Release Details

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

Jan 28, 2025

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 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)

 

—

 

(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  

(f)

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

(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  

(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- trademarked vehicles by those joint ventures, which are included in the total vehicle sales we report for 

 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

 

                       

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 %

 

                       

 

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  

13,971

 

736

 

5.3 %

 

12,922

 

736

 

5.7 %

 

48,293

 

2,359

 

4.9 %

 

47,025

 

2,676

 

5.7 %

 

                       

 

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  

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  

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 %

 

                       

SGMS

  

152

     

211

     

524

     

870

  

SGMW

  

447

     

358

     

1,315

     

1,229

  

Total  

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)

 

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 %

        

 

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

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