stockholders for the trailing four quarters divided by average equity for the same period. Management uses average equity to provide comparable amounts in the calculation of ROE. The following table summarizes the calculation of ROE (dollars in billions):



    Years Ended December 31,



    2024



    2023

    Net income attributable to stockholders

    $          6.0



    $        10.1

    Average equity(a)

    $        68.9



    $        72.0

    ROE

    8.7 %



    14.1 %









































    (a)

    Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in Net income attributable to stockholders.

    The following table summarizes the calculation of ROIC-adjusted (dollars in billions):



    Years Ended December 31,



    2024



    2023

    EBIT-adjusted(a)

    $        14.9



    $        12.4

    Average equity(b)

    $        68.9



    $        72.0

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

    16.1



    16.2

    Add: Average automotive net pension and OPEB liability

    9.4



    8.1

    Less: Average automotive net income tax asset

    (22.7)



    (21.1)

    ROIC-adjusted average net assets

    $        71.8



    $        75.2

    ROIC-adjusted

    20.8 %



    16.4 %













































    (a)

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

    (b)

    Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in EBIT-adjusted.

    The following table reconciles Net automotive cash provided by operating activities under U.S. GAAP to adjusted automotive free cash flow (dollars in millions):



    Three Months Ended



    Years Ended



    December 31,

    2024



    December 31,

    2023



    December 31,

    2024



    December 31,

    2023

    Net automotive cash provided by operating activities

    $         4,765



    $         4,688



    $       23,939



    $       20,828

    Less: Capital expenditures

    (3,215)



    (3,613)



    (10,711)



    (10,684)

    Add: Buick dealer strategy

    154



    213



    530



    674

    Add: Restructuring actions

    89



    —



    163



    —

    Add: GMI plant wind down

    30



    —



    65



    —

    Add: Employee separation costs

    —



    53



    58



    849

    Adjusted automotive free cash flow

    $         1,823



    $         1,341



    $       14,045



    $       11,666

    Vehicle Sales

    GM presents both wholesale and total vehicle sales data to assist in the analysis of our revenue and market share. Wholesale vehicle sales data consists of sales to GM's dealers and distributors, as well as sales to the U.S. government, and excludes vehicles sold by our joint ventures. Wholesale vehicle sales data correlates to GM's revenue recognized from the sale of vehicles, which is the largest component of Automotive net sales and revenue. In the year ended December 31, 2024, 27.9% of GM's wholesale vehicle sales volume was generated outside the U.S. The following table summarizes wholesale vehicle sales by automotive segment (vehicles in thousands):



    Three Months Ended



    Years Ended



    December 31, 2024



    December 31, 2023



    December 31, 2024



    December 31, 2023

    GMNA

    876



    782



    3,464



    3,147

    GMI

    163



    161



    547



    621

    Total

    1,039



    943



    4,010



    3,768

    Total vehicle sales data represents: (1) retail sales (i.e., sales to consumers who purchase new vehicles from dealers or distributors); (2) fleet sales (i.e., sales to large and small businesses, governments and daily rental car companies); and (3) sales of courtesy transportation vehicles (i.e., vehicles previously used by dealers that were sold to the end consumer). Total vehicle sales data includes all sales by joint ventures on a total vehicle basis, not based on GM's percentage ownership interest in the joint venture. Certain joint venture agreements in China allow for the contractual right to report vehicle sales of non-GM trademarked vehicles by those joint ventures, which are included in the total vehicle sales we report for China. While total vehicle sales data does not correlate directly to the revenue GM recognizes during a particular period, we believe it is indicative of the underlying demand for GM's vehicles. Total vehicle sales data represents management's good faith estimate based on sales reported by GM's dealers, distributors and joint ventures; commercially available data sources such as registration and insurance data; and internal estimates and forecasts when other data is not available.

     The following table summarizes industry and GM total vehicle sales and GM's related competitive position by geographic region (vehicles in thousands):



    Three Months Ended



    Years Ended



    December 31, 2024



    December 31, 2023



    December 31, 2024



    December 31, 2023



    Industry



    GM



    Market

    Share



    Industry



    GM



    Market

    Share



    Industry



    GM



    Market

    Share



    Industry



    GM



    Market

    Share

    North America















































    United States

    4,323



    755



    17.5 %



    4,021



    625



    15.5 %



    16,385



    2,705



    16.5 %



    16,022



    2,595



    16.2 %

    Other

    1,025



    134



    13.1 %



    943



    122



    13.0 %



    3,909



    510



    13.1 %



    3,590



    460



    12.8 %

    Total North America

    5,347



    889



    16.6 %



    4,963



    747



    15.1 %



    20,294



    3,215



    15.8 %



    19,612



    3,055



    15.6 %

    Asia/Pacific, Middle

         East and Africa















































    China(a)

    8,444



    599



    7.1 %



    7,227



    569



    7.9 %



    26,567



    1,839



    6.9 %



    24,967



    2,099



    8.4 %

    Other

    5,528



    137



    2.5 %



    5,695



    167



    2.9 %



    21,727



    520



    2.4 %



    22,058



    577



    2.6 %

    Total Asia/Pacific,

         Middle East and

         Africa

    13,971



    736



    5.3 %



    12,922



    736



    5.7 %



    48,293



    2,359



    4.9 %



    47,025



    2,676



    5.7 %

    South America















































    Brazil

    776



    92



    11.9 %



    679



    92



    13.5 %



    2,634



    315



    12.0 %



    2,307



    328



    14.2 %

    Other

    355



    27



    7.7 %



    338



    30



    8.8 %



    1,347



    109



    8.1 %



    1,419



    128



    9.0 %

    Total South America

    1,131



    119



    10.6 %



    1,017



    122



    12.0 %



    3,980



    424



    10.7 %



    3,726



    456



    12.2 %

    Total in GM markets

    20,450



    1,745



    8.5 %



    18,902



    1,605



    8.5 %



    72,568



    5,998



    8.3 %



    70,362



    6,187



    8.8 %

    Total Europe

    4,215



    1



    — %



    4,182



    1



    — %



    16,816



    2



    — %



    16,596



    2



    — %

    Total Worldwide(b)

    24,665



    1,746



    7.1 %



    23,084



    1,605



    7.0 %



    89,383



    6,001



    6.7 %



    86,958



    6,189



    7.1 %

    United States















































    Cars

    729



    37



    5.0 %



    737



    40



    5.5 %



    2,939



    178



    6.0 %



    3,070



    224



    7.3 %

    Trucks

    1,196



    396



    33.1 %



    1,038



    321



    31.0 %



    4,345



    1,383



    31.8 %



    4,249



    1,303



    30.7 %

    Crossovers

    2,398



    322



    13.4 %



    2,247



    264



    11.7 %



    9,101



    1,144



    12.6 %



    8,702



    1,068



    12.3 %

    Total United States

    4,323



    755



    17.5 %



    4,021



    625



    15.5 %



    16,385



    2,705



    16.5 %



    16,022



    2,595



    16.2 %

    China(a)















































    SGMS





    152











    211











    524











    870





    SGMW





    447











    358











    1,315











    1,229





    Total China

    8,444



    599



    7.1 %



    7,227



    569



    7.9 %



    26,567



    1,839



    6.9 %



    24,967



    2,099



    8.4 %









































    (a)

    Includes sales by the Automotive China JVs: SAIC General Motors Sales Co., Ltd. (SGMS) and SAIC GM Wuling Automobile Co., Ltd. (SGMW).

    (b)

    Cuba, Iran, North Korea, Sudan and Syria are subject to broad economic sanctions. Accordingly, these countries are excluded from industry sales data and corresponding calculation of market share.

    As discussed above, total vehicle sales and market share data provided in the table above includes fleet vehicles. Certain fleet transactions, particularly sales to daily rental car companies, are generally less profitable than retail sales to end customers. The following table summarizes estimated fleet sales and those sales as a percentage of total vehicle sales (vehicles in thousands):



    Three Months Ended



    Years Ended



    December 31,

    2024



    December 31,

    2023



    December 31,

    2024



    December 31,

    2023

    GMNA

    168



    141



    615



    679

    GMI

    127



    168



    401



    506

    Total fleet sales

    295



    309



    1,016



    1,185

















    Fleet sales as a percentage of total vehicle sales

    16.9 %



    19.3 %



    16.9 %



    19.2 %

















    North America capacity two-shift utilization

    103.5 %



    93.1 %



    105.7 %



    97.1 %

     

     

    Cision View original content:https://www.prnewswire.com/news-releases/gm-releases-full-year-and-fourth-quarter-2024-results-and-2025-guidance-302361390.html

    SOURCE General Motors Company

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