News Release Details

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

Tue, July 23, 2024

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

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

 

Updated 2024 Guidance

Previous 2024 Guidance

Net income attributable to stockholders

$10.0 billion - $11.4 billion

$10.1 billion - $11.5 billion

EBIT-adjusted

$13.0 billion - $15.0 billion

$12.5 billion - $14.5 billion

Automotive operating cash flow

$19.2 billion - $22.2 billion

$18.3 billion - $21.3 billion

Adjusted automotive free cash flow

$9.5 billion - $11.5 billion

$8.5 billion - $10.5 billion

EPS-diluted

$8.93 - $9.93

$8.94 - $9.94

EPS-diluted-adjusted

$9.50 - $10.50

$9.00 - $10.00

 

GM's 2024 financial guidance includes anticipated capital spending of $10.5 billion - $11.5 billion, inclusive of investments in the company's battery cell manufacturing joint ventures.

Conference Call for Investors and Analysts

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

Conference call details are as follows:

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

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

Results Overview

 

Three Months Ended

    

($M) except per share amounts

June 30, 2024

June 30, 2023

Change

% Change

Revenue

$      47,969

$      44,746

$       3,223

7.2 %

Net income attributable to stockholders

$        2,933

$        2,566

$          367

14.3 %

EBIT-adjusted

$        4,438

$        3,234

$       1,204

37.2 %

Net income margin

6.1 %

5.7 %

0.4 ppts

7.0 %

EBIT-adjusted margin

9.3 %

7.2 %

2.1 ppts

29.2 %

Automotive operating cash flow

$        7,713

$        7,114

$          599

8.4 %

Adjusted automotive free cash flow

$        5,297

$        5,548

$         (251)

(4.5) %

EPS-diluted(a)

$          2.55

$          1.83

$         0.72

39.3 %

EPS-diluted-adjusted(a)

$          3.06

$          1.91

$         1.15

60.2 %

GMNA EBIT-adjusted

$        4,433

$        3,194

$       1,239

38.8 %

GMNA EBIT-adjusted margin

10.9 %

8.6 %

2.3 ppts

26.7 %

GMI EBIT-adjusted

$             50

$           236

$         (186)

(78.8) %

China equity income (loss)

$          (104)

$             78

$         (182)

n.m.

GM Financial EBT-adjusted

$           822

$           766

$            56

7.3 %

__________

(a)

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

(b)

n.m. = not meaningful

 

 

Six Months Ended

    

($M) except per share amounts

June 30, 2024

June 30, 2023

Change

% Change

Revenue

$      90,983

$      84,732

$       6,251

7.4 %

Net income attributable to stockholders

$        5,913

$        4,962

$          951

19.2 %

EBIT-adjusted

$        8,310

$        7,037

$       1,273

18.1 %

Net income margin

6.5 %

5.9 %

0.6 ppts

10.2 %

EBIT-adjusted margin

9.1 %

8.3 %

0.8 ppts

9.6 %

Automotive operating cash flow

$       11,311

$        9,346

$       1,965

21.0 %

Adjusted automotive free cash flow

$        6,388

$        5,415

$          973

18.0 %

EPS-diluted(a)

$          5.10

$          3.52

$         1.58

44.9 %

EPS-diluted-adjusted(a)

$          5.68

$          4.12

$         1.56

37.9 %

GMNA EBIT-adjusted

$        8,273

$        6,769

$       1,504

22.2 %

GMNA EBIT-adjusted margin

10.8 %

9.7 %

1.1 ppts

11.3 %

GMI EBIT-adjusted

$             40

$           583

$         (543)

(93.1) %

China equity income (loss)

$          (210)

$           161

$         (371)

n.m.

GM Financial EBT-adjusted

$        1,559

$        1,537

$            22

1.4 %

__________

(a)

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

(b)

n.m. = not meaningful

 

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

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

Guidance Reconciliations

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

 

Year Ending December 31, 2024
 

Updated

  

Previous

Net income attributable to stockholders

$ 10.0-11.4

  

$ 10.1-11.5

Income tax expense

2.2-2.8

  

2.2-2.8

Automotive interest (income) expense, net

(0.1)

  

0.1

Adjustments(a)

0.9

  

0.1

EBIT-adjusted

$ 13.0-15.0

  

$ 12.5-14.5

__________

(a)

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

 

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

 

Year Ending December 31, 2024
 

Updated

  

Previous

Diluted earnings per common share

$ 8.93-9.93

  

$ 8.94-9.94

Adjustments(a)

0.57

  

0.06

EPS-diluted-adjusted

$ 9.50-10.50

  

$ 9.00-10.00

__________

(a)

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

 

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

 

Year Ending December 31, 2024
 

Updated

  

Previous

Net automotive cash provided by operating activities

$ 19.2-22.2

  

$ 18.3-21.3

Less: Capital expenditures

10.0-11.0

  

10.0-11.0

Adjustments

0.3

  

0.2

Adjusted automotive free cash flow(a)

$ 9.5-11.5

  

$ 8.5-10.5

__________

(a)

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

 

General Motors Company and Subsidiaries1
 Combining Income Statement Information
(In millions) (Unaudited)
 
 

Three Months Ended June 30, 2024

  

Three Months Ended June 30, 2023
 

Automotive

  

Cruise

  

GM Financial

  

Reclassifications
/Eliminations

  

Combined

  

Automotive

  

Cruise

  

GM Financial

  

Reclassifications
/Eliminations

  

Combined

Net sales and revenue

                                      

Automotive

$ 44,060

  

$      25

  

$     —

  

$              (25)

  

$ 44,060

  

$ 41,254

  

$      26

  

$     —

  

$              (26)

  

$ 41,254

GM Financial

—

  

—

  

3,918

  

(10)

  

3,908

  

—

  

—

  

3,498

  

(5)

  

3,493

Total net sales and revenue

44,060

  

25

  

3,918

  

(35)

  

47,969

  

41,254

  

26

  

3,498

  

(31)

  

44,746

Costs and expenses

                                      

Automotive and other cost of
      sales

37,592

  

1,023

  

—

  

—

  

38,615

  

36,059

  

574

  

—

  

(1)

  

36,632

GM Financial interest,
     operating and other
     expenses

—

  

—

  

3,109

  

—

  

3,109

  

—

  

—

  

2,768

  

—

  

2,768

Automotive and other selling,
      general and
     administrative expense

2,234

  

138

  

—

  

(1)

  

2,372

  

2,434

  

125

  

—

  

(1)

  

2,558

Total costs and expenses

39,827

  

1,161

  

3,109

  

(2)

  

44,096

  

38,493

  

698

  

2,768

  

(2)

  

41,958

Operating income (loss)

4,233

  

(1,136)

  

809

  

(33)

  

3,873

  

2,761

  

(673)

  

729

  

(29)

  

2,789

Automotive interest expense

206

  

112

  

—

  

(112)

  

206

  

226

  

8

  

—

  

(8)

  

226

Interest income and other non-
     operating income, net

133

  

6

  

—

  

(79)

  

60

  

308

  

29

  

—

  

21

  

358

Equity income (loss)

(97)

  

—

  

14

  

—

  

(84)

  

71

  

—

  

37

  

—

  

108

Income (loss) before income
     taxes

$   4,063

  

$(1,242)

  

$   822

  

$                —

  

$   3,643

  

$   2,914

  

$  (651)

  

$   766

  

$                —

  

$   3,029

Income tax expense (benefit)

                

767

                  

522

Net income (loss)

                

2,877

                  

2,507

Net loss (income) attributable
     to noncontrolling interests

                

57

                  

59

Net income (loss)
     attributable to
     stockholders

                

$   2,933

                  

$   2,566
                                       

Net income (loss)
     attributable to common
     stockholders

                

$   2,919

                  

$   2,540
       
 

Six Months Ended June 30, 2024

  

Six Months Ended June 30, 2023
 

Automotive

  

Cruise

  

GM Financial

  

Reclassifications
/Eliminations

  

Combined

  

Automotive

  

Cruise

  

GM Financial

  

Reclassifications
/Eliminations

  

Combined

Net sales and revenue

                                      

Automotive

$ 83,272

  

$      51

  

$     —

  

$              (50)

  

$ 83,273

  

$ 77,900

  

$      51

  

$     —

  

$              (51)

  

$ 77,900

GM Financial

—

  

—

  

7,730

  

(19)

  

7,710

  

—

  

—

  

6,841

  

(9)

  

6,832

Total net sales and revenue

83,272

  

51

  

7,730

  

(69)

  

90,983

  

77,900

  

51

  

6,841

  

(60)

  

84,732

Costs and expenses

                                      

Automotive and other cost of
     sales

71,189

  

1,422

  

—

  

(1)

  

72,611

  

67,775

  

1,105

  

—

  

(2)

  

68,879

GM Financial interest,
     operating and other
     expenses

—

  

—

  

6,215

  

(1)

  

6,215

  

—

  

—

  

5,381

  

(1)

  

5,380

Automotive and other selling,
     general and administrative
     expense

4,269

  

279

  

—

  

(1)

  

4,547

  

4,872

  

234

  

—

  

(1)

  

5,105

Total costs and expenses

75,459

  

1,701

  

6,215

  

(3)

  

83,372

  

72,647

  

1,340

  

5,381

  

(4)

  

79,364

Operating income (loss)

7,813

  

(1,650)

  

1,514

  

(66)

  

7,611

  

5,253

  

(1,289)

  

1,459

  

(56)

  

5,367

Automotive interest expense

425

  

128

  

—

  

(128)

  

425

  

460

  

10

  

—

  

(10)

  

460

Interest income and other non-
     operating income, net

406

  

18

  

—

  

(62)

  

362

  

661

  

60

  

—

  

46

  

767

Equity income (loss)

(234)

  

—

  

45

  

—

  

(189)

  

52

  

—

  

78

  

—

  

129

Income (loss) before income
     taxes

$   7,561

  

$(1,761)

  

$  1,559

  

$                —

  

$   7,359

  

$   5,506

  

$(1,239)

  

$  1,537

  

$                —

  

$   5,803

Income tax expense (benefit)

                

1,529

                  

950

Net income (loss)

                

5,830

                  

4,853

Net loss (income) attributable
      to noncontrolling interests

                

83

                  

109

Net income (loss)
     attributable to
     stockholders

                

$   5,913

                  

$   4,962
                                       

Net income (loss)
     attributable to common
     stockholders

                

$   5,889

                  

$   4,908

__________

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

 

General Motors Company and Subsidiaries1
Basic and Diluted Earnings per Share

(Unaudited)

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

Three Months Ended

  

Six Months Ended
 

June 30, 2024

  

June 30, 2023

  

June 30, 2024

  

June 30, 2023

Basic earnings per share

              

Net income (loss) attributable to stockholders

$               2,933

  

$               2,566

  

$               5,913

  

$               4,962

Less: cumulative dividends on subsidiary preferred stock(a)

(15)

  

(27)

  

(24)

  

(53)

Net income (loss) attributable to common stockholders

$               2,919

  

$               2,540

  

$               5,889

  

$               4,908
               

Weighted-average common shares outstanding

1,136

  

1,385

  

1,145

  

1,390
               

Basic earnings per common share

$                 2.57

  

$                 1.83

  

$                 5.14

  

$                 3.53

Diluted earnings per share

              

Net income (loss) attributable to common stockholders –
     diluted

$               2,919

  

$               2,540

  

$               5,889

  

$               4,908
               

Weighted-average common shares outstanding – diluted

1,147

  

1,389

  

1,155

  

1,396
               

Diluted earnings per common share

$                 2.55

  

$                 1.83

  

$                 5.10

  

$                 3.52

Potentially dilutive securities(b)

4

  

24

  

4

  

24

__________

(a)

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

(b)

Potentially dilutive securities attributable to outstanding stock options and Restricted Stock Units (RSUs) at June 30, 2024 and outstanding stock options, RSUs and Performance Stock Units at June 30, 2023, were excluded from the computation of diluted earnings per share (EPS) because the securities would have had an antidilutive effect.

 

General Motors Company and Subsidiaries1
Combining Balance Sheet Information

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

June 30, 2024

  

December 31, 2023
 

Automotive

  

Cruise

  

GM Financial

  

Reclassifications
/Eliminations

  

Combined

  

Automotive

  

Cruise

  

GM Financial

  

Reclassifications
/Eliminations

  

Combined

ASSETS

                                      

Current Assets

                                      

Cash and cash equivalents

$   13,970

  

$ 1,098

  

$  7,448

  

$                 —

  

$   22,516

  

$   12,228

  

$ 1,344

  

$  5,282

  

$                 —

  

$   18,853

Marketable debt securities

8,313

  

—

  

—

  

—

  

8,313

  

7,613

  

—

  

—

  

—

  

7,613

Accounts and notes receivable,
     net(a)

12,482

  

4

  

2,086

  

(1,166)

  

13,406

  

11,814

  

—

  

1,891

  

(1,327)

  

12,378

GM Financial receivables, net

—

  

—

  

43,023

  

(241)

  

42,783

  

—

  

—

  

39,246

  

(170)

  

39,076

Inventories

17,610

  

—

  

—

  

(5)

  

17,605

  

16,467

  

—

  

—

  

(6)

  

16,461

Other current assets

2,502

  

38

  

4,899

  

3

  

7,442

  

1,994

  

466

  

5,205

  

(428)

  

7,238

Total current assets

54,877

  

1,140

  

57,456

  

(1,409)

  

112,064

  

50,115

  

1,809

  

51,624

  

(1,931)

  

101,618

Non-current Assets

                                      

GM Financial receivables, net(c)

—

  

—

  

45,128

  

(381)

  

44,747

  

—

  

—

  

45,391

  

(348)

  

45,043

Equity in net assets of
     nonconsolidated affiliates

9,059

  

—

  

1,675

  

—

  

10,734

  

8,943

  

—

  

1,670

  

—

  

10,613

Property, net

50,964

  

69

  

113

  

—

  

51,145

  

50,104

  

93

  

124

  

—

  

50,321

Goodwill and intangible assets, net

2,717

  

714

  

1,346

  

—

  

4,778

  

2,793

  

715

  

1,354

  

—

  

4,862

Equipment on operating leases, net

—

  

—

  

30,345

  

—

  

30,345

  

—

  

—

  

30,582

  

—

  

30,582

Deferred income taxes

20,661

  

1,760

  

(1,333)

  

—

  

21,088

  

21,722

  

1,723

  

(1,106)

  

—

  

22,339

Other assets(b)

8,866

  

199

  

1,172

  

(2,182)

  

8,054

  

6,869

  

215

  

1,140

  

(538)

  

7,686

Total non-current assets

92,267

  

2,742

  

78,446

  

(2,563)

  

170,891

  

90,430

  

2,745

  

79,156

  

(886)

  

171,446

Total Assets

$ 147,144

  

$ 3,882

  

$  135,902

  

$           (3,972)

  

$ 282,956

  

$ 140,546

  

$ 4,555

  

$  130,780

  

$           (2,817)

  

$ 273,064

LIABILITIES AND EQUITY

                                      

Current Liabilities

                                      

Accounts payable (principally
     trade)(a)

$   28,645

  

$    121

  

$  1,161

  

$           (1,164)

  

$   28,762

  

$   27,846

  

$    185

  

$  1,136

  

$           (1,054)

  

$   28,114

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

                                     

Automotive

1,146

  

2

  

—

  

(226)

  

922

  

591

  

272

  

—

  

(435)

  

428

GM Financial

—

  

—

  

37,176

  

—

  

37,176

  

—

  

—

  

38,540

  

—

  

38,540

Cruise

—

  

14

  

—

  

(14)

  

—

  

—

  

6

  

—

  

(6)

  

—

Accrued liabilities

22,234

  

332

  

5,941

  

(4)

  

28,503

  

21,468

  

590

  

5,741

  

(436)

  

27,364

Total current liabilities

52,025

  

469

  

44,279

  

(1,409)

  

95,363

  

49,906

  

1,053

  

45,417

  

(1,931)

  

94,445

Non-current Liabilities

                                      

Long-term debt

                                      

Automotive(b)

15,395

  

2,195

  

—

  

(2,182)

  

15,409

  

15,979

  

544

  

—

  

(538)

  

15,985

GM Financial

—

  

—

  

72,929

  

—

  

72,929

  

—

  

—

  

66,788

  

—

  

66,788

Cruise(c)

—

  

381

  

—

  

(381)

  

—

  

—

  

348

  

—

  

(348)

  

—

Postretirement benefits other than
      pensions

4,250

  

—

  

—

  

—

  

4,250

  

4,345

  

—

  

—

  

—

  

4,345

Pensions

6,163

  

—

  

8

  

—

  

6,171

  

6,673

  

—

  

8

  

—

  

6,680

Other liabilities

13,741

  

454

  

2,738

  

—

  

16,933

  

13,447

  

454

  

2,614

  

—

  

16,515

Total non-current liabilities

39,550

  

3,030

  

75,676

  

(2,563)

  

115,692

  

40,444

  

1,345

  

69,409

  

(886)

  

110,312

Total Liabilities

91,574

  

3,498

  

119,954

  

(3,972)

  

211,055

  

90,350

  

2,399

  

114,826

  

(2,817)

  

204,757

Noncontrolling interest - Cruise
     stock incentive awards

—

  

—

  

—

  

—

  

—

  

—

  

118

  

—

  

—

  

118

Equity

                                     

Common stock, $0.01 par value

11

  

—

  

—

  

—

  

11

  

12

  

—

  

—

  

—

  

12

Additional paid-in capital(d)

18,891

  

687

  

1,255

  

(1,231)

  

19,602

  

18,866

  

240

  

1,314

  

(1,290)

  

19,130

Retained earnings

45,248

  

(1,524)

  

16,082

  

1

  

59,807

  

39,579

  

(12)

  

15,823

  

1

  

55,391

Accumulated other comprehensive
     loss

(9,397)

  

(1)

  

(1,390)

  

—

  

(10,787)

  

(9,066)

  

1

  

(1,183)

  

—

  

(10,247)

Total stockholders' equity

54,752

  

(838)

  

15,948

  

(1,229)

  

68,633

  

49,391

  

229

  

15,954

  

(1,289)

  

64,286

Noncontrolling interests(d)

817

  

1,221

  

—

  

1,229

  

3,267

  

805

  

1,809

  

—

  

1,289

  

3,903

Total Equity

55,570

  

383

  

15,948

  

—

  

71,900

  

50,196

  

2,038

  

15,954

  

—

  

68,189

Total Liabilities and Equity

$ 147,144

  

$ 3,882

  

$  135,902

  

$           (3,972)

  

$ 282,956

  

$ 140,546

  

$ 4,555

  

$  130,780

  

$           (2,817)

  

$ 273,064

__________

(a)

Eliminations primarily include GM Financial accounts and notes receivable of $0.6 billion due from Automotive; and Automotive accounts receivable of $0.6 billion primarily due from GM Financial and Cruise at June 30, 2024; and GM Financial accounts and notes receivable of $0.5 billion due from Automotive and Automotive accounts receivable of $0.8 billion due from GM Financial and Cruise at December 31, 2023.

(b)

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

(c)

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

(d)

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

 

General Motors Company and Subsidiaries1
Combining Cash Flow Information

(In millions) (Unaudited)
 
 

Six Months Ended June 30, 2024

  

Six Months Ended June 30, 2023
 

Automotive

  

Cruise

  

GM Financial

  

Reclassifications
/Eliminations

  

Combined

  

Automotive

  

Cruise

  

GM Financial

  

Reclassifications
/Eliminations

  

Combined

Cash flows from operating activities

                                      

Net income (loss)

$    6,051

  

$  (1,366)

  

$  1,145

  

$                 —

  

$    5,830

  

$    4,508

  

$  (781)

  

$  1,126

  

$                 —

  

$    4,853

Depreciation and impairment of
     Equipment on operating leases, net

—

  

—

  

2,425

  

—

  

2,425

  

—

  

—

  

2,476

  

—

  

2,476

Depreciation, amortization and
     impairment charges on Property,
     net

3,221

  

617

  

20

  

—

  

3,859

  

3,236

  

15

  

20

  

—

  

3,270

Foreign currency remeasurement and
     transaction (gains) losses

(145)

  

—

  

(3)

  

—

  

(148)

  

144

  

—

  

4

  

—

  

148

Undistributed earnings of
     nonconsolidated affiliates, net

(55)

  

—

  

(45)

  

—

  

(101)

  

271

  

—

  

(78)

  

—

  

193

Pension contributions and OPEB
     payments

(430)

  

—

  

—

  

—

  

(430)

  

(458)

  

—

  

—

  

—

  

(458)

Pension and OPEB income, net

29

  

—

  

1

  

—

  

30

  

(42)

  

—

  

1

  

—

  

(41)

Provision (benefit) for deferred taxes

1,234

  

(396)

  

289

  

—

  

1,127

  

391

  

(458)

  

25

  

—

  

(42)

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

1,406

  

(145)

  

(617)

  

(4,107)

  

(3,464)

  

1,296

  

285

  

(163)

  

(1,140)

  

278

Net cash provided by (used in)
     operating activities

11,311

  

(1,291)

  

3,214

  

(4,107)

  

9,128

  

9,346

  

(940)

  

3,411

  

(1,140)

  

10,677

Cash flows from investing activities

                                      

Expenditures for property

(5,267)

  

(2)

  

(10)

  

(73)

  

(5,352)

  

(4,544)

  

(32)

  

(16)

  

(91)

  

(4,683)

Available-for-sale marketable
     securities, acquisitions

(2,232)

  

—

  

—

  

—

  

(2,232)

  

(2,354)

  

(374)

  

—

  

—

  

(2,727)

Available-for-sale marketable
     securities, liquidations

1,535

  

—

  

—

  

—

  

1,535

  

3,838

  

1,566

  

—

  

—

  

5,404

Purchases of finance receivables(a)

—

  

—

  

(20,016)

  

3,377

  

(16,639)

  

—

  

—

  

(18,189)

  

380

  

(17,810)

Principal collections and recoveries on
     finance receivables(a)

—

  

—

  

15,577

  

1

  

15,578

  

—

  

—

  

13,921

  

2

  

13,922

Purchases of leased vehicles

—

  

—

  

(7,489)

  

—

  

(7,489)

  

—

  

—

  

(6,834)

  

—

  

(6,834)

Proceeds from termination of leased
     vehicles

—

  

—

  

6,157

  

—

  

6,157

  

—

  

—

  

6,673

  

—

  

6,673

Other investing activities (b)

(1,693)

  

—

  

—

  

1,147

  

(546)

  

(1,031)

  

—

  

1

  

261

  

(770)

Net cash provided by (used in)
     investing activities

(7,656)

  

(2)

  

(5,781)

  

4,452

  

(8,987)

  

(4,091)

  

1,161

  

(4,445)

  

551

  

(6,824)

Cash flows from financing activities

                                      

Net increase (decrease) in short-term
     debt

(2)

  

—

  

296

  

—

  

294

  

(4)

  

—

  

74

  

—

  

70

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

20

  

960

  

29,350

  

(960)

  

29,370

  

10

  

97

  

26,224

  

(97)

  

26,235

Payments on debt (original maturities
     greater than three months)

(52)

  

(7)

  

(23,815)

  

(29)

  

(23,904)

  

(1,582)

  

(14)

  

(22,237)

  

21

  

(23,812)

Payment to purchase common stock

(1,346)

  

—

  

—

  

—

  

(1,346)

  

(869)

  

—

  

—

  

—

  

(869)

Issuance (redemption) of subsidiary
     stock(b)

—

  

255

  

—

  

(255)

  

—

  

—

  

235

  

—

  

(235)

  

—

Dividends paid(c)

(275)

  

—

  

(959)

  

900

  

(334)

  

(252)

  

—

  

(959)

  

900

  

(311)

Other financing activities

(14)

  

(163)

  

(112)

  

—

  

(288)

  

(243)

  

(136)

  

(91)

  

—

  

(470)

Net cash provided by (used in)
     financing activities

(1,668)

  

1,046

  

4,760

  

(345)

  

3,793

  

(2,938)

  

183

  

3,010

  

588

  

843

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

(173)

  

—

  

(58)

  

—

  

(231)

  

46

  

—

  

62

  

—

  

108

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

1,814

  

(247)

  

2,135

  

—

  

3,702

  

2,363

  

404

  

2,038

  

—

  

4,805

Cash, cash equivalents and restricted
     cash at beginning of period

12,310

  

1,359

  

8,249

  

—

  

21,917

  

13,746

  

1,526

  

6,676

  

—

  

21,948

Cash, cash equivalents and restricted
     cash at end of period

$   14,123

  

$ 1,112

  

$ 10,384

  

$                 —

  

$   25,620

  

$   16,109

  

$ 1,930

  

$  8,715

  

$                 —

  

$   26,753

__________

(a)

Includes eliminations of $3.3 billion and $0.2 billion in the six months ended June 30, 2024 and 2023 primarily driven by purchases/collections of wholesale finance receivables resulting from vehicles sold by GM to dealers that have arranged their inventory floor plan financing through GM Financial.

(b)

Includes eliminations of $0.9 billion convertible note issued by Cruise to Automotive in the six months ended June 30, 2024 and $0.3 billion and $0.2 billion of Automotive investment in Cruise in the six months ended June 30, 2024 and 2023.

(c)

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

 

General Motors Company and Subsidiaries1

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

GMNA

  

GMI

  

Corporate

  

Eliminations

  

Total

Automotive

  

Cruise

  

GM

Financial

  

Reclassifications/
Eliminations

  

Total

Three Months Ended June 30, 2024

                                  

Net sales and revenue

$ 40,725

  

$   3,298

  

$        37

  

$           —

  

$     44,060

  

$       25

  

$   3,918

  

$                (35)

  

$   47,969

Expenditures for property

$   2,461

  

$       74

  

$          4

  

$           —

  

$       2,539

  

$      (10)

  

$         6

  

$                 35

  

$     2,569

Depreciation and amortization

$   1,515

  

$      147

  

$        20

  

$           —

  

$       1,682

  

$         7

  

$   1,192

  

$                  —

  

$     2,880

Impairment charges

$        —

  

$        —

  

$        —

  

$           —

  

$            —

  

$      605

  

$        —

  

$                  —

  

$        605

Equity income (loss)(a)(b)

$      330

  

$    (103)

  

$        —

  

$           —

  

$          227

  

$        —

  

$       14

  

$                  —

  

$        240
                                   
 

GMNA

  

GMI

  

Corporate

  

Eliminations

  

Total

Automotive

  

Cruise

  

GM

Financial

  

Reclassifications/
Eliminations

  

Total

Three Months Ended June 30, 2023

                                  

Net sales and revenue

$ 37,220

  

$   3,955

  

$        79

  

$           —

  

$     41,254

  

$       26

  

$   3,498

  

$                (31)

  

$   44,746

Expenditures for property

$   2,014

  

$      114

  

$          7

  

$           —

  

$       2,136

  

$       15

  

$       10

  

$                 90

  

$     2,251

Depreciation and amortization

$   1,531

  

$      144

  

$          5

  

$           —

  

$       1,680

  

$       10

  

$   1,245

  

$                  —

  

$     2,936

Impairment charges

$        —

  

$        —

  

$        —

  

$           —

  

$            —

  

$        —

  

$        —

  

$                  —

  

$          —

Equity income (loss)(a)(b)

$       31

  

$       77

  

$        —

  

$           —

  

$          108

  

$        —

  

$       37

  

$                  —

  

$        145
                                   
 

GMNA

  

GMI

  

Corporate

  

Eliminations

  

Total

Automotive

  

Cruise

  

GM

Financial

  

Reclassifications/
Eliminations

  

Total

Six Months Ended June 30, 2024

                                  

Net sales and revenue

$ 76,824

  

$   6,380

  

$        68

  

$           —

  

$     83,272

  

$       51

  

$   7,730

  

$                (69)

  

$   90,983

Expenditures for property

$   5,091

  

$      167

  

$          8

  

$           —

  

$       5,267

  

$         2

  

$       10

  

$                 73

  

$     5,352

Depreciation and amortization

$   2,924

  

$      272

  

$        25

  

$           —

  

$       3,221

  

$       12

  

$   2,445

  

$                  —

  

$     5,678

Impairment charges

$        —

  

$        —

  

$        —

  

$           —

  

$            —

  

$      605

  

$        —

  

$                  —

  

$        605

Equity income (loss)(a)(b)

$      457

  

$    (211)

  

$        —

  

$           —

  

$          245

  

$        —

  

$       45

  

$                  —

  

$        291
                                   
 

GMNA

  

GMI

  

Corporate

  

Eliminations

  

Total

Automotive

  

Cruise

  

GM

Financial

  

Reclassifications/
Eliminations

  

Total

Six Months Ended June 30, 2023

                                  

Net sales and revenue

$ 70,108

  

$   7,682

  

$      110

  

$           —

  

$     77,900

  

$       51

  

$   6,841

  

$                (60)

  

$   84,732

Expenditures for property

$   4,274

  

$      262

  

$          7

  

$           —

  

$       4,544

  

$       32

  

$        16

  

$                 91

  

$     4,683

Depreciation and amortization

$   2,959

  

$      266

  

$        10

  

$           —

  

$       3,235

  

$       15

  

$   2,496

  

$                  —

  

$     5,746

Impairment charges

$        —

  

$        —

  

$        —

  

$           —

  

$            —

  

$        —

  

$        —

  

$                  —

  

$          —

Equity income (loss)(a)(b)

$      (15)

  

$      157

  

$        —

  

$           —

  

$          142

  

$        —

  

$        78

  

$                  —

  

$        220

__________

(a)

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

(b)

Equity earnings related to Ultium Cells Holdings LLC, an equally owned joint venture with LG Energy Solution, are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our electric vehicles (EVs). Equity earnings related to Ultium Cells Holdings LLC were $324 million and $479 million in the three and six months ended June 30, 2024 and insignificant in the three and six months ended June 30, 2023.

General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)

General Motors Company (GM) uses both generally accepted accounting principles (GAAP) and non-GAAP financial measures for operational and financial decision making, and to assess Company and segment business performance. Our non-GAAP measures include: earnings before interest and taxes (EBIT)-adjusted, presented net of noncontrolling interests; earnings before income taxes (EBT)-adjusted for our General Motors Financial Company, Inc. (GM Financial) segment; earnings per share (EPS)-diluted-adjusted; effective tax rate-adjusted (ETR-adjusted); return on invested capital-adjusted (ROIC-adjusted) and adjusted automotive free cash flow. GM's calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures.

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

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

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

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

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

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

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

 

Three Months Ended

  

Six Months Ended
 

June 30, 2024

  

June 30, 2023

  

June 30, 2024

  

June 30, 2023

Net income attributable to stockholders(a)

$                  2,933

  

$                  2,566

  

$                  5,913

  

$                  4,962

Income tax expense (benefit)

767

  

522

  

1,529

  

950

Automotive interest expense

206

  

226

  

425

  

460

Automotive interest income

(229)

  

(251)

  

(414)

  

(479)

Adjustments

              

Cruise restructuring(b)

583

  

—

  

583

  

—

GMI plant wind down(c)

103

  

—

  

103

  

—

Buick dealer strategy(d)

75

  

246

  

171

  

345

Voluntary separation program(e)

—

  

—

  

—

  

875

GM Korea wage litigation(f)

—

  

(76)

  

—

  

(76)

Total adjustments

761

  

170

  

857

  

1,144

EBIT-adjusted

4,438

  

3,234

  

8,310

  

7,037

Operating segments

             

GM North America (GMNA)

4,433

  

3,194

  

8,273

  

6,769

GM International (GMI)

50

  

236

  

40

  

583

Cruise

(458)

  

(611)

  

(900)

  

(1,172)

GM Financial(g)

822

  

766

  

1,559

  

1,537

Total operating segments

4,847

  

3,585

  

8,971

  

7,717

Corporate and eliminations(h)

(409)

  

(351)

  

(662)

  

(680)

EBIT-adjusted

$                  4,438

  

$                  3,234

  

$                  8,310

  

$                  7,037

__________

(a)

Net of net loss attributable to noncontrolling interests.

(b)

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

(c)

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

(d)

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

(e)

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

(f)

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

(g)

GM Financial amounts represent EBT-adjusted.

(h)

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

 

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

 

Three Months Ended

  

Six Months Ended
 

June 30, 2024

  

June 30, 2023

  

June 30, 2024

  

June 30, 2023
 

Amount

  

Per Share

  

Amount

  

Per Share

  

Amount

  

Per Share

  

Amount

  

Per Share

Diluted earnings per common share

$  2,919

  

$    2.55

  

$  2,540

  

$    1.83

  

$  5,889

  

$    5.10

  

$  4,908

  

$    3.52

Adjustments(a)

761

  

0.66

  

170

  

0.12

  

857

  

0.74

  

1,144

  

0.82

Tax effect on adjustments(b)

(170)

  

(0.15)

  

(60)

  

(0.04)

  

(194)

  

(0.17)

  

(299)

  

(0.21)

EPS-diluted-adjusted

$  3,510

  

$    3.06

  

$  2,650

  

$    1.91

  

$  6,552

  

$    5.68

  

$  5,753

  

$    4.12

__________

(a)

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

(b)

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

 

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

 

Three Months Ended

  

Six Months Ended
 

June 30, 2024

  

June 30, 2023

  

June 30, 2024

  

June 30, 2023
 

Income
before
income
taxes

  

Income
tax
expense
(benefit)

  

Effective
tax rate

  

Income
before
income
taxes

  

Income
tax
expense
(benefit)

  

Effective
tax rate

  

Income
before
income
taxes

  

Income
tax
expense
(benefit)

  

Effective tax
rate

  

Income
before
income
taxes

  

Income
tax
expense
(benefit)

  

Effective
tax rate

Effective tax rate

$  3,643

  

$   767

  

21.0 %

  

$  3,029

  

$   522

  

17.2 %

  

$  7,359

  

$  1,529

  

20.8 %

  

$  5,803

  

$   950

  

16.4 %

Adjustments(a)

828

  

170

      

170

  

60

      

924

  

194

      

1,144

  

299

    

ETR-adjusted

$  4,471

  

$   937

  

20.9 %

  

$  3,199

  

$   582

  

18.2 %

  

$  8,283

  

$  1,723

  

20.8 %

  

$  6,947

  

$  1,249

  

18.0 %

__________

(a)

Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted and segment profit (loss) for adjustment details. These adjustments include Net income attributable to noncontrolling interests where applicable. The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.

 

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

 

Four Quarters Ended
 

June 30, 2024

  

June 30, 2023

Net income attributable to stockholders

$                 11.1

  

$                 10.3

Average equity(a)

$                 70.4

  

$                 70.5

ROE

15.7 %

  

14.6 %

__________

(a)

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

 

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

 

Four Quarters Ended
 

June 30, 2024

  

June 30, 2023

EBIT-adjusted(a)

$                 13.6

  

$                 15.1

Average equity(b)

$                 70.4

  

$                 70.5

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

16.2

  

17.3

Add: Average automotive net pension & OPEB liability

9.3

  

8.0

Less: Average automotive and other net income tax asset

(22.1)

  

(20.7)

ROIC-adjusted average net assets

$                 73.8

  

$                 75.0

ROIC-adjusted

18.5 %

  

20.2 %

__________

(a)

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

(b)

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

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

 

Three Months Ended

  

Six Months Ended
 

June 30, 2024

  

June 30, 2023

  

June 30, 2024

  

June 30, 2023

Net automotive cash provided by operating activities

$              7,713

  

$              7,114

  

$           11,311

  

$              9,346

Less: Capital expenditures

(2,539)

  

(2,136)

  

(5,267)

  

(4,544)

Add: Buick dealer strategy

114

  

316

  

276

  

355

Add: Employee separation costs

—

  

253

  

58

  

258

Add: GMI plant wind down

9

  

—

  

9

  

—

Adjusted automotive free cash flow

$              5,297

  

$              5,548

  

$              6,388

  

$              5,415

Vehicle Sales

GM presents both wholesale and total vehicle sales data to assist in the analysis of our revenue and market share. Wholesale vehicle sales data consists of sales to GM's dealers and distributors as well as sales to the U.S. government and excludes vehicles sold by our joint ventures. Wholesale vehicle sales data correlates to GM's revenue recognized from the sale of vehicles, which is the largest component of Automotive net sales and revenue. In the six months ended June 30, 2024, 26.6% of GM's wholesale vehicle sales volume was generated outside the U.S. The following table summarizes wholesale vehicle sales by automotive segment (vehicles in thousands):

 

Three Months Ended

  

Six Months Ended
 

June 30, 2024

  

June 30, 2023

  

June 30, 2024

  

June 30, 2023

GMNA

903

  

833

  

1,695

  

1,556

GMI

140

  

147

  

243

  

288

Total

1,043

  

979

  

1,938

  

1,844

 

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

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

 

Three Months Ended

  

Six Months Ended
 

June 30, 2024

  

June 30, 2023

  

June 30, 2024

  

June 30, 2023
 

Industry

  

GM

  

Market
Share

  

Industry

  

GM

  

Market
Share

  

Industry

  

GM

  

Market
Share

  

Industry

  

GM

  

Market
Share

North America

                                              

United States

4,195

  

696

  

16.6 %

  

4,227

  

692

  

16.4 %

  

8,048

  

1,290

  

16.0 %

  

7,909

  

1,295

  

16.4 %

Other

1,007

  

131

  

13.0 %

  

921

  

113

  

12.3 %

  

1,898

  

246

  

13.0 %

  

1,714

  

217

  

12.6 %

Total North America

5,202

  

827

  

15.9 %

  

5,148

  

805

  

15.6 %

  

9,946

  

1,537

  

15.5 %

  

9,623

  

1,512

  

15.7 %

Asia/Pacific, Middle
     East and Africa

                                              

China(a)

5,870

  

373

  

6.4 %

  

6,149

  

526

  

8.6 %

  

11,525

  

814

  

7.1 %

  

11,251

  

988

  

8.8 %

Other

5,107

  

121

  

2.4 %

  

5,236

  

143

  

2.7 %

  

10,645

  

233

  

2.2 %

  

10,815

  

251

  

2.3 %

Total Asia/Pacific,
     Middle East and
     Africa

10,977

  

493

  

4.5 %

  

11,384

  

669

  

5.9 %

  

22,170

  

1,047

  

4.7 %

  

22,067

  

1,239

  

5.6 %

South America

                                              

Brazil

629

  

84

  

13.4 %

  

526

  

78

  

14.7 %

  

1,143

  

141

  

12.3 %

  

998

  

149

  

14.9 %

Other

317

  

27

  

8.5 %

  

344

  

31

  

8.9 %

  

626

  

54

  

8.7 %

  

726

  

65

  

9.0 %

Total South America

946

  

111

  

11.7 %

  

870

  

108

  

12.4 %

  

1,769

  

195

  

11.0 %

  

1,724

  

214

  

12.4 %

Total in GM markets

17,125

  

1,432

  

8.4 %

  

17,403

  

1,583

  

9.1 %

  

33,885

  

2,779

  

8.2 %

  

33,414

  

2,965

  

8.9 %

Total Europe

4,353

  

1

  

— %

  

4,314

  

1

  

— %

  

8,721

  

1

  

— %

  

8,402

  

1

  

— %

Total Worldwide(b)

21,477

  

1,432

  

6.7 %

  

21,717

  

1,583

  

7.3 %

  

42,606

  

2,780

  

6.5 %

  

41,816

  

2,966

  

7.1 %

United States

                                              

Cars

780

  

53

  

6.8 %

  

835

  

68

  

8.1 %

  

1,489

  

103

  

6.9 %

  

1,542

  

128

  

8.3 %

Trucks

1,126

  

359

  

31.9 %

  

1,132

  

342

  

30.2 %

  

2,062

  

650

  

31.5 %

  

2,128

  

639

  

30.0 %

Crossovers

2,290

  

284

  

12.4 %

  

2,260

  

283

  

12.5 %

  

4,496

  

538

  

12.0 %

  

4,239

  

528

  

12.5 %

Total United States

4,195

  

696

  

16.6 %

  

4,227

  

692

  

16.4 %

  

8,048

  

1,290

  

16.0 %

  

7,909

  

1,295

  

16.4 %

China(a)

                                              

SGMS

    

120

          

240

          

275

          

413

    

SGMW

    

253

          

286

          

539

          

576

    

Total China

5,870

  

373

  

6.4 %

  

6,149

  

526

  

8.6 %

  

11,525

  

814

  

7.1 %

  

11,251

  

988

  

8.8 %

__________ 

(a)

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

(b)

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

 

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

 

Three Months Ended

  

Six Months Ended
 

June 30, 2024

  

June 30, 2023

  

June 30, 2024

  

June 30, 2023

GMNA

179

  

196

  

320

  

373

GMI

98

  

118

  

166

  

208

Total fleet sales

277

  

314

  

486

  

581
               

Fleet sales as a percentage of total vehicle sales

19.3 %

  

19.8 %

  

17.5 %

  

19.6 %
               

North America capacity two-shift utilization

108.1 %

  

102.7 %

  

105.1 %

  

99.3 %

 

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

SOURCE General Motors Company

CONTACTS: Jim Cain, GM Communications, 313-407-2843, james.cain@chevrolet.com; David Caldwell, GM Communications, 586-899-7861, david.caldwell@gm.com; Ashish Kohli, CFA, GM Investor Relations, 847-964-3459, ashish.kohli@gm.com

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