EX-99.1 2 gmq22024pressreleaseandfin.htm EX-99.1 Document
Exhibit 99.1
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News


For Release: Tuesday, July 23, 2024, at 6:30 a.m. ET

GM Releases 2024 Second-Quarter Results and Raises Full-Year Guidance

DETROIT – General Motors Co. (NYSE: GM) today reported second-quarter 2024 revenue of $48.0 billion, net income attributable to stockholders of $2.9 billion and EBIT-adjusted of $4.4 billion.

GM is also updating its 2024 full-year earnings guidance for the second consecutive quarter:

Updated 2024 Guidance
Previous 2024 Guidance
Net income attributable to stockholders
$10.0 billion - $11.4 billion
$10.1 billion - $11.5 billion
EBIT-adjusted
$13.0 billion - $15.0 billion
$12.5 billion - $14.5 billion
Automotive operating cash flow
$19.2 billion - $22.2 billion
$18.3 billion - $21.3 billion
Adjusted automotive free cash flow
$9.5 billion - $11.5 billion
$8.5 billion - $10.5 billion
EPS-diluted
$8.93 - $9.93
$8.94 - $9.94
EPS-diluted-adjusted
$9.50 - $10.50
$9.00 - $10.00

GM's 2024 financial guidance includes anticipated capital spending of $10.5 billion - $11.5 billion, inclusive of investments in the company's battery cell manufacturing joint ventures.

Conference Call for Investors and Analysts

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

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

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



1




Results Overview
Three Months Ended
($M) except per share amountsJune 30, 2024June 30, 2023Change% Change
Revenue$47,969 $44,746 $3,223 7.2 %
Net income attributable to stockholders$2,933 $2,566 $367 14.3 %
EBIT-adjusted$4,438 $3,234 $1,204 37.2 %
Net income margin6.1 %5.7 %0.4 ppts7.0 %
EBIT-adjusted margin9.3 %7.2 %2.1 ppts29.2 %
Automotive operating cash flow$7,713 $7,114 $599 8.4 %
Adjusted automotive free cash flow$5,297 $5,548 $(251)(4.5)%
EPS-diluted(a)$2.55 $1.83 $0.72 39.3 %
EPS-diluted-adjusted(a)$3.06 $1.91 $1.15 60.2 %
GMNA EBIT-adjusted$4,433 $3,194 $1,239 38.8 %
GMNA EBIT-adjusted margin10.9 %8.6 %2.3 ppts26.7 %
GMI EBIT-adjusted$50 $236 $(186)(78.8)%
China equity income (loss)$(104)$78 $(182)n.m.
GM Financial EBT-adjusted$822 $766 $56 7.3 %
__________
(a)EPS-diluted and EPS-diluted-adjusted include a $(0.10) and $(0.03) impact from revaluation on equity investments in the three months ended June 30, 2024 and 2023.
(b)n.m. = not meaningful

Six Months Ended
($M) except per share amountsJune 30, 2024June 30, 2023Change% Change
Revenue$90,983 $84,732 $6,251 7.4 %
Net income attributable to stockholders$5,913 $4,962 $951 19.2 %
EBIT-adjusted$8,310 $7,037 $1,273 18.1 %
Net income margin6.5 %5.9 %0.6 ppts10.2 %
EBIT-adjusted margin9.1 %8.3 %0.8 ppts9.6 %
Automotive operating cash flow$11,311 $9,346 $1,965 21.0 %
Adjusted automotive free cash flow$6,388 $5,415 $973 18.0 %
EPS-diluted(a)
$5.10 $3.52 $1.58 44.9 %
EPS-diluted-adjusted(a)
$5.68 $4.12 $1.56 37.9 %
GMNA EBIT-adjusted$8,273 $6,769 $1,504 22.2 %
GMNA EBIT-adjusted margin10.8 %9.7 %1.1 ppts11.3 %
GMI EBIT-adjusted$40 $583 $(543)(93.1)%
China equity income (loss)$(210)$161 $(371)n.m.
GM Financial EBT-adjusted$1,559 $1,537 $22 1.4 %
__________
(a)EPS-diluted and EPS-diluted-adjusted include an $(0.11) impact from revaluation on equity investments in the six months ended June 30, 2024.
(b)n.m. = not meaningful


2




General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which will power everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in safety services and connected vehicle technology, can be found at https://www.gm.com.

###

CONTACTS:
Jim Cain
GM Communications
313-407-2843
james.cain@chevrolet.com

Ashish Kohli, CFA
GM Investor Relations
847-964-3459
ashish.kohli@gm.com
David Caldwell
GM Communications
586-899-7861
david.caldwell@gm.com


Cautionary Note on Forward-Looking Statements: This press release and related comments by management may include “forward-looking statements” within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact and represent our current judgment about possible future events. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law.


3




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
UpdatedPrevious
Net income attributable to stockholders$ 10.0-11.4$ 10.1-11.5
Income tax expense2.2-2.82.2-2.8
Automotive interest (income) expense, net(0.1)0.1
Adjustments(a)0.90.1
EBIT-adjusted$ 13.0-15.0$ 12.5-14.5
__________
(a)Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted and segment profit (loss) for adjustment details. These expected financial results do not include the potential impact of future adjustments related to special items.




The following table reconciles expected EPS-diluted under U.S. GAAP to expected EPS-diluted-adjusted:

Year Ending December 31, 2024
UpdatedPrevious
Diluted earnings per common share$ 8.93-9.93$ 8.94-9.94
Adjustments(a)0.570.06 
EPS-diluted-adjusted$ 9.50-10.50$ 9.00-10.00
__________
(a)Refer to the reconciliation of diluted earnings per common share under U.S. GAAP to EPS-diluted-adjusted for adjustment details. These expected financial results do not include the potential impact of future adjustments related to special items.




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
UpdatedPrevious
Net automotive cash provided by operating activities$ 19.2-22.2$ 18.3-21.3
Less: Capital expenditures10.0-11.010.0-11.0
Adjustments0.30.2 
Adjusted automotive free cash flow(a)$ 9.5-11.5$ 8.5-10.5
__________
(a)These expected financial results do not include the potential impact of future adjustments related to special items.

4



General Motors Company and Subsidiaries1
Combining Income Statement Information
(In millions) (Unaudited)
Three Months Ended June 30, 2024Three Months Ended June 30, 2023
AutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
Net sales and revenue
Automotive$44,060 $25 $— $(25)$44,060 $41,254 $26 $— $(26)$41,254 
GM Financial— — 3,918 (10)3,908 — — 3,498 (5)3,493 
Total net sales and revenue44,060 25 3,918 (35)47,969 41,254 26 3,498 (31)44,746 
Costs and expenses
Automotive and other cost of sales37,592 1,023 — — 38,615 36,059 574 — (1)36,632 
GM Financial interest, operating and other expenses— — 3,109 — 3,109 — — 2,768 — 2,768 
Automotive and other selling, general and administrative expense2,234 138 — (1)2,372 2,434 125 — (1)2,558 
Total costs and expenses39,827 1,161 3,109 (2)44,096 38,493 698 2,768 (2)41,958 
Operating income (loss)4,233 (1,136)809 (33)3,873 2,761 (673)729 (29)2,789 
Automotive interest expense206 112 — (112)206 226 8 — (8)226 
Interest income and other non-operating income, net133 6 — (79)60 308 29 — 21 358 
Equity income (loss)(97)— 14 — (84)71 — 37 — 108 
Income (loss) before income taxes$4,063 $(1,242)$822 $— $3,643 $2,914 $(651)$766 $— $3,029 
Income tax expense (benefit)767 522 
Net income (loss)2,877 2,507 
Net loss (income) attributable to noncontrolling interests57 59 
Net income (loss) attributable to stockholders$2,933 $2,566 
Net income (loss) attributable to common stockholders$2,919 $2,540 

Six Months Ended June 30, 2024Six Months Ended June 30, 2023
AutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
Net sales and revenue
Automotive$83,272 $51 $— $(50)$83,273 $77,900 $51 $— $(51)$77,900 
GM Financial— — 7,730 (19)7,710 — — 6,841 (9)6,832 
Total net sales and revenue83,272 51 7,730 (69)90,983 77,900 51 6,841 (60)84,732 
Costs and expenses
Automotive and other cost of sales 71,189 

1,422 — 

(1)

72,611 

67,775 1,105 — (2)68,879 
GM Financial interest, operating and other expenses— — 6,215 (1)6,215 — — 5,381 (1)5,380 
Automotive and other selling, general and administrative expense4,269 279 — (1)4,547 4,872 234 — (1)5,105 
Total costs and expenses75,459 1,701 6,215 (3)83,372 72,647 1,340 5,381 (4)79,364 
Operating income (loss)7,813 (1,650)1,514 (66)7,611 5,253 (1,289)1,459 (56)5,367 
Automotive interest expense425 128 — (128)425 460 10 — (10)460 
Interest income and other non-operating income, net406 18 — (62)362 661 60 — 46 767 
Equity income (loss)(234)— 45 — (189)52 — 78 — 129 
Income (loss) before income taxes$7,561 $(1,761)$1,559 $— $7,359 $5,506 $(1,239)$1,537 $— $5,803 
Income tax expense (benefit)1,529 950 
Net income (loss)5,830 4,853 
Net loss (income) attributable to noncontrolling interests83 109 
Net income (loss) attributable to stockholders$5,913 $4,962 
Net income (loss) attributable to common stockholders$5,889 $4,908 


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

5



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 EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Basic earnings per share
Net income (loss) attributable to stockholders$2,933 $2,566 $5,913 $4,962 
Less: cumulative dividends on subsidiary preferred stock(a)(15)(27)(24)(53)
Net income (loss) attributable to common stockholders$2,919 $2,540 $5,889 $4,908 
Weighted-average common shares outstanding1,136 1,385 1,145 1,390 
Basic earnings per common share$2.57 $1.83 $5.14 $3.53 
Diluted earnings per share
Net income (loss) attributable to common stockholders – diluted$2,919 $2,540 $5,889 $4,908 
Weighted-average common shares outstanding – diluted1,147 1,389 1,155 1,396 
Diluted earnings per common share$2.55 $1.83 $5.10 $3.52 
Potentially dilutive securities(b)4 24 4 24 
__________
(a)Includes an insignificant amount in participating securities income from a subsidiary for the three and six months ended June 30, 2024.
(b)Potentially dilutive securities attributable to outstanding stock options and Restricted Stock Units (RSUs) at June 30, 2024 and outstanding stock options, RSUs and Performance Stock Units at June 30, 2023, were excluded from the computation of diluted earnings per share (EPS) because the securities would have had an antidilutive effect.

6



General Motors Company and Subsidiaries1
Combining Balance Sheet Information
(In millions, except per share amounts) (Unaudited)
June 30, 2024December 31, 2023
AutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
ASSETS
Current Assets
Cash and cash equivalents$13,970 $1,098 $7,448 $— $22,516 $12,228 $1,344 $5,282 $— $18,853 
Marketable debt securities8,313 — — — 8,313 7,613 — — — 7,613 
Accounts and notes receivable, net(a)12,482 4 2,086 (1,166)13,406 11,814 — 1,891 (1,327)12,378 
GM Financial receivables, net— — 43,023 (241)42,783 — — 39,246 (170)39,076 
Inventories17,610 — — (5)17,605 16,467 — — (6)16,461 
Other current assets2,502 38 4,899 3 7,442 1,994 466 5,205 (428)7,238 
Total current assets54,877 1,140 57,456 (1,409)112,064 50,115 1,809 51,624 (1,931)101,618 
Non-current Assets
GM Financial receivables, net(c)— — 45,128 (381)44,747 — — 45,391 (348)45,043 
Equity in net assets of nonconsolidated affiliates9,059 — 1,675 — 10,734 8,943 — 1,670 — 10,613 
Property, net 50,964 69 113 — 51,145 50,104 93 124 — 50,321 
Goodwill and intangible assets, net 2,717 714 1,346 — 4,778 2,793 715 1,354 — 4,862 
Equipment on operating leases, net— — 30,345 — 30,345 — — 30,582 — 30,582 
Deferred income taxes20,661 1,760 (1,333)— 21,088 21,722 1,723 (1,106)— 22,339 
Other assets(b)8,866 199 1,172 (2,182)8,054 6,869 215 1,140 (538)7,686 
Total non-current assets92,267 2,742 78,446 (2,563)170,891 90,430 2,745 79,156 (886)171,446 
Total Assets$147,144 $3,882 $135,902 $(3,972)$282,956 $140,546 $4,555 $130,780 $(2,817)$273,064 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (principally trade)(a)$28,645 $121 $1,161 $(1,164)$28,762 $27,846 $185 $1,136 $(1,054)$28,114 
Short-term debt and current portion of long-term debt
Automotive1,146 2 — (226)922 591 272 — (435)428 
GM Financial— — 37,176 — 37,176 — — 38,540 — 38,540 
Cruise— 14 — (14)— — 6 — (6)— 
Accrued liabilities22,234 332 5,941 (4)28,503 21,468 590 5,741 (436)27,364 
Total current liabilities52,025 469 44,279 (1,409)95,363 49,906 1,053 45,417 (1,931)94,445 
Non-current Liabilities
Long-term debt
Automotive(b)15,395 2,195 — (2,182)15,409 15,979 544 — (538)15,985 
GM Financial — — 72,929 — 72,929 — — 66,788 — 66,788 
Cruise(c)— 381 — (381)— — 348 — (348)— 
Postretirement benefits other than pensions4,250 — — — 4,250 4,345 — — — 4,345 
Pensions 6,163 — 8 — 6,171 6,673 — 8 — 6,680 
Other liabilities13,741 454 2,738 — 16,933 13,447 454 2,614 — 16,515 
Total non-current liabilities39,550 3,030 75,676 (2,563)115,692 40,444 1,345 69,409 (886)110,312 
Total Liabilities91,574 3,498 119,954 (3,972)211,055 90,350 2,399 114,826 (2,817)204,757 
Noncontrolling interest - Cruise stock incentive awards— — — — — — 118 — — 118 
Equity
Common stock, $0.01 par value11 — — — 11 12 — — — 12 
Additional paid-in capital(d)18,891 687 1,255 (1,231)19,602 18,866 240 1,314 (1,290)19,130 
Retained earnings45,248 (1,524)16,082 1 59,807 39,579 (12)15,823 1 55,391 
Accumulated other comprehensive loss(9,397)(1)(1,390)— (10,787)(9,066)1 (1,183)— (10,247)
Total stockholders’ equity54,752 (838)15,948 (1,229)68,633 49,391 229 15,954 (1,289)64,286 
Noncontrolling interests(d)817 1,221 — 1,229 3,267 805 1,809 — 1,289 3,903 
Total Equity55,570 383 15,948 — 71,900 50,196 2,038 15,954 — 68,189 
Total Liabilities and Equity$147,144 $3,882 $135,902 $(3,972)$282,956 $140,546 $4,555 $130,780 $(2,817)$273,064 
__________
(a)Eliminations primarily include GM Financial accounts and notes receivable of $0.6 billion due from Automotive; and Automotive accounts receivable of $0.6 billion primarily due from GM Financial and Cruise at June 30, 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 convertible note issued by Cruise to Automotive 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.
(c)Eliminations primarily related to intercompany loans due from Cruise to GM Financial.
(d)Primarily reclassification of GM Financial Cumulative Perpetual Preferred Stock, Series A, B and C. The preferred stock is classified as noncontrolling interests in our consolidated balance sheets.

7



General Motors Company and Subsidiaries1
Combining Cash Flow Information
(In millions) (Unaudited)
Six Months Ended June 30, 2024Six Months Ended June 30, 2023
AutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
Cash flows from operating activities
Net income (loss)$6,051 $(1,366)$1,145 $— $5,830 $4,508 $(781)$1,126 $— $4,853 
Depreciation and impairment of Equipment on operating leases, net— — 2,425 — 2,425 — — 2,476 — 2,476 
Depreciation, amortization and impairment charges on Property, net3,221 617 20 — 3,859 3,236 15 20 — 3,270 
Foreign currency remeasurement and transaction (gains) losses(145)— (3)— (148)144 — 4 — 148 
Undistributed earnings of nonconsolidated affiliates, net(55)— (45)— (101)271 — (78)— 193 
Pension contributions and OPEB payments(430)— — — (430)(458)— — — (458)
Pension and OPEB income, net29 — 1 — 30 (42)— 1 — (41)
Provision (benefit) for deferred taxes1,234 (396)289 — 1,127 391 (458)25 — (42)
Change in other operating assets and liabilities(a)(c)1,406 (145)(617)(4,107)(3,464)1,296 285 (163)(1,140)278 
Net cash provided by (used in) operating activities11,311 (1,291)3,214 (4,107)9,128 9,346 (940)3,411 (1,140)10,677 
Cash flows from investing activities
Expenditures for property(5,267)(2)(10)(73)(5,352)(4,544)(32)(16)(91)(4,683)
Available-for-sale marketable securities, acquisitions(2,232)— — — (2,232)(2,354)(374)— — (2,727)
Available-for-sale marketable securities, liquidations1,535 — — — 1,535 3,838 1,566 — — 5,404 
Purchases of finance receivables(a)— — (20,016)3,377 (16,639)— — (18,189)380 (17,810)
Principal collections and recoveries on finance receivables(a)— — 15,577 1 15,578 — — 13,921 2 13,922 
Purchases of leased vehicles— — (7,489)— (7,489)— — (6,834)— (6,834)
Proceeds from termination of leased vehicles— — 6,157 — 6,157 — — 6,673 — 6,673 
Other investing activities (b)(1,693)— — 1,147 (546)(1,031)— 1 261 (770)
Net cash provided by (used in) investing activities(7,656)(2)(5,781)4,452 (8,987)(4,091)1,161 (4,445)551 (6,824)
Cash flows from financing activities
Net increase (decrease) in short-term debt(2)— 296 — 294 (4)— 74 — 70 
Proceeds from issuance of debt (original maturities greater than three months) (b)20 960 29,350 (960)29,370 10 97 26,224 (97)26,235 
Payments on debt (original maturities greater than three months)(52)(7)(23,815)(29)(23,904)(1,582)(14)(22,237)21 (23,812)
Payment to purchase common stock(1,346)— — — (1,346)(869)— — — (869)
Issuance (redemption) of subsidiary stock(b)— 255 — (255)— — 235 — (235)— 
Dividends paid(c)(275)— (959)900 (334)(252)— (959)900 (311)
Other financing activities(14)(163)(112)— (288)(243)(136)(91)— (470)
Net cash provided by (used in) financing activities(1,668)1,046 4,760 (345)3,793 (2,938)183 3,010 588 843 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(173)— (58)— (231)46 — 62 — 108 
Net increase (decrease) in cash, cash equivalents and restricted cash1,814 (247)2,135 — 3,702 2,363 404 2,038 — 4,805 
Cash, cash equivalents and restricted cash at beginning of period12,310 1,359 8,249 — 21,917 13,746 1,526 6,676 — 21,948 
Cash, cash equivalents and restricted cash at end of period$14,123 $1,112 $10,384 $— $25,620 $16,109 $1,930 $8,715 $— $26,753 
__________
(a)Includes eliminations of $3.3 billion and $0.2 billion in the six months ended June 30, 2024 and 2023 primarily driven by 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 six months ended June 30, 2024 and $0.3 billion and $0.2 billion of Automotive investment in Cruise in the six months ended June 30, 2024 and 2023.
(c)Eliminations include dividends issued by GM Financial to Automotive in the six months ended June 30, 2024 and 2023.


8



General Motors Company and Subsidiaries1
The following tables summarize key financial information by segment (dollars in millions):
GMNAGMICorporateEliminationsTotal
Automotive		CruiseGM
Financial		Reclassifications/EliminationsTotal
Three Months Ended June 30, 2024
Net sales and revenue$40,725 $3,298 $37 $— $44,060 $25 $3,918 $(35)$47,969 
Expenditures for property$2,461 $74 $4 $— $2,539 $(10)$6 $35 $2,569 
Depreciation and amortization$1,515 $147 $20 $— $1,682 $7 $1,192 $— $2,880 
Impairment charges$— $— $— $— $— $605 $— $— $605 
Equity income (loss)(a)(b)$330 $(103)$— $— $227 $— $14 $— $240 
GMNAGMICorporateEliminationsTotal
Automotive		CruiseGM
Financial		Reclassifications/EliminationsTotal
Three Months Ended June 30, 2023
Net sales and revenue$37,220 $3,955 $79 $— $41,254 $26 $3,498 $(31)$44,746 
Expenditures for property$2,014 $114 $7 $— $2,136 $15 $10 $90 $2,251 
Depreciation and amortization$1,531 $144 $5 $— $1,680 $10 $1,245 $— $2,936 
Impairment charges$— $— $— $— $— $— $— $— $— 
Equity income (loss)(a)(b)$31 $77 $— $— $108 $— $37 $— $145 
GMNAGMICorporateEliminationsTotal
Automotive		CruiseGM
Financial		Reclassifications/EliminationsTotal
Six Months Ended June 30, 2024
Net sales and revenue$76,824 $6,380 $68 $— $83,272 $51 $7,730 $(69)$90,983 
Expenditures for property$5,091 $167 $8 $— $5,267 $2 $10 $73 $5,352 
Depreciation and amortization$2,924 $272 $25 $— $3,221 $12 $2,445 $— $5,678 
Impairment charges$— $— $— $— $— $605 $— $— $605 
Equity income (loss)(a)(b)$457 $(211)$— $— $245 $— $45 $— $291 
GMNAGMICorporateEliminationsTotal
Automotive		CruiseGM
Financial		Reclassifications/EliminationsTotal
Six Months Ended June 30, 2023
Net sales and revenue$70,108 $7,682 $110 $— $77,900 $51 $6,841 $(60)$84,732 
Expenditures for property$4,274 $262 $7 $— $4,544 $32 $16 $91 $4,683 
Depreciation and amortization$2,959 $266 $10 $— $3,235 $15 $2,496 $— $5,746 
Impairment charges$— $— $— $— $— $— $— $— $— 
Equity income (loss)(a)(b)$(15)$157 $— $— $142 $— $78 $— $220 
__________
(a)Includes Automotive China joint ventures (Automotive China JVs) equity loss of $104 million and $210 million in the three and six months ended June 30, 2024 and Automotive China JVs equity income of $78 million and $161 million in the three and six months ended June 30, 2023.
(b)Equity earnings related to Ultium Cells Holdings LLC, an equally owned joint venture with LG Energy Solution, 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 (EVs). Equity earnings related to Ultium Cells Holdings LLC were $324 million and $479 million in the three and six months ended June 30, 2024 and insignificant in the three and six months ended June 30, 2023.



9


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 (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.


10


General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
The following table reconciles Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted and segment profit (loss) (dollars in millions):
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Net income attributable to stockholders(a)$2,933 $2,566 $5,913 $4,962 
Income tax expense (benefit)767 522 1,529 950 
Automotive interest expense206 226 425 460 
Automotive interest income (229)(251)(414)(479)
Adjustments
Cruise restructuring(b)583 — 583 — 
GMI plant wind down(c)103 — 103 — 
Buick dealer strategy(d)75 246 171 345 
Voluntary separation program(e)— — — 875 
GM Korea wage litigation(f)— (76)— (76)
Total adjustments761 170 857 1,144 
EBIT-adjusted4,438 3,234 8,310 7,037 
Operating segments
GM North America (GMNA)4,433 3,194 8,273 6,769 
GM International (GMI)50 236 40 583 
Cruise (458)(611)(900)(1,172)
GM Financial(g)822 766 1,559 1,537 
Total operating segments4,847 3,585 8,971 7,717 
Corporate and eliminations(h)(409)(351)(662)(680)
EBIT-adjusted$4,438 $3,234 $8,310 $7,037 
__________
(a)Net of net loss attributable to noncontrolling interests.
(b)These adjustments were excluded because they relate to restructuring costs resulting from Cruise voluntarily pausing its driverless, supervised and manual AV operations in the U.S. and the indefinite delay of the Cruise Origin. The adjustments primarily consist of non-cash restructuring charges, supplier related charges and employee separation charges.
(c)These adjustments were excluded because they relate to the wind down of our manufacturing operations in Colombia and Ecuador.
(d)These adjustments were excluded because they relate to strategic activities to transition certain Buick dealers out of our dealer network as part of Buick’s EV strategy.
(e)This adjustment was excluded because it relates to the acceleration of attrition as part of the cost reduction program announced in January 2023, primarily in the U.S.
(f)This adjustment was excluded because it relates to the partial resolution of subcontractor matters in Korea.
(g)GM Financial amounts represent EBT-adjusted.
(h)GM's automotive interest income and interest expense, legacy costs from the Opel/Vauxhall Business (primarily pension costs), corporate expenditures and certain revenues and expenses that are not part of a reportable segment are recorded centrally in Corporate.

11


General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
The following table reconciles diluted earnings per common share under U.S. GAAP to EPS-diluted-adjusted (dollars in millions, except per share amounts):
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
AmountPer ShareAmountPer ShareAmountPer ShareAmountPer Share
Diluted earnings per common share$2,919 $2.55 $2,540 $1.83 $5,889 $5.10 $4,908 $3.52 
Adjustments(a)761 0.66 170 0.12 857 0.74 1,144 0.82 
Tax effect on adjustments(b)(170)(0.15)(60)(0.04)(194)(0.17)(299)(0.21)
EPS-diluted-adjusted$3,510 $3.06 $2,650 $1.91 $6,552 $5.68 $5,753 $4.12 
__________
(a)Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted and segment profit (loss) for adjustment details.
(b)The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.

The following table reconciles our effective tax rate under U.S. GAAP to ETR-adjusted (dollars in millions):
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Income before income taxesIncome tax expense (benefit)Effective tax rateIncome before income taxesIncome tax expense (benefit)Effective tax rateIncome before income taxesIncome tax expense (benefit)Effective tax rateIncome before income taxesIncome tax expense (benefit)Effective tax rate
Effective tax rate$3,643 $767 21.0 %$3,029 $522 17.2 %$7,359 $1,529 20.8 %$5,803 $950 16.4 %
Adjustments(a)828 170 170 60 924 194 1,144 299 
ETR-adjusted$4,471 $937 20.9 %$3,199 $582 18.2 %$8,283 $1,723 20.8 %$6,947 $1,249 18.0 %
__________
(a)Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted and segment profit (loss) for adjustment details. These adjustments include Net income attributable to noncontrolling interests where applicable. The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.

We define return on equity (ROE) as Net income attributable to stockholders for the trailing four quarters divided by average equity for the same period. Management uses average equity to provide comparable amounts in the calculation of ROE. The following table summarizes the calculation of ROE (dollars in billions):
Four Quarters Ended
June 30, 2024June 30, 2023
Net income attributable to stockholders$11.1 $10.3 
Average equity(a)$70.4 $70.5 
ROE15.7 %14.6 %
__________
(a)Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in Net income attributable to stockholders.

12


General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
The following table summarizes the calculation of ROIC-adjusted (dollars in billions):
Four Quarters Ended
June 30, 2024June 30, 2023
EBIT-adjusted(a)$13.6 $15.1 
Average equity(b)$70.4 $70.5 
Add: Average automotive debt and interest liabilities (excluding finance leases)16.2 17.3 
Add: Average automotive net pension & OPEB liability9.3 8.0 
Less: Average automotive and other net income tax asset(22.1)(20.7)
ROIC-adjusted average net assets$73.8 $75.0 
ROIC-adjusted18.5 %20.2 %
__________
(a)Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted and segment profit (loss) for adjustment details.
(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 EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Net automotive cash provided by operating activities$7,713 $7,114 $11,311 $9,346 
Less: Capital expenditures(2,539)(2,136)(5,267)(4,544)
Add: Buick dealer strategy114 316 276 355 
Add: Employee separation costs— 253 58 258 
Add: GMI plant wind down9 — 9 — 
Adjusted automotive free cash flow$5,297 $5,548 $6,388 $5,415 

13


General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
Vehicle Sales

GM presents both wholesale and total vehicle sales data to assist in the analysis of our revenue and market share. Wholesale vehicle sales data consists of sales to GM's dealers and distributors as well as sales to the U.S. government and excludes vehicles sold by our joint ventures. Wholesale vehicle sales data correlates to GM's revenue recognized from the sale of vehicles, which is the largest component of Automotive net sales and revenue. In the six months ended June 30, 2024, 26.6% of GM's wholesale vehicle sales volume was generated outside the U.S. The following table summarizes wholesale vehicle sales by automotive segment (vehicles in thousands):
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
GMNA903 833 1,695 1,556 
GMI140 147 243 288 
Total1,043 979 1,938 1,844 

Total vehicle sales data represents: (1) retail sales (i.e., sales to consumers who purchase new vehicles from dealers or distributors); (2) fleet sales (i.e., sales to large and small businesses, governments and daily rental car companies); and (3) certain vehicles used by dealers in their business. Total vehicle sales data includes all sales by joint ventures on a total vehicle basis, not based on our percentage ownership interest in the joint venture. Certain joint venture agreements in China allow for the contractual right to report vehicle sales of non-GM trademarked vehicles by those joint ventures, which are included in the total vehicle sales we report for China. While total vehicle sales data does not correlate directly to the revenue GM recognizes during a particular period, we believe it is indicative of the underlying demand for GM's vehicles. Total vehicle sales data represents management's good faith estimate based on sales reported by our 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.

14


General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
The following table summarizes industry and GM total vehicle sales and GM's related competitive position by geographic region (vehicles in thousands):
 Three Months EndedSix Months Ended
 June 30, 2024June 30, 2023June 30, 2024June 30, 2023
 IndustryGMMarket ShareIndustryGMMarket ShareIndustryGMMarket ShareIndustryGMMarket Share
North America
United States4,195 696 16.6 %4,227 692 16.4 %8,048 1,290 16.0 %7,909 1,295 16.4 %
Other1,007 131 13.0 %921 113 12.3 %1,898 246 13.0 %1,714 217 12.6 %
Total North America5,202 827 15.9 %5,148 805 15.6 %9,946 1,537 15.5 %9,623 1,512 15.7 %
Asia/Pacific, Middle East and Africa
China(a)5,870 373 6.4 %6,149 526 8.6 %11,525 814 7.1 %11,251 988 8.8 %
Other5,107 121 2.4 %5,236 143 2.7 %10,645 233 2.2 %10,815 251 2.3 %
Total Asia/Pacific, Middle East and Africa10,977 493 4.5 %11,384 669 5.9 %22,170 1,047 4.7 %22,067 1,239 5.6 %
South America
Brazil629 84 13.4 %526 78 14.7 %1,143 141 12.3 %998 149 14.9 %
Other317 27 8.5 %344 31 8.9 %626 54 8.7 %726 65 9.0 %
Total South America946 111 11.7 %870 108 12.4 %1,769 195 11.0 %1,724 214 12.4 %
Total in GM markets17,125 1,432 8.4 %17,403 1,583 9.1 %33,885 2,779 8.2 %33,414 2,965 8.9 %
Total Europe4,353 1 — %4,314 1 — %8,721 1 — %8,402 1 — %
Total Worldwide(b)21,477 1,432 6.7 %21,717 1,583 7.3 %42,606 2,780 6.5 %41,816 2,966 7.1 %
United States
Cars780 53 6.8 %835 68 8.1 %1,489 103 6.9 %1,542 128 8.3 %
Trucks1,126 359 31.9 %1,132 342 30.2 %2,062 650 31.5 %2,128 639 30.0 %
Crossovers2,290 284 12.4 %2,260 283 12.5 %4,496 538 12.0 %4,239 528 12.5 %
Total United States4,195 696 16.6 %4,227 692 16.4 %8,048 1,290 16.0 %7,909 1,295 16.4 %
China(a)
SGMS120 240 275 413 
SGMW253 286 539 576 
Total China5,870 373 6.4 %6,149 526 8.6 %11,525 814 7.1 %11,251 988 8.8 %
__________
(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 EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
GMNA179 196 320 373 
GMI98 118 166 208 
Total fleet sales277 314 486 581 
Fleet sales as a percentage of total vehicle sales19.3 %19.8 %17.5 %19.6 %
North America capacity two-shift utilization108.1 %102.7 %105.1 %99.3 %

15