GM releases full-year and fourth-quarter 2024 results and 2025 guidance
General Motors (GM) reported full-year 2024 net income of $6.0 billion and EBIT-adjusted of $14.9 billion. The fourth quarter showed a net loss of $3.0 billion, impacted by over $5 billion in special charges, including $4 billion in restructuring and China joint venture impairments, plus $0.5 billion related to Cruise robotaxi.
Full-year 2024 revenue increased 9.1% to $187.4 billion, with EBIT-adjusted margin improving to 8.0%. The company's 2025 guidance projects net income of $11.2-12.5 billion and EBIT-adjusted of $13.7-15.7 billion, assuming stable North American policy environment and $0.5 billion benefit from reduced Cruise expenses.
Notable metrics include automotive operating cash flow of $23.9 billion and adjusted automotive free cash flow of $14.0 billion for 2024. GMNA EBIT-adjusted margin improved to 9.2%, while GMI faced challenges with China equity income showing a significant loss of $4.4 billion.
General Motors (GM) ha riportato un utile netto per l'intero anno 2024 di $6,0 miliardi e un utile operativo rettificato (EBIT) di $14,9 miliardi. Nel quarto trimestre è stata registrata una perdita netta di $3,0 miliardi, influenzata da oltre $5 miliardi di oneri straordinari, inclusi $4 miliardi per ristrutturazioni e svalutazioni su joint venture in Cina, oltre a $0,5 miliardi legati ai robotaxi Cruise.
Le entrate per l'intero anno 2024 sono aumentate del 9,1% a $187,4 miliardi, con un margine EBIT rettificato che è migliorato all'8,0%. Le previsioni dell'azienda per il 2025 prevedono un utile netto di $11,2-12,5 miliardi e un EBIT rettificato di $13,7-15,7 miliardi, assumendo un ambiente politico stabile in Nord America e un beneficio di $0,5 miliardi dalla riduzione delle spese per Cruise.
I metriche notevoli includono un flusso di cassa operativo dell'automotive di $23,9 miliardi e un flusso di cassa libero operato rettificato dell'automotive di $14,0 miliardi per il 2024. Il margine EBIT rettificato di GMNA è migliorato al 9,2%, mentre GMI ha affrontato sfide con il reddito azionario dalla Cina che ha mostrato una significativa perdita di $4,4 miliardi.
General Motors (GM) reportó un ingreso neto para el año completo 2024 de $6,0 mil millones y un EBIT ajustado de $14,9 mil millones. El cuarto trimestre mostró una pérdida neta de $3,0 mil millones, afectada por más de $5 mil millones en cargos especiales, incluidos $4 mil millones en reestructuración y deterioros de joint venture en China, además de $0,5 mil millones relacionados con los robotaxis Cruise.
Los ingresos del año completo 2024 aumentaron un 9,1% a $187,4 mil millones, con un margen EBIT ajustado que mejoró al 8,0%. La guía de la empresa para 2025 proyecta un ingreso neto de $11,2-12,5 mil millones y un EBIT ajustado de $13,7-15,7 mil millones, asumiendo un entorno político estable en América del Norte y un beneficio de $0,5 mil millones por la reducción de gastos de Cruise.
Métricas notables incluyen un flujo de efectivo operativo automotriz de $23,9 mil millones y un flujo de efectivo libre ajustado automotriz de $14,0 mil millones para 2024. El margen EBIT ajustado de GMNA mejoró al 9,2%, mientras que GMI enfrentó desafíos con los ingresos de acciones de China que mostraron una pérdida significativa de $4,4 mil millones.
제너럴 모터스 (GM)는 2024년 전체 순이익이 60억 달러이고, 조정 EBIT가 149억 달러에 달했다고 보고했습니다. 4분기는 30억 달러의 순손실을 기록했으며, 이는 50억 달러 이상의 특별 비용, 즉 40억 달러의 구조조정과 중국 합작 투자 손상, 그리고 5억 달러의 크루즈 로보택시 관련 비용의 영향을 받았습니다.
2024년 전체 수익은 91% 증가한 1,874억 달러로, 조정 EBIT 마진은 8%로 개선되었습니다. 회사의 2025년 가이드는 순이익이 112억-125억 달러, 조정 EBIT가 137억-157억 달러로, 북미의 안정적인 정책 환경과 크루즈 비용 감소로 인해 5억 달러의 이익을 가정하고 있습니다.
주목할 만한 지표로는 2024년 자동차 운영 현금 흐름이 239억 달러, 조정된 자동차 자유 현금 흐름이 140억 달러에 달합니다. GMNA의 조정 EBIT 마진은 9.2%로 개선되었고, GMI는 중국의 주식 수익에서 44억 달러의 큰 손실을 보며 어려움을 겪었습니다.
General Motors (GM) a rapporté un bénéfice net pour l'année entière 2024 de 6,0 milliards de dollars et un EBIT ajusté de 14,9 milliards de dollars. Le quatrième trimestre a montré une perte nette de 3,0 milliards de dollars, impactée par plus de 5 milliards de dollars de charges exceptionnelles, y compris 4 milliards de dollars liés à des restructurations et des dépréciations de joint ventures en Chine, ainsi que 0,5 milliard de dollars liés à Cruise, la société de robotaxis.
Les revenus pour l'année entière 2024 ont augmenté de 9,1 % pour atteindre 187,4 milliards de dollars, avec une marge d'EBIT ajustée qui s'est améliorée à 8,0 %. Les prévisions de l'entreprise pour 2025 projettent un bénéfice net de 11,2 à 12,5 milliards de dollars et un EBIT ajusté de 13,7 à 15,7 milliards de dollars, en supposant un environnement politique stable en Amérique du Nord et un bénéfice de 0,5 milliard de dollars dû à la réduction des dépenses liées à Cruise.
Les indicateurs notables incluent un flux de trésorerie opérationnel automobile de 23,9 milliards de dollars et un flux de trésorerie libre ajusté automobile de 14,0 milliards de dollars pour 2024. La marge EBIT ajustée de GMNA s'est améliorée à 9,2 %, tandis que GMI a été confronté à des défis avec un revenu net des actions en Chine montrant une perte significative de 4,4 milliards de dollars.
General Motors (GM) meldete einen Nettogewinn für das gesamte Jahr 2024 von 6,0 Milliarden Dollar und einen bereinigten EBIT von 14,9 Milliarden Dollar. Im vierten Quartal wurde ein Nettoverlust von 3,0 Milliarden Dollar verzeichnet, der durch über 5 Milliarden Dollar an Sonderbelastungen betroffen war, darunter 4 Milliarden Dollar für Umstrukturierungen und Wertminderungen von Joint Ventures in China sowie 0,5 Milliarden Dollar, die mit den Cruise-Robotaxis in Verbindung stehen.
Der Umsatz für das gesamte Jahr 2024 stieg um 9,1% auf 187,4 Milliarden Dollar, wobei die bereinigte EBIT-Marge auf 8,0% anstieg. Die Prognosen des Unternehmens für 2025 sehen einen Nettogewinn von 11,2 bis 12,5 Milliarden Dollar und einen bereinigten EBIT von 13,7 bis 15,7 Milliarden Dollar vor, wobei ein stabiles politisches Umfeld in Nordamerika und ein Nutzen von 0,5 Milliarden Dollar durch reduzierte Cruise-Ausgaben vorausgesetzt werden.
Bemerkenswerte Kennzahlen umfassen einen operativen Cashflow aus dem Automobilbereich von 23,9 Milliarden Dollar und einen bereinigten freien Cashflow aus dem Automobilbereich von 14,0 Milliarden Dollar für 2024. Die bereinigte EBIT-Marge von GMNA verbesserte sich auf 9,2%, während GMI mit Herausforderungen konfrontiert war, da das Eigenkapitaleinkommen aus China einen erheblichen Verlust von 4,4 Milliarden Dollar aufwies.
- Revenue increased 9.1% to $187.4 billion in 2024
- EBIT-adjusted margin improved to 8.0% from 7.2%
- Automotive operating cash flow grew 14.9% to $23.9 billion
- GMNA EBIT-adjusted margin increased to 9.2%
- 2025 guidance projects higher net income of $11.2-12.5 billion
- Q4 2024 net loss of $3.0 billion
- $4 billion impairment charges for China joint ventures
- $0.5 billion charges from Cruise robotaxi shutdown
- Full-year net income declined 40.7% to $6.0 billion
- China equity income showed $4.4 billion loss
- GMI EBIT-adjusted decreased 75% to $303 million
Insights
GM's 2024 results reveal a complex picture of operational strength overshadowed by strategic restructuring costs. The
The company's cash generation remains impressive, with adjusted automotive free cash flow of
The 2025 guidance suggests management's confidence in operational improvement, projecting net income of
Notably, the divergence between GAAP and adjusted figures primarily reflects non-cash charges, suggesting stronger underlying business health than headline numbers indicate. The
Fourth quarter net income was reduced by more than
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 | |||
EBIT-adjusted | |||
Automotive operating cash flow | |||
Adjusted automotive free cash flow | |||
EPS-diluted | |||
EPS-diluted-adjusted |
GM's 2025 financial guidance assumes a stable policy environment in
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 |
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) % |
$ (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 | ||||||||||||||||||
(b) | n.m. = not meaningful | ||||||||||||||||||
Years Ended | ||||
$M except per share amounts | December 31, | December 31, | Change | % Change |
Revenue | $ 187,442 | $ 171,842 | $ 15,600 | 9.1 % |
Net income attributable to stockholders | $ 6,008 | $ 10,127 | $ (4,119) | (40.7) % |
EBIT-adjusted | $ 14,934 | $ 12,357 | $ 2,577 | 20.9 % |
Net income margin | 3.2 % | 5.9 % | (2.7) ppts | (45.8) % |
EBIT-adjusted margin | 8.0 % | 7.2 % | 0.8 ppts | 11.1 % |
Automotive operating cash flow | $ 23,939 | $ 20,828 | $ 3,111 | 14.9 % |
Adjusted automotive free cash flow | $ 14,045 | $ 11,666 | $ 2,379 | 20.4 % |
EPS-diluted(a) | $ 6.37 | $ 7.32 | $ (0.95) | (13.0) % |
EPS-diluted-adjusted(a) | $ 10.60 | $ 7.68 | $ 2.92 | 38.0 % |
GMNA EBIT-adjusted | $ 14,528 | $ 12,306 | $ 2,222 | 18.1 % |
GMNA EBIT-adjusted margin | 9.2 % | 8.7 % | 0.5 ppts | 5.7 % |
GMI EBIT-adjusted | $ 303 | $ 1,210 | $ (907) | (75.0) % |
$ (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 | |||||||||||||||||
(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
2024 Guidance Reconciliations
The following table reconciles expected Net income attributable to stockholders under
Year Ending | |
Net income attributable to stockholders | |
Income tax expense | 2.4-2.7 |
Automotive interest income, net | (0.1) |
Adjustments(a) | 1.3 |
EBIT-adjusted |
The following table reconciles expected automotive net cash provided by operating activities under
Year Ending | |
Net automotive cash provided by operating activities | |
Less: Capital expenditures | 10.0-11.0 |
Adjustments(a) | 0.5 |
Adjusted automotive free cash flow |
The following table reconciles expected EPS-diluted under
Year Ending | |
Diluted earnings per common share | |
Adjustments(a) | 0.86 |
EPS-diluted-adjusted |
(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
Year Ending December 31, 2025 | |
Net income attributable to stockholders | |
Income tax expense | 2.5-3.2 |
Automotive interest income, net | (0.0) |
EBIT-adjusted(a) |
The following table reconciles expected automotive net cash provided by operating activities under
Year Ending | |
Net automotive cash provided by operating activities | |
Less: Capital expenditures | 10.0-11.0 |
Adjusted automotive free cash flow(a) |
(a) | We do not consider the potential future impact of adjustments on our expected financial results. | |||||||||||||||
General Motors Company and Subsidiaries1
Combining Income Statement Information (In millions) (Unaudited) | |||||||||||||||||||
Year Ended December 31, 2024 | Year Ended December 31, 2023 | ||||||||||||||||||
Automotive | Cruise | GM | Reclassifications | Combined | Automotive | Cruise | GM | Reclassifications | Combined | ||||||||||
Net sales and revenue | |||||||||||||||||||
Automotive | $ 171,605 | $ 257 | $ — | $ (256) | $ 157,667 | $ 102 | $ — | $ (110) | |||||||||||
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 | |||||||||
GM Financial interest, | — | — | 12,974 | (1) | 12,972 | — | — | 11,376 | (2) | 11,374 | |||||||||
Automotive and other selling, | 9,898 | 727 | — | (4) | 10,621 | 9,349 | 493 | — | (2) | 9,840 | |||||||||
Total costs and expenses | 158,399 | 3,293 | 12,974 | (8) | 174,658 | 147,603 | 3,581 | 11,376 | (16) | 162,544 | |||||||||
Operating income (loss) | 13,206 | (3,036) | 2,902 | (288) | 12,784 | 10,064 | (3,479) | 2,848 | (135) | 9,298 | |||||||||
Automotive interest expense | 845 | 189 | — | (189) | 846 | 928 | 33 | — | (49) | 911 | |||||||||
Interest income and other non- | 1,124 | 35 | (1) | 99 | 1,257 | 1,345 | 107 | (1) | 86 | 1,537 | |||||||||
Equity income (loss) | (4,419) | — | (256) | — | (4,675) | 342 | — | 138 | — | 480 | |||||||||
Income (loss) before income | 9,065 | (3,191) | 2,645 | — | 8,519 | 10,823 | (3,405) | 2,985 | — | 10,403 | |||||||||
Income tax expense (benefit) | 2,556 | 563 | |||||||||||||||||
Net income (loss) | 5,963 | 9,840 | |||||||||||||||||
Net loss (income) attributable to | 45 | 287 | |||||||||||||||||
Net income (loss) attributable | $ 6,008 | $ 10,127 | |||||||||||||||||
Net income (loss) attributable | $ 7,189 | $ 10,022 | |||||||||||||||||
1 Certain columns and rows may not add due to rounding. | ||||||
General Motors Company and Subsidiaries1 Basic and Diluted Earnings per Share (Unaudited) | |||||||
The following table summarizes basic and diluted earnings per share (in millions, except per share amounts): | |||||||
Three Months Ended | Years Ended | ||||||
December 31, | December 31, | December 31, | December 31, | ||||
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 | |||
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 | |||||||||||||||||
(b) | Potentially dilutive securities attributable to outstanding stock options, restricted stock units (RSUs) and performance stock units at December 31, 2024 and outstanding stock options and RSUs at December 31, 2023, were excluded from the computation of diluted EPS because the securities would have had an antidilutive effect. | |||||||||||||||||
General Motors Company and Subsidiaries1 Combining Balance Sheet Information (In millions, except per share amounts) (Unaudited) | |||||||||||||||||||
December 31, 2024 | December 31, 2023 | ||||||||||||||||||
Automotive | Cruise | GM Financial | Reclassifications/ | Combined | Automotive | Cruise | GM Financial | Reclassifications/ | Combined | ||||||||||
ASSETS | |||||||||||||||||||
Current Assets | |||||||||||||||||||
Cash and cash equivalents | $ 308 | $ 5,094 | $ — | $ 19,872 | $ 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 | |||||||||
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 | $ 139,156 | $ (3,717) | $ 140,546 | $ 130,780 | $ (2,817) | |||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||
Current Liabilities | |||||||||||||||||||
Accounts payable (principally trade)(a) | $ 200 | $ 714 | $ (681) | $ 25,680 | $ 185 | $ 1,136 | $ (1,054) | $ 28,114 | |||||||||||
Short-term debt and current portion of | |||||||||||||||||||
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 | 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 | |||||||||
Equity | |||||||||||||||||||
Common stock, | 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 | $ 139,156 | $ (3,717) | $ 140,546 | $ 130,780 | $ (2,817) | |||||||||||||
(a) | Eliminations primarily include GM Financial accounts and notes receivable of | |||||||||||||||
(b) | Eliminations primarily related to intercompany asset transfer between Automotive and Cruise for autonomous vehicle (AV) capital at December 31, 2023. | |||||||||||||||
(c) | Eliminations primarily related to convertible note issued by Cruise to Automotive at December 31, 2024 and deferral agreement between Cruise and Automotive as regards to engineering, capital spending, restructuring and other costs incurred by Automotive on behalf of Cruise resulting in a long-term payable for Cruise offset by a long-term receivable for Automotive. | |||||||||||||||
(d) | Eliminations primarily related to intercompany loans due from Cruise to GM Financial. | |||||||||||||||
(e) | Eliminations primarily related to GM Financial accounts receivables due from Automotive and Cruise. | |||||||||||||||
(f) | Primarily reclassification of GM Financial Cumulative Perpetual Preferred Stock, Series A, B and C. The preferred stock is classified as noncontrolling interests in our consolidated balance sheets. | |||||||||||||||
General Motors Company and Subsidiaries1 Combining Cash Flow Information (In millions) (Unaudited) | |||||||||||||||||||
Year Ended December 31, 2024 | Year Ended December 31, 2023 | ||||||||||||||||||
Automotive | Cruise | GM | Reclassifications/ | Combined | Automotive | Cruise | GM | Reclassifications/ | Combined | ||||||||||
Cash flows from operating activities | |||||||||||||||||||
Net income (loss) | $ 6,637 | $ — | $ 5,963 | $ 2,152 | $ — | $ 9,840 | |||||||||||||
Depreciation and impairment of Equipment on | — | — | 4,844 | — | 4,844 | — | — | 4,904 | — | 4,904 | |||||||||
Depreciation, amortization and impairment | 6,549 | 958 | 38 | — | 7,545 | 6,756 | 188 | 40 | — | 6,984 | |||||||||
Foreign currency remeasurement and | (314) | — | (7) | — | (321) | 344 | — | 5 | — | 349 | |||||||||
Undistributed earnings and impairment of | 3,708 | — | 411 | — | 4,118 | 295 | — | (50) | — | 245 | |||||||||
Pension contributions and OPEB payments | (1,517) | — | — | — | (1,518) | (1,099) | — | — | — | (1,100) | |||||||||
Pension and OPEB income, net | 88 | — | 2 | — | 89 | 89 | — | 2 | — | 90 | |||||||||
Provision (benefit) for deferred taxes | 966 | (656) | 1,059 | — | 1,368 | (305) | (991) | 256 | — | (1,041) | |||||||||
Change in other operating assets and | 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 | 23,939 | (2,233) | 6,429 | (8,006) | 20,129 | 20,828 | (1,921) | 6,662 | (4,638) | 20,930 | |||||||||
Cash flows from investing activities | |||||||||||||||||||
Expenditures for property | (10,711) | (7) | (24) | (88) | (10,830) | (10,684) | (63) | (24) | (198) | (10,970) | |||||||||
Available-for-sale marketable securities, | (3,986) | — | — | — | (3,986) | (3,940) | (490) | — | — | (4,429) | |||||||||
Available-for-sale marketable securities, | 4,331 | — | — | — | 4,331 | 7,443 | 1,902 | — | — | 9,345 | |||||||||
Purchases of finance receivables(a) | — | — | (42,792) | 6,444 | (36,348) | — | — | (38,593) | 3,214 | (35,379) | |||||||||
Principal collections and recoveries on finance | — | — | 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 | (12,813) | (7) | (15,418) | 7,721 | (20,517) | (8,686) | 1,349 | (10,882) | 3,556 | (14,663) | |||||||||
Cash flows from financing activities | |||||||||||||||||||
Net increase (decrease) in short-term debt | 16 | — | 112 | — | 128 | (6) | — | (150) | — | (156) | |||||||||
Proceeds from issuance of debt (original | 83 | 1,118 | 53,398 | (1,165) | 53,435 | 24 | 228 | 50,940 | (228) | 50,963 | |||||||||
Payments on debt (original maturities greater | (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 | (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 | (374) | — | (128) | — | (503) | (15) | — | 69 | — | 54 | |||||||||
Net increase (decrease) in cash, cash | 2,251 | (1,037) | (167) | — | 1,047 | (1,437) | (167) | 1,573 | — | (31) | |||||||||
Cash, cash equivalents and restricted cash at | 12,310 | 1,359 | 8,249 | — | 21,917 | 13,746 | 1,526 | 6,676 | — | 21,948 | |||||||||
Cash, cash equivalents and restricted cash at | $ 322 | $ — | $ 22,964 | $ 8,249 | $ — | ||||||||||||||
(a) | Includes eliminations of | ||||||||||||||||||
(b) | Includes eliminations of | ||||||||||||||||||
(c) | Eliminations include dividends issued by GM Financial to Automotive in the years ended December 31, 2024 and 2023. | ||||||||||||||||||
General Motors Company and Subsidiaries1 | |||||||||||||||||
The following tables summarize key financial information by segment (dollars in millions): | |||||||||||||||||
GMNA | GMI | Corporate | Eliminations | Total Automotive | Cruise | GM Financial | Reclassifications/ | Total | |||||||||
Three Months Ended December 31, 2024 | |||||||||||||||||
Net sales and revenue | $ 3,994 | $ 76 | $ — | $ 43,598 | $ 181 | $ 4,114 | $ (191) | $ 47,702 | |||||||||
Expenditures for property | $ 3,046 | $ 157 | $ 12 | $ — | $ 3,215 | $ 2 | $ 8 | $ 7 | $ 3,233 | ||||||||
Depreciation and amortization | $ 1,548 | $ 103 | $ 27 | $ — | $ 1,678 | $ 7 | $ 1,221 | $ — | $ 2,905 | ||||||||
Impairment charges | $ — | $ — | $ — | $ — | $ — | $ 328 | $ — | $ — | $ 328 | ||||||||
Equity income (loss)(a)(b) | $ 190 | $ (4,057) | $ — | $ — | $ (3,867) | $ — | $ (311) | $ — | $ (4,178) | ||||||||
GMNA | GMI | Corporate | Eliminations | Total Automotive | Cruise | GM Financial | Reclassifications/ | Total | |||||||||
Three Months Ended December 31, 2023 | |||||||||||||||||
Net sales and revenue | $ 3,938 | $ 96 | $ — | $ 39,264 | $ 25 | $ 3,743 | $ (53) | $ 42,980 | |||||||||
Expenditures for property | $ 3,437 | $ 173 | $ 3 | $ — | $ 3,613 | $ 13 | $ 4 | $ 77 | $ 3,706 | ||||||||
Depreciation and amortization | $ 1,602 | $ 165 | $ 5 | $ — | $ 1,771 | $ 10 | $ 1,217 | $ — | $ 2,999 | ||||||||
Impairment charges | $ — | $ — | $ — | $ — | $ — | $ 209 | $ — | $ — | $ 209 | ||||||||
Equity income (loss)(a) | $ 106 | $ 92 | $ — | $ — | $ 198 | $ — | $ 27 | $ — | $ 225 | ||||||||
GMNA | GMI | Corporate | Eliminations | Total Automotive | Cruise | GM Financial | Reclassifications/ | Total | |||||||||
Year Ended December 31, 2024 | |||||||||||||||||
Net sales and revenue | $ 157,509 | $ 206 | $ — | $ 171,605 | $ 257 | $ (296) | $ 187,442 | ||||||||||
Expenditures for property | $ 415 | $ 30 | $ — | $ 10,711 | $ 7 | $ 24 | $ 88 | $ 10,830 | |||||||||
Depreciation and amortization | $ 5,963 | $ 506 | $ 80 | $ — | $ 6,548 | $ 25 | $ 4,883 | $ — | $ 11,456 | ||||||||
Impairment charges | $ — | $ — | $ — | $ — | $ — | $ 933 | $ — | $ — | $ 934 | ||||||||
Equity income (loss)(a)(b) | $ 955 | $ (4,400) | $ — | $ — | $ (3,445) | $ — | $ (256) | $ — | $ (3,701) | ||||||||
GMNA | GMI | Corporate | Eliminations | Total Automotive | Cruise | GM Financial | Reclassifications/ | Total | |||||||||
Year Ended December 31, 2023 | |||||||||||||||||
Net sales and revenue | $ 141,445 | $ 273 | $ — | $ 157,667 | $ 102 | $ (151) | $ 171,842 | ||||||||||
Expenditures for property | $ 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 | |||||||||||||||||||
(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 | |||||||||||||||||||
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
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
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
Three Months Ended | Years Ended | ||||||
December 31, | December 31, | December 31, | December 31, | ||||
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 | — | (30) | — | (106) | |||
— | (111) | — | (111) | ||||
Total adjustments | 5,217 | 598 | 6,491 | 1,865 | |||
EBIT-adjusted | 2,509 | 1,757 | 14,934 | 12,357 | |||
Operating segments | |||||||
GM | 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 | ||||||||||||||||||
(d) | These adjustments were excluded because they relate to strategic activities to transition certain Buick dealers out of our dealer network as part of Buick's EV strategy. | ||||||||||||||||||
(e) | These adjustments were excluded because they relate to employee separation charges primarily in | ||||||||||||||||||
(f) | These adjustments were excluded because they relate to the wind down of our manufacturing operations in | ||||||||||||||||||
(g) | These adjustments were excluded because they relate to the GM headquarters relocation, primarily consisting of accelerated depreciation. | ||||||||||||||||||
(h) | These adjustments were excluded because they relate to the acceleration of attrition as part of the cost reduction program announced in January 2023, primarily in the | ||||||||||||||||||
(i) | These adjustments were excluded because they relate to the partial resolution of subcontractor matters in | ||||||||||||||||||
(j) | These adjustments were excluded because they relate to an asset sale resulting from our strategic decision in 2020 to exit | ||||||||||||||||||
(k) | GM Financial amounts represent EBT-adjusted. | ||||||||||||||||||
(l) | GM's automotive interest income and interest expense, legacy costs from the Opel/Vauxhall Business (primarily pension costs), corporate expenditures and certain revenues and expenses that are not part of a reportable segment are recorded centrally in Corporate. | ||||||||||||||||||
The following table reconciles diluted earnings per common share under
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) | $ 1.59 | $ 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 | $ 1.92 | $ 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 | ||||||||||||||||||||
(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 | ||||||||||||||||||||
(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
Three Months Ended | Years Ended | ||||||
December 31, | December 31, | December 31, | December 31, | ||||
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
Years Ended December 31, | |||||||||||
2024 | 2023 | ||||||||||
Income before | Income tax | Effective | Income before | Income tax | Effective | ||||||
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 | |||||||||||||||||||||
(b) | Refer to the reconciliation of diluted earnings per common share under | |||||||||||||||||||||
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 | ||||||||||||||||||||
(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
Three Months Ended | Years Ended | ||||||
December 31, | December 31, | December 31, | December 31, | ||||
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
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
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 | ||||||||||||
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 | 5,347 | 889 | 16.6 % | 4,963 | 747 | 15.1 % | 20,294 | 3,215 | 15.8 % | 19,612 | 3,055 | 15.6 % | |||||||||||
| |||||||||||||||||||||||
8,444 | 599 | 7.1 % | 7,227 | 569 | 7.9 % | 26,567 | 1,839 | 6.9 % | 24,967 | 2,099 | 8.4 % | ||||||||||||
Other | 5,528 | 137 | 2.5 % | 5,695 | 167 | 2.9 % | 21,727 | 520 | 2.4 % | 22,058 | 577 | 2.6 % | |||||||||||
Total | 13,971 | 736 | 5.3 % | 12,922 | 736 | 5.7 % | 48,293 | 2,359 | 4.9 % | 47,025 | 2,676 | 5.7 % | |||||||||||
776 | 92 | 11.9 % | 679 | 92 | 13.5 % | 2,634 | 315 | 12.0 % | 2,307 | 328 | 14.2 % | ||||||||||||
Other | 355 | 27 | 7.7 % | 338 | 30 | 8.8 % | 1,347 | 109 | 8.1 % | 1,419 | 128 | 9.0 % | |||||||||||
Total | 1,131 | 119 | 10.6 % | 1,017 | 122 | 12.0 % | 3,980 | 424 | 10.7 % | 3,726 | 456 | 12.2 % | |||||||||||
Total in GM markets | 20,450 | 1,745 | 8.5 % | 18,902 | 1,605 | 8.5 % | 72,568 | 5,998 | 8.3 % | 70,362 | 6,187 | 8.8 % | |||||||||||
Total | 4,215 | 1 | — % | 4,182 | 1 | — % | 16,816 | 2 | — % | 16,596 | 2 | — % | |||||||||||
Total Worldwide(b) | 24,665 | 1,746 | 7.1 % | 23,084 | 1,605 | 7.0 % | 89,383 | 6,001 | 6.7 % | 86,958 | 6,189 | 7.1 % | |||||||||||
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 | 4,323 | 755 | 17.5 % | 4,021 | 625 | 15.5 % | 16,385 | 2,705 | 16.5 % | 16,022 | 2,595 | 16.2 % | |||||||||||
SGMS | 152 | 211 | 524 | 870 | |||||||||||||||||||
SGMW | 447 | 358 | 1,315 | 1,229 | |||||||||||||||||||
Total | 8,444 | 599 | 7.1 % | 7,227 | 569 | 7.9 % | 26,567 | 1,839 | 6.9 % | 24,967 | 2,099 | 8.4 % | |||||||||||
(a) | Includes sales by the Automotive China JVs: SAIC General Motors Sales Co., Ltd. (SGMS) and SAIC GM Wuling Automobile Co., Ltd. (SGMW). | ||||||||||||||||||
(b) | |||||||||||||||||||
As discussed above, total vehicle sales and market share data provided in the table above includes fleet vehicles. Certain fleet transactions, particularly sales to daily rental car companies, are generally less profitable than retail sales to end customers. The following table summarizes estimated fleet sales and those sales as a percentage of total vehicle sales (vehicles in thousands):
Three Months Ended | Years Ended | ||||||
December 31, | December 31, | December 31, | December 31, | ||||
GMNA | 168 | 141 | 615 | 679 | |||
GMI | 127 | 168 | 401 | 506 | |||
Total fleet sales | 295 | 309 | 1,016 | 1,185 | |||
Fleet sales as a percentage of total vehicle sales | 16.9 % | 19.3 % | 16.9 % | 19.2 % | |||
103.5 % | 93.1 % | 105.7 % | 97.1 % | ||||
View original content:https://www.prnewswire.com/news-releases/gm-releases-full-year-and-fourth-quarter-2024-results-and-2025-guidance-302361390.html
SOURCE General Motors Company
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