0001467858FALSE00014678582025-01-282025-01-28


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): January 28, 2025
___________________
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 January 28, 2025, General Motors Company (GM) issued a news release and supplemental materials on the subject of its 2024 fourth quarter and full year consolidated earnings. The news release and supplemental materials are attached as Exhibit 99.1.

Charts furnished to securities analysts in connection with GM's 2024 fourth quarter and full year consolidated earnings release are available on GM's website at www.gm.com/investors/earnings-releases.html.

The information in this Item 2.02 and Exhibit 99.1 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in that filing.

ITEM 9.01 Financial Statements and Exhibits

EXHIBIT
ExhibitDescription
Exhibit 99.1
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: January 28, 2025Christopher T. Hatto, Vice President, Global Business Solutions and Chief Accounting Officer



Exhibit 99.1
gm_brandmarkxwordmarkxlock.jpg
News



For Release: Tuesday, Jan. 28, 2025, at 6:30 a.m. ET

GM Releases Full-Year and Fourth-Quarter 2024 Results and 2025 Guidance

DETROIT – 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 Guidance2024 Results2025 Guidance
Net income attributable to stockholders$10.4 billion - $11.1 billion$6.0 billion$11.2 billion - $12.5 billion
EBIT-adjusted$14.0 billion - $15.0 billion$14.9 billion$13.7 billion - $15.7 billion
Automotive operating cash flow$22.0 billion - $24.0 billion$23.9 billion$21.0 billion - $24.0 billion
Adjusted automotive free cash flow$12.5 billion - $13.5 billion$14.0 billion$11.0 billion - $13.0 billion
EPS-diluted$9.14 - $9.64$6.37$11.00 - $12.00
EPS-diluted-adjusted$10.00 - $10.50$10.60$11.00 - $12.00

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

Conference Call for Investors and Analysts

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

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

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







1

Results Overview
Three Months Ended
$M except per share amountsDecember 31, 2024December 31, 2023Change% 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) pptsn.m.
EBIT-adjusted margin5.3 %4.1 %1.2 ppts29.3 %
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 margin5.8 %5.7 %0.1 ppts1.8 %
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 amountsDecember 31, 2024December 31, 2023Change% 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 margin3.2 %5.9 %(2.7) ppts(45.8)%
EBIT-adjusted margin8.0 %7.2 %0.8 ppts11.1 %
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 margin9.2 %8.7 %0.5 ppts5.7 %
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






2

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.

###

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.







3

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 expense2.4-2.7
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 expenditures10.0-11.0
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.










4

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 expense2.5-3.2
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 expenditures10.0-11.0
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.






5

General Motors Company and Subsidiaries1
Combining Income Statement Information
(In millions) (Unaudited)
Year Ended December 31, 2024Year Ended December 31, 2023
AutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
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 sales148,501 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 expense9,898 727 — (4)10,621 9,349 493 — (2)9,840 
Total costs and expenses158,399 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 expense845 189 — (189)846 928 33 — (49)911 
Interest income and other non-operating income, net1,124 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 taxes9,065 (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 interests45 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.






6

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 EndedYears Ended
December 31, 2024December 31, 2023December 31, 2024December 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 $10,022 
Weighted-average common shares outstanding1,055 1,302 1,115 1,364 
Basic earnings per common share$(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 $10,022 
Weighted-average common shares outstanding – diluted1,055 1,307 1,129 1,369 
Diluted earnings per common share$(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.






7

General Motors Company and Subsidiaries1
Combining Balance Sheet Information
(In millions, except per share amounts) (Unaudited)
December 31, 2024December 31, 2023
AutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
ASSETS
Current Assets
Cash and cash equivalents$14,470 $308 $5,094 $— $19,872 $12,228 $1,344 $5,282 $— $18,853 
Marketable debt securities7,265 — — — 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 assets50,618 369 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 affiliates5,896 — 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 taxes21,149 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 assets90,756 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 liabilities52,808 874 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 pensions3,990 — — — 3,990 4,345 — — — 4,345 
Pensions 5,772 — 7 — 5,779 6,673 — 8 — 6,680 
Other liabilities14,635 297 2,904 — 17,836 13,447 454 2,614 — 16,515 
Total non-current liabilities37,686 2,970 79,885 (2,635)117,906 40,444 1,345 69,409 (886)110,312 
Total Liabilities90,494 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 value10 — — — 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 earnings40,203 (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’ equity50,100 (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 Equity50,880 (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.






8

General Motors Company and Subsidiaries1
Combining Cash Flow Information
(In millions) (Unaudited)
Year Ended December 31, 2024Year Ended December 31, 2023
AutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
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, net6,549 958 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, net3,708 — 411 — 4,118 295 — (50)— 245 
Pension contributions and OPEB payments(1,517)— — — (1,518)(1,099)— — — (1,100)
Pension and OPEB income, net88 — 2 — 89 89 — 2 — 90 
Provision (benefit) for deferred taxes966 (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 activities23,939 (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, liquidations4,331 — — — 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 debt16 — 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 cash2,251 (1,037)(167)— 1,047 (1,437)(167)1,573 — (31)
Cash, cash equivalents and restricted cash at beginning of period12,310 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.








9

General Motors Company and Subsidiaries1
The following tables summarize key financial information by segment (dollars in millions):
GMNAGMICorporateEliminationsTotal
Automotive		CruiseGM
Financial		Reclassifications/EliminationsTotal
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)
GMNAGMICorporateEliminationsTotal
Automotive		CruiseGM
Financial		Reclassifications/EliminationsTotal
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 
GMNAGMICorporateEliminationsTotal
Automotive		CruiseGM
Financial		Reclassifications/EliminationsTotal
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)
GMNAGMICorporateEliminationsTotal
Automotive		CruiseGM
Financial		Reclassifications/EliminationsTotal
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.







10


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.










11


General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
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 EndedYears Ended
December 31, 2024December 31, 2023December 31, 2024December 31, 2023
Net income (loss) attributable to stockholders(a)$(2,961)$2,102 $6,008 $10,127 
Income tax expense318 (857)2,556 563 
Automotive interest expense215 222 846 911 
Automotive interest income(279)(308)(967)(1,109)
Adjustments
China JV restructuring actions(b)4,010 — 4,010 — 
Cruise restructuring(c)520 478 1,103 478 
Buick dealer strategy(d)643 131 964 569 
Restructuring actions(e)10 — 200 — 
GMI plant wind down(f)4 — 150 — 
Headquarters relocation(g)30 — 64 — 
Voluntary separation program(h)— 130 — 1,035 
GM Korea wage litigation(i)— (30)— (106)
India asset sales(j)— (111)— (111)
Total adjustments5,217 598 6,491 1,865 
EBIT-adjusted2,509 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 segments2,796 2,196 16,095 13,806 
Corporate and eliminations(l)(287)(439)(1,161)(1,448)
EBIT-adjusted$2,509 $1,757 $14,934 $12,357 
__________
(a)Net of net loss attributable to noncontrolling interests.
(b)These adjustments were excluded because they relate to the other-than-temporary impairment and our portion of restructuring charges recorded in equity earnings associated with our restructuring actions of Automotive China JVs.
(c)These adjustments were excluded because they relate to restructuring charges resulting from the plan to combine the Cruise and GM technical efforts to advance autonomous and assisted driving, the indefinite delay of the Cruise Origin and the voluntarily pausing in 2023 of Cruise's driverless, supervised and manual AV operations in the U.S. The adjustments primarily consist of non-cash restructuring charges, supplier-related charges and employee separation costs.
(d)These adjustments were excluded because they relate to strategic activities to transition certain Buick dealers out of our dealer network as part of Buick’s EV strategy.
(e)These adjustments were excluded because they relate to employee separation charges primarily in North America.
(f)These adjustments were excluded because they relate to the wind down of our manufacturing operations in Colombia and Ecuador.
(g)These adjustments were excluded because they relate to the GM headquarters relocation, primarily consisting of accelerated depreciation.
(h)These adjustments were excluded because they relate to the acceleration of attrition as part of the cost reduction program announced in January 2023, primarily in the U.S.
(i)These adjustments were excluded because they relate to the partial resolution of subcontractor matters in Korea.
(j)These adjustments were excluded because they relate to an asset sale resulting from our strategic decision in 2020 to exit India.
(k)GM Financial amounts represent EBT-adjusted.
(l)GM's automotive interest income and interest expense, legacy costs from the Opel/Vauxhall Business (primarily pension costs), corporate expenditures and certain revenues and expenses that are not part of a reportable segment are recorded centrally in Corporate.







12


General Motors Company and Subsidiaries
Supplemental Material1
(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 EndedYears Ended
December 31, 2024December 31, 2023December 31, 2024December 31, 2023
AmountPer ShareAmountPer ShareAmountPer ShareAmountPer 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 EndedYears Ended
December 31, 2024December 31, 2023December 31, 2024December 31, 2023
Weighted-average common shares outstanding — diluted1,0551,3071,1291,369
Dilutive effect of awards under stock incentive plans20— — — 
Weighted-average common shares outstanding — diluted-adjusted1,075 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,
20242023
Income before income taxesIncome tax expenseEffective tax rateIncome before income taxesIncome tax expenseEffective 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.







13


General Motors Company and Subsidiaries
Supplemental Material1
(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):
Years Ended December 31,
20242023
Net income attributable to stockholders$6.0 $10.1 
Average equity(a)$68.9 $72.0 
ROE8.7 %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,
20242023
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 liability9.4 8.1 
Less: Average automotive net income tax asset(22.7)(21.1)
ROIC-adjusted average net assets$71.8 $75.2 
ROIC-adjusted20.8 %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 EndedYears Ended
December 31, 2024December 31, 2023December 31, 2024December 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 strategy154 213 530 674 
Add: Restructuring actions89 — 163 — 
Add: GMI plant wind down30 — 65 — 
Add: Employee separation costs— 53 58 849 
Adjusted automotive free cash flow$1,823 $1,341 $14,045 $11,666 







14


General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
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 EndedYears Ended
December 31, 2024December 31, 2023December 31, 2024December 31, 2023
GMNA876 782 3,464 3,147 
GMI163 161 547 621 
Total1,039 943 4,010 3,768 

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







15


General Motors Company and Subsidiaries
Supplemental Material1
(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 EndedYears Ended
 December 31, 2024December 31, 2023December 31, 2024December 31, 2023
 IndustryGMMarket ShareIndustryGMMarket ShareIndustryGMMarket ShareIndustryGMMarket Share
North America
United States4,323 755 17.5 %4,021 625 15.5 %16,385 2,705 16.5 %16,022 2,595 16.2 %
Other1,025 134 13.1 %943 122 13.0 %3,909 510 13.1 %3,590 460 12.8 %
Total North America5,347 889 16.6 %4,963 747 15.1 %20,294 3,215 15.8 %19,612 3,055 15.6 %
Asia/Pacific, Middle East and Africa
China(a)8,444 599 7.1 %7,227 569 7.9 %26,567 1,839 6.9 %24,967 2,099 8.4 %
Other5,528 137 2.5 %5,695 167 2.9 %21,727 520 2.4 %22,058 577 2.6 %
Total Asia/Pacific, Middle East and Africa13,971 736 5.3 %12,922 736 5.7 %48,293 2,359 4.9 %47,025 2,676 5.7 %
South America
Brazil776 92 11.9 %679 92 13.5 %2,634 315 12.0 %2,307 328 14.2 %
Other355 27 7.7 %338 30 8.8 %1,347 109 8.1 %1,419 128 9.0 %
Total South America1,131 119 10.6 %1,017 122 12.0 %3,980 424 10.7 %3,726 456 12.2 %
Total in GM markets20,450 1,745 8.5 %18,902 1,605 8.5 %72,568 5,998 8.3 %70,362 6,187 8.8 %
Total Europe4,215 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
Cars729 37 5.0 %737 40 5.5 %2,939 178 6.0 %3,070 224 7.3 %
Trucks1,196 396 33.1 %1,038 321 31.0 %4,345 1,383 31.8 %4,249 1,303 30.7 %
Crossovers2,398 322 13.4 %2,247 264 11.7 %9,101 1,144 12.6 %8,702 1,068 12.3 %
Total United States4,323 755 17.5 %4,021 625 15.5 %16,385 2,705 16.5 %16,022 2,595 16.2 %
China(a)
SGMS152 211 524 870 
SGMW447 358 1,315 1,229 
Total China8,444 599 7.1 %7,227 569 7.9 %26,567 1,839 6.9 %24,967 2,099 8.4 %
__________
(a)Includes sales by the Automotive China JVs: SAIC General Motors Sales Co., Ltd. (SGMS) and SAIC GM Wuling Automobile Co., Ltd. (SGMW).
(b)Cuba, Iran, North Korea, Sudan and Syria are subject to broad economic sanctions. Accordingly, these countries are excluded from industry sales data and corresponding calculation of market share.

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

Three Months EndedYears Ended
December 31, 2024December 31, 2023December 31, 2024December 31, 2023
GMNA168 141 615 679 
GMI127 168 401 506 
Total fleet sales295 309 1,016 1,185 
Fleet sales as a percentage of total vehicle sales16.9 %19.3 %16.9 %19.2 %
North America capacity two-shift utilization103.5 %93.1 %105.7 %97.1 %






16
v3.24.4
Cover
Jan. 28, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jan. 28, 2025
Entity Registrant Name GENERAL MOTORS COMPANY
Entity Incorporation, State or Country Code DE
Entity File Number 001-34960
Entity Tax Identification Number 27-0756180
Entity Address, Address Line One 300 Renaissance Center,
Entity Address, City or Town Detroit,
Entity Address, State or Province MI
Entity Address, Postal Zip Code 48265
City Area Code 313
Local Phone Number 667-1500
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.01 par value
Trading Symbol GM
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0001467858
Amendment Flag false
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