gm-20230725
0001467858FALSE00014678582023-07-252023-07-25


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
___________________

FORM 8-K
___________________

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 25, 2023
___________________
GENERAL MOTORS COMPANY
(Exact name of registrant as specified in its charter)
__________________
Delaware
001-34960
27-0756180
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
300 Renaissance Center,Detroit,Michigan48265-3000
(Address of principal executive offices)(Zip Code)

(313) 667-1500
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)
__________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueGMNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  



ITEM 2.02 Results of Operations and Financial Condition

On July 25, 2023, General Motors Company (GM) issued a news release and supplemental materials on the subject of its 2023 second quarter consolidated earnings. The news release and supplemental materials are attached as Exhibit 99.1 and Exhibit 99.2.

Charts furnished to securities analysts in connection with GM's 2023 second quarter earnings release are available on GM's website at www.gm.com/investors/earnings-releases.html.

ITEM 9.01 Financial Statements and Exhibits

EXHIBIT
ExhibitDescription
Exhibit 99.1
Exhibit 99.2
Exhibit 104Cover Page Interactive Data File (embedded within the Inline XBRL document)





SIGNATURE



Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

GENERAL MOTORS COMPANY (Registrant)


By:/s/ CHRISTOPHER T. HATTO
Date: July 25, 2023Christopher T. Hatto, Vice President, Global Business Solutions and Chief Accounting Officer



q22023earnings07252023
For release: Tuesday, July 25, 2023, at 6:30 a.m. ET GM Releases 2023 Second-Quarter Results and Raises Full-Year Earnings Guidance DETROIT – General Motors Co. (NYSE: GM) today reported second-quarter 2023 revenue of $44.7 billion, net income attributable to stockholders of $2.6 billion and EBIT-adjusted of $3.2 billion. The results include a $792 million charge for new commercial agreements GM has with LG Electronics and LG Energy Solution. The charge reflects the conscious decision GM made during the Chevrolet Bolt EV and Bolt EUV recall to serve customers in ways that go beyond traditional remedies, and GM is taking new steps that will reduce its costs and improve EV margins over time. GM is also updating its full-year 2023 guidance for the second consecutive quarter: • U.S. GAAP net income attributable to stockholders of $9.3 billion-$10.7 billion, compared to the previous outlook of $8.4 billion-$9.9 billion • EBIT-adjusted of $12.0 billion-$14.0 billion, compared to the previous outlook of $11.0 billion-$13.0 billion • U.S. GAAP net automotive cash provided by operating activities of $18.0 billion-$21.0 billion, compared to the previous outlook of $16.5 billion-$20.5 billion • Adjusted automotive free cash flow of $7.0 billion-$9.0 billion, compared to the previous outlook of $5.5 billion-$7.5 billion • Capital expenditures of $11 billion-$12 billion, compared to the previous outlook of $11 billion-$13 billion See below for reconciliations of non-GAAP measures to their most directly comparable GAAP measures or visit the GM Investor Relations website for complete details. Downloads • GM Chair and CEO Mary Barra's letter to shareholders • Earnings deck • Detailed quarterly results with year-over-year comparisons 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. Those who wish to listen to the call may dial in using the following numbers and passcode: • United States: 1-800-857-9821 • International: +1-517-308-9481 • Conference call passcode: General Motors News Exhibit 99.1


 
Results Overview Six Months Ended ($M) except where noted June 30, 2023 June 30, 2022 Change % Change Revenue $ 84,732 $ 71,738 $ 12,994 18.1 % Net income attributable to stockholders $ 4,962 $ 4,631 $ 331 7.1 % EBIT-adjusted $ 7,037 $ 6,387 $ 650 10.2 % Net income margin 5.9 % 6.5 % (1.0) ppts (14.5) % EBIT-adjusted margin 8.3 % 8.9 % (0.6) ppts (6.7) % Automotive operating cash flow $ 9,346 $ 5,104 $ 4,242 83.1 % Adjusted automotive free cash flow $ 5,415 $ 1,413 $ 4,002 283.2 % EPS-diluted(a) $ 3.52 $ 2.49 $ 1.03 41.4 % EPS-diluted-adjusted(a) $ 4.12 $ 3.23 $ 0.89 27.6 % GMNA EBIT-adjusted $ 6,769 $ 5,440 $ 1,329 24.4 % GMNA EBIT-adjusted margin 9.7 % 9.3 % 0.6 ppts 6.5 % GMI EBIT-adjusted $ 583 $ 537 $ 46 8.6 % China equity income $ 161 $ 147 $ 14 9.5 % GM Financial EBT-adjusted $ 1,537 $ 2,390 $ (853) (35.7) % __________ (a) EPS-diluted and EPS-diluted-adjusted include a $0.13 impact from revaluation on equity investments in the six months ended March 31, 2022. Three Months Ended ($M) except where noted June 30, 2023 June 30, 2022 Change % Change Revenue $ 44,746 $ 35,759 $ 8,987 25.1 % Net income attributable to stockholders $ 2,566 $ 1,692 $ 874 51.7 % EBIT-adjusted $ 3,234 $ 2,343 $ 891 38.0 % Net income margin 5.7 % 4.7 % 1.0 ppts 21.3 % EBIT-adjusted margin 7.2 % 6.6 % 0.6 ppts 0.9 % Automotive operating cash flow $ 7,114 $ 3,469 $ 3,645 105.1 % Adjusted automotive free cash flow $ 5,548 $ 1,407 $ 4,141 294.3 % EPS-diluted(a) $ 1.83 $ 1.14 $ 0.69 60.5 % EPS-diluted-adjusted(a) $ 1.91 $ 1.14 $ 0.77 67.5 % GMNA EBIT-adjusted $ 3,194 $ 2,299 $ 895 38.9 % GMNA EBIT-adjusted margin 8.6 % 8.0 % 0.6 ppts 7.5 % GMI EBIT-adjusted $ 236 $ 209 $ 27 12.9 % China equity income $ 78 $ (87) $ 165 n.m. GM Financial EBT-adjusted $ 766 $ 1,106 $ (340) (30.7) % __________ (a) EPS-diluted and EPS-diluted-adjusted include a $(0.03) and $(0.05) impact from revaluation on equity investments in the three months ended June 30, 2023 and June 30, 2022. (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 powers 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. ### 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 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.


 
Non-GAAP Reconciliations The following table reconciles Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted (dollars in millions): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Net income attributable to stockholders(a) $ 2,566 $ 1,692 $ 4,962 $ 4,631 Income tax expense (benefit) 522 490 950 462 Automotive interest expense 226 234 460 460 Automotive interest income (251) (73) (479) (123) Adjustments Voluntary separation program(b) — — 875 — Cruise compensation modifications(c) — — — 1,057 Buick dealer strategy(d) 246 — 345 — Patent royalty matters(e) — — — (100) GM Korea wage litigation(f) (76) — — Total adjustments 170 — 1,144 957 EBIT-adjusted $ 3,234 $ 2,343 $ 7,037 $ 6,387 __________ (a) Net of net loss attributable to noncontrolling interests. (b) 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 United States. (c) This adjustment was excluded because it relates to the one-time modification of Cruise stock incentive awards. (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 certain royalties accrued with respect to past-year vehicle sales in the three months ended December 31, 2021, and the resolution of substantially all of these matters in the three months ended March 31, 2022. (f) This adjustment was excluded because it relates to the partial resolution of subcontractor matters in Korea. 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, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Amount Per Share Amount Per Share Amount Per Share Amount Per Share Diluted earnings per common share $ 2,540 $ 1.83 $ 1,666 $ 1.14 $ 4,908 $ 3.52 $ 3,653 $ 2.49 Adjustments(a) 170 0.12 — — 1,144 0.82 957 0.65 Tax effect on adjustments(b) (60) (0.04) — — (299) (0.21) (296) (0.20) Tax adjustments(c) — — — — — — (482) (0.33) Deemed dividend adjustment(d) — — — — — — 909 0.62 EPS-diluted-adjusted $ 2,650 $ 1.91 $ 1,666 $ 1.14 $ 5,753 $ 4.12 $ 4,741 $ 3.23 __________ (a) Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted 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.


 
(c) This adjustment consists of tax benefit related to the release of a valuation allowance against deferred tax assets considered realizable as a result of Cruise tax reconsolidation in the six months ended June 30, 2022. This adjustment was excluded because significant impacts of valuation allowances are not considered part of our core operations. (d) This adjustment consists of a deemed dividend related to the redemption of Cruise preferred shares from SoftBank in the six months ended June 30, 2022. 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, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Net automotive cash provided by operating activities $ 7,114 $ 3,469 $ 9,346 $ 5,104 Less: Capital expenditures (2,136) (2,073) (4,544) (3,717) Add: Buick dealer strategy 316 — 355 — Add: Employee separation costs 253 — 258 — Add: GM Korea wage litigation — 10 — 26 Adjusted automotive free cash flow $ 5,548 $ 1,407 $ 5,415 $ 1,413 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, 2023 Net income attributable to stockholders $ 9.3-10.7 Income tax expense 1.6-2.2 Automotive interest expense, net 0.0 Adjustments(a) 1.1 EBIT-adjusted $ 12.0-14.0 __________ (a) Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted for the details of each individual adjustment. We do not consider the potential future impact of adjustments on our expected financial results. 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, 2023 Net automotive cash provided by operating activities $ 17.4-20.4 Less: Capital expenditures 11.0-12.0 Adjustments 0.6 Adjusted automotive free cash flow(a) $ 7-9 __________ (a) We do not consider the potential future impact of adjustments on our expected financial results.


 
Document
Exhibit 99.2

General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
General Motors Company's (GM) 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 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 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 reversal of significant deferred tax asset valuation allowances.

ETR-adjusted 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 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 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.





________

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

1




General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following table reconciles Net income attributable to stockholders under U.S. GAAP to segment profit (loss) (dollars in millions):
Three Months EndedSix Months Ended
June 30, 2023June 30, 2022June 30, 2023June 30, 2022
Net income attributable to stockholders(a)$2,566 $1,692 $4,962 $4,631 
Income tax expense (benefit)522 490 950 462 
Automotive interest expense226 234 460 460 
Automotive interest income (251)(73)(479)(123)
Adjustments
   Voluntary separation program(b)— — 875 — 
   Cruise compensation modifications(c)— — — 1,057 
Buick dealer strategy(d)246 — 345 — 
   Patent royalty matters(e)— — — (100)
   GM Korea wage litigation(f)(76)— (76)— 
Total adjustments170 — 1,144 957 
EBIT-adjusted3,234 2,343 7,037 6,387 
Operating segments
GM North America (GMNA)3,194 2,299 6,769 5,440 
GM International (GMI)236 209 583 537 
Cruise (611)(543)(1,172)(868)
GM Financial(g)766 1,106 1,537 2,390 
Total operating segments3,585 3,072 7,717 7,499 
Corporate and eliminations(h)(351)(728)(680)(1,112)
EBIT-adjusted$3,234 $2,343 $7,037 $6,387 
__________
(a)Net of net loss attributable to noncontrolling interests.
(b)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 United States.
(c)This adjustment was excluded because it relates to the one-time modification of Cruise stock incentive awards.
(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 resolution of substantially all royalty matters accrued with respect to past-year vehicle sales in the three months ended March 31, 2022.
(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 nonsegment specific revenues and expenses are recorded centrally in Corporate.









2




General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
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 EndedSix Months Ended
June 30, 2023June 30, 2022June 30, 2023June 30, 2022
AmountPer ShareAmountPer ShareAmountPer ShareAmountPer Share
Diluted earnings per common share$2,540 $1.83 $1,666 $1.14 $4,908 $3.52 $3,653 $2.49 
Adjustments(a)170 0.12 — — 1,144 0.82 957 0.65 
Tax effect on adjustments(b)(60)(0.04)— — (299)(0.21)(296)(0.20)
Tax adjustments(c)— — — — — — (482)(0.33)
Deemed dividend adjustment(d)— — — — — — 909 0.62 
EPS-diluted-adjusted$2,650 $1.91 $1,666 $1.14 $5,753 $4.12 $4,741 $3.23 
________
(a)Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to 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.
(c)This adjustment consists of tax benefit related to the release of a valuation allowance against deferred tax assets that are considered realizable as a result of Cruise tax reconsolidation in the six months ended June 30, 2022. This adjustment was excluded because significant impacts of valuation allowances are not considered part of our core operations.
(d)This adjustment consists of a deemed dividend related to the redemption of Cruise preferred shares from SoftBank Vision Fund (AIV M2) L.P. (SoftBank) in the six months ended June 30, 2022.

The following table reconciles our effective tax rate under U.S. GAAP to ETR-adjusted (dollars in millions):
Three Months EndedSix Months Ended
June 30, 2023June 30, 2022June 30, 2023June 30, 2022
Income before income taxesIncome tax expense (benefit)Effective tax rateIncome before income taxesIncome tax expense (benefit)Effective tax rateIncome before income taxesIncome tax expense (benefit)Effective tax rateIncome before income taxesIncome tax expense (benefit)Effective tax rate
Effective tax rate$3,029 $522 17.2 %$2,132 $490 23.0 %$5,803 $950 16.4 %$4,912 $462 9.4 %
Adjustments(a)170 60 — — 1,144 299 1,053 296 
Tax adjustments(b)— — — 482 
ETR-adjusted$3,199 $582 18.2 %$2,132 $490 23.0 %$6,947 $1,249 18.0 %$5,965 $1,240 20.8 %
________
(a)Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to 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.
(b)Refer to the reconciliation of diluted earnings per common share under U.S. GAAP to EPS-diluted-adjusted for adjustment details.



















3




General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
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, 2023June 30, 2022
Net income attributable to stockholders$10.3 $8.8 
Average equity(a)$70.5 $62.4 
ROE14.6 %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):
Four Quarters Ended
June 30, 2023June 30, 2022
EBIT-adjusted(a)$15.1 $12.1 
Average equity(b)$70.5 $62.4 
Add: Average automotive debt and interest liabilities (excluding finance leases)17.3 16.8 
Add: Average automotive net pension & OPEB liability8.0 12.1 
Less: Average automotive and other net income tax asset(20.7)(21.6)
ROIC-adjusted average net assets$75.0 $69.7 
ROIC-adjusted20.2 %17.4 %
________
(a)Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to segment profit (loss) for adjustment details.
(b)Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in EBIT-adjusted.




















4




General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
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 EndedSix Months Ended
June 30, 2023June 30, 2022June 30, 2023June 30, 2022
Net automotive cash provided by operating activities$7,114 $3,469 $9,346 $5,104 
Less: Capital expenditures(2,136)(2,073)(4,544)(3,717)
Add: Buick dealer strategy316 — 355 — 
Add: Employee separation costs253 — 258 — 
Add: GM Korea wage litigation— 10 — 26 
Adjusted automotive free cash flow$5,548 $1,407 $5,415 $1,413 

The following tables summarize key financial information by segment (dollars in millions):
GMNAGMICorporateEliminationsTotal
Automotive
CruiseGM
Financial
Reclassifications/EliminationsTotal
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 $$— $2,136 $15 $10 $90 $2,251 
Depreciation and amortization$1,531 $144 $$— $1,680 $10 $1,245 $— $2,936 
Impairment charges$— $— $— $— $— $— $— $— $— 
Equity income (loss)(a)(b)$31 $77 $— $— $108 $— $37 $— $145 
GMNAGMICorporateEliminationsTotal
Automotive
CruiseGM
Financial
Reclassifications/EliminationsTotal
Three Months Ended June 30, 2022
Net sales and revenue$28,760 $3,807 $47 $— $32,614 $25 $3,146 $(26)$35,759 
Expenditures for property$1,894 $178 $$— $2,073 $87 $$— $2,168 
Depreciation and amortization$1,476 $131 $$— $1,613 $12 $1,218 $— $2,844 
Impairment charges$11 $— $— $— $11 $— $— $— $11 
Equity income (loss)(a)$(6)$(89)$— $— $(95)$— $50 $— $(45)
GMNAGMICorporateEliminationsTotal
Automotive
CruiseGM
Financial
Reclassifications/EliminationsTotal
Six Months Ended June 30, 2023
Net sales and revenue$70,108 $7,682 $110 $— $77,900 $51 $6,841 $(60)$84,732 
Expenditures for property$4,274 $262 $$— $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 
GMNAGMICorporateEliminationsTotal
Automotive
CruiseGM
Financial
Reclassifications/EliminationsTotal
Six Months Ended June 30, 2022
Net sales and revenue$58,216 $7,120 $100 $— $65,437 $51 $6,302 $(52)$71,738 
Expenditures for property$3,415 $299 $$— $3,717 $91 $18 $$3,829 
Depreciation and amortization$2,980 $265 $11 $— $3,256 $25 $2,454 $— $5,735 
Impairment charges$11 $— $— $— $11 $— $— $— $11 
Equity income (loss)(a)$— $143 $— $— $144 $— $104 $— $247 
________
(a)Includes Automotive China equity income of $78 million and $(87) million in the three months ended June 30, 2023 and 2022 and $161 million and $147 million in the six months ended June 30, 2023 and 2022.
(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. In the three and six months ended June 30, 2023, equity earnings related to Ultium Cells Holdings LLC were insignificant.



5




General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Vehicle Sales

GM presents both wholesale and total vehicle sales data to assist in the analysis of our revenue and our 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, 2023, 27.8% 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 EndedSix Months Ended
June 30, 2023June 30, 2022June 30, 2023June 30, 2022
GMNA833 662 1,556 1,356 
GMI147 155 288 292 
Total979 817 1,844 1,648 

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 GM's dealers, distributors, and joint ventures, commercially available data sources such as registration and insurance data, and internal estimates and forecasts when other data is not available.


6




General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following table summarizes industry and GM total vehicle sales and GM's related competitive position by geographic region (vehicles in thousands):
 Three Months EndedSix Months Ended
 June 30, 2023June 30, 2022June 30, 2023June 30, 2022
 IndustryGMMarket ShareIndustryGMMarket ShareIndustryGMMarket ShareIndustryGMMarket Share
North America
United States4,236 692 16.3 %3,605 582 16.2 %7,910 1,295 16.4 %7,007 1,095 15.6 %
Other922 113 12.3 %809 105 12.9 %1,715 217 12.6 %1,502 193 12.8 %
Total North America5,158 805 15.6 %4,414 687 15.6 %9,625 1,512 15.7 %8,509 1,288 15.1 %
Asia/Pacific, Middle East and Africa
China(a)6,099 526 8.6 %5,107 484 9.5 %11,205 988 8.8 %10,852 1,097 10.1 %
Other4,957 144 2.9 %4,714 142 3.0 %10,494 252 2.4 %9,974 265 2.7 %
Total Asia/Pacific, Middle East and Africa11,057 670 6.1 %9,821 626 6.4 %21,700 1,240 5.7 %20,826 1,362 6.5 %
South America
Brazil526 78 14.7 %512 66 12.8 %998 149 14.9 %917 116 12.6 %
Other343 31 8.9 %395 42 10.6 %725 65 9.0 %785 82 10.4 %
Total South America869 108 12.5 %907 107 11.8 %1,723 214 12.4 %1,702 197 11.6 %
Total in GM markets17,083 1,584 9.3 %15,142 1,420 9.4 %33,048 2,966 9.0 %31,037 2,847 9.2 %
Total Europe4,238 — %3,595 — — %8,326 — %7,056 — %
Total Worldwide(b)(c)21,322 1,584 7.4 %18,736 1,421 7.6 %41,374 2,967 7.2 %38,093 2,848 7.5 %
United States
Cars843 68 8.0 %737 56 7.6 %1,549 128 8.3 %1,409 103 7.3 %
Trucks1,137 342 30.0 %983 313 31.8 %2,134 639 29.9 %1,887 600 31.8 %
Crossovers2,255 283 12.5 %1,884 213 11.3 %4,228 528 12.5 %3,711 392 10.6 %
Total United States4,236 692 16.3 %3,605 582 16.2 %7,910 1,295 16.4 %7,007 1,095 15.6 %
China(a)
SGMS240 205 413 468 
SGMW286 279 576 629 
Total China6,099 526 8.6 %5,107 484 9.5 %11,205 988 8.8 %10,852 1,097 10.1 %
__________
(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.
(c)As of March 2022, GM is no longer importing vehicles or parts to Russia, Belarus and certain sanctioned provinces in Ukraine.

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 EndedSix Months Ended
June 30, 2023June 30, 2022June 30, 2023June 30, 2022
GMNA196 148 373 290 
GMI118 91 208 162 
Total fleet sales314 239 581 452 
Fleet sales as a percentage of total vehicle sales19.8 %16.8 %19.6 %15.9 %
North America capacity two-shift utilization102.7 %96.7 %99.3 %96.4 %

7




General Motors Company and Subsidiaries
Combining Income Statement Information
(In millions) (Unaudited)
Three Months Ended June 30, 2023Three Months Ended June 30, 2022
AutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
Net sales and revenue
Automotive$41,254 $26 $— $(26)$41,254 $32,614 $25 $— $(25)$32,614 
GM Financial— — 3,498 (5)3,493 — — 3,146 (1)3,145 
Total net sales and revenue41,254 26 3,498 (31)44,746 32,614 25 3,146 (26)35,759 
Costs and expenses
Automotive and other cost of sales36,059 574 — (1)36,632 28,765 496 — (1)29,261 
GM Financial interest, operating and other expenses— — 2,768 — 2,768 — — 2,089 — 2,089 
Automotive and other selling, general and administrative expense2,434 125 — (1)2,558 2,160 134 — — 2,293 
Total costs and expenses38,493 698 2,768 (2)41,958 30,925 630 2,089 (1)33,643 
Operating income (loss)2,761 (673)729 (29)2,789 1,689 (605)1,057 (25)2,116 
Automotive interest expense226 — (8)226 234 — — — 234 
Interest income and other non-operating income, net308 29 — 21 358 262 — 28 295 
Equity income (loss)71 — 37 — 108 (95)— 50 — (45)
Income (loss) before income taxes$2,914 $(651)$766 $— $3,029 $1,623 $(600)$1,106 $$2,132 
Income tax expense (benefit)522 490 
Net income (loss)2,507 1,642 
Net loss (income) attributable to noncontrolling interests59 50 
Net income (loss) attributable to stockholders$2,566 $1,692 
Net income (loss) attributable to common stockholders$2,540 $1,666 
Six Months Ended June 30, 2023Six Months Ended June 30, 2022
AutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
Net sales and revenue
Automotive$77,900 $51 $— $(51)$77,900 $65,437 $51 $— $(50)$65,437 
GM Financial— — 6,841 (9)6,832 — — 6,302 (2)6,301 
Total net sales and revenue77,900 51 6,841 (60)84,732 65,437 51 6,302 (52)71,738 
Costs and expenses
Automotive and other cost of sales 67,775 

1,105 — 

(2)

68,879 

56,987 1,628 — (1)58,614 
GM Financial interest, operating and other expenses— — 5,381 (1)5,380 — — 4,015 (1)4,015 
Automotive and other selling, general and administrative expense4,872 234 — (1)5,105 4,266 532 — — 4,797 
Total costs and expenses72,647 1,340 5,381 (4)79,364 61,252 2,159 4,015 (2)67,426 
Operating income (loss)5,253 (1,289)1,459 (56)5,367 4,184 (2,108)2,287 (50)4,313 
Automotive interest expense460 10 — (10)460 460 — (2)460 
Interest income and other non-operating income, net661 60 — 46 767 754 — 55 812 
Equity income (loss)52 — 78 — 129 144 — 104 — 247 
Income (loss) before income taxes$5,506 $(1,239)$1,537 $— $5,803 $4,622 $(2,107)$2,390 $$4,912 
Income tax expense (benefit)950 462 
Net income (loss)4,853 4,449 
Net loss (income) attributable to noncontrolling interests109 181 
Net income (loss) attributable to stockholders$4,962 $4,631 
Net income (loss) attributable to common stockholders$4,908 $3,653 

8




General Motors Company and Subsidiaries
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 EndedSix Months Ended
June 30, 2023June 30, 2022June 30, 2023June 30, 2022
Basic earnings per share
Net income (loss) attributable to stockholders$2,566 $1,692 $4,962 $4,631 
Less: cumulative dividends on subsidiary preferred stock(a)(27)(26)(53)(978)
Net income (loss) attributable to common stockholders$2,540 $1,666 $4,908 $3,653 
Weighted-average common shares outstanding1,385 1,458 1,390 1,458 
Basic earnings per common share$1.83 $1.14 $3.53 $2.51 
Diluted earnings per share
Net income (loss) attributable to common stockholders – diluted$2,540 $1,666 $4,908 $3,653 
Weighted-average common shares outstanding – diluted1,389 1,465 1,396 1,468 
Diluted earnings per common share$1.83 $1.14 $3.52 $2.49 
Potentially dilutive securities(b)24 10 24 10 
__________
(a)Includes a $909 million deemed dividend related to the redemption of Cruise preferred shares from SoftBank in the six months ended June 30, 2022.
(b)Potentially dilutive securities attributable to outstanding stock options, Restricted Stock Units (RSUs) and Performance Stock Units (PSUs) at June 30, 2023 and outstanding stock options and RSUs at June 30, 2022, were excluded from the computation of diluted earnings per share (EPS) because the securities would have had an antidilutive effect.

9




General Motors Company and Subsidiaries
Combining Balance Sheet Information
(In millions, except per share amounts) (Unaudited)
June 30, 2023December 31, 2022
AutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
ASSETS
Current Assets
Cash and cash equivalents$15,976 $1,915 $5,182 $— $23,074 $13,629 $1,519 $4,005 $— $19,153 
Marketable debt securities9,341 215 — — 9,556 10,760 1,390 — — 12,150 
Accounts and notes receivable, net(a)12,826 2,223 (981)14,068 11,910 — 2,114 (691)13,333 
GM Financial receivables, net— — 34,585 (145)34,440 — — 33,811 (188)33,623 
Inventories17,915 — (4)17,912 15,369 — — (2)15,366 
Other current assets(b)1,944 400 5,789 (378)7,755 2,009 347 4,912 (442)6,825 
Total current assets58,001 2,532 47,779 (1,508)106,804 53,677 3,256 44,842 (1,324)100,451 
Non-current Assets
GM Financial receivables, net— — 44,420 (219)44,201 — — 40,702 (112)40,591 
Equity in net assets of nonconsolidated affiliates8,397 — 1,667 — 10,064 8,511 — 1,665 — 10,176 
Property, net 47,651 153 138 — 47,941 45,011 98 140 — 45,248 
Goodwill and intangible assets, net 2,869 727 1,354 — 4,950 2,877 727 1,341 — 4,945 
Equipment on operating leases, net— — 31,560 — 31,560 — — 32,701 — 32,701 
Deferred income taxes20,123 1,389 (872)— 20,640 20,348 1,108 (917)— 20,539 
Other assets(c)8,531 288 1,129 (276)9,672 7,995 322 1,069 — 9,386 
Total non-current assets87,570 2,557 79,396 (495)169,029 84,742 2,254 76,702 (112)163,586 
Total Assets$145,572 $5,089 $127,175 $(2,003)$275,833 $138,419 $5,510 $121,544 $(1,436)$264,037 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (principally trade)(a)$29,701 $141 $921 $(963)$29,800 $27,307 $146 $712 $(679)$27,486 
Short-term debt and current portion of long-term debt
Automotive585 21 — (162)444 2,144 13 — (198)1,959 
GM Financial— — 36,224 — 36,224 — — 36,819 — 36,819 
Cruise— — (3)— — — (2)— 
Accrued liabilities(b)19,773 528 6,328 (380)26,249 18,662 612 6,081 (445)24,910 
Total current liabilities50,059 694 43,473 (1,508)92,718 48,113 772 43,612 (1,324)91,173 
Non-current Liabilities
Long-term debt
Automotive(c)15,976 281 — (276)15,981 15,879 — — 15,885 
GM Financial — — 65,394 — 65,394 — — 60,036 — 60,036 
Cruise— 219 — (219)— — 112 — (112)— 
Postretirement benefits other than pensions4,148 — — — 4,148 4,193 — — — 4,193 
Pensions 5,672 — — 5,680 5,692 — — 5,698 
Other liabilities12,962 437 2,540 — 15,938 11,927 465 2,375 — 14,767 
Total non-current liabilities38,758 937 67,941 (495)107,142 37,691 583 62,417 (112)100,579 
Total Liabilities88,817 1,632 111,415 (2,003)199,861 85,804 1,356 106,029 (1,436)191,752 
Noncontrolling interest - Cruise Stock Incentive Awards— 287 — — 287 — 357 — — 357 
Equity
Common stock, $0.01 par value14 — — — 14 14 — — — 14 
Additional paid-in capital(d)25,939 115 1,374 (1,349)26,078 26,313 90 1,433 (1,409)26,428 
Retained earnings36,679 1,163 15,673 53,517 32,054 1,766 15,429 49,251 
Accumulated other comprehensive loss(6,666)(1,287)— (7,953)(6,552)(2)(1,348)— (7,901)
Total stockholders’ equity55,965 1,278 15,760 (1,348)71,655 51,829 1,855 15,515 (1,407)67,792 
Noncontrolling interests(d)790 1,892 — 1,348 4,030 786 1,942 — 1,407 4,135 
Total Equity56,755 3,170 15,760 — 75,685 52,615 3,797 15,515 — 71,927 
Total Liabilities and Equity$145,572 $5,089 $127,175 $(2,003)$275,833 $138,419 $5,510 $121,544 $(1,436)$264,037 
_________
(a)Eliminations primarily include: GM Financial accounts and notes receivable from Automotive of $605 million offset by Automotive accounts payable and Automotive accounts receivable from GM Financial of $318 million offset by GM Financial accounts payable at June 30, 2023; and GM Financial accounts and notes receivable of $495 million offset by Automotive accounts payable and Automotive accounts receivable of $115 million offset by GM Financial accounts payable at December 31, 2022.
(b)Eliminations primarily related to intercompany asset transfers between Automotive and Cruise for AV capital.
(c)Eliminations related to deferral agreement between Cruise and Automotive as regards engineering and capital spending incurred by Automotive on behalf of Cruise resulting in a long term payable for Cruise offset by a long term receivable for Automotive.
(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 condensed consolidated balance sheet.

10




General Motors Company and Subsidiaries
Combining Cash Flow Information
(In millions) (Unaudited)
Six Months Ended June 30, 2023Six Months Ended June 30, 2022
AutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
Cash flows from operating activities
Net income (loss)$4,508 $(781)$1,126 $— $4,853 $3,717 $(1,076)$1,801 $$4,449 
Depreciation and impairment of Equipment on operating leases, net— — 2,476 — 2,476 — — 2,427 — 2,427 
Depreciation, amortization and impairment charges on Property, net3,236 15 20 — 3,270 3,267 26 27 — 3,320 
Foreign currency remeasurement and transaction (gains) losses144 — — 148 76 — (1)— 75 
Undistributed earnings of nonconsolidated affiliates, net271 — (78)— 193 (123)— (77)— (201)
Pension contributions and OPEB payments(458)— — — (458)(401)— — — (401)
Pension and OPEB income, net(42)— — (41)(602)— — (602)
Provision (benefit) for deferred taxes391 (458)25 — (42)699 (1,032)411 — 79 
Change in other operating assets and liabilities(a)(c)1,296 285 (163)(1,140)278 (1,529)1,305 (2,223)(1,473)(3,919)
Net cash provided by (used in) operating activities9,346 (940)3,411 (1,140)10,677 5,104 (776)2,366 (1,465)5,228 
Cash flows from investing activities
Expenditures for property(4,544)(32)(16)(91)(4,683)(3,717)(91)(18)(2)(3,829)
Available-for-sale marketable securities, acquisitions(2,354)(374)— — (2,727)(3,684)(1,920)— — (5,605)
Available-for-sale marketable securities, liquidations3,838 1,566 — — 5,404 2,197 1,646 — (4)3,838 
Purchases of finance receivables, net(a)— — (18,189)380 (17,810)— — (18,021)792 (17,229)
Principal collections and recoveries on finance receivables— — 13,921 13,922 — — 13,763 (103)13,660 
Purchases of leased vehicles, net— — (6,834)— (6,834)— — (6,203)— (6,203)
Proceeds from termination of leased vehicles— — 6,673 — 6,673 — — 7,549 — 7,549 
Other investing activities(b)(1,031)—