News Release Details

To Our Shareholders,

Today’s third quarter earnings announcement caps an eventful month for GM. Two weeks ago, we hosted analysts and investors in Spring Hill, Tenn. where we build ICE and EV Cadillacs on the same assembly line. Spring Hill is also home to one of the world’s best battery cell plants, which we operate with LG Energy Solution. These plants showcase the battery expertise, manufacturing flexibility, and scale that is helping GM grow and we were excited to give investors a chance to see them in action.

At the event, we also shared that we expect GM’s 2025 EBIT-adjusted to be at a similar range to our full year 2024 results. There are many drivers:

• Progress on EV profitability, along with rising sales and market share growth
• A wide range of redesigned SUVs that are more profitable than the outgoing models
• Our overall cost discipline and focus on capital efficiency
• Improved performance in China

In the third quarter, we grew U.S. retail market share with above-average pricing, well-managed inventories and below-average incentives. In China, sales improved from the second quarter, and dealer inventory fell sharply. In addition, we remain on track to reach our 2024 EV production and profitability targets.

This is a function of our investments in a dedicated EV platform, U.S. battery cell manufacturing and flexible assembly capacity. Most of our competitors lack these advantages. And no one can match the depth and breadth of our strategic EV portfolio.

With our strong third quarter results, we now expect our full-year EBIT-adjusted to be in a range of $14 billion - 
$15 billion and we are raising our guidance for adjusted automotive free cash flow and earnings per share.

I’m proud that GM is delivering our best vehicles ever with strong financial results. But I want to be clear that we are not mistaking progress for winning. Competition is fierce, and the regulatory environment will keep getting tougher. That’s why we are focused on optimizing our ICE margins and working to make our EVs profitable on an EBIT basis as quickly as possible.

Everyone in our company is focused on these goals because they’re the best way for us to demonstrate both leadership and our true long-term growth potential.

Thank you for your continued confidence in Team GM.

 

Mary T. Barra

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 Reconciliation

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

	Year Ending December 31, 2024
	Updated		Previous
Net income attributable to stockholders	$ 10.4-11.1		$ 10.0-11.4
Income tax expense	2.4-2.7		2.2-2.8
Automotive interest income, net	(0.1)		(0.1)
Adjustments(a)	1.3		0.9
EBIT-adjusted	$ 14.0-15.0		$ 13.0-15.0

__________

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