GM releases full-year and fourth-quarter 2024 results and 2025 guidance
DETROIT, Jan. 28, 2025 /PRNewswire/ -- General Motors (NYSE: GM) today reported full-year 2024 net income attributable to shareholders of $6.0 billion and EBIT-adjusted of $14.9 billion. Fourth-quarter 2024 net income attributable to shareholders was a loss of $3.0 billion and EBIT-adjusted was $2.5 billion.
Fourth quarter net income was reduced by more than $5 billion in special charges driven primarily by $4 billion of non-cash restructuring charges and impairment of our interests in certain China Joint Ventures, and $0.5 billion in charges related to the decision to stop funding the Cruise robotaxi business.
The chart below summarizes GM's 2024 financial guidance and 2024 results, as well as the company's 2025 guidance, which is for a year of strong financial performance.
Final 2024 Guidance 2024
Results 2025 Guidance
Net income attributable to stockholders
$10.4 billion - $11.1 billion
$6.0 billion
$11.2 billion - $12.5 billion
EBIT-adjusted
$14.0 billion - $15.0 billion
$14.9 billion
$13.7 billion - $15.7 billion
Automotive operating cash flow
$22.0 billion - $24.0 billion
$23.9 billion
$21.0 billion - $24.0 billion
Adjusted automotive free cash flow
$12.5 billion - $13.5 billion
$14.0 billion
$11.0 billion - $13.0 billion
EPS-diluted
$9.14 - $9.64 $6.37
$11.00 - $12.00
EPS-diluted-adjusted
$10.00 - $10.50 $10.60
$11.00 - $12.00
GM's 2025 financial guidance assumes a stable policy environment in North America and an estimated benefit of $0.5 billion from reduced year-over-year expenses at Cruise. The financial guidance also includes anticipated capital spending of $10.0 billion - $11.0 billion, inclusive of investments in the company's battery cell manufacturing joint ventures.
Conference Call for Investors and Analysts
GM Chair and CEO Mary Barra and GM Chief Financial Officer Paul Jacobson will host a conference call for the investment community at 8:30 a.m. ET today to discuss these results.
Conference call details are as follows:
-- 1-800-857-9821 (U.S.)
-- 1-517-308-9481 (international/caller-paid)
-- Conference call passcode: General Motors
-- An audio replay will be available on the GM Investor Relations website
in the Events section.
Visit the GM Investor Relations website to download the company's earnings deck and GM Chair and CEO Mary Barra's letter to shareholders.
Results Overview
Three Months Ended
$M except per share amounts December 31, December 31, Change % Change
2024 2023
Revenue $47,702 $42,980 $4,722 11.0 %
Net income (loss) attributable to stockholders $(2,961) $2,102 $(5,063) n.m.
EBIT-adjusted $2,509 $1,757 $752 42.8 %
Net income margin (6.2) % 4.9 % (11.1) ppts n.m.
EBIT-adjusted margin 5.3 % 4.1 % 1.2 ppts 29.3 %
Automotive operating cash flow $4,765 $4,688 $77 1.6 %
Adjusted automotive free cash flow $1,823 $1,341 $482 35.9 %
EPS-diluted(a) $(1.64) $1.59 $(3.23) n.m.
EPS-diluted-adjusted(a) $1.92 $1.24 $0.68 54.8 %
GMNA EBIT-adjusted $2,274 $2,011 $263 13.1 %
GMNA EBIT-adjusted margin 5.8 % 5.7 % 0.1 ppts 1.8 %
GMI EBIT-adjusted $221 $269 $(48) (17.8) %
China equity income $(4,060) $93 $(4,153) n.m.
GM Financial EBT-adjusted $719 $707 $12 1.7 %
(a) EPS-diluted and EPS-diluted-adjusted include a $0.02 and $(0.05) impact from revaluation on equity investments in the three months
ended December 31, 2024 and 2023.
(b)
n.m. = not meaningful
Years Ended
$M except per share amounts December 31, December 31, Change % Change
2024 2023
Revenue $187,442 $171,842 $15,600 9.1 %
Net income attributable to stockholders $6,008 $10,127 $(4,119) (40.7) %
EBIT-adjusted $14,934 $12,357 $2,577 20.9 %
Net income margin 3.2 % 5.9 % (2.7) ppts (45.8) %
EBIT-adjusted margin 8.0 % 7.2 % 0.8 ppts 11.1 %
Automotive operating cash flow $23,939 $20,828 $3,111 14.9 %
Adjusted automotive free cash flow $14,045 $11,666 $2,379 20.4 %
EPS-diluted(a) $6.37 $7.32 $(0.95) (13.0) %
EPS-diluted-adjusted(a) $10.60 $7.68 $2.92 38.0 %
GMNA EBIT-adjusted $14,528 $12,306 $2,222 18.1 %
GMNA EBIT-adjusted margin 9.2 % 8.7 % 0.5 ppts 5.7 %
GMI EBIT-adjusted $303 $1,210 $(907) (75.0) %
China equity income $(4,407) $446 $(4,853) n.m.
GM Financial EBT-adjusted $2,965 $2,985 $(20) (0.7) %
(a) EPS-diluted and EPS-diluted-adjusted include a $(0.11) and $(0.10) impact from revaluation on equity investments in the years
ended December 31, 2024 and 2023.
(b)
n.m. = not meaningful
General Motors (NYSE:GM) is driving the future of transportation, leveraging advanced technology to build safer, smarter, and lower emission cars, trucks, and SUVs. GM's Buick, Cadillac, Chevrolet, and GMC brands offer a broad portfolio of innovative gasoline-powered vehicles and the industry's widest range of EVs, as we move to an all-electric future. Learn more at GM.com.
Cautionary Note on Forward-Looking Statements: This press release and related comments by management may include "forward-looking statements" within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact and represent our current judgment about possible future events. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law.
2024 Guidance Reconciliations
The following table reconciles expected Net income attributable to stockholders under U.S. GAAP to expected EBIT-adjusted (dollars in billions):
Year Ending
December 31, 2024
Net income attributable to stockholders
$ 10.4-11.1
Income tax expense 2.4-2.7
Automotive interest income, net (0.1)
Adjustments(a) 1.3
EBIT-adjusted
$ 14.0-15.0
The following table reconciles expected automotive net cash provided by operating activities under U.S. GAAP to expected adjusted automotive free cash flow (dollars in billions):
Year Ending
December 31, 2024
Net automotive cash provided by operating activities
$ 22.0-24.0
Less: Capital expenditures 10.0-11.0
Adjustments(a) 0.5
Adjusted automotive free cash flow
$ 12.5-13.5
The following table reconciles expected EPS-diluted under U.S. GAAP to expected EPS-diluted-adjusted:
Year Ending
December 31, 2024
Diluted earnings per common share
$ 9.14-9.64
Adjustments(a) 0.86
EPS-diluted-adjusted
$ 10.00-10.50
(a) Adjustments as of September 30, 2024. See our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, for full details. We do not consider the potential future impact of
adjustments on our expected financial results.
2025 Guidance Reconciliations
The following table reconciles expected Net income attributable to stockholders under U.S. GAAP to expected EBIT-adjusted (dollars in billions):
Year Ending
December 31, 2025
Net income attributable to stockholders
$ 11.2-12.5
Income tax expense 2.5-3.2
Automotive interest income, net (0.0)
EBIT-adjusted(a)
$ 13.7-15.7
The following table reconciles expected automotive net cash provided by operating activities under U.S. GAAP to expected adjusted automotive free cash flow (dollars in billions):
Year Ending
December 31, 2025
Net automotive cash provided by operating activities
$ 21.0-24.0
Less: Capital expenditures 10.0-11.0
Adjusted automotive free cash flow(a)
$ 11.0-13.0
(a) We do not consider the potential future impact of adjustments on our
expected financial results.
General Motors Company and Subsidiaries(1)
Combining Income Statement Information
(In millions) (Unaudited)
Year Ended December 31, 2024
Year Ended December 31, 2023
Automotive Cruise GM Reclassifications Combined Automotive Cruise GM Reclassifications Combined
Financial /Eliminations Financial /Eliminations
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 148,501 2,566 (3) 151,065 138,254 3,088 (12) 141,330
sales
GM Financial interest, - 12,974 (1) 12,972 11,376 (2) 11,374
operating and other
expenses
Automotive and other selling, 9,898 727 (4) 10,621 9,349 493 (2) 9,840
general and administrative
expense
Total costs and expenses 158,399 3,293 12,974 (8) 174,658 147,603 3,581 11,376 (16) 162,544
Operating income (loss) 13,206 (3,036) 2,902 (288) 12,784 10,064 (3,479) 2,848 (135) 9,298
Automotive interest expense 845 189 (189) 846 928 33 (49) 911
Interest income and other non- 1,124 35 (1) 99 1,257 1,345 107 (1) 86 1,537
operating income, net
Equity income (loss) (4,419) (256) (4,675) 342 138 480
Income (loss) before income 9,065 (3,191) 2,645 8,519 10,823 (3,405) 2,985 10,403
taxes
Income tax expense (benefit) 2,556 563
Net income (loss) 5,963 9,840
Net loss (income) attributable to 45 287
noncontrolling interests
Net income (loss) attributable $6,008 $10,127
to stockholders
Net income (loss) attributable $7,189 $10,022
to common stockholders
1 Certain columns and rows may not add due to rounding.
General Motors Company and Subsidiaries
1
Basic and Diluted Earnings per Share
(Unaudited)
The following table summarizes basic and diluted earnings per share (in millions, except per share amounts):
Three Months Ended Years Ended
December 31, December 31, December 31, December 31,
2024 2023 2024 2023
Basic earnings per share
Net income (loss) attributable to stockholders $(2,961) $2,102 $6,008 $10,127
Adjustments(a) 1,236 (26) 1,181 (106)
Net income (loss) attributable to common stockholders $(1,725) $2,076 $7,189 $10,022
Weighted-average common shares outstanding 1,055 1,302 1,115 1,364
Basic earnings per common share $(1.64) $1.59 $6.45 $7.35
Diluted earnings per share
Net income (loss) attributable to common stockholders - $(1,725) $2,076 $7,189 $10,022
diluted
Weighted-average common shares outstanding - diluted 1,055 1,307 1,129 1,369
Diluted earnings per common share $(1.64) $1.59 $6.37 $7.32
Potentially dilutive securities(b) 36 23 23
(a) Includes a $1.2 billion return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders and an insignificant amount in participating
securities income from a subsidiary in the three months ended December 31, 2024 and for the year ended December 31, 2024.
(b) Potentially dilutive securities attributable to outstanding stock options, restricted stock units (RSUs) and performance stock units at December 31, 2024 and outstanding stock options and RSUs at December
31, 2023, were excluded from the computation of diluted EPS because the securities would have had an antidilutive effect.
General Motors Company and Subsidiaries
1
Combining Balance Sheet Information
(In millions, except per share amounts) (Unaudited)
December 31, 2024
December 31, 2023
Automotive Cruise GM Financial Reclassifications/ Combined Automotive Cruise GM Financial Reclassifications/ Combined
Eliminations Eliminations
ASSETS
Current Assets
Cash and cash equivalents $14,470 $308 $5,094
$ - $19,872 $12,228 $1,344 $5,282
$ - $18,853
Marketable debt securities 7,265 7,265 7,613 7,613
Accounts and notes receivable, net(a) 11,498 22 1,988 (681) 12,827 11,814 1,891 (1,327) 12,378
GM Financial receivables, net(e) - 46,760 (398) 46,362 39,246 (170) 39,076
Inventories 14,569 (5) 14,564 16,467 (6) 16,461
Other current assets(b) 2,816 38 4,799 2 7,655 1,994 466 5,205 (428) 7,238
Total current assets 50,618 369 58,640 (1,082) 108,545 50,115 1,809 51,624 (1,931) 101,618
Non-current Assets
GM Financial receivables, net(d) - 46,750 (276) 46,474 45,391 (348) 45,043
Equity in net assets of nonconsolidated 5,896 1,206 7,102 8,943 1,670 10,613
affiliates
Property, net 51,729 69 107 51,904 50,104 93 124 50,321
Goodwill and intangible assets, net 2,642 570 1,339 4,551 2,793 715 1,354 4,862
Equipment on operating leases, net - 31,586 31,586 30,582 30,582
Deferred income taxes 21,149 1,899 (1,795) 21,254 21,722 1,723 (1,106) 22,339
Other assets(c) 9,340 41 1,323 (2,359) 8,346 6,869 215 1,140 (538) 7,686
Total non-current assets 90,756 2,579 80,516 (2,635) 171,216 90,430 2,745 79,156 (886) 171,446
Total Assets $141,374 $2,948 $139,156 $(3,717) $279,761 $140,546 $4,555 $130,780 $(2,817) $273,064
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (principally trade)(a) $25,446 $200 $714 $(681) $25,680 $27,846 $185 $1,136 $(1,054) $28,114
Short-term debt and current portion of
long-term debt
Automotive(a)(e) 2,413 7 (279) 2,141 591 272 (435) 428
GM Financial - 37,291 37,291 38,540 38,540
Cruise(e) - 119 (119) 6 (6)
Accrued liabilities(b) 24,949 548 5,661 (4) 31,154 21,468 590 5,741 (436) 27,364
Total current liabilities 52,808 874 43,666 (1,082) 96,265 49,906 1,053 45,417 (1,931) 94,445
Non-current Liabilities
Long-term debt
Automotive(c) 13,288 2,397 (2,359) 13,327 15,979 544 (538) 15,985
GM Financial - 76,973 76,973 66,788 66,788
Cruise(d) - 276 (276) 348 (348)
Postretirement benefits other than 3,990 3,990 4,345 4,345
pensions
Pensions 5,772 7 5,779 6,673 8 6,680
Other liabilities 14,635 297 2,904 17,836 13,447 454 2,614 16,515
Total non-current liabilities 37,686 2,970 79,885 (2,635) 117,906 40,444 1,345 69,409 (886) 110,312
Total Liabilities 90,494 3,844 123,551 (3,717) 214,171 90,350 2,399 114,826 (2,817) 204,757
Noncontrolling interest - Cruise stock - 118 118
incentive awards
Equity
Common stock, $0.01 par value 10 10 12 12
Additional paid-in capital(f) 19,632 1,187 1,196 (1,172) 20,843 18,866 240 1,314 (1,290) 19,130
Retained earnings 40,203 (2,647) 15,916 1 53,472 39,579 (12) 15,823 1 55,391
Accumulated other comprehensive loss (9,744) (3) (1,506) (11,253) (9,066) 1 (1,183) (10,247)
Total stockholders' equity 50,100 (1,464) 15,606 (1,170) 63,072 49,391 229 15,954 (1,289) 64,286
Noncontrolling interests(f) 780 568 1,170 2,518 805 1,809 1,289 3,903
Total Equity 50,880 (896) 15,606 65,590 50,196 2,038 15,954 68,189
Total Liabilities and Equity $141,374 $2,948 $139,156 $(3,717) $279,761 $140,546 $4,555 $130,780 $(2,817) $273,064
(a) Eliminations primarily include GM Financial accounts and notes receivable of $0.5 billion due from Automotive; and Automotive accounts receivable of $0.2 billion primarily due from GM Financial and Cruise
at December 31, 2024; and GM Financial accounts and notes receivable of $0.5 billion due from Automotive and Automotive accounts receivable of $0.8 billion due from GM Financial and Cruise at December 31,
2023.
(b)
Eliminations primarily related to intercompany asset transfer between Automotive and Cruise for autonomous vehicle (AV) capital at December 31, 2023.
(c) Eliminations primarily related to convertible note issued by Cruise to Automotive at December 31, 2024 and deferral agreement between Cruise and Automotive as regards to engineering, capital spending,
restructuring and other costs incurred by Automotive on behalf of Cruise resulting in a long-term payable for Cruise offset by a long-term receivable for Automotive.
(d)
Eliminations primarily related to intercompany loans due from Cruise to GM Financial.
(e)
Eliminations primarily related to GM Financial accounts receivables due from Automotive and Cruise.
(f) Primarily reclassification of GM Financial Cumulative Perpetual Preferred Stock, Series A, B and C. The preferred stock is classified as noncontrolling interests in our consolidated balance sheets.
General Motors Company and Subsidiaries
1
Combining Cash Flow Information
(In millions) (Unaudited)
Year Ended December 31, 2024
Year Ended December 31, 2023
Automotive Cruise GM Reclassifications/ Combined Automotive Cruise GM Reclassifications/ Combined
Financial Eliminations Financial Eliminations
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 - 4,844 4,844 4,904 4,904
operating leases, net
Depreciation, amortization and impairment 6,549 958 38 7,545 6,756 188 40 6,984
charges on Property, net
Foreign currency remeasurement and (314) (7) (321) 344 5 349
transaction (gains) losses
Undistributed earnings and impairment of 3,708 411 4,118 295 (50) 245
nonconsolidated affiliates, net
Pension contributions and OPEB payments (1,517) (1,518) (1,099) (1,100)
Pension and OPEB income, net 88 2 89 89 2 90
Provision (benefit) for deferred taxes 966 (656) 1,059 1,368 (305) (991) 256 (1,041)
Change in other operating assets and 4,978 693 (896) (6,304) (1,529) 3,376 637 846 (3,037) 1,822
liabilities(a)
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 23,939 (2,233) 6,429 (8,006) 20,129 20,828 (1,921) 6,662 (4,638) 20,930
activities
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, (3,986) (3,986) (3,940) (490) (4,429)
acquisitions
Available-for-sale marketable securities, 4,331 4,331 7,443 1,902 9,345
liquidations
Purchases of finance receivables(a) - (42,792) 6,444 (36,348) (38,593) 3,214 (35,379)
Principal collections and recoveries on finance - 31,783 1 31,784 28,343 4 28,346
receivables
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 (12,813) (7) (15,418) 7,721 (20,517) (8,686) 1,349 (10,882) 3,556 (14,663)
activities
Cash flows from financing activities
Net increase (decrease) in short-term debt 16 112 128 (6) (150) (156)
Proceeds from issuance of debt (original 83 1,118 53,398 (1,165) 53,435 24 228 50,940 (228) 50,963
maturities greater than three months)(b)
Payments on debt (original maturities greater (919) (8) (42,478) 6 (43,399) (1,644) (33) (43,001) 3 (44,675)
than three months)
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 (8,501) 1,204 8,950 285 1,938 (13,555) 396 5,724 1,082 (6,353)
activities
Effect of exchange rate changes on cash, cash (374) (128) (503) (15) 69 54
equivalents and restricted cash
Net increase (decrease) in cash, cash 2,251 (1,037) (167) 1,047 (1,437) (167) 1,573 (31)
equivalents and restricted cash
Cash, cash equivalents and restricted cash at 12,310 1,359 8,249 21,917 13,746 1,526 6,676 21,948
beginning of period
Cash, cash equivalents and restricted cash at $14,561 $322 $8,081
$ - $22,964 $12,310 $1,359 $8,249
$ - $21,917
end of period
(a) Includes eliminations of $6.4 billion and $3.0 billion in the years ended December 31, 2024 and 2023 for purchases/collections of wholesale finance receivables resulting from vehicles sold by GM to
dealers that have arranged their inventory floor plan financing through GM Financial.
(b) Includes eliminations of $0.9 billion convertible note issued by Cruise to Automotive in the year ended December 31, 2024, $0.4 billion and $0.5 billion in the years ended December 31, 2024 and 2023 for
Automotive investment in Cruise.
(c)
Eliminations include dividends issued by GM Financial to Automotive in the years ended December 31, 2024 and 2023.
General Motors Company and Subsidiaries
1
The following tables summarize key financial information by segment (dollars in millions):
GMNA GMI Corporate Eliminations Total Cruise GM Reclassifications/ Total
Eliminations
Automotive Financial
Three Months Ended December 31, 2024
Net sales and revenue $39,528 $3,994 $76
$ - $43,598 $181 $4,114 $(191) $47,702
Expenditures for property $3,046 $157 $12
$ - $3,215 $2 $8 $7 $3,233
Depreciation and amortization $1,548 $103 $27
$ - $1,678 $7 $1,221
$ - $2,905
Impairment charges
$ -
$ -
$ -
$ -
$ - $328
$ -
$ - $328
Equity income (loss)(a)(b) $190 $(4,057)
$ -
$ - $(3,867)
$ - $(311)
$ - $(4,178)
GMNA GMI Corporate Eliminations Total Cruise GM Reclassifications/ Total
Eliminations
Automotive Financial
Three Months Ended December 31, 2023
Net sales and revenue $35,231 $3,938 $96
$ - $39,264 $25 $3,743 $(53) $42,980
Expenditures for property $3,437 $173 $3
$ - $3,613 $13 $4 $77 $3,706
Depreciation and amortization $1,602 $165 $5
$ - $1,771 $10 $1,217
$ - $2,999
Impairment charges
$ -
$ -
$ -
$ -
$ - $209
$ -
$ - $209
Equity income (loss)(a) $106 $92
$ -
$ - $198
$ - $27
$ - $225
GMNA GMI Corporate Eliminations Total Cruise GM Reclassifications/ Total
Eliminations
Automotive Financial
Year Ended December 31, 2024
Net sales and revenue $157,509 $13,890 $206
$ - $171,605 $257 $15,875 $(296) $187,442
Expenditures for property $10,266 $415 $30
$ - $10,711 $7 $24 $88 $10,830
Depreciation and amortization $5,963 $506 $80
$ - $6,548 $25 $4,883
$ - $11,456
Impairment charges
$ -
$ -
$ -
$ -
$ - $933
$ -
$ - $934
Equity income (loss)(a)(b) $955 $(4,400)
$ -
$ - $(3,445)
$ - $(256)
$ - $(3,701)
GMNA GMI Corporate Eliminations Total Cruise GM Reclassifications/ Total
Eliminations
Automotive Financial
Year Ended December 31, 2023
Net sales and revenue $141,445 $15,949 $273
$ - $157,667 $102 $14,225 $(151) $171,842
Expenditures for property $10,147 $522 $15
$ - $10,684 $63 $24 $198 $10,970
Depreciation and amortization $6,146 $589 $21
$ - $6,755 $38 $4,944
$ - $11,737
Impairment charges
$ -
$ -
$ -
$ -
$ - $209
$ -
$ - $209
Equity income (loss)(a) $196 $440
$ -
$ - $635
$ - $138
$ - $773
(a) Includes Automotive China joint ventures (Automotive China JVs) equity loss of $4.1 billion and $4.4 billion in the three months ended December 31, 2024 and in the year ended December 31, 2024 and
Automotive China JVs equity income of $93 million and $446 million in the three months ended December 31, 2023 and in the year ended December 31, 2023.
(b) Equity earnings related to Ultium Cells Holdings LLC are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our
electric vehicles. Equity earnings related to Ultium Cells Holdings LLC were $186 million and $102 million in the three months ended December 31, 2024 and 2023 and $975 million and $293 million in the
year ended December 31, 2024 and 2023.
General Motors Company and Subsidiaries
Supplemental Material(1
)(Unaudited)
General Motors Company (GM) uses both generally accepted accounting principles (GAAP) and non-GAAP financial measures for operational and financial decision making, and to assess Company and segment business performance. Our non-GAAP measures include: earnings before interest and taxes (EBIT)-adjusted, presented net of noncontrolling interests; earnings before income taxes-adjusted (EBT-adjusted) for our General Motors Financial Company, Inc. (GM Financial) segment; earnings per share (EPS)-diluted-adjusted; effective tax rate-adjusted (ETR-adjusted); return on invested capital-adjusted (ROIC-adjusted) and adjusted automotive free cash flow. GM's calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures.
These non-GAAP measures allow management and investors to view operating trends, perform analytical comparisons and benchmark performance between periods and among geographic regions to understand operating performance without regard to items we do not consider a component of our core operating performance. Furthermore, these non-GAAP measures allow investors the opportunity to measure and monitor our performance against our externally communicated targets and evaluate the investment decisions being made by management to improve ROIC-adjusted. Management uses these measures in its financial, investment and operational decision-making processes, for internal reporting and as part of its forecasting and budgeting processes. Further, our Board of Directors uses certain of these and other measures as key metrics to determine management performance under our performance-based compensation plans. For these reasons, we believe these non-GAAP measures are useful for our investors.
EBIT-adjusted (Most comparable GAAP measure: Net income attributable to stockholders) EBIT-adjusted is presented net of noncontrolling interests and is used by management and can be used by investors to review our consolidated operating results because it excludes automotive interest income, automotive interest expense and income taxes as well as certain additional adjustments that are not considered part of our core operations. Examples of adjustments to EBIT include, but are not limited to, impairment charges on long-lived assets and other exit costs resulting from strategic shifts in our operations or discrete market and business conditions, and certain costs arising from legal matters. For EBIT-adjusted and our other non-GAAP measures, once we have made an adjustment in the current period for an item, we will also adjust the related non-GAAP measure in any future periods in which there is an impact from the item. Our corresponding measure for our GM Financial segment is EBT-adjusted because interest income and interest expense are part of operating results when assessing and measuring the operational and financial performance of the segment.
EPS-diluted-adjusted (Most comparable GAAP measure: Diluted earnings per common share) EPS-diluted-adjusted is used by management and can be used by investors to review our consolidated diluted EPS results on a consistent basis. EPS-diluted-adjusted is calculated as net income attributable to common stockholders-diluted less adjustments noted above for EBIT-adjusted and certain income tax adjustments divided by weighted-average common shares outstanding-diluted. Examples of income tax adjustments include the establishment or release of significant deferred tax asset valuation allowances.
ETR-adjusted (Most comparable GAAP measure: Effective tax rate) ETR-adjusted is used by management and can be used by investors to review the consolidated effective tax rate for our core operations on a consistent basis. ETR-adjusted is calculated as Income tax expense less the income tax related to the adjustments noted above for EBIT-adjusted and the income tax adjustments noted above for EPS-diluted-adjusted divided by Income before income taxes less adjustments. When we provide an expected adjusted effective tax rate, we do not provide an expected effective tax rate because the U.S. GAAP measure may include significant adjustments that are difficult to predict.
ROIC-adjusted (Most comparable GAAP measure: Return on equity) ROIC-adjusted is used by management and can be used by investors to review our investment and capital allocation decisions. We define ROIC-adjusted as EBIT-adjusted for the trailing four quarters divided by ROIC-adjusted average net assets, which is considered to be the average equity balances adjusted for average automotive debt and interest liabilities, exclusive of finance leases; average automotive net pension and other postretirement benefits (OPEB) liabilities; and average automotive net income tax assets during the same period.
Adjusted automotive free cash flow (Most comparable GAAP measure: Net automotive cash provided by operating activities) Adjusted automotive free cash flow is used by management and can be used by investors to review the liquidity of our automotive operations and to measure and monitor our performance against our capital allocation program and evaluate our automotive liquidity against the substantial cash requirements of our automotive operations. We measure adjusted automotive free cash flow as automotive operating cash flow from operations less capital expenditures adjusted for management actions. Management actions can include voluntary events such as discretionary contributions to employee benefit plans or nonrecurring specific events such as a closure of a facility that are considered special for EBIT-adjusted purposes.
The following table reconciles Net income (loss) attributable to stockholders under U.S. GAAP to EBIT-adjusted and segment profit (loss) (dollars in millions):
Three Months Ended Years Ended
December 31, December 31, December 31, December 31,
2024 2023 2024 2023
Net income (loss) attributable to stockholders(a) $(2,961) $2,102 $6,008 $10,127
Income tax expense 318 (857) 2,556 563
Automotive interest expense 215 222 846 911
Automotive interest income (279) (308) (967) (1,109)
Adjustments
China JV restructuring actions(b) 4,010 4,010
Cruise restructuring(c) 520 478 1,103 478
Buick dealer strategy(d) 643 131 964 569
Restructuring actions(e) 10 200
GMI plant wind down(f) 4 150
Headquarters relocation(g) 30 64
Voluntary separation program(h) 130 1,035
GM Korea wage litigation(i) (30) (106)
India asset sales(j) (111) (111)
Total adjustments 5,217 598 6,491 1,865
EBIT-adjusted 2,509 1,757 14,934 12,357
Operating segments
GM North America (GMNA) 2,274 2,011 14,528 12,306
GM International (GMI) 221 269 303 1,210
Cruise (418) (792) (1,701) (2,695)
GM Financial(k) 719 707 2,965 2,985
Total operating segments 2,796 2,196 16,095 13,806
Corporate and eliminations(l) (287) (439) (1,161) (1,448)
EBIT-adjusted $2,509 $1,757 $14,934 $12,357
(a)
Net of net loss attributable to noncontrolling interests.
(b) These adjustments were excluded because they relate to the other-than-temporary impairment and our portion of restructuring charges recorded in equity earnings associated with our restructuring actions
of Automotive China JVs.
(c) These adjustments were excluded because they relate to restructuring charges resulting from the plan to combine the Cruise and GM technical efforts to advance autonomous and assisted driving, the
indefinite delay of the Cruise Origin and the voluntarily pausing in 2023 of Cruise's driverless, supervised and manual AV operations in the U.S. The adjustments primarily consist of non-cash
restructuring charges, supplier-related charges and employee separation costs.
(d)
These adjustments were excluded because they relate to strategic activities to transition certain Buick dealers out of our dealer network as part of Buick's EV strategy.
(e)
These adjustments were excluded because they relate to employee separation charges primarily in 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.
The following table reconciles diluted earnings per common share under U.S. GAAP to EPS-diluted-adjusted (dollars in millions, except per share amounts):
Three Months Ended
Years Ended
December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023
Amount Per Share Amount Per Share Amount Per Share Amount Per Share
Diluted earnings (loss) per common share $(1,725) $(1.64) $2,076 $1.59 $7,189 $6.37 $10,022 $7.32
Impact of including dilutive securities(a) 0.03
Adjustments(b) 5,217 4.85 598 0.46 6,491 5.75 1,865 1.36
Tax effect on adjustments(c) (187) (0.17) (180) (0.14) (477) (0.42) (504) (0.37)
Tax adjustments(d) (870) (0.67) (870) (0.64)
Return from preferred shareholders(e) (1,239) (1.15) (1,239) (1.10)
EPS-diluted-adjusted $2,066 $1.92 $1,624 $1.24 $11,963 $10.60 $10,513 $7.68
(a)
Represents the dilutive effect of awards under stock incentive plans. Refer to the table below for the effect on weighted-average common shares outstanding - diluted-adjusted.
(b)
Refer to the reconciliation of Net income (loss) attributable to stockholders under U.S. GAAP to EBIT-adjusted and segment profit (loss) for adjustment details.
(c)
The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.
(d) In the year ended December 31, 2023, the adjustment consists of tax benefit related to the release of a valuation allowance against deferred tax assets considered realizable in Korea. This adjustment was
excluded because significant impacts of valuation allowances are not considered part of our core operations.
(e) This adjustment consists of a return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders in the three months and year ended December
31, 2024.
The following table reconciles weighted-average common shares outstanding -- diluted under U.S. GAAP to weighted-average common shares outstanding -- diluted-adjusted used in the calculation of EPS-diluted-adjusted (shares in millions):
Three Months Ended Years Ended
December 31, December 31, December 31, December 31,
2024 2023 2024 2023
Weighted-average common shares outstanding - diluted 1,055 1,307 1,129 1,369
Dilutive effect of awards under stock incentive plans 20
Weighted-average common shares outstanding - diluted-adjusted 1,075 1,307 1,129 1,369
The following table reconciles our effective tax rate under U.S. GAAP to ETR-adjusted (dollars in millions):
Years Ended December 31,
2024 2023
Income before Income tax Effective Income before Income tax Effective
income taxes expense tax rate income taxes expense tax rate
Effective tax rate $8,519 $2,556 30.0 % $10,403 $563 5.4 %
Adjustments(a) 6,564 477 1,916 504
Tax adjustments(b) 870
ETR-adjusted $15,083 $3,033 20.1 % $12,319 $1,937 15.7 %
(a) Refer to the reconciliation of Net income (loss) attributable to stockholders under U.S. GAAP to EBIT-adjusted and segment profit (loss) for adjustment details. Net income attributable to noncontrolling
interests for these adjustments is included in the years ended December 31, 2024 and 2023. The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the
jurisdiction to which the adjustment relates.
(b)
Refer to the reconciliation of diluted earnings per common share under U.S. GAAP to EPS-diluted-adjusted for adjustment details.
We define return on equity (ROE) as Net income attributable to stockholders for the trailing four quarters divided by average equity for the same period. Management uses average equity to provide comparable amounts in the calculation of ROE. The following table summarizes the calculation of ROE (dollars in billions):
Years Ended December 31,
2024 2023
Net income attributable to stockholders $6.0 $10.1
Average equity(a) $68.9 $72.0
ROE 8.7 % 14.1 %
(a) Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in Net
income attributable to stockholders.
The following table summarizes the calculation of ROIC-adjusted (dollars in billions):
Years Ended December 31,
2024 2023
EBIT-adjusted(a) $14.9 $12.4
Average equity(b) $68.9 $72.0
Add: Average automotive debt and interest liabilities (excluding finance leases) 16.1 16.2
Add: Average automotive net pension and OPEB liability 9.4 8.1
Less: Average automotive net income tax asset (22.7) (21.1)
ROIC-adjusted average net assets $71.8 $75.2
ROIC-adjusted 20.8 % 16.4 %
(a) Refer to the reconciliation of Net income (loss) attributable to stockholders under U.S. GAAP to EBIT-adjusted and segment
profit (loss) for adjustment details.
(b)
Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in EBIT-adjusted.
The following table reconciles Net automotive cash provided by operating activities under U.S. GAAP to adjusted automotive free cash flow (dollars in millions):
Three Months Ended Years Ended
December 31, December 31, December 31, December 31,
2024 2023 2024 2023
Net automotive cash provided by operating activities $4,765 $4,688 $23,939 $20,828
Less: Capital expenditures (3,215) (3,613) (10,711) (10,684)
Add: Buick dealer strategy 154 213 530 674
Add: Restructuring actions 89 163
Add: GMI plant wind down 30 65
Add: Employee separation costs 53 58 849
Adjusted automotive free cash flow $1,823 $1,341 $14,045 $11,666
Vehicle Sales
GM presents both wholesale and total vehicle sales data to assist in the analysis of our revenue and market share. Wholesale vehicle sales data consists of sales to GM's dealers and distributors, as well as sales to the U.S. government, and excludes vehicles sold by our joint ventures. Wholesale vehicle sales data correlates to GM's revenue recognized from the sale of vehicles, which is the largest component of Automotive net sales and revenue. In the year ended December 31, 2024, 27.9% of GM's wholesale vehicle sales volume was generated outside the U.S. The following table summarizes wholesale vehicle sales by automotive segment (vehicles in thousands):
Three Months Ended
Years Ended
December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023
GMNA 876 782 3,464 3,147
GMI 163 161 547 621
Total 1,039 943 4,010 3,768
Total vehicle sales data represents: (1) retail sales (i.e., sales to consumers who purchase new vehicles from dealers or distributors); (2) fleet sales (i.e., sales to large and small businesses, governments and daily rental car companies); and (3) sales of courtesy transportation vehicles (i.e., vehicles previously used by dealers that were sold to the end consumer). Total vehicle sales data includes all sales by joint ventures on a total vehicle basis, not based on GM's percentage ownership interest in the joint venture. Certain joint venture agreements in China allow for the contractual right to report vehicle sales of non-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.
The following table summarizes industry and GM total vehicle sales and GM's related competitive position by geographic region (vehicles in thousands):
Three Months Ended
Years Ended
December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023
Industry GM Market Industry GM Market Industry GM Market Industry GM Market
Share Share Share Share
North America
United States 4,323 755 17.5 % 4,021 625 15.5 % 16,385 2,705 16.5 % 16,022 2,595 16.2 %
Other 1,025 134 13.1 % 943 122 13.0 % 3,909 510 13.1 % 3,590 460 12.8 %
Total North America 5,347 889 16.6 % 4,963 747 15.1 % 20,294 3,215 15.8 % 19,612 3,055 15.6 %
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 %
Other 5,528 137 2.5 % 5,695 167 2.9 % 21,727 520 2.4 % 22,058 577 2.6 %
Total Asia/Pacific, 13,971 736 5.3 % 12,922 736 5.7 % 48,293 2,359 4.9 % 47,025 2,676 5.7 %
Middle East and
Africa
South America
Brazil 776 92 11.9 % 679 92 13.5 % 2,634 315 12.0 % 2,307 328 14.2 %
Other 355 27 7.7 % 338 30 8.8 % 1,347 109 8.1 % 1,419 128 9.0 %
Total South America 1,131 119 10.6 % 1,017 122 12.0 % 3,980 424 10.7 % 3,726 456 12.2 %
Total in GM markets 20,450 1,745 8.5 % 18,902 1,605 8.5 % 72,568 5,998 8.3 % 70,362 6,187 8.8 %
Total Europe 4,215 1 - % 4,182 1 - % 16,816 2 - % 16,596 2 - %
Total Worldwide(b) 24,665 1,746 7.1 % 23,084 1,605 7.0 % 89,383 6,001 6.7 % 86,958 6,189 7.1 %
United States
Cars 729 37 5.0 % 737 40 5.5 % 2,939 178 6.0 % 3,070 224 7.3 %
Trucks 1,196 396 33.1 % 1,038 321 31.0 % 4,345 1,383 31.8 % 4,249 1,303 30.7 %
Crossovers 2,398 322 13.4 % 2,247 264 11.7 % 9,101 1,144 12.6 % 8,702 1,068 12.3 %
Total United States 4,323 755 17.5 % 4,021 625 15.5 % 16,385 2,705 16.5 % 16,022 2,595 16.2 %
China(a)
SGMS 152 211 524 870
SGMW 447 358 1,315 1,229
Total China 8,444 599 7.1 % 7,227 569 7.9 % 26,567 1,839 6.9 % 24,967 2,099 8.4 %
(a)
Includes sales by the Automotive China JVs: SAIC General Motors Sales Co., Ltd. (SGMS) and SAIC GM Wuling Automobile Co., Ltd. (SGMW).
(b) Cuba, Iran, North Korea, Sudan and Syria are subject to broad economic sanctions. Accordingly, these countries are excluded from industry sales data and
corresponding calculation of market share.
As discussed above, total vehicle sales and market share data provided in the table above includes fleet vehicles. Certain fleet transactions, particularly sales to daily rental car companies, are generally less profitable than retail sales to end customers. The following table summarizes estimated fleet sales and those sales as a percentage of total vehicle sales (vehicles in thousands):
Three Months Ended Years Ended
December 31, December 31, December 31, December 31,
2024 2023 2024 2023
GMNA 168 141 615 679
GMI 127 168 401 506
Total fleet sales 295 309 1,016 1,185
Fleet sales as a percentage of total vehicle sales 16.9 % 19.3 % 16.9 % 19.2 %
North America capacity two-shift utilization 103.5 % 93.1 % 105.7 % 97.1 %
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SOURCE General Motors Company
