2024 Annual Report
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
☑
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2024
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 001-34960
GENERAL MOTORS COMPANY
(Exact name of registrant as specified in its charter)
Delaware
27-0756180
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
300 Renaissance Center,
Detroit,
Michigan
48265
-3000
(Address of principal executive offices)
(Zip Code)
(313) 667-1500
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par value
GM
New York Stock Exchange
Securities registered pursuant to Section 12 (g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes
☑
No
☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes
☐
No
☑
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past
90 days. Yes
☑
No
☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes
☑
No
☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging
growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of
the Exchange Act.
Large accelerated filer
☑
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over
financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit
report.
☑
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing
reflect the correction of an error to previously issued financial statements.
☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any
of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).
☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes
☐
No
☑
The aggregate market value of the voting stock held by non-affiliates of the registrant (assuming only for purposes of this computation that directors and executive
officers may be affiliates) was approximately $52.2 billion as of June 30, 2024.
As of January 16, 2025 there were 995,001,891 shares of common stock outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant's definitive Proxy Statement related to the Annual Stockholders Meeting to be filed subsequently are incorporated by reference into Part
III of this Form 10-K.
TABLE OF CONTENTS
PART I
Item 1.
Business
1
Item 1A.
Risk Factors
11
Item 1B.
Unresolved Staff Comments
22
Item 1C.
Cybersecurity
22
Item 2.
Properties
23
Item 3.
Legal Proceedings
24
Item 4.
Mine Safety Disclosures
24
PART II
Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity
Securities
24
Item 6.
[Reserved]
26
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
26
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
47
Item 8.
Financial Statements and Supplementary Data
54
Consolidated Income Statements
54
Consolidated Statements of Comprehensive Income
54
Consolidated Balance Sheets
55
Consolidated Statements of Cash Flows
56
Consolidated Statements of Equity
57
Notes to Consolidated Financial Statements
58
Note 1.
Nature of Operations and Basis of Presentation
58
Note 2.
Significant Accounting Policies
58
Note 3.
Revenue
65
Note 4.
Marketable and Other Securities
67
Note 5.
GM Financial Receivables and Transactions
68
Note 6.
Inventories
71
Note 7.
Operating Leases
71
Note 8.
Equity in Net Assets of Nonconsolidated Affiliates
72
Note 9.
Property
75
Note 10.
Goodwill and Intangible Assets
75
Note 11.
Variable Interest Entities
76
Note 12.
Accrued and Other Liabilities
77
Note 13.
Debt
78
Note 14.
Derivative Financial Instruments
80
Note 15.
Pensions and Other Postretirement Benefits
81
Note 16.
Commitments and Contingencies
87
Note 17.
Income Taxes
92
Note 18.
Restructuring and Other Initiatives
94
Note 19.
Interest Income and Other Non-Operating Income
95
Note 20.
Stockholders’ Equity and Noncontrolling Interests
95
Note 21.
Earnings Per Share
98
Note 22.
Stock Incentive Plans
98
Note 23.
Segment Reporting
100
Note 24.
Supplemental Information for the Consolidated Statements of Cash Flows
104
Page
Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
105
Item 9A.
Controls and Procedures
105
Item 9B.
Other Information
106
Item 9C.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
106
PART III
Item 10.
Directors, Executive Officers and Corporate Governance
106
Item 11.
Executive Compensation
106
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
106
Item 13.
Certain Relationships and Related Transactions, and Director Independence
106
Item 14.
Principal Accountant Fees and Services
106
PART IV
Item 15.
Exhibit and Financial Statement Schedules
107
Item 16.
Form 10-K Summary
110
Signatures
111
Page
PART I
Item 1. Business
General Motors Company (sometimes referred to as we, our, us, ourselves, the Company, General Motors or GM) was
incorporated as a Delaware corporation in 2009. We design, build and sell trucks, crossovers, cars and automobile parts and
provide software-enabled services and subscriptions worldwide. Our automotive operations meet the demands of our customers
through our automotive segments: GM North America (GMNA) and GM International (GMI) with vehicles developed,
manufactured and/or marketed under the Buick, Cadillac, Chevrolet and GMC brands. We also have equity ownership stakes in
entities that meet the demands of customers in other countries, primarily in China, with vehicles developed, manufactured and/
or marketed under the Baojun, Buick, Cadillac, Chevrolet and Wuling brands. Cruise is our global segment responsible for the
development of autonomous vehicle (AV) technology. We provide automotive financing services through our General Motors
Financial Company, Inc. (GM Financial) segment. Refer to Part II, Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations (MD&A) and Note 23 to our consolidated financial statements for financial information
about our segments. Except for per share amounts or as otherwise specified, amounts presented within tables are stated in
millions. Certain columns and rows may not add due to rounding. Forward-looking statements in this Business section are not
guarantees of future performance and may involve risks and uncertainties that could cause actual results to differ materially
from those projected. Refer to Item 1A. Risk Factors and the "Forward-Looking Statements" section of Part II, Item 7. MD&A
for a discussion of these risks and uncertainties.
Our vision for the future is a world with zero crashes, zero emissions and zero congestion, which guides our growth-focused
strategy to invest in electric vehicles (EVs) and AVs, software-enabled services and subscriptions and new business
opportunities, while strengthening our market position in profitable internal combustion engine (ICE) vehicles, such as trucks
and sport utility vehicles (SUVs).
Electric Vehicles
We are offering customers choice with our diverse EV lineup. A key element in our EV strategy is our
dedicated EV propulsion architecture. Our current-generation, flexible EV platform is being deployed across multiple brands
and vehicle sizes, styles and drive configurations, leveraging our technology to expand our EV portfolio over a wide and
growing variety of segments and price points. With our next-generation battery technology, we intend to expand to multiple
chemistries, multiple form factors and multiple cell suppliers as we continue to deliver even more EV choices for our
customers.
To support our expanding portfolio of EVs, we have made significant investments in our plants across North America. GM’s
Factory ZERO Detroit-Hamtramck Assembly Center is a fully dedicated EV facility which produces a variety of vehicles,
including the GMC HUMMER EV Pickup and SUV, the Chevrolet Silverado EV and the recently launched Cadillac
ESCALADE IQ, with globally sourced parts. GM's CAMI Assembly is Canada's first full-scale EV manufacturing facility. We
plan to convert Orion Assembly in Orion Township, Michigan to build electric pickups, with the plant slated to begin
production in 2026. GM is also investing in our propulsion, stamping and components plants to support EV production. We are
mass-producing battery cells for these and other future EVs through Ultium Cells Holdings LLC (an equally owned joint
venture with LG Energy Solution) in plants in Warren, Ohio and Spring Hill, Tennessee, with plans to expand our battery cell
manufacturing footprint, including in Indiana through a joint venture with Samsung SDI.
GM's all-electric future is guided by customer choice and focused on delivering a world-class portfolio of EVs and an
ecosystem to support them, while maintaining a compelling lineup of gas-powered vehicles. GM EV drivers have access to
more than 231,000 chargers across North America. This includes access to more than 20,000 Tesla Superchargers with the use
of a GM-approved North American Charging Standard adapter. In 2024, GM also announced that it will enhance its
collaboration with EVgo to build 2,850 DC fast charging stalls, including 400 fast chargers at flagship destinations in major
metropolitan areas across the U.S. GM is also a founding member of IONNA, a joint venture with seven other automakers
aiming to create a high-powered charging network with a targeted installation of at least 30,000 chargers in urban and highway
locations throughout North America. The joint venture broke ground on its first charging station in October 2024.
Software-Enabled Services and Subscriptions
Our vehicles are equipped with a suite of software-enabled services,
including OnStar services, Super Cruise and others. With nearly three decades of experience, OnStar is a global leader in
enabling automotive services. OnStar is currently available in 20 markets globally and growing. As GM introduces more
software-defined vehicles, OnStar is playing a key role as an enabler of active safety, infotainment, connectivity and driver
assistance features. OnStar provides one ecosystem for retail and fleet customers to use, engage and shop through a broader set
of service offerings available at and after vehicle purchase. Our end-to-end software platform provides customers with
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software-defined features, apps and services over-the-air and will empower customers to update their ownership experiences
with desirable features, software services, vehicle performance and Super Cruise. Super Cruise enables drivers of properly
equipped vehicles to travel hands-free on more than 530,000 miles of compatible roads, and soon to be approximately 750,000
miles, in the U.S. and Canada. Additional software-enabled features are expected to be available in the near future including
security features, climate and comfort options, personal themes and EV ownership experience elements. Many of GM's latest
electric and internal combustion vehicles are employing this software platform as it rolls out across most products in the coming
years.
Cruise
GM Cruise Holdings LLC (Cruise Holdings), our majority-owned subsidiary, has been pursuing the development and
commercialization of AV technology for deployment in a robotaxi application. In December 2024, we announced plans to
refocus our autonomous driving strategy on personal vehicles and that we would no longer fund Cruise's robotaxi development
work. We are pursuing the acquisition of the noncontrolling interests in Cruise, and as of December 31, 2024, we owned
approximately 97% of Cruise. Following the acquisition of the noncontrolling interests and subject to approval of the Cruise
Board of Directors, we expect to work with the Cruise leadership team to restructure Cruise's operations and combine the GM
and Cruise technical efforts to build on the success of Super Cruise and prioritize the development of advanced driver-
assistance systems (ADAS) on a path to fully autonomous personal vehicles. Refer to Item 1A. Risk Factors for a further
discussion of the risks associated with our AV strategy.
Over the last year, we have engaged and actively cooperated with certain federal and state agencies who opened
investigations or made inquiries to us and Cruise in connection with an accident involving a Cruise robotaxi in October 2023.
We and Cruise have resolved the investigations and inquiries by the National Highway Traffic Safety Administration
(NHTSA), the U.S. Department of Justice and the California Public Utilities Commission (CPUC). Specifically, in July 2024,
Cruise entered into a settlement agreement with the CPUC that imposed a $112,500 fine on Cruise and various reporting
obligations. In September 2024, Cruise and NHTSA executed a Consent Order, which imposed a $1.5 million fine on Cruise
and requires enhanced reporting and engagement with NHTSA for two years (with an optional third year at NHTSA's
discretion). In November 2024, Cruise entered into a Deferred Prosecution Agreement (DPA) with the U.S. Attorney's Office
for the Northern District of California relating to the October 2023 accident. Under the terms of the DPA, Cruise admitted to
one count of submitting a false report to a federal agency and paid a $500,000 monetary penalty. The government will not
pursue an indictment or prosecution so long as Cruise complies with the terms of the DPA over the next three years by
undertaking certain remedial measures, maintaining a safety compliance program and submitting reports to the government no
less than annually. GM is neither a party nor a signatory to these agreements.
Competitive Position and Vehicle Sales
The principal factors that determine consumer vehicle preferences in the markets in
which we operate include overall vehicle design, price, quality, available options, safety, reliability, fuel economy or range and
functionality. Market leadership in individual countries in which we compete varies widely.
We present 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 our 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 our
wholesale vehicle sales volume was generated outside the U.S. The following table summarizes wholesale vehicle sales by
automotive segment (vehicles in thousands):
Years Ended December 31,
2024
2023
2022
GMNA
3,464
86.4 % 3,147
83.5 % 2,926
81.8 %
GMI
547
13.6 %
621
16.5 %
653
18.2 %
Total
4,010
100.0 % 3,768 100.0 % 3,579
100.0 %
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 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 we recognize during a particular period, we believe it is indicative
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of the underlying demand for our 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.
The following table summarizes industry and GM total vehicle sales and our related competitive position by geographic
region (vehicles in thousands):
Years Ended December 31,
2024
2023
2022
Industry
GM
Market
Share
Industry
GM
Market
Share
Industry
GM
Market
Share
North America
United States
16,385 2,705
16.5 % 16,022 2,595
16.2 % 14,242 2,274
16.0 %
Other
3,909
510
13.1 % 3,590
460
12.8 % 3,066
406
13.2 %
Total North America
20,294 3,215
15.8 % 19,612 3,055
15.6 % 17,308 2,680
15.5 %
Asia/Pacific, Middle East and
Africa
China(a)
26,567 1,839
6.9 % 24,967 2,099
8.4 % 23,489 2,303
9.8 %
Other
21,727
520
2.4 % 22,058
577
2.6 % 20,259
505
2.5 %
Total Asia/Pacific, Middle East and
Africa
48,293 2,359
4.9 % 47,025 2,676
5.7 % 43,748 2,808
6.4 %
South America
Brazil
2,634
315
12.0 % 2,307
328
14.2 % 2,103
291
13.8 %
Other
1,347
109
8.1 % 1,419
128
9.0 % 1,563
160
10.3 %
Total South America
3,980
424
10.7 % 3,726
456
12.2 % 3,666
451
12.3 %
Total in GM markets
72,568 5,998
8.3 % 70,362 6,187
8.8 % 64,722 5,939
9.2 %
Total Europe
16,816
2
— % 16,596
2
— % 14,236
2
— %
Total Worldwide(b)(c)
89,383 6,001
6.7 % 86,958 6,189
7.1 % 78,958 5,941
7.5 %
United States
Cars
2,939
178
6.0 % 3,070
224
7.3 % 2,815
214
7.6 %
Trucks
4,345 1,383
31.8 % 4,249 1,303
30.7 % 3,974 1,246
31.4 %
Crossovers
9,101 1,144
12.6 % 8,702 1,068
12.3 % 7,454
814
10.9 %
Total United States
16,385 2,705
16.5 % 16,022 2,595
16.2 % 14,242 2,274
16.0 %
China(a)
SGMS
524
870
1,037
SGMW
1,315
1,229
1,266
Total China
26,567 1,839
6.9 % 24,967 2,099
8.4 % 23,489 2,303
9.8 %
__________
(a)
Includes sales by the Automotive China Joint Ventures (Automotive China JVs): SAIC General Motors Sales Co., Ltd. (SGMS) and
SAIC GM Wuling Automobile Co., Ltd. (SGMW).
(b)
Cuba, Iran, North Korea, Sudan and Syria are subject to broad economic sanctions
.
Accordingly, these countries are excluded from
industry sales data and corresponding calculation of market share.
(c)
As of March 2022, GM is no longer importing vehicles or parts to Russia, Belarus and other sanctioned provinces in Ukraine.
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As discussed above, total vehicle sales and market share data provided in the table above includes fleet vehicles. We sell
vehicles directly or through our dealer network to fleet customers, including daily rental car companies, commercial fleet
customers, leasing companies and governments. 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):
Years Ended December 31,
2024
2023
2022
GMNA
615
679
564
GMI
401
506
426
Total fleet sales
1,016
1,185
990
Fleet sales as a percentage of total vehicle sales
16.9 %
19.2 %
16.7 %
Product Pricing
Several methods are used to promote our products, including the use of dealer, retail and fleet incentives,
such as customer rebates and finance rate support. The level of incentives is dependent upon the level of competition in the
markets in which we operate and the level of demand for our products.
Cyclical and Seasonal Nature of Business
The market for vehicles is cyclical and depends in part on general economic
conditions, credit availability and consumer spending. Vehicle markets are also seasonal. Production varies from month to
month. Vehicle model changeovers occur throughout the year as a result of new market entries.
Relationship with Dealers
We market vehicles and automotive parts primarily through a network of independent authorized
retail dealers. These outlets include distributors, dealers and authorized sales, service and parts outlets. Our customers can
obtain a wide range of after-sale vehicle services and products through our dealer network, such as maintenance, light repairs,
collision repairs, vehicle accessories and extended service warranties. The number of authorized dealerships and other agents
performing similar functions were 4,588 in GMNA and 6,594 in GMI at December 31, 2024.
We, and our joint ventures, enter into a contract with each authorized dealer agreeing to sell to the dealer one or more
specified product lines at wholesale prices and granting the dealer the right to sell those products to customers from an
approved location. Our dealers often offer more than one GM brand at a single dealership in a number of our markets.
Authorized dealers offer parts, accessories, service and repairs for GM vehicles in the product lines that they sell using GM
parts and accessories. Our dealers are authorized to service GM vehicles under our limited warranty, and those repairs are made
almost exclusively with GM parts. Our dealers generally provide their customers with access to credit or lease financing,
vehicle insurance and extended service contracts, which may be provided by GM Financial and other financial institutions.
The quality of GM dealerships and our relationship with our dealers are critical to our success now, and as we transition to
our all-electric future, given that they maintain the primary sales and service interface with the end consumer of our products. In
addition to the terms of our contracts with our dealers, we are regulated by various country and state franchise laws and
regulations that may supersede those contractual terms and impose specific regulatory requirements and standards for initiating
dealer network changes, pursuing terminations for cause and other contractual matters.
Research, Product Development and Intellectual Property
Costs for research, manufacturing engineering, software
engineering, product engineering and design and development activities primarily relate to developing new products or services
or improving existing products or services, including activities related to vehicle and greenhouse gas (GHG) emissions control,
improved fuel economy, EVs, AVs and the safety of drivers and passengers. Research and development expenses were $9.2
billion, $9.9 billion and $9.8 billion in the years ended December 31, 2024, 2023 and 2022.
Product Development
The Global Product Development organization is responsible for designing, developing, validating
and integrating all global products, services and their components while aiming to maximize part sharing across multiple
vehicle segments. Our global vehicle architecture development is headquartered at our Global Technical Center in Warren,
Michigan, where our global teams in Design, Program Management & Execution, Hardware, Systems & Integration, Product
Safety, Systems & Certification, Electrification & Battery Systems, Technology Acceleration & Commercialization and
Purchasing & Supply Chain collaborate to meet customer requirements and maximize global economies of scale.
We continue to invest in key ICE segments, which are critical to fund our all-electric future. Cross-segment part sharing is an
essential enabler to optimize our vehicle portfolio profitability, with more than 75% of our global internal combustion vehicle
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
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sales volume expected to come from five internal combustion vehicle architectures through this decade. We will continue to
leverage our ICE portfolio to accommodate our customers around the world while achieving our financial goals.
Software and Services
The Software & Services organization, with a presence in Mountain View, California and globally, is
bringing together all of GM's software capabilities and assets under one team for the first time at GM. The team is developing
and implementing an integrated strategy, working closely with the Global Product Development organization and others across
the enterprise to deliver an end-to-end integrated software and services strategy that will make the driver experience even more
compelling and seamless.
Intellectual Property
We are constantly innovating and hold a significant number of patents, copyrights, trade secrets and
other intellectual property that protect those innovations in numerous countries. While no single piece of intellectual property is
individually material to our business as a whole, our intellectual property is important to our operations and continued
technological development. Additionally, we hold a number of trademarks and service marks that are very important to our
identity and recognition in the marketplace.
Raw Materials, Services and Supplies
We purchase a wide variety of raw materials, systems, components, parts, supplies,
energy, freight, transportation and other services from numerous suppliers to manufacture our products. The raw materials
primarily include steel, aluminum, resins, copper, lead, precious metals and raw materials used in EVs. We do not normally
carry substantial inventories of these raw materials in excess of levels reasonably required to meet our production requirements,
and while we have not experienced any significant shortages of raw materials, supply disruptions may occur as a result of
geopolitical and/or policy actions. Processing and extraction of certain EV battery raw materials is currently concentrated in
China and may be subject to import or export restrictions, or tariffs. In addition, our transition to EVs will require developing a
more resilient, scalable and sustainable North America-focused EV supply chain, which includes advancing our strategic
sourcing initiatives to secure supply through investments in raw materials suppliers and the execution of strategic, multi-year
supply agreements with suppliers throughout the value chain. This includes securing supply through offtake agreements for EV
raw materials and derivatives thereof, such as lithium, cathode active material, manganese, synthetic and natural graphite,
nickel, cobalt, rare earth elements and permanent motor magnets. These EV-related agreements may require us to hold higher
than normal levels of EV raw materials inventory and to make long-term commitments to purchase raw materials. Expected
demand for these raw materials currently exceeds the North American capacity of the existing supply chain and our raw
material sourcing strategy aims to secure raw material supply to support our EV transition.
Commodity costs are reflecting greater variability due to the macroeconomic environment and the continuing existence of
government policies. Furthermore, an increased demand for EV critical minerals is increasing scrutiny of the sustainability and
human rights implications of these supply chains.
In some instances, we purchase systems, components, parts and supplies from a single source, which may increase risk to
supply disruptions. The inability or unwillingness of these sources to provide us with parts and supplies could have a material
adverse effect on our production. Combined purchases from our two largest suppliers were approximately 11% of our total
purchases in each of the years ended December 31, 2024, 2023 and 2022. Refer to Item 1A. Risk Factors for further discussion
of these risks.
Automotive Financing - GM Financial
GM Financial is our global captive automotive finance company and our global
provider of automobile finance solutions. GM Financial conducts its business in North America, South America and through
joint ventures in China.
GM Financial provides retail loan and lease lending across the credit spectrum to support vehicle sales. Additionally, GM
Financial offers commercial lending products to dealers including floorplan financing, which is lending to finance new and used
vehicle inventory; and dealer loans, which are loans to finance improvements to dealership facilities, to provide working
capital, or to purchase and/or finance dealership real estate. GM Financial provides lending products to commercial vehicle
upfitters and advances to certain GM subsidiaries.
In North America, GM Financial offers a sub-prime lending program. The program is primarily offered to consumers with a
FICO score or its equivalent of less than 620 who have limited access to automobile financing through banks and credit unions
and is expected to sustain a higher level of credit losses than prime lending.
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GM Financial generally seeks to fund its operations in each country through local sources of funding to minimize currency
and country risk. GM Financial primarily finances its loan, lease and commercial origination volume through the use of secured
and unsecured credit facilities, securitization transactions and the issuance of unsecured debt in the capital markets.
Human Capital
The foundation of GM’s business is our Purpose: We pioneer the innovations that move and connect people to
what matters. It is why we exist. Our Purpose, growth strategy and culture all help us on our path towards achieving our vision
of a world with zero crashes, zero emissions and zero congestion. Our people are our most valuable asset, and we must continue
to attract and retain the best talent in the world in order to achieve this vision. As a result, we strive to create a Workplace of
Choice to attract, retain, motivate and develop top talent by adhering to a responsible employer philosophy, which includes,
among other things, commitments to create job opportunities, pay workers fairly, ensure safety and well-being and foster an
inclusive work environment in which all employees can perform at their best. Fundamental to these commitments are our
company values.
Building a Stronger Future Together
Attracting and retaining talent to build great vehicles is critical to thriving in an
increasingly competitive landscape. Our company initiatives for inclusivity are created to further our main business objective –
to build and sell the best vehicles on the market to everyone, everywhere. Our current Board of Directors includes six women
and seven men of different backgrounds who contribute their own unique perspective, industry insights, experiences and
expertise. We bring together best-in-class talent to innovate in an inclusive work environment, and our guiding principle is
performance. We have a talent management system that underscores our commitment to high standards. We extend outside of
GM to reduce barriers and improve access to our products and services by aligning to GM's focus on STEAM education and
road safety. This includes our investments in communities through many partnerships and volunteerism.
Develop and Retain Talented People
Today, we compete for talent not only against other automotive companies, but with
businesses in sectors such as technology. To win and retain that talent, we must encourage employee behaviors that align with
our values, fulfill employees' long-term aspirations and provide experiences that make them feel valued, included and engaged.
We have introduced various tools to outline expectations of our employees at each stage of our career ladder in terms of role
scope, skills and behaviors. Along with providing mentoring and networking opportunities, we offer a vast array of career
development resources to employees to make the most of their careers at GM. We have established curricula for each of our
functional areas aimed at ensuring that our employees have the skills they need to perform their jobs. We also offer continuing
education programs from leading colleges and universities. For example, the Technical Education Program provides employees
an opportunity to complete corporate strategically aligned degrees and certificate programs. Employees in some of our technical
roles can participate in the GM Technical Learning University — a training and upskilling program designed to expand and
update the technical abilities of our workforce.
GM recognizes that leadership effectiveness is a critical business need. We continue to expand our leadership development
programs, which are designed to deliver skills and behaviors for each level of leadership to effectively lead their teams. Focus
areas range from delivering constructive feedback to effectively leading large scale change initiatives.
Safety and Well-Being
The safety and well-being of our employees is also a critical component of our ability to transform
the future of personal mobility. At GM, we pride ourselves on our commitment to live values that return people home safely —
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Every Person, Every Site, Every Day. Our unwavering commitment to safety is manifested through empowering employees to
“Speak Up for Safety” and the Employee Safety Concern Process. These resources make it easier for salaried, hourly or
represented and contract employees to report potential vehicle or workplace safety issues, or to suggest safety related
improvements without fear of retaliation. The well-being of our employees is equally as important to entice and stimulate
creativity and innovation.
Our award-winning Total Rewards package includes support for physical, emotional and financial wellness. We provide a
comprehensive, competitive offering that includes compensation, a 401(k) company contribution and matching program, paid
time off for holidays and vacations, a high-quality health care plan, and GM Family First savings on GM vehicles, parts and
services. We are committed to creating safe spaces where people can perform and thrive at work. GM encourages and supports
healthy behaviors, attitudes and actions in our workplaces to improve health outcomes for team members and their families and
to contribute to the success of our business.
Employees
At December 31, 2024, we employed approximately 90,000 (55%) hourly employees and approximately 72,000
(45%) salaried employees. At December 31, 2024, substantially all of our hourly U.S. employees (approximately 47,000) were
represented by unions, a majority of which were represented by the International Union, United Automobile, Aerospace and
Agricultural Implement Workers of America (UAW). The following table summarizes worldwide employment (in thousands):
December 31, 2024
GMNA(a)
123
GMI
30
GM Financial
9
Total Worldwide
162
U.S. - Salaried
50
U.S. - Hourly
47
__________
(a) Includes Cruise.
Information About our Executive Officers
As of January 28, 2025, the names and ages of our executive officers, their
positions with GM and their business experiences during the past five years are as follows:
Mary T. Barra (63)
Chair and Chief Executive Officer
(2016)
Grant Dixton (51)
Executive Vice President, Chief
Legal, Public Policy Officer and
Corporate Secretary (2024)
Activision Blizzard, Chief Legal Officer (2021)
Boeing, Senior Vice President, General Counsel and Corporate
Secretary (2020)
Rory V. Harvey (57)
Executive Vice President and
President, Global Markets (2024)
Executive Vice President and President, North America (2023)
Vice President, Global Cadillac (2020)
Vice President, Cadillac North America Sales, Service and
Marketing (2018)
Christopher T. Hatto (54)
Vice President, Global Business
Solutions and Chief Accounting
Officer (2020)
Vice President, Controller and Chief Accounting Officer (2018)
Paul A. Jacobson (53)
Executive Vice President and
Chief Financial Officer (2020)
Delta Air Lines, Executive Vice President and Chief Financial
Officer (2013)
Mark L. Reuss (61)
President (2019)
Name (Age)
Present GM Position (Effective Date)
Positions Held During the Past Five Years (Effective Date)
There are no family relationships between any of the officers named above and there is no arrangement or understanding
between any of the officers named above and any other person pursuant to which he or she was selected as an officer. Each of
the officers named above was elected by the Board of Directors to hold office until his or her successor is elected and qualified
or until his or her earlier resignation or removal.
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Environmental and Regulatory Matters
Automotive Criteria Emissions Control
Our products are subject to laws and regulations globally that require us to control
certain non-GHG automotive emissions, including vehicle and engine exhaust emission standards, vehicle evaporative emission
standards and onboard diagnostic (OBD) system requirements. Emission requirements have become more stringent as a result
of stricter standards and new diagnostic requirements that have come into force in many markets around the world, often with
very little harmonization. Regulatory authorities may conduct ongoing evaluations of products from all manufacturers. Refer to
Item 1A. Risk Factors for additional information.
The U.S. federal government, through the Environmental Protection Agency (EPA), imposes stringent exhaust and
evaporative emission control requirements on vehicles sold in the U.S. The California Air Resources Board (CARB) likewise
imposes stringent exhaust and evaporative emission standards. The Clean Air Act permits states that have areas with air quality
compliance issues to adopt California emission standards in lieu of federal requirements. Various other states have adopted
California emission standards, and there is a possibility that additional U.S. jurisdictions could adopt California emission
standards in the future. The EPA has finalized its Tier 4 Multipollutant Rule that will begin with the 2027 model year. The
historically stringent proposal calls for ever-increasing volumes of zero emission vehicles (ZEVs) in order to maintain
compliance.
For each model year, we must obtain certification that our vehicles and engines will meet emission requirements of the EPA
before we can sell vehicles in the U.S. and Canada, and of CARB before we can sell vehicles in California and the states that
have adopted California emission standards.
The Canadian federal government's current vehicle pollutant emission requirements are generally aligned with U.S. federal
requirements.
In 2019, certain areas within China began implementation of the China 6 emission standard (China 6) requirements. China 6
combines elements of both European Union (EU) and U.S. standards and increases the time and mileage periods over which
manufacturers are responsible for a vehicle's emission performance. Nationwide implementation of China 6a for new
registrations occurred in January 2021, and the more stringent China 6b was implemented in July 2023. In 2022, China began
studies regarding the next generation of vehicle emission standards (China 7), with the final standard expected in 2026. While
largely based on Euro 7, some divergence and unique requirements are expected.
Brazil has approved a set of national emission standards referred to as L7, implemented in 2022, and L8, to be implemented
from 2025 onward. L7 standards cover vehicle exhaust emissions, durability for emissions, evaporative emissions and noise
limits, and include additional OBD requirements and a phase-in for onboard refueling vapor recovery systems. L8 standards
include corporate average vehicle emissions targets, which increase in stringency every two years until 2031. Some of the
requirements are aligned with those of the EPA.
As a result of the sale of the Opel and Vauxhall businesses and certain other assets in Europe (the Opel/Vauxhall Business),
GM’s vehicle presence in Europe is smaller, but GM may still be affected by actions taken by regulators related both to Opel/
Vauxhall vehicles sold before the sale of the Opel/Vauxhall Business as well as to other vehicles GM continues to sell in
Europe. In Europe, increased scrutiny of emission standards compliance may result in changes to these standards, as well as
stricter interpretations or redefinition of these standards and more rigorous enforcement. Beyond this, as part of the EU's desire
to accelerate the shift to sustainable mobility, the EU has recently rolled out new regulations which will impose more stringent
emissions standards on ICE vehicles (Euro 7), before phasing them out in 2035. New regulations that are already in place and
for which technical requirements are currently being shaped will also impact EV battery design, use and recyclability/recycling.
For additional information, refer to Note 16 to our consolidated financial statements.
Automotive Fuel Economy and GHG Emissions
In the U.S., NHTSA promulgates and enforces Corporate Average Fuel
Economy (CAFE) standards for three separate fleets: domestic cars, import cars and light-duty trucks. Manufacturers may use
one or a combination of the following to resolve CAFE fleet deficits: credits from the five prior model years, expected credits
for the next three model years, credits obtained from other manufacturers or payment of civil penalties. Manufacturers that do
not resolve deficits for a model year may be subject to substantial CAFE civil penalties to bring their fleets into compliance. In
addition to federal CAFE standards, the EPA promulgates and enforces GHG emission standards. Manufacturers may use one
or a combination of the following to resolve EPA GHG fleet deficits: credits from the five prior model years, expected credits
for the next three model years and credits obtained from other manufacturers. NHTSA and the EPA have previously finalized
separate standards with differing stringency levels and affected model years, with the CAFE standards addressing the 2024–
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2026 model years and the GHG standards addressing the 2023–2026 model years and both standards have been challenged
through litigation. In 2024, NHTSA finalized CAFE standards for the 2027–2031 model years and the EPA finalized GHG
standards for the 2027–2032 model years. NHTSA and the EPA have also finalized on-going fuel efficiency and GHG
emissions requirements for medium- and heavy-duty vehicles. These requirements also increase in stringency over time.
In addition, CARB has promulgated and enforces its own light-duty vehicle GHG standards with increasing stringency
through model year 2025, and other states have adopted CARB's GHG standards under the Federal Clean Air Act. GM is
required to meet state GHG standards in California and the states that have adopted California’s GHG standards. CARB has not
proposed increases to its GHG standards for the 2026 or later model years, but may do so in the future.
CARB has also imposed requirements to sell increasing percentages of ZEVs in California, ending with a 100% sales target
in the 2035 model year. This includes CARB's Advanced Clean Cars II (ACC II) program, which requires the sale of increasing
percentages of light-duty ZEVs for the 2026–2035 model years, and has been adopted by numerous states. CARB received a
waiver from the EPA for it and the other adopting states to implement and enforce the ACC II program and that waiver action
has been challenged through litigation. Additional U.S. jurisdictions could adopt CARB’s ACC II requirements in the future.
CARB has also imposed a ZEV requirement for medium- and heavy-duty vehicles in its Advanced Clean Trucks (ACT)
program, requiring increasing percentages of ZEVs for the 2024–2026 model years, ending with a 100% ZEV sales requirement
in the 2036 model year. CARB has a waiver from the EPA to enforce ACT.
In Canada, federal light- and heavy-duty GHG regulations contain emission standards that are modeled on existing U.S. EPA
light- and heavy-duty GHG emission standards for the 2023–2026 model years. In December 2023, the Canadian federal
government announced the ZEV Availability Standard as a new requirement within the existing light-duty GHG emission
standard, which requires a specified percentage of manufacturer's new light-duty vehicles offered for sale in Canada to be ZEV,
beginning with model year 2026 and increasing each year to 100% by model year 2035, and potential enforcement actions for
non-compliance in accordance with the existing GHG standards. At the provincial level, Quebec and British Columbia have
enacted ZEV sales requirements, which include potential monetary penalties for non-compliance. In 2023, Quebec amended its
light-duty ZEV regulations applicable to 2025–2035 model years, requiring ZEVs to comprise 100% of all new light-duty
vehicle sales by model year 2035. In December 2024, the Quebec government adopted regulations that prohibit the sale or lease
of certain internal combustion engines by December 31, 2035. In October 2024, the British Columbia government announced
amendments to British Columbia's existing ZEV sales requirements, which would require ZEVs to comprise 100% of new
light-duty sales in British Columbia by model year 2035.
China has two fuel consumption requirements for passenger vehicles enforced by the Ministry of Industry and Information
Technology: an individual vehicle pass-fail type approval requirement and a corporate average fuel consumption (CAFC)
requirement. Specific to the CAFC requirement, China introduced Phase 5 in 2021 with full compliance required by 2025. In
addition, China has established a mandate that requires passenger car manufacturers to produce a certain volume of plug-in
hybrid, battery electric and fuel cell vehicles, which are referred to as New Energy Vehicles (NEVs), from 2019 and beyond.
The number of NEV credits per car is based on the electric range, energy efficiency and battery energy density with the goal of
increasing NEV volume penetrations and improving technological sophistication over time. Uncommitted NEV credits may be
used to assist compliance with the CAFC requirement. China previously issued NEV credit targets between 2019 and 2023 and
has set new NEV credit targets aimed at further increasing NEV volumes for 2024 and 2025. In 2022, China began to study the
CAFC requirement and NEV credit mandates for 2026–2030 (referred to as Phase 6) with the final standard expected in 2025.
These standards are anticipated to be more stringent, aligned with the trend observed in other key global markets.
In Brazil, the Secretary of Industry and Development promulgates and enforces CAFE standards and has enforced a CAFE
program for the period October 2020–September 2026 for light-duty and mid-size trucks and SUVs, including diesel vehicles.
The second phase of the program was finalized in May 2024 and introduces more stringent requirements from 2027 through
2031.
We have several options to comply with existing and potential new regulations that we have utilized and may continue to
utilize, including increasing production and sale of certain vehicles, such as EVs, and curtailing production of others, which
could include profitable ICE vehicles; technology changes, including fuel consumption efficiency and engine upgrades;
payment of penalties; and/or the purchase of credits from third parties. We regularly evaluate our current and future product
plans and strategies for compliance with fuel economy and GHG regulations. In the years ended December 31, 2024, 2023 and
2022, we paid $2.0 billion, $0.5 billion and $1.0 billion to purchase credits to facilitate our compliance with regulations.
Compliance-related costs of $1.0 billion, $0.7 billion and $0.5 billion were recorded in Automotive and other cost of sales in
the years ended December 31, 2024, 2023 and 2022. Refer to Item 1A. Risk Factors for additional information.
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Industrial Environmental Control
Our operations are subject to a wide range of environmental protection laws including
those regulating air emissions, water discharge, waste management and environmental cleanup. Certain environmental statutes
require that responsible parties fund remediation actions regardless of fault, legality of original disposal or ownership of a
disposal site. Under certain circumstances, these laws impose joint and several liability as well as liability for related damages
to natural resources.
Chemical Regulations
We continually monitor the implementation of chemical regulations to maintain compliance and
evaluate their effect on our business, suppliers and the automotive industry.
Globally, governments continue to introduce new legislation and regulations related to the selection and use of chemicals by
mandating broad prohibitions or restrictions and implementing vehicle interior air quality, green chemistry, life cycle analysis
and product stewardship initiatives. These initiatives give broad regulatory authority to ban or restrict the use of certain
chemical substances and potentially affect automobile manufacturers' responsibilities for vehicle components at the end of a
vehicle's life, as well as chemical selection for product development and manufacturing. Global treaties and initiatives such as
the Basel, Rotterdam and Stockholm Conventions on Chemicals and Waste, the Minamata Convention on Mercury and EU
Registration, Evaluation, Authorization and Restriction of Chemicals, are driving chemical regulations across signatory
countries. Increases in the use of circuit boards and other electronics may require additional assessment under the Restriction of
Hazardous Substances and Waste from Electrical and Electronic Equipment directives. New European requirements require
suppliers of parts and vehicles to the European market to disclose substances of concern in parts.
Chemical regulations are increasing in North America. In the U.S., the EPA is moving forward with risk analysis and
management of high priority chemicals under the authority of the 2016 Lautenberg Chemical Safety for the 21st Century Act.
The EPA has also issued a per- and polyfluoroalkyl substances (PFAS) reporting rule that requires PFAS use reporting by
manufacturers between 2011 and 2022. In addition, several U.S. states have chemical management regulations that can affect
vehicle design and manufacturing such as chemical restriction and use requirements. For example, Minnesota has adopted
PFAS reporting and elimination requirements beginning as early as 2026, except for unavoidable uses. Chemical restrictions
and export controls in Canada continue to steadily progress under the Environment and Climate Change Canada's Chemical
Management Plan to assess existing substances and implement risk management controls on any chemical deemed toxic.
These emerging laws and regulations will potentially lead to increases in costs and supply chain complexity. Manufacturers,
including joint venture partners and suppliers, that do not comply with global and specific country regulations could be subject
to civil penalties, production disruptions or limitations on the sale of affected products. We believe we are materially in
compliance with substantially all these requirements or expect to be materially in compliance by the required dates.
Vehicle Safety
U.S. Requirements
The National Traffic and Motor Vehicle Safety Act of 1966 (the Safety Act) regulates the vehicles and
items of motor vehicle equipment that we manufacture and sell. The Safety Act prohibits the sale in the U.S. of any new vehicle
or equipment that does not conform to applicable federal motor vehicle safety standards established by NHTSA. Meeting or
exceeding the many safety standards is costly as global compliance and non-governmental assessment requirements continue to
evolve and grow more complex, and lack harmonization globally. The Safety Act further requires that if we or NHTSA
determine a vehicle or an item of vehicle equipment does not comply with a safety standard, or that vehicle or equipment
contains a defect that poses an unreasonable safety risk, we must conduct a safety recall to remedy that condition in the affected
vehicles. Should we or NHTSA determine a safety defect or noncompliance issue exists with respect to any of our vehicles, the
cost of such recall campaigns could be substantial.
Other National Requirements
Outside of the U.S., many countries have established vehicle safety standards and regulations
and are likely to adopt additional, more stringent requirements in the future. The European General Safety Regulation has
introduced United Nations Economic Commission for Europe (UNECE) regulations, which are required for the European Type
Approval process. Globally, governments generally have been adopting UNECE based regulations with some variations to
address local concerns. Any difference between North American and UNECE based regulations can add complexity and costs
to vehicle development, and we continue to support efforts to harmonize regulations to reduce complexity. Safety and recall
requirements in various countries around the world, including in China, Brazil and Gulf Cooperation Council countries, also
may add substantial costs and complexity to our safety and field action activities globally. In Canada, vehicle regulatory
requirements are generally aligned with U.S. regulations; however, under the Canadian Motor Vehicle Safety Act, recall
thresholds are different and the Minister of Transport has broad powers to order manufacturers to submit a notice of defect or
non-compliance when the Minister considers it to be in the interest of safety. Global regulations continue to increase in scope
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with new technologies, some of which can be market-specific, that can add complexity and increase our cost of compliance
globally.
Crash Test Ratings and New Car Assessment Programs
Organizations in various regions around the world, including in the
U.S., rate and compare motor vehicles through various New Car Assessment Programs (NCAPs) to provide consumers and
businesses with additional information about the safety of new vehicles. NCAPs use crash tests and other evaluations that are
different than what is required by applicable regulations, and use stars or other grading systems, depending on the region, to
rate vehicle safety. Achieving high NCAP ratings, which can vary by country and region, can add complexity and cost to
vehicles.
Website Access to Our Reports
Our internet website address is https://www.gm.com. In addition to the information about us
and our subsidiaries contained in this 2024 Form 10-K, information about us can be found on our website including information
on our corporate governance principles and practices. Our Investor Relations website at https://investor.gm.com, which contains
a link to our Sustainability Report, and our News website at https://news.gm.com contain a significant amount of information
about us, including financial and other information for investors. We encourage investors to visit both websites, as we
frequently update and post new information about our company on these websites and it is possible that this information could
be deemed to be material information. Our Investor Relations website and News website and information included in or linked
to these websites are not part of this 2024 Form 10-K.
Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those
reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (Exchange
Act), are available free of charge through our website as soon as reasonably practicable after they are electronically filed with or
furnished to the U.S. Securities and Exchange Commission (SEC). The SEC maintains a website that contains reports, proxy
and information statements, and other information regarding our filings at https://www.sec.gov.
* * * * * * *
Item 1A. Risk Factors
We have listed below the most material risk factors applicable to us. These risk factors are not necessarily in the order of
importance or probability of occurrence:
Risks related to our competition and strategy
If we do not deliver new products, services, technologies and customer experiences in response to increased competition
and changing consumer needs and preferences, our business could suffer.
We believe that the automotive industry will
continue to experience significant change in the coming years, particularly as traditional automotive original equipment
manufacturers (OEMs) continue to shift resources to the development of EVs. In addition to our traditional competitors, we
must also be responsive to the entrance of start-ups and other non-traditional competitors in the automotive industry, such as
software and ridesharing services supported by large technology companies. These new competitors, as well as established
industry participants, are disrupting the historic business model of our industry through the introduction of new technologies,
products, services, direct-to-consumer sales channels, methods of transportation and vehicle ownership. To successfully execute
our long-term strategy, we must continue to develop and commercialize new products and services, including products and
services that are outside of our historically core ICE business, such as EVs and AVs, software-enabled connected services,
future features and services based on artificial intelligence and other new businesses.
There can be no assurance that advances in technology will occur in a timely or feasible way, if at all, that others will not
acquire similar or superior technologies sooner than we do, or that we will acquire technologies on an exclusive basis or at a
significant price advantage. The process of designing and developing new technology, products and services is costly and
uncertain and requires extensive capital investment. If our access to capital were to become significantly constrained, if costs of
capital increased significantly, or if our ability to raise capital is challenged relative to our peers, our ability to execute on our
strategic plans could be adversely affected. Further, if we are unable to prevent or effectively remedy errors, bugs,
vulnerabilities or defects in our software and hardware, or fail to deploy updates to our software properly, or if we do not
adequately prepare for and respond to new kinds of technological innovations, market developments and changing customer
needs and preferences, our sales, profitability and long-term competitiveness may be materially harmed.
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Our ability to attract and retain talented and highly skilled employees is critical to our success and competitiveness.
Attracting and retaining employees who are highly skilled in their areas is critical to thriving in an increasingly competitive
landscape. In particular, our vehicles and connected services increasingly rely on software and hardware that is highly technical
and complex and our success in this area is dependent upon our ability to retain and recruit the best talent. The market for
highly skilled workers and leaders in our industry is extremely competitive. In addition to compensation considerations, current
and potential employees are increasingly placing a premium on culture and other various intangibles, such as working for
companies with a clear purpose and strong brand reputation, flexible work arrangements, and other considerations, such as
embracing sustainability and inclusion initiatives. Failure to attract, hire, develop, motivate and retain highly qualified
employees could disrupt our operations and adversely affect our strategic plans.
Our ability to maintain profitability is dependent upon our ability to timely fund and introduce new and improved vehicle
models, including EVs, that are able to attract a sufficient number of consumers.
We operate in a very competitive industry
with market participants routinely introducing new and improved vehicle models and features, at decreasing price points,
designed to meet rapidly evolving consumer expectations. Producing new and improved vehicle models, including EVs, that
preserve our reputation for designing, building and selling safe, high-quality cars, crossovers, trucks and SUVs is critical to our
long-term profitability. Successful launches of our new vehicles are critical to our short-term profitability. The new vehicle
development process can take two years or more, and a number of factors may lengthen that time period. Because of this
product development cycle and the various elements that may contribute to consumers’ acceptance of new vehicle designs,
including competitors’ product introductions, technological innovations, fuel prices, general economic conditions, regulatory
developments, including tax credits or other government policies in various countries, transportation infrastructure and changes
in quality, safety, reliability and styling demands and preferences, an initial product concept or design may not result in a
saleable vehicle or a vehicle that generates sales in sufficient quantities and at high enough prices to be profitable. Our high
proportion of fixed costs, both due to our significant investment in property, plant and equipment as well as other requirements
of our collective bargaining agreements, which limit our flexibility to adjust personnel costs to changes in demands for our
products, may further exacerbate the risks associated with incorrectly assessing demand for our vehicles.
Our long-term strategy is dependent upon our ability to profitably deliver a strategic portfolio of EVs.
The production and
profitable sale of EVs has become increasingly important to our long-term business as we continue our transition to an all-
electric future. Our EV strategy is dependent on our ability to (i) deliver a strategic portfolio of high-quality EVs that are
competitive and meet consumer demands; (ii) scale our EV manufacturing capabilities; (iii) reduce the costs associated with the
manufacture of EVs, particularly with respect to battery cells and packs; (iv) increase vehicle range and the rate of charge and
energy density of our batteries; (v) efficiently source sufficient materials for the manufacture of battery cells; (vi) license and
monetize our proprietary platforms and related innovations; (vii) successfully invest in new technologies relative to our peers;
(viii) develop new software and services; and (ix) leverage our scale, manufacturing capabilities and synergies with existing
ICE vehicles. Our progress towards these objectives has impacted, and may continue to impact, the need to record losses on our
EV-related inventory, including battery cells. If we are unable to successfully deliver on our EV strategy, it could materially
and adversely affect our results of operations, financial condition and growth prospects, and could negatively impact our brand
and reputation.
The success of our long-term strategy is dependent on consumer adoption of EVs.
Consumer adoption of EVs has been
slower than anticipated, and has been and in the future could be impacted by numerous factors, including the breadth of the
portfolio of EVs available; perceptions about EV features, quality, safety, performance and cost relative to ICE vehicles; the
range over which EVs may be driven on a given battery charge; the proliferation and speed of charging infrastructure, in
particular with respect to public EV charging stations, and the success of the Company's charging infrastructure programs and
strategic joint ventures and other relationships; cost and availability of high fuel-economy ICE vehicles; volatility in energy
prices due to increased demand and investments to support electrification efforts; volatility, or a sustained decrease, in the cost
of petroleum-based fuel; failure by governments and other third parties to make the investments necessary to make
infrastructure improvements, such as greater availability of EV charging stations, and to provide meaningful and fully utilizable
economic incentives promoting the adoption of EVs, including production and consumer credits contemplated by the Inflation
Reduction Act (IRA); and negative feedback from stakeholders impacting investor and consumer confidence in our company or
industry. If industry-wide adoption rates continue to be lower than anticipated, we may take portfolio actions to better match the
pace of EV adoption, such as not fully utilizing or reducing the capacity of our existing or future plants or reducing production
hours or shifts, and we may become subject to claims by suppliers as a result of such actions. We may be unable to successfully
deliver on our EV strategy, which could materially and adversely affect our results of operations, financial condition and
growth prospects, and could negatively impact our brand and reputation.
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In addition, the production and sale of EVs at increasingly larger volumes is also part of our long-term strategy to comply
with global emissions and fuel economy regulations. If we are not able to successfully execute our EV strategy or if future
compliance requirements do not change, we may need to take various actions, including purchasing additional regulatory
credits from third parties, paying penalties to various government regulators, or taking portfolio actions such as reducing the
production of profitable ICE vehicles, the impact of which could be material to our results of operations and financial condition.
See "Our operations and products are subject to extensive laws, regulations and policies, including those related to vehicle
emissions and fuel economy standards, which can significantly increase our costs and affect how we do business."
Our near-term profitability is dependent upon the success of our current line of ICE vehicles, particularly our full-size
ICE SUVs and full-size ICE pickup trucks.
While we offer a broad portfolio of cars, crossovers, SUVs and trucks, and we
have announced significant plans to design, build and sell a strategic portfolio of EVs, we currently recognize the highest profit
margins on our full-size ICE SUVs and full-size ICE pickup trucks. As a result, our near-term success is dependent upon our
ability to sell higher margin vehicles in sufficient volumes. We are also using the cash generated by our ICE vehicles to fund
our growth strategy, including with respect to EVs and AVs. Any near-term shift in consumer preferences toward smaller, more
fuel-efficient vehicles, whether as a result of increases in the price of oil or any sustained shortage of oil, including as a result of
global political instability (such as related to the ongoing conflicts in Eastern Europe and the Middle East), concerns about fuel
consumption or GHG emissions, or other reasons, could weaken the demand for our higher margin vehicles. More stringent fuel
economy regulations could also impact our ability to sell these vehicles or could result in additional costs associated with these
vehicles, which could be material. See “Our operations and products are subject to extensive laws, regulations and policies,
including those related to vehicle emissions and fuel economy standards, which can significantly increase our costs and affect
how we do business.”
We operate in a highly competitive industry that has historically had excess manufacturing capacity, and attempts by our
competitors to sell more vehicles could have a significant negative effect on our vehicle pricing, market share and operating
results.
The global automotive industry is highly competitive in terms of the quality, innovation, new technologies, pricing,
fuel economy, reliability, safety, customer service and financial services offered. Additionally, despite the fact that OEMs have
experienced supply constraints in recent years due to the COVID-19 pandemic and certain supply chain and logistics
challenges, overall manufacturing capacity in the automotive industry has historically far exceeded demand. Supply chain and
logistics challenges may occur as a result of geopolitical and/or policy actions. In addition, we have made, and plan to continue
to make, significant investments in EV manufacturing capacity based on our expectations for long-term EV demand, which is
subject to various risks and uncertainties as described above. Our transition to EVs will also require developing a more resilient,
scalable and sustainable North American-focused EV supply chain, which includes advancing our strategic sourcing initiatives
to secure supply through investments in raw materials suppliers and the execution of strategic, multi-year supply agreements
with suppliers throughout the value chain. These EV-related agreements may require us to hold higher than normal levels of EV
raw materials inventory and to make long-term commitments to purchase raw materials. Expected demand for these raw
materials currently exceeds the North American capacity of the existing supply chain. If we are not successful in developing our
North America supply chain, our operating results and profitability could be negatively impacted.
Many manufacturers, including GM, have relatively high fixed labor costs as well as limitations on their ability to efficiently
close facilities and reduce fixed costs, including as a result of collective bargaining agreements. In light of any excess capacity
and high fixed costs, many industry participants have attempted to sell more vehicles by providing subsidized financing or
leasing programs, offering marketing incentives or reducing vehicle prices. As a result, we have had, and may in the future
need, to offer similar incentives, which may result in vehicle prices that do not offset our costs, including any cost increases or
the impact of adverse currency fluctuations, which could affect our profitability. Our competitors may also seek to benefit from
economies of scale by consolidating or entering into other strategic agreements such as alliances or joint ventures intended to
enhance their competitiveness.
Manufacturers in countries that have lower production costs, such as China and India, have become competitors in key
emerging markets and have begun offering their products in established markets, as well as a low-cost alternative to established
entry-level automobiles. These actions have had, and are expected to continue to have, a significant negative effect on our
vehicle pricing, market share and operating results in these markets. In addition, foreign governments may decide to implement
tax and other policies that favor their domestic manufacturers at the expense of international manufacturers, including GM and
its joint venture partners. Similarly, the potential imposition of tariffs may lead to further challenges for GM and its joint
venture partners.
We recently announced plans to refocus our AV strategy on personal vehicles and the execution of this strategy is
dependent upon our ability to successfully mitigate unique technological, operational and regulatory risks.
Cruise Holdings,
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our majority-owned subsidiary, has been pursuing the development and commercialization of AV technology for deployment in
a robotaxi application. In December 2024, we announced plans to refocus our autonomous driving strategy on personal vehicles
and that we would no longer fund Cruise's robotaxi development work. We are pursuing the acquisition of the noncontrolling
interests in Cruise, and as of December 31, 2024, we owned about 97% of Cruise. Following the acquisition of the
noncontrolling interests and subject to approval of the Cruise Board of Directors, we expect to work with the Cruise leadership
team to restructure Cruise's operations and combine the GM and Cruise technical efforts to build on the success of Super
Cruise, our ADAS technology, and prioritize the development of ADAS on a path to fully autonomous personal vehicles. While
we expect our refocused AV strategy to be less capital intensive than the Cruise robotaxi plan, we expect that our AV and
ADAS development activities will continue to require significant capital investments and remain subject to a variety of risks
inherent with the development of new technologies, including our ability to continue to develop self-driving software and
hardware; attract and retain key software talent with expertise in artificial intelligence and machine learning; access to sufficient
capital; and significant competition from both established automotive companies and technology companies, some of which
may have more resources and capital to devote to AV technologies than we do. In addition, we face risks related to the
commercial deployment of AVs, including consumer acceptance, reputation of our brand, achievement of adequate safety and
other performance standards and compliance with uncertain, evolving and potentially conflicting federal, state, provincial or
local regulations. Advanced technologies such as AVs present novel issues with which domestic and foreign regulators have
only limited experience, and will be subject to evolving regulatory frameworks. Any current or future regulations in these areas,
and our relationships with regulators, could impede the successful commercialization of these technologies and impact whether
and how these technologies are designed and integrated into our products, and may ultimately subject us to increased costs and
uncertainty. To the extent accidents, cybersecurity breaches or other adverse events associated with our autonomous driving
systems occur, we could be subject to liability, reputational harm, government scrutiny and further regulation, and it could deter
consumer adoption of AV and ADAS technology. Any of the foregoing could materially and adversely affect our results of
operations, financial condition and growth prospects.
We are subject to risks associated with climate change, including increased regulation of GHG emissions, changing
consumer preferences and other risks related to our transition to EVs and the potential increased impacts of severe weather
events on our operations and infrastructure.
Increasing attention to climate change, rising societal expectations on companies
to address climate change, requirements for increased disclosure and changes in consumer and investor preferences may result
in increased costs, reduced demand for our products, reduced profits, risks associated with new regulatory requirements, risks to
our reputation and the potential for increased litigation and governmental investigations. Regulations at the federal, state or
local level or in international jurisdictions could require us to further limit emissions associated with customer use of products
we sell, change our manufacturing processes or product portfolio or undertake other activities that may require us to incur
additional expense, including the purchase of emissions credits or the payment of penalties, which may be material. These
requirements may increase the cost of, and/or diminish demand for, our ICE vehicles. See “Our operations and products are
subject to extensive laws, regulations and policies, including those related to vehicle emissions and fuel economy standards,
which can significantly increase our costs and affect how we do business.” In addition, at the state and federal level in the U.S.
and abroad there are an increasing number of sustainability-related rules and regulations that have been adopted or proposed.
Such regulations are expected to subject us to new disclosure requirements, new supply chain requirements, new trade
restrictions and increased risk of litigation or regulatory action, which are expected to result in increased costs (in our
operations and supply chain), as well as risks to our reputation or consumer demand for our products if we do not meet
increasingly demanding stakeholder expectations and standards. Furthermore, our practices may be judged against
sustainability standards that are continually evolving and not always clear. Prevailing sustainability standards, expectations and
regulations may also reflect contrasting or conflicting values or agendas.
Part of our strategy to address these risks includes the continued scaling of EVs, which presents additional risks, including
reduced demand for, and therefore profits from, our ICE vehicles, which we are currently using to fund our growth strategy and
transition to EVs; higher costs or reduced availability of materials related to EV technologies, whether as a result of increased
competition or more stringent regulatory requirements, impacting profitability, particularly with respect to batteries and battery
raw material; risks related to the success of our EV strategy, particularly with respect to advancement of battery cell technology,
charging infrastructure and competition; and uncertainty over treatment of EVs in vehicle emission standards. See “Our long-
term strategy is dependent upon our ability to profitably deliver a strategic portfolio of EVs” and “Our near-term profitability is
dependent upon the success of our current line of full-size ICE SUVs and full-size ICE pickup trucks.”
Finally, increased intensity, frequency or duration of storms, droughts, wildfires or other severe weather events as a result of
climate change may disrupt our production and the production, logistics, cost and procurement of products from our suppliers,
timely delivery of vehicles to customers and operations of our dealers, and could negatively impact working conditions at our
plants and those of our suppliers and dealers. Such weather events may also adversely impact the financial condition of our
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customers, and thereby reduce demand for our products and services. Any of the foregoing could have a material adverse effect
on our financial condition and results of operations.
Risks related to our operations
Our business is highly dependent upon global automobile market sales volume, which can be volatile.
Because we have a
high proportion of relatively fixed structural costs, small changes in sales volume can have a disproportionately large effect on
our profitability. A number of economic and market conditions drive changes in new vehicle sales, including disruptions in the
new vehicle supply chain, the availability and prices of used vehicles, levels of unemployment and inflation, availability of
affordable financing, elevated interest rates, fluctuations in the cost of fuel, consumer confidence and demand for vehicles,
political unrest or uncertainty, the occurrence of a public health crisis, barriers to trade and other global economic conditions.
For a discussion of economic and market trends, see the "Overview" section in Part II, Item 7. MD&A. If our operating
environment deteriorates for these or other reasons, including a moderate to severe recession in any of the markets in which we
operate, it could lead to a significant decrease in new vehicle sales, which could materially and adversely affect our results of
operations and financial condition.
Inflationary pressures and persistently high prices and uncertain availability of commodities, raw materials or other
inputs used by us and our suppliers, or instability in logistics and related costs, could negatively impact our profitability.
Increases in prices, including as a result of inflation and rising interest rates, for commodities, raw materials, energy or other
inputs that we and our suppliers use in manufacturing products, systems, components and parts, such as steel, precious metals,
non-ferrous metals, critical minerals or other similar raw materials, or increases in logistics and related costs, have led and may
continue to lead to higher production costs for parts, components and vehicles. In addition, elevated cost, or reduced
availability, of critical materials for our EV propulsion systems, including lithium, nickel, cobalt and certain rare earth metals,
could lead to higher production costs for our EVs and could impede our ability to successfully deliver on our EV strategy.
Further, increasing global demand for, and uncertain supply of, such materials could disrupt our or our suppliers’ ability to
obtain such materials in a timely manner and/or could lead to increased costs. Geopolitical risk, fluctuations in supply and
demand, fluctuations in interest rates, any weakening of the U.S. dollar and other economic, regulatory and political factors
have created and may continue to create pricing pressure for commodities, raw materials, energy and other inputs. These
inflationary pressures could, in turn, negatively impact our profitability because we may not be able to pass all of those costs on
to our customers or require our suppliers to absorb such costs.
Our business in China subjects us to unique operational, competitive and regulatory risks.
Our business in China is
subject to aggressive competition from many of the largest global manufacturers and numerous domestic manufacturers, which
have experienced significant growth in customer acceptance, as well as non-traditional market participants, such as domestic
technology companies. Over the last several years, this intense competition and an increasingly challenging operating
environment negatively impacted the profitability of our operations in China, our China JVs' ability to grow vehicle sales in
China and our ability to generate sustainable equity income from our China JVs. As a result, in December 2024, our Board of
Directors determined there to be a material loss in value of our investments in certain of the China JVs. Updated business
forecasts and recent restructuring actions to address continuing market challenges and competitive conditions have indicated
that the loss in value is other-than-temporary for our equity interests in SAIC General Motors Corporation Limited (SGM),
certain SGM subsidiaries and SAIC-GMAC Automotive Finance Company Limited (SAIC-GMAC). As a result, we recorded
an other-than-temporary impairment of our equity interests of $2.4 billion in the year ended December 31, 2024. We also
recorded additional equity losses of $2.0 billion resulting from the implementation of these restructuring actions, which
includes plant closures and portfolio optimization, in the year ended December 31, 2024. These charges are non-cash in nature.
We expect SGM will likely incur additional restructuring charges in 2025. We cannot guarantee that the restructuring actions
will be successful in our China JVs achieving long-term profitability or that additional, material restructuring actions will not be
required.
In addition, our success in China depends upon our ability to adequately address unique market and consumer preferences
driven by advancements related to EVs, infotainment, software-enabled connected services and other new technologies while
achieving affordability. Our ability to fully deploy our technologies in China may be impacted by evolving laws and regulations
in the U.S. and China and the unique regulatory landscape in China. Increased competition, continued U.S.-China trade
tensions, weakening economic conditions in China or China's level of integration with key components in our global supply
chain, among other factors, may result in cost increases, price reductions, reduced sales, profitability and margins, and
challenges to gaining or holding market share.
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Certain risks and uncertainties of doing business in China are solely within the control of the Chinese government, and
Chinese law regulates the scope of our investments and business conducted within China. The Chinese government may adopt
new regulations that may impact entities operating in China or the ability of non-Chinese entities to obtain critical materials
from China, potentially with little advance notice. In order to maintain access to the Chinese market, we may be required to
comply with significant technical and other regulatory requirements, including under such regulatory actions, that are unique to
the Chinese market, at times with short notice. These actions may increase the cost of doing business in China or limit how we
may do business in China, which could materially and adversely affect the profitability and financial condition of our China
business.
We benefit from many ongoing strategic business relationships, particularly with respect to facilitating access to raw
materials necessary for the production of EVs, and a significant amount of our operations are conducted by joint ventures,
which we cannot operate solely for our benefit.
We are engaged in many strategic business relationships, and we expect that
such arrangements will continue to be an important factor in the growth and success of our business, particularly in light of
industry consolidation. However, there are no assurances that we will be able to identify or secure suitable business
relationships in the future or that our competitors will not capitalize on such opportunities before we do, or that any strategic
business relationships that we enter into will be successful. If we are unable to successfully source and execute on strategic
business relationships in the future, our overall growth could be impaired, and our business, prospects and results of operations
could be materially adversely affected. In particular, to secure critical materials for the production of EVs, we have entered, and
plan to continue to enter, into offtake agreements with raw material suppliers and make investments in certain raw material
suppliers. The terms of these offtake agreements may obligate us to purchase defined quantities of output over a specified
period of time, subject to certain conditions. If we are unable to utilize or otherwise monetize the raw materials we are obligated
to purchase under these offtake agreements, whether as a result of lower than expected EV production volumes, lower than
expected rates of consumer adoption, changes in battery technology that reduce the need for certain raw materials or other
reasons, it could materially adversely affect our cash flows and increase our inventory. Further, our investments in raw
materials suppliers could expose us to distinct risks not traditionally associated with the automotive sector, and if the raw
materials suppliers in which we have invested are unsuccessful, our investments could lose their value.
In addition, many of our operations, primarily in China and Korea as well as certain of our battery manufacturing and raw
material sourcing operations in the U.S. and Canada, are carried out by joint ventures. Our primary joint venture agreement for
our China JVs expires in 2027, and we expect to shortly begin negotiations with our partner for a new agreement. In joint
ventures, we share ownership and management of a company with one or more parties who may not have the same goals,
strategies, priorities, business incentives or resources as we do and may compete with us outside the joint venture. Joint
ventures are intended to be operated for the benefit of all co-owners, rather than for our exclusive benefit. Operating a business
as a joint venture often requires additional organizational formalities as well as time-consuming procedures for sharing
information and making decisions that must further take into consideration our partners' interests. In joint ventures, we are
required to foster our relationships with our co-owners as well as promote the overall success of the joint venture, and if a co-
owner changes, relationships deteriorate or strategic objectives diverge, our success in the joint venture may be materially
adversely affected. Further, because most of the benefits from a successful joint venture are shared among the co-owners, we do
not receive all the benefits from our successful joint ventures.
In addition, because we share ownership and management with one or more parties, we may have limited control over the
actions of a joint venture, particularly when we own a minority interest. As a result, we may be unable to prevent violations of
applicable laws or other misconduct by a joint venture, adverse human rights or other impacts or the failure to satisfy
contractual obligations by one or more parties. Moreover, a joint venture may not be subject to the same financial reporting,
corporate governance or compliance approaches that we follow. To the extent another party makes decisions that negatively
impact the joint venture or internal control issues arise within the joint venture, we may have to take responsive actions, or we
may be subject to penalties, fines or other punitive actions or suffer reputational harm for these activities.
The international scale and footprint of our operations expose us to additional risks.
We manufacture, sell and service
products globally and rely upon an integrated global supply chain to deliver the raw materials, components, systems and parts
that we need to manufacture our products. Our global operations subject us to extensive domestic and foreign legal and
regulatory requirements, and a variety of other political, economic and regulatory risks, which may have a material adverse
effect on our financial condition or results of operations, including: (1) changes in government leadership; (2) changes in trade
compliance, labor, employment, tax, privacy, environmental and other laws, regulations or government policies impacting our
overall business model or practices or restricting our ability to manufacture, purchase or sell products consistent with market
demand and our business objectives; (3) political pressures to change any aspect of our business model or practices or that
impair our ability to source raw materials, services, components, systems and parts, or manufacture products on competitive
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terms in a manner consistent with our business objectives (including with respect to full utilization of the incentives
contemplated by the IRA); (4) political uncertainty, instability, civil unrest, government controls over certain sectors or human
rights concerns; (5) political and economic tensions between governments and changes in international economic policies,
including restrictions on the repatriation of dividends or in the export of technology, especially between China and the U.S.; (6)
changes to customs requirements or procedures (e.g., inspections) or new or higher tariffs, for example, on products imported
into or exported from the U.S., including under U.S. or other trade laws or measures, or other key markets; (7) new or evolving
non-tariff barriers or domestic preference procurement requirements, or enforcement of, changes to, withdrawals from or
impediments to implementing free trade agreements, or preferences of foreign nationals for domestically manufactured
products; (8) changes in foreign currency exchange rates and interest rates; (9) economic downturns or significant changes in
macroeconomic conditions in the countries in which we operate; (10) differing local product preferences and product
requirements, including government certification requirements related to, among other things, fuel economy, vehicle emissions,
EVs and AVs, connected services and safety; (11) impact of changes to and compliance with U.S. and foreign countries’ export
controls, economic sanctions, import controls, foreign investment and other similar measures; (12) impacts on our operations or
liabilities resulting from U.S. and foreign laws and regulations, including, but not limited to, those related to the Foreign
Corrupt Practices Act and certain other anti-corruption laws; (13) differing labor regulations, agreements, requirements and
union relationships; (14) differing dealer and franchise regulations and relationships; (15) difficulties in obtaining financing in
foreign countries for local operations; and (16) natural disasters, public health crises and other catastrophic events.
Any significant disruption at one of our manufacturing facilities could disrupt our production schedule.
We assemble
vehicles at various facilities around the world. Our facilities are typically designed to produce particular models for particular
geographic markets. No single facility is designed to manufacture our full range of vehicles. In some cases, certain facilities
produce products, systems, components and parts that disproportionately contribute a greater degree to our profitability than
others and create significant interdependencies among manufacturing facilities around the world. When these or other facilities
become unavailable, either temporarily or permanently and for any number of reasons, including labor disruptions or shortages,
supply chain disruptions, the occurrence of a public health crisis or catastrophic weather events, whether or not as a result of
climate change, the inability to manufacture at the affected facility has resulted, and may in the future result, in harm to our
reputation, increased costs, lower revenues and the loss of customers. We may not be able to easily shift production to other
facilities or to make up for lost production. Any new facility needed to replace an inoperable manufacturing facility would need
to comply with the necessary regulatory requirements and applicable labor agreements, need to satisfy our specialized
manufacturing requirements and require specialized equipment.
In addition, substantially all of our hourly employees are represented by unions and covered by collective bargaining
agreements that must be negotiated from time-to-time, including at the local facility level. As a result, we may be subject to an
increased risk of strikes, work stoppages or other types of conflicts with labor unions and employees.
Disruption in our suppliers’ operations have disrupted, and could in the future disrupt, our production schedule.
Our
automotive operations are dependent upon the continued ability of our suppliers to deliver the systems, components, raw
materials and parts that we need to manufacture our products. Other than with respect to certain of our offtake agreements with
battery raw material suppliers, our use of “just-in-time” manufacturing processes typically allows us to maintain minimal
inventory. As a result, our ability to maintain production is dependent upon our suppliers delivering sufficient quantities of
systems, components, raw materials and parts on time to meet our production schedules and specifications. In some instances,
we purchase systems, components, raw materials and parts that are ultimately derived from a single source and may be at an
increased risk for supply disruptions. Any number of factors, including labor disruptions, catastrophic weather events, the
occurrence of a public health crisis, contractual or other disputes, unfavorable economic or industry conditions, restrictions on
transactions involving certain territories, entities or individuals, delivery delays or other performance problems or financial
difficulties or solvency problems, could disrupt our suppliers’ operations and lead to uncertainty in our supply chain or cause
supply disruptions for us, which could, in turn, disrupt our operations, including the production of certain higher margin
vehicles. When we experience supply disruptions, we may not be able to develop alternate sourcing quickly. Any disruption of
our production schedule caused by an unexpected shortage of systems, components, raw materials or parts even for a relatively
short period of time could cause us to alter production schedules, increase work-in-process inventory or suspend production
entirely, which could cause a loss of revenues or an increase in working capital, which would adversely affect our profitability
and financial condition.
Pandemics, epidemics, disease outbreaks and other public health crises have disrupted our business and operations, and
future public health crises could materially adversely impact our business, financial condition, liquidity and results of
operations.
Pandemics, epidemics or disease outbreaks in the U.S. or globally, such as the COVID-19 pandemic, have
previously disrupted, and may in the future disrupt, our business, which could materially affect our results of operations,
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financial condition, liquidity and future expectations. Any such events may adversely impact our global supply chain and global
manufacturing operations and cause us to suspend our operations in the affected markets. In particular, we could experience,
among other things: (1) continued or additional global supply disruptions; (2) labor disruptions or shortages; (3) an inability to
manufacture; (4) an inability to sell to our customers; (5) a decline in showroom traffic and customer demand; (6) customer
defaults on automobile loans and leases; (7) lower than expected pricing on vehicles sold at auction; and (8) an impaired ability
to access credit and the capital markets. Any new public health crisis could have a material impact on our business, financial
condition and results of operations going forward.
Risks related to our intellectual property, cybersecurity, information technology and data management practices
Competitors may independently develop products and services similar to ours, and there are no guarantees that GM’s
intellectual property rights would prevent competitors from independently developing or selling those products and services.
There may be instances where, notwithstanding our intellectual property position, competitive products or services may impact
the value of our brands and other intangible assets, and our business may be adversely affected. Moreover, although GM takes
reasonable steps to maintain the confidentiality of GM proprietary information, there can be no assurance that such efforts will
completely deter or prevent misappropriation or improper use of our intellectual property. We sometimes face attempts to gain
unauthorized access to our information technology networks and systems for the purpose of improperly acquiring our trade
secrets or confidential business information. The theft or unauthorized use or publication of our trade secrets and other
confidential business information as a result of such an incident could adversely affect our competitive position. In addition, we
have been, and in the future may be, the target of patent enforcement actions by third parties, including aggressive and
opportunistic enforcement claims by non-practicing entities. Regardless of the merit of such claims, responding to infringement
claims can be expensive and time-consuming. Although we have taken steps to mitigate such risks, if we are found to have
infringed any third-party intellectual property rights, we could be required to pay substantial damages, or we could be enjoined
from offering some of our products and services. In addition, to prevent unauthorized use of our intellectual property, it may be
necessary to prosecute actions for infringement, misappropriation or other violations of our intellectual property against third
parties. Any such action could result in significant costs and diversion of our resources and management’s attention, and there
can be no assurance that we will be successful in any such action.
Security breaches, cyberattacks and other disruptions to information technology systems and networked products,
including connected vehicles, owned or maintained by us, GM Financial, service providers, such as data processors, or third
parties, such as vendors or suppliers, could interfere with our operations and could compromise the confidentiality of private
customer data or our proprietary information.
We rely upon information technology systems and manufacture networked and
connected products, some of which are managed by third parties, to collect, process, transmit, use, protect and store electronic
information and to manage or support a variety of our business processes, activities and products. Additionally, we and GM
Financial collect, process, transmit, use, protect and store confidential data, including intellectual property and proprietary
business information (including that of our dealers and suppliers), as well as personally identifiable information of our
customers and employees, in data centers and on information technology networks (including networks that may be controlled
or maintained by third parties). The secure operation of these systems and products, and the processing and maintenance of the
information processed by these systems and products, is critical to our business operations and strategy. Further, customers
using our systems rely on the security of our infrastructure, including hardware and other elements provided by third parties, to
ensure the reliability of our products and the protection of their data. We also face the risk of operational disruption, failure,
termination or capacity constraints of any of the service providers or third parties that facilitate our business activities, including
vendors, suppliers, customers, counterparties, exchanges, clearing agents, clearinghouses or other financial intermediaries. Such
parties and other third parties who provide us services or with whom we communicate could also be the source of a cyberattack
on, or breach of, our operational systems, network, data or infrastructure.
Despite our security measures and business continuity plans, our information technology systems and networked and
connected products may be vulnerable to intrusions, damage, disruptions or shutdowns caused by attacks by hackers, computer
viruses or worms, malware (including “ransomware”), phishing attacks, spyware, denial of service attacks and/or breaches due
to errors, negligence or malfeasance by employees, contractors, vendors and others who have access to these systems and
products. In addition, cybersecurity threat actors are increasingly sophisticated and are targeting employees, contractors, service
providers and third parties through various techniques that involve social engineering and/or misrepresentation. Techniques
used in cyberattacks to obtain unauthorized access to, disable or sabotage information technology systems are increasingly
diverse and sophisticated, including as a result of emerging technologies, such as artificial intelligence and machine learning.
Data breaches and other cybersecurity events have become increasingly commonplace, including as a result of the
intensification of state-sponsored cyberattacks during periods of geopolitical conflict. The occurrence of any of these events
could compromise the confidentiality, operational integrity and accessibility of these systems and products and the data that
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resides within them. Similarly, such an occurrence could result in the compromise, acquisition or loss of the information
processed by these systems and products. Such events could result in, among other things, the loss of proprietary data,
interruptions or delays in our business operations and damage to our reputation. In addition, such events could increase the risk
of claims alleging that we are non-compliant with applicable laws or regulations, subjecting us to potential liability from private
litigation or regulatory penalties and related costs under laws protecting the privacy of personal information or unfair or
deceptive practices relating to consumer information; disrupt our operations; or reduce the competitive advantage we hope to
derive from our investment in advanced technologies. Various events described above have occurred in the past and may occur
in the future. Although impacts of past events have been immaterial, the impacts of such events in the future may be material.
Security breaches and other disruptions of our in-vehicle systems could impact the safety of our customers and reduce
confidence in GM and our products
.
Our vehicles contain complex information technology systems. These systems control
various vehicle functions including engine, transmission, safety, steering, navigation, acceleration, braking, window, door lock
functions and battery and electric motors. We have designed, implemented and tested security measures intended to prevent
unauthorized access to these systems. However, hackers and other malicious actors have reportedly attempted, and may attempt
in the future, to gain unauthorized access to modify, alter and use networks, vehicle software or their systems to gain control of,
or to change, our vehicles’ functionality, user interface and performance characteristics, or to gain access to data stored in or
generated by the vehicle. Any unauthorized access to, or control of, our vehicles or their systems or any unauthorized access to,
acquisition of or loss of data could adversely impact the safety of our customers or result in failure of our systems, any of which
could result in interruptions to our business, legal claims or proceedings, liability or regulatory penalties. Laws that would
permit third-party access to vehicle data and related systems, including "right to repair" laws, could expose our vehicles and
vehicle systems to third-party access without appropriate security measures in place, leading to new safety and security risks for
our customers and reducing customer trust and confidence in our products. In addition, regardless of their veracity, reports of
unauthorized access to our vehicles or their systems or data, as well as other factors that may result in the perception that our
vehicles or their systems or data are capable of being "hacked" and lack appropriate safety controls, could negatively affect our
brand and harm our reputation, which could adversely impact our business and operating results.
Our enterprise data practices, including the collection, use, sharing and security of the personal or other information of
our customers, employees and suppliers, are subject to increasingly complex and restrictive regulations in all key market
regions
.
Data privacy and protection and unfair and deceptive practice laws and similar regulations in many jurisdictions where
we do business require that we take significant steps to safeguard such personal information, and these laws and regulations
continue to evolve. Under these regulations, which include, but are not limited to, the California Consumer Privacy Act of
2018, as amended by the California Privacy Rights Act, the EU's General Data Protection Regulation 2016/679, the U.K. Data
Protection Act of 2018, and other international data protection, privacy, data security, data localization and similar national,
state, provincial, and local laws, the failure to maintain compliant data practices could result in consumer complaints, private
litigation and regulatory inquiry resulting in civil or criminal penalties, as well as have a negative impact on our brand or result
in other harm to our business. In addition, increased consumer sensitivity to real or perceived failures in establishing,
implementing and maintaining acceptable data practices could damage our reputation and deter current and potential users or
customers from using our products and services. The cost of compliance with these laws and regulations will be high and is
likely to increase in the future. The growing patchwork of state and country regulations imposes burdensome obligations on
companies to quickly respond to consumer requests, such as requests to delete, disclose and stop selling personal information,
with significant fines for noncompliance. Complying with these new laws has significantly increased, and may continue to
increase, our operating costs and is driving increased complexity in our operations.
Risks related to government regulations and litigation
Our operations and products are subject to extensive laws, regulations and policies, including those related to vehicle
emissions and fuel economy standards, which can significantly increase our costs and affect how we do business.
We are
significantly affected by governmental regulations on a global basis that can increase costs related to the production of our
vehicles and affect our product portfolio, particularly regulations relating to fuel economy standards and GHG emissions.
Meeting the requirements of these regulations is costly, often technologically challenging and may require phase-out of ICE
vehicles in certain major jurisdictions, and these standards are often not harmonized across jurisdictions. We anticipate that the
number and extent of these and other regulations, laws and policies, and the related costs and changes to our product portfolio,
may increase significantly in the future, primarily motivated by efforts to reduce GHG emissions. Specifically, fuel economy
and GHG emission regulations at the federal, state or local level or in international jurisdictions could require us to further limit
the sale of certain profitable ICE products in current and future years, subsidize the sale of less profitable ones, change our
manufacturing processes, pay increased penalties, purchase additional credits from our competitors or undertake other activities
that may require us to incur additional expense, which may be material. These requirements may increase the cost of, and/or
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diminish demand for, our vehicles. These regulatory requirements, among others, could significantly affect our plans for global
product development and, given the uncertainty surrounding enforcement and regulatory definitions and interpretations, may
result in substantial costs, including civil or criminal penalties. In addition, an evolving but un-harmonized emissions and fuel
economy regulatory framework that could include specific sales mandates may limit or dictate the types of vehicles we sell and
where we sell them, which can affect our revenues and profitability. Refer to the “Environmental and Regulatory Matters”
section of Item 1. Business for further information on regulatory and environmental requirements.
We expect that to comply with fuel economy and GHG emission standards and mandates to sell specific volumes of ZEVs in
certain jurisdictions, we will be required to sell a significant volume of EVs, and potentially develop and implement new
technologies for conventional internal combustion engines, all of which will require substantial investment and expense. There
are limits on our ability to achieve fuel economy improvements over a given time frame, primarily relating to the cost and
effectiveness of available technologies, lack of sufficient consumer acceptance of new technologies and of changes in vehicle
mix, lack of willingness of consumers to absorb the additional costs of new technologies, the appropriateness (or lack thereof)
of certain technologies for use in particular vehicles, the widespread availability (or lack thereof) of supporting infrastructure
for new technologies, especially with respect to EVs, the availability (or lack thereof) of the raw materials and component
supply to make batteries and other elements of EVs, and the human, engineering and financial resources necessary to deploy
new technologies across a wide range of products and powertrains in a short time. There is no assurance that we will be able to
produce and sell vehicles that use such new technologies on a profitable basis or that our customers will purchase such vehicles
in the quantities necessary for us to comply with current or future regulatory requirements.
In the current uncertain regulatory framework, compliance costs under existing and potential new regulations for which we
may be responsible and that are not reasonably estimable could be substantial. Alleged violations of fuel economy or vehicle
emission standards could result in legal proceedings, the recall of one or more of our products, negotiated remedial actions,
fines and penalties, restricted product offerings or a combination of any of those items. Any of these actions could have a
material adverse effect on our profitability, financial condition and operations, including facility idling, reduced employment,
increased costs and loss of revenue.
In addition, many of our advanced technologies, including AVs, present novel issues with which domestic and foreign
regulators have only limited experience, and will be subject to evolving regulatory frameworks. Current or any future
regulations in these areas could impede the successful commercialization of these technologies and impact whether and how
these technologies are designed and integrated into our products, and may ultimately subject us to increased costs and
uncertainty.
We could be materially adversely affected by unusual or significant litigation, governmental investigations or other
proceedings.
We are subject to legal proceedings in the U.S. and elsewhere involving various issues, including product liability
lawsuits, warranty litigation, class action litigations alleging product defects, emissions litigation, privacy matters, stockholder
litigation, labor and employment litigation and claims and actions arising from restructurings and divestitures of operations and
assets. In addition, we are subject to various governmental proceedings and investigations. A negative outcome in one or more
of these proceedings could result in the imposition of damages, including punitive damages, fines, reputational harm, civil
lawsuits and criminal penalties, interruptions of business, modification of business practices, equitable remedies and other
sanctions against us or our personnel as well as legal and other costs, all of which may be significant. For a further discussion of
certain of these matters, refer to Note 16 to our consolidated financial statements.
The costs and effect on our reputation of product safety recalls and alleged defects in products and services could
materially adversely affect our business.
Government safety standards require manufacturers to remedy certain product safety
defects through recall campaigns and vehicle repurchases. Under these standards, we could be subject to civil or criminal
penalties or may incur various costs, including significant costs for repairs made at no cost to the consumer. The costs we incur
in connection with these recalls typically include the cost of the part being replaced and labor to remove and replace the
defective part. The costs to complete a recall could be exacerbated to the extent that such action relates to a global platform.
Concerns about the safety of our products, including advanced technologies like AVs, whether raised internally or by regulators
or consumer advocates, and whether or not based on scientific evidence or supported by data, can result in product delays,
recalls, field actions, lost sales, governmental investigations, regulatory action, private claims, lawsuits and settlements and
reputational damage. These circumstances can also result in damage to brand image, brand equity and consumer trust in our
products and ability to lead the industry with respect to new technologies, such as EVs and AVs.
We currently source a variety of systems, components, raw materials and parts from third parties. From time to time, these
items may have performance or quality issues that could harm our reputation and cause us to incur significant costs, particularly
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
20
if the affected items relate to global platforms or involve defects that are identified years after production. Our ability to recover
costs associated with recalls or other campaigns caused by parts or components purchased from suppliers may be limited by the
suppliers’ financial condition or a number of other reasons or defenses.
We may incur additional tax expense or become subject to additional tax exposure.
We are subject to the tax laws and
regulations of the U.S. and numerous other jurisdictions in which we do business. Many judgments are required in determining
our worldwide provision for income taxes and other tax liabilities, and we are regularly under audit by the U.S. Internal
Revenue Service and other tax authorities, which may not agree with our tax positions. In addition, our tax liabilities are subject
to other significant risks and uncertainties, including those arising from potential changes in laws and regulations in the U.S.
and other countries in which we do business (for example, the IRA and the Organisation for Economic Co-Operation and
Development proposals, including the introduction of global minimum tax standards), the possibility of tax controversy related
to adverse determinations with respect to the application of existing laws (for example, with respect to full realization of the
incentives contemplated by the IRA), changes in our business or structure and changes in the valuation of our deferred tax
assets and liabilities. Any unfavorable resolution of these and other uncertainties may have a significant adverse impact on our
tax rate and results of operations. If our tax expense were to increase, or if the ultimate determination of our taxes owed is for
an amount in excess of amounts previously accrued, our operating results, cash flows and financial condition could be adversely
affected.
Risks related to Automotive Financing - GM Financial
We rely on GM Financial to provide financial services to our customers and dealers.
GM Financial faces a number of
business, economic and financial risks that could impair its access to capital and negatively affect its business and operations,
which in turn could impede its ability to provide leasing and financing to customers and commercial lending to our dealers. Any
reduction in GM Financial’s ability to provide such financial services would negatively affect our efforts to support additional
sales of our vehicles and expand our market penetration among customers and dealers.
The primary factors that could adversely affect GM Financial’s business and operations and reduce its ability to provide
financing services at competitive rates include the sufficiency, availability and cost of sources of funding, including credit
facilities, securitization programs and secured and unsecured debt issuances; the performance of loans and leases in its
portfolio, which could be materially affected by charge-offs, delinquencies and prepayments; wholesale auction values of used
vehicles; vehicle return rates and the residual value performance on vehicles GM Financial leases to customers; fluctuations in
interest rates and currency exchange rates; competition for customers from commercial banks, credit unions and other financing
and leasing companies; and changes to regulation, supervision, enforcement and licensing across various jurisdictions.
In addition, GM Financial has certain floating-rate obligations, hedging transactions and floating-rate commercial loans that
determine their applicable interest rate or payment amount by reference to a benchmark rate, generally the Secured Overnight
Financing Rate (SOFR), which is a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities.
Any uncertainties associated with these benchmark rates may impact GM Financial's ability to manage interest rate risk
effectively.
Further, as an entity operating in the financial services sector, GM Financial is required to comply with a wide variety of laws
and regulations that may be costly to adhere to and may affect our consolidated operating results. Compliance with these laws
and regulations requires that GM Financial maintain forms, processes, procedures, controls and the infrastructure to support
these requirements. Laws in the financial services industry are designed primarily for the protection of consumers. The failure
to comply with these laws could result in significant statutory civil and criminal penalties, monetary damages, attorneys’ fees
and costs, revocation of licenses and damage to reputation, brand and valued customer relationships.
Risks related to defined benefit pension plans
Our pension funding requirements could increase significantly due to a reduction in funded status as a result of a variety
of factors, including weak performance of financial markets, declining interest rates, changes in the level of benefits
provided for by the plans, changes in laws or regulations, or changes in assumptions or investments that do not achieve
adequate returns.
Our employee benefit plans currently hold a significant amount of equity and fixed income securities. A
detailed description of the investment funds and strategies and our potential funding requirements are disclosed in Note 15 to
our consolidated financial statements, which also describes significant concentrations of risk to the plan investments.
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
21
Our future funding requirements for our defined benefit pension plans depend upon the future performance of assets placed in
trusts for these plans, the level of interest rates used to determine funding levels, the level of benefits provided for by the plans
and any changes in laws and regulations. Future funding requirements generally increase if the discount rate decreases or if
actual asset returns are lower than expected asset returns, assuming other factors are held constant. We estimate future
contributions to these plans using assumptions with respect to these and other items. Changes to those assumptions could have a
significant effect on future contributions.
There are additional risks due to the complexity and magnitude of our investments. Examples include implementation of
significant changes in investment policy, insufficient market liquidity in particular asset classes and the inability to quickly
rebalance illiquid and long-term investments.
Factors that affect future funding requirements for our U.S. defined benefit plans generally affect the required funding for
non-U.S. plans. Certain plans outside the U.S. do not have assets and therefore the obligation is funded as benefits are paid. If
local legal authorities increase the minimum funding requirements for our non-U.S. plans, we could be required to contribute
more funds, which could negatively affect our liquidity and financial condition.
* * * * * * *
Item 1B. Unresolved Staff Comments
None.
* * * * * * *
Item 1C. Cybersecurity
Risk Management and Strategy
We recognize the importance of assessing, identifying and managing material risks associated with cybersecurity threats. We
have implemented cybersecurity policies, procedures, technologies and controls to aid in our efforts to access, identify and
manage such risks. Material risks from cybersecurity threats are managed across GM, GM Financial, Cruise, service providers
such as data processors, third-party suppliers, dealers and vendors, and monitoring such risks and threats are integrated into the
Company's overall risk management program.
GM has a Cybersecurity Management Board that brings together representatives from senior management across the
Company's Software & Services, Product Development, Information Technology, Manufacturing, Finance, Communications,
Human Resources, Legal and Public Policy organizations to provide guidance and monitor overall company cybersecurity risk.
The Company's cybersecurity maturity scorecard, cybersecurity threats and incident information are reviewed by the
Company's Chief Information Security Officer (CISO), the Risk and Cybersecurity Committee of the Company's Board of
Directors and the Cybersecurity Management Board during standing meetings as well as in impromptu sessions, when
appropriate. During the reviews, various topics are discussed, which may include:
•
implementation and maturity of the Company's cybersecurity program, risk management framework, including
cybersecurity risk policies, procedures and governance;
•
cybersecurity and privacy risk, including potential impact to the Company's employees, customers, supply chain, joint
ventures and other stakeholders;
•
intelligence briefings on notable cyber events impacting the industry; and
•
cybersecurity budget and resource allocation, including industry benchmarking and economic modeling of various
potential cybersecurity events.
The Company maintains administrative, physical, technical and organizational safeguards, including employee training,
incident response capability reviews and exercises, cybersecurity insurance and business continuity mechanisms for the
protection of the Company's assets. From time to time, the Company's processes are audited and validated by internal and
external experts. The Company leverages a third-party cybersecurity program with the goal of minimizing disruption to the
Company's business and production operations, strengthening supply chain resilience in response to cyber-related events and
supporting the integrity of components and systems used in its products and services.
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
22
When cybersecurity incidents occur, the GM Cybersecurity team's focus is on responding to and containing the threat and
minimizing impact. When we become aware of a cybersecurity incident, we have defined policies and procedures to respond to
and recover from such incident as quickly as possible. In the event of a cybersecurity incident, the Cybersecurity team also
assesses, among other factors, safety impact, supply chain and manufacturing disruption, data and personal information loss,
business operations disruption, projected cost and potential for reputational harm, with support from external technical, legal
and law enforcement, as appropriate. Our policies and procedures are reviewed periodically for alignment with regulatory
requirements and the threat landscape.
In the last three fiscal years, the Company has not experienced any material cybersecurity incidents and expenses incurred
from cybersecurity incidents were immaterial (including penalties and settlements, of which there were none). For a discussion
of whether and how any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have
materially affected or, if realized, are reasonably likely to materially affect the Company, including its business strategy, results
of operations or financial condition, see Item 1A. Risk Factors – "Risks related to our intellectual property, cybersecurity,
information technology and data management practices", which are incorporated by reference into this Item 1C.
Governance
The GM Board of Directors is responsible for overseeing the Company's enterprise risk, and has established its Risk and
Cybersecurity Committee with specific responsibility for overseeing our cybersecurity program, among other things. The
Company's cybersecurity organization is led by the CISO, who is responsible for assessing and managing material risks from
cybersecurity threats and reports to the Risk and Cybersecurity Committee. The CISO has served in this role since December
2024 and has more than 20 years of experience in various information technology, cybersecurity and software engineering
roles. The CISO's experience includes building and leading cybersecurity functions at large enterprises, startups, and research
and development centers, as well as leading software engineering teams responsible for building and operating large-scale
software services. The CISO also has expertise in building and designing secure software, scalable and resilient systems,
incident response practices, privacy programs and other critical security disciplines and practice areas. The CISO holds a
master's degree in information security policy and management, has taught information security courses at the graduate level, is
an inventor on cybersecurity-related patents and has been a speaker at leading cybersecurity conferences.
The CISO and the Cybersecurity Management Board monitor the prevention, mitigation, detection and remediation of
cybersecurity incidents through their management of, and participation in, the cybersecurity risk management and strategy
processes described above, including through the operation of the Company's incident response plans, which include escalation
to the Risk and Cybersecurity Committee, as appropriate, and simulated exercises.
* * * * * * *
Item 2. Properties
At December 31, 2024, we had over 100 locations in the U.S. (excluding our automotive financing operations and
dealerships), which are primarily for manufacturing, assembly, distribution, warehousing, engineering and testing. We, our
subsidiaries or associated companies in which we own an equity interest, own most of these properties and/or lease a portion of
these properties. Leased properties are primarily composed of warehouses and administration, engineering and sales offices.
We have manufacturing, assembly, distribution, office or warehousing operations in 33 countries, including equity interests
in associated companies, which perform manufacturing, assembly or distribution operations. The major facilities outside the
U.S., which are principally vehicle manufacturing and assembly operations, are located in Brazil, Canada, China, Mexico and
South Korea.
These facilities are used to support our automotive segments and are suitable and adequate for the conduct of our business.
GM Financial owns or leases facilities for administration and regional credit centers. GM Financial has 34 facilities, of which
21 are located in the U.S. The major facilities outside the U.S. are located in Brazil, Canada, China and Mexico.
* * * * * * *
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
23
Item 3. Legal Proceedings
SEC regulations require us to disclose certain information about environmental proceedings if a governmental authority is a
party to such proceedings and such proceedings involve potential monetary sanctions that we reasonably believe will exceed a
stated threshold. Pursuant to the SEC regulations, the Company will use a threshold of $1 million for purposes of determining
whether disclosure of any such proceedings is required.
In GM's 2023 Annual Report on Form 10-K, GM reported that in February 2023 it had self-disclosed to the EPA potential
violations of the Toxic Substances Control Act's (TSCA) requirements applicable to the import of new chemical substances at
our Ultium Cells LLC joint venture. In November 2023, these potential violations were settled via consent agreement with the
EPA, the terms of which include, among other items, payment of civil penalties based upon import activity prior to receipt of a
TSCA 5(e) order. As of December 31, 2024, GM has incurred an estimated $14.6 million in civil penalties. These penalties,
which will continue to grow until the EPA issues a TSCA 5(e) order, are assessed jointly and severally to GM and Ultium Cells
LLC.
The discussion under Note 16 to our consolidated financial statements is incorporated by reference into this Part I, Item 3.
* * * * * * *
Item 4. Mine Safety Disclosures
Not applicable.
* * * * * * *
PART II
Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity
Securities
Market Information
Shares of our common stock are publicly traded on the New York Stock Exchange under the symbol
"GM".
Holders
At January 16, 2025, we had 1.0 billion issued and outstanding shares of common stock held by 444 holders of record.
Dividends
In September 2022, our Board of Directors reinstated a quarterly dividend of $0.09 per share of our common stock
and in December 2023, increased the quarterly dividend to $0.12 per share of our common stock beginning in 2024. We
anticipate that we will continue to declare and pay dividends on our common stock quarterly. However, the declaration of any
dividend on our common stock is a matter to be acted upon by our Board of Directors in its sole discretion and will depend on
various factors, including our financial condition, operating results, available cash, and current and anticipated cash needs, as
described further in the "Liquidity and Capital Resources" section of the MD&A.
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
24
Stock Performance Graph
The following graph compares the performance of our common stock to the Standard & Poor's
(S&P) 500 Stock Index and the Dow Jones Automobile & Parts Titans 30 Index for the last five years. It assumes $100 was
invested on December 31, 2019, with dividends being reinvested.
Stock Performance Graph
General Motors Company
S&P 500 Stock Index
Dow Jones Automobile & Parts Titans 30 Index
2019
2020
2021
2022
2023
2024
$0
$25
$50
$75
$100
$125
$150
$175
$200
$225
$250
The following table summarizes stock performance graph data points in dollars:
2019
2020
2021
2022
2023
2024
General Motors Company
$
100 $
121 $
170 $
98 $
106 $
159
S&P 500 Stock Index
$
100 $
118 $
152 $
125 $
158 $
197
Dow Jones Automobile & Parts Titans 30 Index
$
100 $
151 $
188 $
128 $
170 $
183
Years Ended December 31,
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
25
Purchases of Equity Securities
The following table summarizes our purchases of common stock in the three months ended
December 31, 2024:
Total Number of
Shares
Purchased(a)(b)
Weighted-
Average
Price Paid
per
Share(b)(c)
Total Number of
Shares Purchased
Under Announced
Programs(b)(d)
Approximate Dollar
Value of Shares That
May Yet be Purchased
Under Announced
Programs(b)(d)
October 1, 2024 through October 31, 2024
Final settlement of ASR(b)
19,078,910
19,078,910
Other shares purchased
8,946,822 $
48.77
8,789,744
$4.6 billion
November 1, 2024 through November 30, 2024
Final settlement of ASR(b)
6,213,168
6,213,168
Other shares purchased
44,026,509 $
55.88
44,026,379
$2.1 billion
December 1, 2024 through December 31, 2024
33,860,946 $
52.51
33,860,946
$0.3 billion
Total
112,126,355 $
53.83
111,969,147
__________
(a)
Shares purchased include shares delivered by employees or directors to us for the payment of taxes resulting from issuance of common
stock upon the vesting of Restricted Stock Units (RSUs) and Performance Stock Units (PSUs) relating to compensation plans. In June
2020, our shareholders approved the 2020 Long-Term Incentive Plan (LTIP), which authorizes awards of stock options, stock
appreciation rights, RSUs, PSUs or other stock-based awards to selected employees, consultants, advisors and non-employee Directors
of the Company. Refer to Note 22 to our consolidated financial statements for additional details on employee stock incentive plans.
(b)
During the three months ended December 31, 2023, we entered into the accelerated share repurchase (ASR) agreements (collectively, the
ASR Agreements) to repurchase an aggregate $10.0 billion of common stock, and we received and immediately retired approximately
215 million shares of our common stock (68% of the $10.0 billion aggregate purchase price calculated on the basis of a price of $31.60
per share, the closing share price of our common stock on November 29, 2023). In March 2024, upon the first settlement of the
transactions contemplated under the ASR Agreements, we received approximately 4 million additional shares of our common stock,
which were immediately retired. There were no settlements under the ASR Agreements in the three months ended June 30, 2024 or
September 30, 2024. In the three months ended December 31, 2024, upon the final settlement of the transactions contemplated under the
ASR Agreements, we received approximately 25 million additional shares, which were immediately retired. The final number of shares
received was based on the average of the daily volume-weighted average prices of our common stock during the term of the ASR
Agreements, less a discount pursuant to the terms and conditions of the ASR Agreements.
(c)
The weighted-average price paid per share excludes broker commissions.
(d)
In November 2023, our Board of Directors increased the capacity under the share repurchase program by $10.0 billion to an aggregate of
$11.4 billion and approved the $10.0 billion ASR program. In June 2024, our Board of Directors approved a new share repurchase
authorization to repurchase up to an additional $6.0 billion of our outstanding common stock. At December 31, 2024, we had $0.3 billion
in capacity remaining under the share repurchase program, with no expiration date.
* * * * * * *
Item 6.
[Reserved]
* * * * * * *
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
This MD&A should be read in conjunction with the accompanying audited consolidated financial statements and notes.
Forward-looking statements in this MD&A are not guarantees of future performance and may involve risks and uncertainties
that could cause actual results to differ materially from those projected. Refer to the "Forward-Looking Statements" section of
this MD&A and Part I, Item 1A. Risk Factors for a discussion of these risks and uncertainties. The discussion of our financial
condition and results of operations for the year ended December 31, 2022 included in Item 7. Management's Discussion and
Analysis of Financial Condition and Results of Operations in our
Annual Report on Form 10-K for the year ended
December 31, 2023
is incorporated by reference into this MD&A.
Overview
Our vision for the future is a world with zero crashes, zero emissions and zero congestion. We will adapt to
customer preferences while executing our growth-focused strategy to invest in EVs, hybrids, personal AV technology,
software-enabled services and other new business opportunities. To support strong margins and cash flow during this transition,
we are strengthening our market position in profitable ICE vehicles, such as trucks and SUVs. We plan to execute our strategy
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
26
with a steadfast commitment to good corporate citizenship through more sustainable operations and a leading health and safety
culture.
Our financial performance in 2024 was driven by the strength of our vehicle portfolio including high margin full-size pickup
trucks and SUVs, strong consumer demand for our products and the execution of our core business strategy. We remain focused
on maintaining an efficient cost structure and pricing discipline. We are monitoring industry pricing pressures, changing interest
rates, inflation, warranty claims, consumer demand trends and potential changes in the regulatory environment. We continue to
prioritize driving down costs and building scale in our EV portfolio to improve profitability.
As we continue to assess our performance and the needs of our evolving business, additional restructuring and rationalization
actions could be required. These actions could give rise to future asset impairments or other charges, which may have a material
impact on our operating results. Refer to the "Consolidated Results" and regional sections of this MD&A for additional
information.
We face continuing market, operating and regulatory challenges in several countries across the globe due to, among other
factors, competitive pressures, our product portfolio offerings, heightened emission standards, labor disruptions, foreign
exchange volatility, evolving trade policy and political uncertainty. Refer to Part I, Item 1A. Risk Factors for a discussion of
these challenges.
For the year ending December 31, 2025, we expect earnings per share (EPS)-diluted and EPS-diluted-adjusted of between
$11.00 and $12.00, Net income attributable to stockholders of between $11.2 billion and $12.5 billion and earnings before
interest and taxes (EBIT)-adjusted of between $13.7 billion and $15.7 billion. These expected financial results do not include
the potential impact of future adjustments related to special items. Refer to the "Non-GAAP Measures" section of this MD&A
for additional information.
The following table reconciles expected Net income attributable to stockholders under U.S. generally accepted accounting
principles (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
__________
(a)
We do not consider the potential future impact of adjustments on our expected financial results.
GMNA
Industry sales in North America were 20.3 million units in the year ended December 31, 2024, representing an
increase of 3.5% compared to the corresponding period in 2023. U.S. industry sales were 16.4 million units in the year ended
December 31, 2024, representing an increase of 2.3% compared to the corresponding period in 2023.
Our total vehicle sales in the U.S., our largest market in North America, were 2.7 million units for a market share of 16.5% in
the year ended December 31, 2024, representing an increase of 0.3 percentage points compared to the corresponding period in
2023.
We expect to sustain relatively strong EBIT-adjusted margins in 2025 on the continuing strength of our product portfolio,
improving EV margins and continuing cost discipline, partially offset by pricing moderation with increased incentives and
higher depreciation expense. While we expect EV margins to improve in 2025, we may continue to recognize losses to adjust
inventory to net realizable value. Our outlook is dependent on continued supply chain availability, EV-related cost reduction
and the resiliency of the U.S. economy and overall economic conditions, including the potential imposition of tariffs or other
trade restrictions by the U.S. or its trading partners.
GMI
Industry sales in China were 26.6 million units in the year ended December 31, 2024, representing an increase of 6.4%
compared to the corresponding period in 2023. Our total vehicle sales in China were 1.8 million units resulting in a market
share of 6.9% in the year ended December 31, 2024, representing a decrease of 1.5 percentage points compared to the
corresponding period in 2023. Intense price competition with significant excess capacity from both new market entrants and
established competitors offering vehicles at lower prices and an increasingly challenging regulatory environment related to
emissions, fuel consumption and NEVs continue to negatively impact the profitability of our operations in China. Additionally,
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
27
we believe independent, Chinese automakers are expanding market share and prioritizing production volumes over profitability,
with the ability to produce vehicles at costs well below foreign automakers, including our Automotive China JVs. These factors
are impacting our China JVs’ ability to grow vehicle sales in China and our ability to generate sustainable equity income from
our China JVs. We are in the late stages of finalizing details with our JV partners on an agreement regarding certain
restructuring actions, which include plant closures and portfolio optimization to address continuing market challenges and
competitive conditions, and updated business forecasts.
Based on the updated forecast, we determined that the material loss in value of our equity interests in SAIC General Motors
Corporation Limited (SGM), SAIC GM (Shenyang) Norsom Motors Co., Ltd. (SGM Norsom), SAIC GM Dong Yue Motors
Co., Ltd. (SGM DY) and SAIC GM Dong Yue Powertrain Co., Ltd. (SGM DYPT) was other than temporary. As a result, we
recorded an other-than-temporary impairment of our equity interests of $2.1 billion in the year ended December 31, 2024 which
is included in equity income (loss). Our Automotive China JVs' equity losses also includes non-cash charges of $2.0 billion
resulting from the implementation of the restructuring plan. We expect additional restructuring charges are likely to be incurred
in 2025. Going forward, we will continue to assess our strategy in the Chinese market to maintain presence while prioritizing
profitability. In addition, GM Financial also concluded that a $0.3 billion other-than-temporary impairment of its equity interest
in SAIC-GMAC Automotive Finance Company Limited (SAIC-GMAC) existed. Refer to the "Automotive Financing – GM
Financial Summary and Outlook” section of this MD&A for discussion of GM Financial’s other-than-temporary impairment of
its equity interest in SAIC-GMAC.
Outside of China, industry sales were 25.7 million units in the year ended December 31, 2024, representing a decrease of
0.3% compared to the corresponding period in 2023. Our total vehicle sales outside of China were 0.9 million units for a market
share of 3.7% in the year ended December 31, 2024, representing a decrease of 0.3 percentage points compared to the
corresponding period in 2023.
Cruise
Cruise Holdings, our majority-owned subsidiary, has been pursuing the development and commercialization of AV
technology for deployment in a robotaxi application. In June 2024, Cruise indefinitely delayed development work on the Cruise
Origin and recorded restructuring charges of $0.6 billion primarily related to non-cash write-offs of Origin assets. In December
2024, we announced plans to refocus our autonomous driving strategy on personal vehicles and that we would no longer fund
Cruise's robotaxi development work. Refer to Part I, Item 1. Business for a further discussion on Cruise. In conjunction with
our announcement to no longer fund Cruise’s robotaxi development work and our plans to combine the Cruise and GM
technical efforts to advance autonomous and assisted driving, Cruise recorded net charges of $0.5 billion. These charges
primarily relate to anticipated headcount reductions and impairments of real estate lease assets and certain intangible assets.
Automotive Financing - GM Financial Summary and Outlook
We believe that offering a comprehensive suite of financing
products will generate incremental sales of our vehicles, drive incremental GM Financial earnings and help support our sales
throughout various economic cycles. GM Financial's penetration of our retail sales in the U.S. was 39% in the year ended
December 31, 2024 and 42% in the corresponding period in 2023. Penetration levels vary depending on incentive financing
programs available and competing third-party financing products in the market. GM Financial's prime loan originations as a
percentage of total loan originations in North America was 81% in the year ended December 31, 2024 and 82% in the
corresponding period in 2023. In the year ended December 31, 2024, GM Financial's revenue consisted of leased vehicle
income of 46%, retail finance charge income of 40% and commercial finance charge income of 8%.
GM Financial's leasing program is exposed to residual values, which are heavily dependent on used vehicle prices. Gains on
terminations of leased vehicles of $0.8 billion and $0.9 billion were included in GM Financial interest, operating and other
expenses in the years ended December 31, 2024 and 2023. The decrease in gains is primarily due to fewer terminated leases in
2024 compared to 2023. The following table summarizes the estimated residual value based on GM Financial's most recent
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
28
estimates and the number of units included in GM Financial Equipment on operating leases, net by vehicle type (units in
thousands):
December 31, 2024
December 31, 2023
Residual Value
Units
Percentage
Residual Value
Units
Percentage
Crossovers
$
13,184
635
67.3 %
$
12,830
648
67.5 %
Trucks
7,458
224
23.7 %
6,793
210
21.9 %
SUVs
2,260
53
5.6 %
2,304
58
6.0 %
Cars
590
31
3.3 %
734
44
4.6 %
Total
$
23,492
943
100.0 %
$
22,661
960
100.0 %
As a result of the market challenges and competitive conditions in China, GM Financial recorded a $0.3 billion other-than-
temporary impairment charge to write down its SAIC-GMAC investment to its fair value. Refer to the "Overview – GMI"
section of this MD&A for discussion of the China market and associated restructuring actions being taken.
Consolidated Results
We review changes in our results of operations under five categories: Volume, Mix, Price, Cost and
Other. Volume measures the impact of changes in wholesale vehicle volumes driven by industry volume, market share and
changes in dealer stock levels. Mix measures the impact of changes to the regional portfolio due to product, model, trim,
country and option penetration in current year wholesale vehicle volumes. Price measures the impact of changes related to
Manufacturer’s Suggested Retail Price and various sales allowances. Cost primarily includes: (1) material and freight; (2)
manufacturing, engineering, advertising, administrative and selling and warranty expense; and (3) non-vehicle related activity.
Other primarily includes foreign exchange and non-vehicle related automotive revenues as well as equity income or loss from
our nonconsolidated affiliates. Refer to the regional sections of this MD&A for additional information.
Total Net Sales and Revenue
Years Ended December 31,
Favorable/
(Unfavorable)
Variance Due To
2024
2023
%
Volume
Mix
Price
Other
(Dollars in billions)
GMNA
$ 157,509 $ 141,445 $
16,064
11.4 %
$ 12.8 $
2.5 $
0.7 $
—
GMI
13,890
15,949
(2,059) (12.9) %
$ (1.6) $
0.4 $
0.2 $ (1.1)
Corporate
206
273
(67) (24.5) %
$
—
$ (0.1)
Automotive
171,605
157,667
13,938
8.8 %
$ 11.2 $
2.9 $
0.9 $ (1.1)
Cruise
257
102
155
n.m.
$
—
$
0.2
GM Financial
15,875
14,225
1,650
11.6 %
$
1.7
Eliminations/reclassifications
(296)
(151)
(145) (96.0) %
$
—
$ (0.1)
Total net sales and revenue
$ 187,442 $ 171,842 $
15,598
9.1 %
$ 11.2 $
2.9 $
0.9 $
0.6
__________
n.m. = not meaningful
Refer to the regional sections of this MD&A for additional information on Volume, Mix, Price and Other.
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
29
Automotive and Other Cost of Sales
Years Ended December 31,
Favorable/
(Unfavorable)
Variance Due To
2024
2023
%
Volume
Mix
Cost
Other
(Dollars in billions)
GMNA
$ 135,818 $ 123,577 $
(12,241)
(9.9) %
$ (8.9) $ (5.5) $
2.2 $
0.1
GMI
12,552
14,164
1,612
11.4 %
$
1.2 $ (0.3) $ (0.2) $
0.8
Corporate
132
513
381
74.3 %
$
— $
0.4 $
—
Cruise
2,566
3,088
522
16.9 %
$
— $
0.5
Eliminations
(3)
(12)
(9) (75.0) %
$
— $
—
Total automotive and other cost
of sales
$ 151,065 $ 141,330 $
(9,735)
(6.9) %
$ (7.7) $ (5.8) $
2.9 $
0.9
The most significant element of our Automotive and other cost of sales is material cost, which makes up approximately two-
thirds of the total amount. The remaining portion includes labor costs, depreciation and amortization, engineering, freight and
product warranty and recall campaigns.
Factors that most significantly influence a region's profitability are industry volume, market share and the relative mix of
vehicles (trucks, crossovers, cars) sold. Variable profit is a key indicator of product profitability. Variable profit is defined as
revenue less material cost, freight, the variable component of manufacturing expense and warranty and recall-related costs.
Vehicles with higher selling prices generally have higher variable profit. Refer to the regional sections of this MD&A for
additional information on Volume and Mix.
In the year ended December 31, 2024, decreased Cost was primarily due to: (1) decreased inventory adjustments of $2.2
billion, primarily EV-related, to reflect the net realizable value at period end; (2) the absence of charges related to the voluntary
separation program (VSP) of $0.7 billion; (3) decreased engineering costs of $0.7 billion, driven primarily by lower AV
engineering costs; (4) increased equity earnings related to Ultium Cells Holdings LLC of $0.7 billion; (5) decreased material
and freight costs of $0.3 billion; partially offset by (6) increased other employee-related costs of $0.6 billion; (7) increased
charges of $0.5 billion related to restructuring costs resulting from the plan to realign Cruise with our existing GM technical
teams to develop personal AV technology; (8) increased warranty-related costs of $0.4 billion; and (9) increased information
technology costs of $0.3 billion. In the year ended December 31, 2024, favorable Other was primarily due to net foreign
currency changes in the Brazilian real and the Korean won.
Automotive and Other Selling, General and Administrative Expense
Years Ended December 31,
Year Ended
2024 vs. 2023 Change
2024
2023
2022
Favorable/
(Unfavorable)
%
Automotive and other selling, general and administrative
expense
$
10,621 $
9,840 $
10,667 $
(781)
(7.9) %
In the year ended December 31, 2024, Automotive and other selling, general and administrative expense increased primarily
due to: (1) increased charges of $0.4 billion related to strategic activities to transition certain Buick dealerships; and (2)
increased advertising, selling and administrative costs of $0.3 billion.
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
30
Interest Income and Other Non-operating Income, net
Years Ended December 31,
Year Ended
2024 vs. 2023 Change
2024
2023
2022
Favorable/
(Unfavorable)
%
Interest income and other non-operating income, net
$
1,257 $
1,537 $
1,432 $
(280)
(18.2) %
In the year ended December 31, 2024, Interest income and other non-operating income, net decreased primarily due to
several insignificant items.
Income Tax Expense
Years Ended December 31,
Year Ended
2024 vs. 2023 Change
2024
2023
2022
Favorable/
(Unfavorable)
%
Income tax expense
$
2,556 $
563 $
1,888 $
(1,993)
n.m.
__________
n.m. = not meaningful
In the year ended December 31, 2024, Income tax expense increased primarily due to jurisdictional mix of earnings and
valuation allowance adjustments that occurred in the year ended December 31, 2023.
For the year ended December 31, 2024, our effective tax rate-adjusted (ETR-adjusted) was 20.1%. We expect our adjusted
effective tax rate to be between 18% and 20% for the year ending December 31, 2025.
Refer to Note 17 to our consolidated financial statements for additional information related to Income tax expense.
GM North America
Years Ended December 31,
Favorable/
(Unfavorable)
Variance Due To
2024
2023
%
Volume
Mix
Price
Cost
Other
(Dollars in billions)
Total net sales and revenue
$ 157,509
$ 141,445
$ 16,064
11.4 %
$ 12.8 $ 2.5 $ 0.7
$
—
EBIT-adjusted
$ 14,528
$ 12,306
$
2,222
18.1 %
$ 3.9 $ (3.1) $ 0.7 $ 1.3 $ (0.6)
EBIT-adjusted margin
9.2 %
8.7 %
0.5 %
(Vehicles in thousands)
Wholesale vehicle sales
3,464
3,147
317
10.1 %
GMNA Total Net Sales and Revenue
In the year ended December 31, 2024, Total net sales and revenue increased primarily
due to: (1) increased net wholesale volumes primarily due to increased sales of full-size pickup trucks, mid-size pickup trucks
and other vehicles; (2) favorable Mix associated with increased sales of full-size pickup trucks and full-size SUVs, partially
offset by increased sales of crossover vehicles; and (3) favorable Price as a result of stable dealer inventory levels and strong
demand for our products.
GMNA EBIT-Adjusted
The most significant factors that influence profitability are industry volume and market share. While
not as significant as industry volume and market share, another factor affecting profitability is the relative mix of vehicles sold.
Trucks, crossovers and cars sold currently have a variable profit of approximately 160%, 40% and 50% of our GMNA portfolio
on a weighted-average basis.
In the year ended December 31, 2024, EBIT-adjusted increased primarily due to: (1) increased net wholesale volumes
primarily due to increased sales of full-size pickup trucks, mid-size pickup trucks and crossover vehicles; (2) favorable Cost
primarily due to decreased inventory adjustments of $2.1 billion, primarily EV-related, to reflect the net realizable value at
period end, increased equity earnings related to Ultium Cells Holdings LLC of $0.7 billion and decreased material and freight
costs of $0.6 billion, partially offset by increased other employee-related costs of $0.7 billion, increased engineering costs of
$0.5 billion, primarily due to a decrease in cost sharing arrangements with our Automotive China JVs, increased warranty-
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
31
related costs of $0.4 billion, increased information technology costs of $0.3 billion and increased other cost of sales of $0.3
billion; and (3) favorable Price; partially offset by (4) unfavorable Mix associated with increased sales of crossover vehicles and
EVs; and (5) unfavorable Other due to net foreign currency changes primarily in the Mexican peso.
GM International
Years Ended December 31,
Favorable/
(Unfavorable)
Variance Due To
2024
2023
%
Volume
Mix
Price
Cost
Other
(Dollars in billions)
Total net sales and revenue
$ 13,890
$ 15,949
$ (2,059)
(12.9) %
$ (1.6) $ 0.4 $ 0.2
$ (1.1)
EBIT-adjusted
$
303
$ 1,210
$
(907)
(75.0) %
$ (0.4) $ 0.1 $ 0.2 $ (0.2) $ (0.7)
EBIT-adjusted margin
2.2 %
7.6 %
(5.4) %
Equity income (loss) —
Automotive China
$ (4,407)
$
446
$ (4,853)
n.m.
EBIT-adjusted — excluding
Equity income (loss)(a)
$
633
$
764
$
(131)
(17.1) %
(Vehicles in thousands)
Wholesale vehicle sales
547
621
(74)
(11.9) %
__________
n.m. = not meaningful
(a) Excludes adjustments related to Automotive China JVs restructuring recorded in GMI. Refer to the "Overview – GMI" section of this
MD&A for discussion of these adjustments.
The vehicle sales of our Automotive China JVs are not recorded in Total net sales and revenue. The results of our joint
ventures are recorded in Equity income (loss), which is included in EBIT-adjusted above.
GMI Total Net Sales and Revenue
In the year ended December 31, 2024, Total net sales and revenue decreased primarily
due to: (1) decreased net wholesale volumes in South America, in Asia/Pacific and in the Middle East primarily due to
decreased sales of passenger cars and crossover vehicles, partially offset by higher sales of trucks; and (2) unfavorable Other
primarily due to the foreign currency effect resulting from the weakening of the Brazilian real and Egyptian pound against the
U.S. dollar and decreased components sales; partially offset by (3) favorable Mix primarily in Brazil and in the Middle East;
and (4) favorable pricing across multiple vehicle lines in the Middle East and in Brazil.
GMI EBIT-Adjusted
In the year ended December 31, 2024, EBIT-adjusted decreased primarily due to: (1) unfavorable
Other primarily due to decreased Automotive China JVs equity income (loss); (2) decreased net wholesale volumes; and (3)
unfavorable Cost primarily due to increased material costs and unfavorable impact due to nonrecurring asset sale in Korea,
partially offset by favorable fixed cost; partially offset by (4) favorable Price; and (5) favorable Mix in South America.
Our Automotive China JVs’ ability to grow vehicle sales in China and generate sustainable equity income continues to be a
challenge due to intense competition from our domestic competitors in the Chinese market. In the year ended December 31,
2024, we recognized equity losses of $4.4 billion driven primarily by impairment and restructuring charges of $4.1 billion for
certain of our Automotive China JVs. Refer to Note 8 to our consolidated financial statements for additional information. The
following table summarizes certain key operational and financial data for the Automotive China JVs (vehicles in thousands):
Years Ended December 31,
2024
2023
2022
Wholesale vehicle sales including vehicles exported to markets outside of China
1,843
2,334
2,639
Total net sales and revenue
$
21,740 $
31,435 $
35,857
Net income (loss)
$
(4,466) $
1,122 $
1,407
December 31, 2024
December 31, 2023
Cash and cash equivalents
$
6,389 $
6,875
Debt
$
104 $
202
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
32
Cruise
Years Ended December 31,
2024 vs. 2023 Change
2024
2023
2022
Favorable/
(Unfavorable)
%
Total net sales and revenue(a)
$
257 $
102 $
102 $
155
n.m.
EBIT (loss)-adjusted
$
(1,701) $
(2,695) $
(1,890) $
994
36.9 %
__________
n.m. = not meaningful
(a) Primarily reclassified to Interest income and other non-operating income, net in our consolidated income statements in each of the years
ended
December 31, 2024
,
2023
and
2022
.
Cruise EBIT (Loss)-Adjusted
In the year ended December 31, 2024, EBIT (loss)-adjusted decreased primarily due to the
restructuring actions taken in the year ended December 31, 2023 that resulted in a decrease in the development costs associated
with Cruise's refocused operating strategy. Following the acquisition of the noncontrolling interests and subject to the approval
of the Cruise Board of Directors, we expect that the plans to combine the Cruise and GM technical efforts to advance
autonomous and assisted driving will reduce Cruise's costs going forward.
GM Financial
Years Ended December 31,
2024 vs. 2023 Change
2024
2023
2022
Amount
%
Total revenue
$ 15,875
$ 14,225
$ 12,766
$
1,650
11.6 %
Provision for loan losses
$
1,029
$
826
$
654
$
203
24.6 %
EBT-adjusted
$
2,965
$
2,985
$
4,076
$
(20)
(0.7) %
Average debt outstanding (dollars in billions)
$
109.0
$
100.4
$
93.8
$
8.6
8.6 %
Effective rate of interest paid
5.5 %
4.7 %
3.1 %
0.8 %
GM Financial Revenue
In the year ended December 31, 2024, total revenue increased primarily due to: (1) increased
finance charge income of $1.5 billion primarily due to an increase in the effective yield resulting from higher average interest
rates on new loans and growth in the size of the portfolio; and (2) increased other income of $0.2 billion primarily due to higher
investment income resulting from an increase in the average investment balance and growth in vehicle protection contracts.
GM Financial EBT-Adjusted
In the year ended December 31, 2024, earnings before income taxes-adjusted (EBT-adjusted)
decreased primarily due to: (1) increased interest expense of $1.3 billion primarily due to an increased effective rate of interest
on debt, resulting from higher benchmark interest rates on new issuances relative to maturing debt, as well as an increase in
average debt outstanding; (2) increased provision for loan losses of $0.2 billion primarily due to increased loan origination
volume and moderating credit performance and recovery rates; and (3) decreased equity income of $0.1 billion primarily due to
lower earning asset levels at its joint ventures in China; partially offset by (4) increased finance charge income of $1.5 billion
primarily due to an increase in the effective yield resulting from higher average interest rates on new loans and growth in the
size of the portfolio; and (5) increased other income of $0.2 billion primarily due to higher investment income resulting from an
increase in the average investment balance and growth in vehicle protection contracts.
Liquidity and Capital Resources
We believe our current levels of cash, cash equivalents, marketable debt securities,
available borrowing capacity under our credit facilities and other liquidity actions currently available to us are sufficient to meet
our liquidity requirements in the short- and long-term. We also maintain access to the capital markets and may issue debt or
equity securities, which may provide an additional source of liquidity. We have substantial cash requirements going forward,
which we plan to fund through our total available liquidity, cash flows from operating activities and additional liquidity
measures, if determined to be necessary.
Our known current material uses of cash include, among other possible demands: (1) capital spending and our investments in
our battery cell manufacturing joint ventures of approximately $10.0 billion to $11.0 billion in 2025; (2) payments for
engineering and product development activities
,
including the development of AV technology and software-enabled services;
(3) payments associated with previously announced vehicle recalls and any other recall-related contingencies; (4) payments to
service debt and other long-term obligations, including discretionary and mandatory contributions to our pension plans; (5)
dividend payments on our common stock that are declared by our Board of Directors; (6) payments to purchase shares of our
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
33
common stock authorized by our Board of Directors; and (7) payments of emissions-related regulatory compliance costs. Refer
to Note 7, Note 13 and Note 15 to our consolidated financial statements for additional funding requirements for our operating
leases, debt and pension plans. Our material future uses of cash, which may vary from time to time based on market conditions
and other factors, are focused on the three objectives of our capital allocation program: (1) grow our business at an average
target return on invested capital-adjusted (ROIC-adjusted) rate of 20% or greater; (2) maintain a strong investment-grade
balance sheet, including a target average automotive cash balance of $18.0 billion; and (3) after the first two objectives are met,
return available cash to shareholders. Our senior management evaluates our capital allocation program on an ongoing basis and
recommends any modifications to the program to our Board of Directors not less than once annually.
We continue to monitor and evaluate opportunities to strengthen our competitive position over the long term while
maintaining a strong investment-grade balance sheet. These actions may include opportunistic payments to reduce our long-
term obligations, as well as the possibility of acquisitions, dispositions and investments with joint venture partners, as well as
strategic alliances that we believe would generate significant advantages and substantially strengthen our business. To support
our transition to EVs, we anticipate making investments in suppliers or providing funding towards the execution of strategic,
multi-year supply agreements to secure critical materials. In addition, we have entered, and plan to continue to enter, into
offtake agreements that generally obligate us to purchase defined quantities of output. These arrangements could have a short-
term adverse impact on our cash and increase our inventory.
Our liquidity plans are subject to a number of risks and uncertainties, including those described in the "Forward-Looking
Statements" section of this MD&A and Part I, Item 1A. Risk Factors, some of which are outside of our control.
In November 2023, our Board of Directors increased the capacity under our previously announced share repurchase program
by $10.0 billion to an aggregate of $11.4 billion and approved a $10.0 billion ASR program. In December 2023, pursuant to the
agreements entered into in connection with the ASR, we advanced $10.0 billion and received approximately 215 million shares
of common stock with a value of $6.8 billion, which were immediately retired. In the year ended December 31, 2024, we
received and retired approximately 29 million additional shares upon settlement of the transactions contemplated under the
ASR Agreements. The final number of shares received was based on the average of the daily volume-weighted average prices
of our common stock during the term of the ASR Agreements, less a discount pursuant to the terms and conditions of the ASR
Agreements.
In June 2024, our Board of Directors approved a new share repurchase authorization to repurchase up to an additional $6.0
billion of our outstanding common stock.
In the year ended December 31, 2024, in addition to shares received under the ASR program, we purchased approximately
140 million shares of our outstanding common stock for $7.1 billion. We have $0.3 billion in capacity remaining under our
share repurchase program as of December 31, 2024, with no expiration date.
During the year ended December 31, 2024, we paid dividends of $0.5 billion to holders of our common stock. We anticipate
that we will continue to declare and pay dividends on our common stock quarterly.
Cash flows that occur amongst our Automotive, Cruise and GM Financial operations are eliminated when we consolidate our
cash flows. Such eliminations include, among other things, collections by Automotive on wholesale accounts receivables
financed by dealers through GM Financial, payments between Automotive and GM Financial for accounts receivables
transferred by Automotive to GM Financial, loans to Automotive and Cruise from GM Financial, dividends issued by GM
Financial to Automotive, tax payments by GM Financial to Automotive and Automotive cash injections in Cruise. The
presentation of Automotive liquidity, Cruise liquidity and GM Financial liquidity presented below includes the impact of cash
transactions amongst the sectors that are ultimately eliminated in consolidation.
Automotive Liquidity
Total available liquidity includes cash, cash equivalents, marketable debt securities and funds
available under credit facilities. The amount of available liquidity is subject to seasonal fluctuations and includes balances held
by various business units and subsidiaries worldwide that are needed to fund their operations.
We manage our liquidity primarily at our treasury centers as well as at certain of our significant consolidated overseas
subsidiaries. Over 83% of our cash and marketable debt securities were managed within North America and at our regional
treasury centers at December 31, 2024. We have used, and will continue to use, other methods including intercompany loans to
utilize these funds across our global operations as needed.
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
34
Our cash equivalents and marketable debt securities balances are primarily denominated in U.S. dollars and include
investments in U.S. government and agency obligations, foreign government securities, time deposits, corporate debt securities
and mortgage and asset-backed securities. Our investment guidelines, which we may change from time to time, prescribe
certain minimum credit worthiness thresholds and limit our exposures to any particular sector, asset class, issuance or security
type. The majority of our current investments in debt securities are with A/A2 or better rated issuers.
In March 2024, we renewed our 364-day, $2.0 billion revolving credit facility allocated for the exclusive use of GM
Financial, which now matures March 27, 2025. Interest rates on obligations under the renewed credit facility are based on Term
SOFR.
In March 2024, we terminated our unsecured 364-day delayed draw term loan credit agreement that permitted the Company
to borrow up to $3.0 billion executed in November 2023, resulting in an insignificant loss.
We use credit facilities as a mechanism to provide additional flexibility in managing our global liquidity. Our Automotive
borrowing capacity under credit facilities totaled $14.3 billion at December 31, 2024, which consisted primarily of two credit
facilities, and $17.1 billion at December 31, 2023, which consisted primarily of three credit facilities. Total Automotive
borrowing capacity under our credit facilities does not include our 364-day, $2.0 billion facility allocated for exclusive use of
GM Financial. We did not have any borrowings against our primary facilities, but had letters of credit outstanding under our
sub-facility of $0.5 billion and $0.7 billion at December 31, 2024 and 2023.
If available capacity permits, GM Financial continues to have access to our automotive credit facilities. GM Financial did not
have borrowings outstanding against any of these facilities at December 31, 2024 and 2023. We had intercompany loans from
GM Financial of $0.3 billion and $0.2 billion at December 31, 2024 and 2023, which primarily consisted of commercial loans
to dealers we consolidate. We did not have intercompany loans to GM Financial at December 31, 2024 and 2023. Refer to Note
5 to our consolidated financial statements for additional information.
Several of our loan facilities, including our credit facilities, require compliance with certain financial and operational
covenants as well as regular reporting to lenders. We have reviewed our covenants in effect as of December 31, 2024 and
determined we are in compliance and expect to remain in compliance in the future.
In December 2024, we exercised the make-whole provision on a portion of our $2.0 billion senior unsecured notes with a
maturity date of October 2025, redeeming $750 million in aggregate principal amount. Upon settlement in December 2024, we
recorded an insignificant early extinguishment of debt loss.
GM Financial's Board of Directors declared and paid dividends on its common stock of $1.8 billion in the years ended
December 31, 2024 and 2023 and $1.7 billion in the year ended December 31, 2022. Future dividends from GM Financial will
depend on several factors including business and economic conditions, its financial condition, earnings, liquidity requirements
and leverage ratio.
The following table summarizes our Automotive available liquidity (dollars in billions):
December 31, 2024
December 31, 2023
Automotive cash and cash equivalents
$
14.5 $
12.2
Marketable debt securities
7.3
7.6
Automotive cash, cash equivalents and marketable debt securities
21.7
19.8
Available under credit facilities(a)
13.8
16.4
Total Automotive available liquidity
$
35.5 $
36.3
__________
(a)
We had letters of credit outstanding under our sub-facility of $0.5 billion and $0.7 billion at December 31, 2024 and 2023.
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
35
The following table summarizes the changes in our Automotive available liquidity (dollars in billions):
Year Ended
December 31, 2024
Operating cash flow
$
23.9
Capital expenditures
(10.7)
Dividends paid and payments to purchase common stock
(7.6)
GM investment in Cruise
(1.3)
Payment of senior unsecured note
(0.8)
Investment in Ultium Cells Holdings LLC
(0.7)
Investment in Lithium Americas
(0.3)
Other non-operating
(0.7)
Decrease in available credit facilities
(2.7)
Total change in automotive available liquidity
$
(0.8)
Automotive Cash Flow (Dollars in billions)
Years Ended December 31,
2024 vs. 2023
Change
2024
2023
2022
Operating Activities
Net income
$
6.6 $
10.1 $
8.5 $
(3.5)
Depreciation, amortization and impairment charges
6.5
6.8
6.3
(0.3)
Pension and OPEB activities
(1.4)
(1.0)
(2.0)
(0.4)
Working capital
1.5
(0.4)
0.5
1.9
Accrued and other liabilities and income taxes
6.3
4.1
3.1
2.2
Other(a)
4.4
1.2
2.7
3.2
Net automotive cash provided by (used in) operating activities(b)
$
23.9 $
20.8 $
19.1 $
3.1
__________
(a)
Includes $4.1 billion for the Automotive China JVs impairment and restructuring-related equity losses in the year ended December 31,
2024; $1.8 billion in dividends received from GM Financial in the years ended December 31, 2024 and 2023 and $1.7 billion in
dividends received from GM Financial in the year ended December 31, 2022; partially offset by non-cash changes in other assets and
liabilities.
(b)
Includes $8.2 billion, $4.8 billion and $6.7 billion in the years ended December 31, 2024, 2023 and 2022 which are eliminated within the
consolidated statements of cash flows. Amounts eliminated primarily relate to purchases of, and collections on, wholesale finance
receivables provided by GM Financial to our dealers and dividends issued by GM Financial to us.
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
36
Years Ended December 31,
2024 vs. 2023
Change
2024
2023
2022
Investing Activities
Capital expenditures
$
(10.7) $
(10.7) $
(9.0) $
—
Acquisitions and liquidations of marketable securities, net
0.3
3.5
(3.9)
(3.2)
Other(a)
(2.4)
(1.5)
(4.5)
(0.9)
Net automotive cash provided by (used in) investing activities(b)
$
(12.8) $
(8.7) $
(17.5) $
(4.1)
__________
(a)
Includes $1.3 billion, $0.5 billion and $2.4 billion of GM's investment in Cruise in the years ended December 31, 2024, 2023 and 2022,
which is inclusive of a $0.9 billion convertible note issued by Cruise to us in the year ended December 31, 2024; $0.7 billion of GM's
investment in Ultium Cells Holdings LLC in the years ended December 31, 2024 and 2023 and $0.8 billion of GM's investment in
Ultium Cells Holdings LLC in the year ended December 31, 2022; $0.3 billion of GM's investment in Lithium Americas in the years
ended December 31, 2024 and 2023; $0.1 billion and $2.1 billion for the purchase of Cruise common and preferred shares from
noncontrolling shareholders in the years ended December 31, 2024 and 2022; and $0.9 billion related to the sale of Stellantis N.V.
(Stellantis) common shares, excluding dividends received and tax withholding, in the year ended December 31, 2022.
(b)
The investments in Cruise are eliminated within the consolidated statements of cash flows. The redemption of Cruise common and
preferred shares from noncontrolling shareholders in 2024 and 2022 are reclassified to financing activities within the consolidated
statements of cash flows.
Years Ended December 31,
2024 vs. 2023
Change
2024
2023
2022
Financing Activities
Net proceeds (payments) from short-term debt
$
(0.7) $
(1.5) $
(1.4) $
0.8
Issuance of senior notes
—
—
2.3
—
Other(a)
(7.8)
(12.1)
(3.3)
4.3
Net automotive cash provided by (used in) financing activities
$
(8.5) $
(13.6) $
(2.5) $
5.1
__________
(a)
Includes $7.1 billion, $1.1 billion and $2.5 billion for payments to purchase common stock in the years ended December 31, 2024, 2023
and 2022; $0.5 billion for dividends paid in the years ended December 31, 2024 and 2023; $0.3 billion for dividends paid in the year
ended December 31, 2022; and $10.0 billion in connection with the ASR in the year ended December 31, 2023.
Adjusted Automotive Free Cash Flow
We measure adjusted automotive free cash flow as automotive operating cash flow
from operations less capital expenditures adjusted for management actions. For the year ended December 31, 2024, net
automotive cash provided by operating activities under U.S. GAAP was $23.9 billion, capital expenditures were $10.7 billion
and adjustments for management actions were $0.8 billion. For the year ended December 31, 2023, net automotive cash
provided by operating activities under U.S. GAAP was $20.8 billion, capital expenditures were $10.7 billion and adjustments
for management actions were $1.5 billion. Refer to the "Non-GAAP Measures" section of this MD&A for additional
information.
Status of Credit Ratings
We receive ratings from four independent credit rating agencies: DBRS Limited (DBRS), Fitch
Ratings (Fitch), Moody's Investor Service (Moody's) and S&P. All four credit rating agencies currently rate our corporate credit
at investment grade. The following table summarizes our credit ratings at January 16, 2025:
Corporate
Revolving Credit
Facilities
Senior Unsecured
Outlook
DBRS
BBB (high)
BBB (high)
N/A
Stable
Fitch
BBB
BBB
BBB
Positive
Moody's
Investment Grade
Baa2
Baa2
Stable
S&P
BBB
BBB
BBB
Stable
Fitch: Revised their outlook to Positive from Stable in October 2024.
Cruise Liquidity
Cruise available liquidity of $0.3 billion and $1.3 billion at December 31, 2024 and 2023 consists primarily
of cash and cash equivalents. In June 2024, Cruise issued to us a convertible note in the amount of $0.9 billion. This note is
convertible into certain Cruise equity interests. At December 31, 2024, Cruise had total borrowings of $0.4 billion with GM
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
37
Financial under a multi-year credit agreement to fund the purchase of AVs from GM. Cruise available liquidity also excludes a
multi-year framework agreement with us whereby Cruise can defer payments until June 2028 on up to $0.8 billion of invoices,
which are related to engineering and capital spending incurred by us on behalf of Cruise, and an agreement with us whereby
Cruise can defer reimbursing us for amounts we paid related to its restructuring actions that commenced in October 2023. At
December 31, 2024, Cruise deferred $1.3 billion under these agreements. In December 2024, GM announced it will no longer
fund Cruise's robotaxi development work given the considerable time and resources that would be needed to scale the business,
along with an increasingly competitive robotaxi market. Refer to Note 18 to our consolidated financial statements for additional
information related to Cruise's restructuring actions.
The following table summarizes the changes in Cruise's available liquidity (dollars in billions):
Year Ended
December 31, 2024
Operating cash flow(a)
$
(2.2)
GM investment in Cruise
1.3
Other non-operating
(0.1)
Total change in Cruise available liquidity
$
(1.0)
__________
(a)
Includes $0.1 billion cash outflows related to tendered Cruise Class B Common Shares classified as liabilities.
Cruise Cash Flow (Dollars in billions)
Years Ended December 31,
2024 vs. 2023
Change
2024
2023
2022
Net cash provided by (used in) operating activities
$
(2.2) $
(1.9) $
(1.8) $
(0.3)
Net cash provided by (used in) investing activities(a)
$
— $
1.3 $
— $
(1.4)
Net cash provided by (used in) financing activities(b)
$
1.2 $
0.4 $
1.8 $
0.8
__________
(a)
Includes $1.4 billion of net proceeds from the liquidation of marketable securities in the year ended December 31, 2023.
(b)
Includes $1.3 billion, $0.5 billion and $2.4 billion in the years ended December 31, 2024, 2023 and 2022 related to investments from
GM which are eliminated within the consolidated statements of cash flows.
Following the acquisition of the noncontrolling interests and subject to the approval of the Cruise Board of Directors, we
expect that the plans to combine the Cruise and GM technical efforts to advance autonomous and assisted driving will
significantly reduce Cruise's liquidity needs going forward.
Automotive Financing – GM Financial Liquidity
GM Financial's primary sources of cash are finance charge income,
leasing income and proceeds from the sale of terminated leased vehicles, net distributions from credit facilities, securitizations,
secured and unsecured borrowings and collections and recoveries on finance receivables. GM Financial's primary uses of cash
are purchases and funding of finance receivables and leased vehicles, repayment or repurchases of secured and unsecured debt,
funding credit enhancement requirements in connection with securitizations and secured credit facilities, interest costs,
operating expenses, income taxes and dividend payments. GM Financial continues to monitor and evaluate opportunities to
optimize its liquidity position and the mix of its debt between secured and unsecured debt. The following table summarizes GM
Financial's available liquidity (dollars in billions):
December 31, 2024
December 31, 2023
Cash and cash equivalents
$
5.1 $
5.3
Borrowing capacity on unpledged eligible assets
21.5
21.9
Borrowing capacity on committed unsecured lines of credit
0.7
0.7
Borrowing capacity on revolving credit facility, exclusive to GM Financial
2.0
2.0
Total GM Financial available liquidity
$
29.3 $
29.9
GM Financial structures liquidity to support at least six months of GM Financial's expected net cash flows, including new
originations, without access to new debt financing transactions or other capital markets activity. At December 31, 2024,
available liquidity exceeded GM Financial's liquidity targets.
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38
GM Financial did not have any borrowings outstanding against our credit facility designated for their exclusive use or the
remainder of our revolving credit facilities at December 31, 2024 and 2023. Refer to the "Automotive Liquidity" section of this
MD&A for additional details.
Credit Facilities
In the normal course of business, in addition to using its available cash, GM Financial utilizes borrowings
under its credit facilities, which may be secured or unsecured, and GM Financial repays these borrowings as appropriate under
its cash management strategy. At December 31, 2024, secured, committed unsecured and uncommitted unsecured credit
facilities totaled $27.1 billion, $0.7 billion and $2.1 billion with advances outstanding of $5.4 billion, an insignificant amount
and $2.1 billion.
GM Financial Cash Flow (Dollars in billions)
Years Ended December 31,
2024 vs. 2023
Change
2024
2023
2022
Net cash provided by (used in) operating activities
$
6.4 $
6.7 $
5.5 $
(0.3)
Net cash provided by (used in) investing activities(a)
$
(15.4) $
(10.9) $
(10.0) $
(4.5)
Net cash provided by (used in) financing activities(b)
$
8.9 $
5.7 $
4.0 $
3.2
__________
(a)
Includes $6.4 billion, $3.0 billion and $5.0 billion in the years ended December 31, 2024, 2023 and 2022 for purchases of, and
collections on, wholesale finance receivables from GM which are eliminated within the consolidated statements of cash flows.
(b)
Includes $1.8 billion in the years ended December 31, 2024 and 2023 and $1.7 billion in the year ended December 31, 2022 for
dividends to GM which are eliminated within the consolidated statements of cash flows.
In the year ended December 31, 2024, net cash provided by operating activities decreased primarily due to an increase in
interest paid, a net decrease in cash provided by counterparty derivative collateral posting activities and an increase in
acquisition costs related to vehicle protection contracts, partially offset by an increase in finance charge income.
Critical Accounting Estimates
The consolidated financial statements are prepared in conformity with U.S. GAAP, which
requires the use of estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure
of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses in
the periods presented. We believe the accounting estimates employed are appropriate and the resulting balances are reasonable;
however, due to the inherent uncertainties in developing estimates, actual results could differ from the original estimates,
requiring adjustments to these balances in future periods. Refer to Note 2 to our consolidated financial statements for our
significant accounting policies related to our critical accounting estimates.
Product Warranty and Recall Campaigns
The estimates related to product warranties are established using historical
information on the nature, frequency and average cost of claims of each vehicle line or each model year of the vehicle line and
assumptions about future activity and events. When little or no claims experience exists for a model year or a vehicle line, the
estimate is based on comparable models.
We accrue the costs related to product warranty at the time of vehicle sale and we accrue the estimated cost of recall
campaigns when they are probable and estimable.
The estimates related to recall campaigns accrued at the time of vehicle sale are established by applying a paid loss approach
that considers the number of historical recall campaigns and the estimated cost for each recall campaign. These estimates
consider the nature, frequency and magnitude of historical recall campaigns, and use key assumptions including the number of
historical periods and the weighting of historical data in the reserve studies. Costs associated with recall campaigns not accrued
at the time of vehicle sale are estimated based on the estimated cost of repairs and the estimated vehicles to be repaired.
Depending on part availability and time to complete repairs we may, from time to time, offer courtesy transportation at no cost
to our customers. These estimates are re-evaluated on an ongoing basis and based on the best available information. Revisions
are made when necessary based on changes in these factors.
The estimated amount accrued for recall campaigns at the time of vehicle sale is most sensitive to the estimated number of
recall events, the number of vehicles per recall event, the assumed number of vehicles that will be brought in by customers for
repair (take rate) and the cost per vehicle for each recall event. The estimated cost of a recall campaign that is accrued on an
individual basis is most sensitive to our estimated assumed take rate that is primarily developed based on our historical take rate
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
39
experience. A 10% increase in the estimated take rate for all recall campaigns would increase the estimated cost by
approximately $0.4 billion.
Actual experience could differ from the amounts estimated requiring adjustments to these liabilities in future periods. Due to
the uncertainty and potential volatility of the factors contributing to developing estimates, changes in our assumptions could
materially affect our results of operations.
Sales Incentives
The estimated effect of sales incentives offered to dealers and end customers is recorded as a reduction of
Automotive net sales and revenue at the time of sale. There may be numerous types of incentives available at any particular
time. Incentive programs are generally specific to brand, model or sales region and are for specified time periods, which may be
extended. Significant factors used in estimating the cost of incentives include type of program, forecasted sales volume, product
mix, and the rate of customer acceptance of incentive programs, all of which are estimated based on historical experience and
assumptions concerning future customer behavior and market conditions. A change in any of these factors affecting the estimate
could have a significant effect on recorded sales incentives. A 10% increase in the cost of incentives would increase the sales
incentive liability by approximately $0.4 billion. Subsequent adjustments to incentive estimates are possible as facts and
circumstances change over time, which could affect the revenue previously recognized in Automotive net sales and revenue.
GM Financial Allowance for Loan Losses
The GM Financial retail finance receivables portfolio consists of smaller-
balance, homogeneous loans that are carried at amortized cost, net of allowance for loan losses. The allowance for loan losses
on retail finance receivables reflects net credit losses expected to be incurred over the remaining life of the retail finance
receivables, which have a weighted-average remaining life of approximately two years. GM Financial forecasts net credit losses
based on relevant information about past events, current conditions and forecast economic performance. GM Financial believes
that the allowance is adequate to cover expected credit losses on the retail finance receivables; however, because the allowance
for loan losses is based on estimates, there can be no assurance that the ultimate charge-off amount will not exceed such
estimates or that our credit loss assumptions will not increase.
GM Financial incorporates its outlook on forecast recovery rates and overall economic performance in its allowance estimate.
Each 5% relative decrease/increase in the forecast recovery rates would increase/decrease the allowance for loan losses by $0.1
billion.
At December 31, 2024, the weightings applied to the economic forecast scenarios considered resulted in an allowance for
loan losses on the U.S. retail finance receivables portfolio of $2.1 billion. If the forecast economic conditions were based
entirely on the weakest scenario considered, the allowance for loan losses would increase by $0.2 billion. Actual economic data
and recovery rates that are lower than those forecasted by GM Financial could result in an increase to the allowance for loan
losses.
The GM Financial commercial finance receivables portfolio consists of financing products for dealers and other businesses.
GM Financial provides commercial lending products to its dealer customers that include floorplan financing, also known as
wholesale or inventory financing, which is lending to finance vehicle inventory. GM Financial also provides dealer loans,
which are loans to finance improvements to dealership facilities, to provide working capital, or to purchase and/or finance
dealership real estate. Additionally, GM Financial provides lending products to commercial vehicle upfitters and advances to
certain of our subsidiaries. The allowance for loan losses on commercial finance receivables is based on historical loss
experience for the consolidated portfolio, in addition to forecasted industry conditions. There can be no assurance that the
ultimate charge-off amount will not exceed such estimates or that GM Financial's credit loss assumptions will not increase.
Valuation of GM Financial Equipment on Operating Lease Assets and Residuals
GM Financial has investments in leased
vehicles recorded as operating leases. Each leased asset in the portfolio represents a vehicle that GM Financial owns and has
leased to a customer. At the inception of a lease, an estimate is made of the expected residual value for the vehicle at the end of
the lease term, which typically ranges from one to five years. GM Financial estimates the expected residual value based on
third-party data that considers various data points and assumptions, including, but not limited to, recent auction values, the
expected future volume of returning leased vehicles, significant liquidation of rental or fleet inventory, used vehicle prices,
manufacturer incentive programs and fuel prices.
During the term of a lease, GM Financial periodically evaluates the estimated residual value and may adjust the value
downward, which increases the prospective depreciation, or upward (limited to the contractual residual value), which decreases
the prospective depreciation.
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40
The customer is obligated to make payments during the lease term for the difference between the purchase price and the
contract residual value plus a money factor. However, since the customer is not obligated to purchase the vehicle at the end of
the contract, GM Financial is exposed to a risk of loss to the extent the customer returns the vehicle prior to or at the end of the
lease term and the proceeds GM Financial receives on the disposition of the vehicle are lower than the residual value estimated
at the inception of the lease. Realization of the residual values is dependent on GM Financial's future ability to market the
vehicles under prevailing market conditions.
At December 31, 2024, the estimated residual value of GM Financial's leased vehicles was $23.5 billion. Depreciation
reduces the carrying value of each leased asset in GM Financial's operating lease portfolio over time from its original
acquisition value to its expected residual value at the end of the lease term. If used vehicle prices weaken compared to
estimates, GM Financial would increase depreciation expense and/or record an impairment charge on the lease portfolio. If an
impairment exists, GM Financial would determine any shortfall in recoverability of the leased vehicle asset groups by year,
make and model. Recoverability is calculated as the excess of: (1) the sum of remaining lease payments plus estimated residual
value; over (2) leased vehicles, net less deferred revenue. Alternatively, if used vehicle prices outperform GM Financial's latest
estimates, it may record gains on sales of off-lease vehicles and/or decreased depreciation expense.
The following table illustrates the effect of a 1% relative change in the estimated residual values at December 31, 2024,
which could increase or decrease depreciation expense over the remaining term of the leased vehicle portfolio, holding all other
assumptions constant (dollars in millions):
Impact to
Depreciation Expense
2025
$
158
2026
60
2027
16
2028 and thereafter
1
Total
$
235
Changes to residual values are rarely simultaneous across all maturities and segments, and also may impact return rates. If a
decrease in residual values is concentrated among specific asset groups, the decrease could result in an immediate impairment
charge. GM Financial reviewed the leased vehicle portfolio for indicators of impairment and determined that no material
impairment indicators were present at December 31, 2024 or 2023.
Pension and OPEB Plans
Our defined benefit pension plans are accounted for on an actuarial basis, which requires the
selection of various assumptions, including an expected long-term rate of return on plan assets, a discount rate, mortality rates
of participants and expectation of mortality improvement. Our pension obligations include Korean statutory pension payments
that are valued on a walk away basis. The expected long-term rate of return on U.S. plan assets that is utilized in determining
pension expense is derived from periodic studies, which include a review of asset allocation strategies, anticipated future long-
term performance of individual asset classes, risks using standard deviations and correlations of returns among the asset classes
that comprise the plans' asset mix. While the studies give appropriate consideration to recent plan performance and historical
returns, the assumptions are primarily long-term, prospective rates of return.
In December 2024, an investment policy study was completed for the U.S. pension plans. As a result, the weighted-average
long-term rate of Return on Assets (ROA) increased to 6.5% at December 31, 2024 from 6.3% at December 31, 2023. The
expected long-term rate of return on plan assets used in determining pension expense for non-U.S. plans is determined in a
similar manner to the U.S. plans.
Another key assumption in determining net pension and other postretirement benefits (OPEB) expense is the assumed
discount rate used to discount plan obligations. We estimate the assumed discount rate for U.S. plans using a cash flow
matching approach, which uses projected cash flows matched to spot rates along a high quality corporate bond yield curve to
determine the weighted-average discount rate for the calculation of the present value of cash flows. We apply the individual
annual yield curve rates instead of the assumed discount rate to determine the service cost and interest cost, which more
specifically links the cash flows related to service cost and interest cost to bonds maturing in their year of payment.
Significant differences in actual experience or significant changes in assumptions may materially affect the pension
obligations. The effects of actual results differing from assumptions and the changing of assumptions are included in
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
41
unamortized net actuarial gains and losses that are subject to amortization to pension expense over future periods. The
unamortized pre-tax actuarial loss on our pension plans was $6.2 billion and $5.9 billion at December 31, 2024 and 2023. The
year-over-year change is primarily due to lower than expected asset returns partially offset by an increase in discount rates.
The funded status of the U.S. pension plans improved in the year ended December 31, 2024 to $1.8 billion underfunded
status from $2.2 billion underfunded status primarily due to: (1) favorable effect of an increase in discount rates of $1.4 billion;
(2) contributions of $0.5 billion; and (3) favorable effect of actual return on plan assets of $0.5 billion; partially offset by (4)
service and interest costs of $2.2 billion.
The following table illustrates the sensitivity to a change in certain assumptions for the pension plans, holding all other
assumptions constant:
U.S. Plans(a)
Non-U.S. Plans(a)
Effect on 2025
Pension
Expense
Effect on
December 31,
2024 PBO
Effect on 2025
Pension
Expense
Effect on
December 31,
2024 PBO
25 basis point decrease in discount rate
-$50
+$767
-$4
+$256
25 basis point increase in discount rate
+$47
-$741
+$7
-$245
25 basis point decrease in expected rate of ROA
+$99
N/A
+$23
N/A
25 basis point increase in expected rate of ROA
-$99
N/A
-$23
N/A
__________
(a)
The sensitivity does not include the effects of the individual annual yield curve rates applied for the calculation of the service and interest
cost.
Refer to Note 15 to our consolidated financial statements for additional information on pension contributions, investment
strategies, assumptions, the change in benefit obligations and related plan assets, pension funding requirements and future net
benefit payments. Refer to Note 2 to our consolidated financial statements for a discussion of the inputs used to determine fair
value for each significant asset class or category.
Valuation of Deferred Tax Assets
The ability to realize deferred tax assets depends on the ability to generate sufficient
taxable income within the carryback or carryforward periods provided for in the tax law for each applicable tax jurisdiction.
The assessment regarding whether a valuation allowance is required or should be adjusted is based on an evaluation of possible
sources of taxable income and also considers all available positive and negative evidence factors. Our accounting for the
valuation of deferred tax assets represents our best estimate of future events. Changes in our current estimates, due to
unanticipated market conditions, governmental legislative actions or events, could have a material effect on our ability to utilize
deferred tax assets.
At December 31, 2024, valuation allowances against deferred tax assets were $6.5 billion. Refer to Note 17 to our
consolidated financial statements for additional information on the composition of these valuation allowances.
Non-GAAP Measures
We use both 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: EBIT-adjusted, presented net of
noncontrolling interests; EBT-adjusted for our GM Financial segment; EPS-diluted-adjusted; ETR-adjusted; ROIC-adjusted
and adjusted automotive free cash flow. Our 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.
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42
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
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. Refer to the “Liquidity and
Capital Resources” section of this MD&A for additional information.
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43
The following table reconciles Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted:
Years Ended December 31,
2024
2023
2022
Net income attributable to stockholders
$
6,008 $
10,127 $
9,934
Income tax expense
2,556
563
1,888
Automotive interest expense
846
911
987
Automotive interest income
(967)
(1,109)
(460)
Adjustments
China JV restructuring actions(a)
4,010
—
—
Cruise restructuring(b)
1,103
478
—
Buick dealer strategy(c)
964
569
511
Restructuring actions(d)
200
—
—
GMI plant wind down(e)
150
—
—
Headquarters relocation(f)
64
—
—
Voluntary separation program(g)
—
1,035
—
GM Korea wage litigation(h)
—
(106)
—
India asset sales(i)
—
(111)
—
Cruise compensation modifications(j)
—
—
1,057
Russia exit(k)
—
—
657
Patent royalty matters(l)
—
—
(100)
Total adjustments
6,491
1,865
2,125
EBIT-adjusted
$
14,934 $
12,357 $
14,474
__________
(a)
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.
(b)
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.
(c)
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.
(d)
These adjustments were excluded because they relate to employee separation charges primarily in North America.
(e)
These adjustments were excluded because they relate to the wind down of our manufacturing operations in Colombia and Ecuador.
(f)
These adjustments were excluded because they relate to the GM headquarters relocation, primarily consisting of accelerated
depreciation.
(g)
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.
(h)
These adjustments were excluded because they relate to the partial resolution of subcontractor matters in Korea.
(i)
These adjustments were excluded because they relate to an asset sale resulting from our strategic decision in 2020 to exit India.
(j)
This adjustment was excluded because it relates to the one-time modification of Cruise stock incentive awards.
(k)
This adjustment was excluded because it relates to the shutdown of our Russia business including the write off of our net investment and
release of accumulated translation losses into earnings.
(l)
These adjustments were excluded because they relate to certain royalties accrued with respect to past-year vehicle sales in 2021 and the
resolution of substantially all of these matters in 2022.
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
44
The following table reconciles diluted earnings per common share under U.S. GAAP to EPS-diluted-adjusted:
Years Ended December 31,
2024
2023
2022
Amount
Per Share
Amount
Per Share
Amount
Per Share
Diluted earnings per common share
$
7,189 $
6.37 $ 10,022 $
7.32 $
8,915 $
6.13
Adjustments(a)
6,491
5.75
1,865
1.36
2,125
1.46
Tax effect on adjustments(b)
(477)
(0.42)
(504)
(0.37)
(423)
(0.29)
Tax adjustments(c)
—
—
(870)
(0.64)
(482)
(0.33)
Return to (return from) preferred shareholders(d)
(1,239)
(1.10)
—
—
909
0.63
EPS-diluted-adjusted
$ 11,963 $
10.60 $ 10,513 $
7.68 $ 11,044 $
7.59
__________
(a)
Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted within this section of the
MD&A for adjustment details.
(b)
The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the
adjustment relates.
(c)
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. In the year ended December 31, 2022, the adjustment consists of tax benefit related to
the release of a valuation allowance against deferred tax assets considered realizable as a result of Cruise tax reconsolidation. These
adjustments were excluded because significant impacts of valuation allowances are not considered part of our core operations.
(d)
This adjustment consists of a return to (return from) the preferred shareholders related to the redemption of Cruise preferred shares from
noncontrolling interest holders in the years ended December 31, 2024 and 2022.
The following table reconciles our effective tax rate under U.S. GAAP to ETR-adjusted:
Years Ended December 31,
2024
2023
2022
Income
before
income taxes
Income tax
expense
Effective
tax rate
Income
before
income taxes
Income tax
expense
Effective
tax rate
Income
before
income taxes
Income tax
expense
Effective
tax rate
Effective tax rate
$
8,519
$
2,556
30.0 %
$
10,403
$
563
5.4 %
$
11,597
$
1,888
16.3 %
Adjustments(a)
6,564
477
1,916
504
2,221
423
Tax adjustments(b)
—
870
482
ETR-adjusted
$
15,083
$
3,033
20.1 %
$
12,319
$
1,937
15.7 %
$
13,818
$
2,793
20.2 %
__________
(a)
Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted within this section of the
MD&A for adjustment details. Net income attributable to noncontrolling interests for these adjustments is included in the years ended
December 31, 2024, 2023 and 2022. 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 within this section of the
MD&A 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
2022
Net income attributable to stockholders
$
6.0
$
10.1
$
9.9
Average equity(a)
$
68.9
$
72.0
$
66.6
ROE
8.7 %
14.1 %
14.9 %
__________
(a) Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in Net income attributable to
stockholders.
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
45
The following table summarizes the calculation of ROIC-adjusted (dollars in billions):
Years Ended December 31,
2024
2023
2022
EBIT-adjusted(a)
$
14.9
$
12.4
$
14.5
Average equity(b)
$
68.9
$
72.0
$
66.6
Add: Average automotive debt and interest liabilities (excluding finance
leases)
16.1
16.2
17.6
Add: Average automotive net pension and OPEB liability
9.4
8.1
9.4
Less: Average automotive net income tax asset
(22.7)
(21.1)
(21.2)
ROIC-adjusted average net assets
$
71.8
$
75.2
$
72.3
ROIC-adjusted
20.8 %
16.4 %
20.0 %
__________
(a)
Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted within this section of the
MD&A.
(b)
Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in EBIT-adjusted.
Forward-Looking Statements
This report and the other reports filed by us with the SEC from time to time, as well as
statements incorporated by reference herein and related comments by our 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. Forward-looking statements represent our current judgment about possible future events and are
often identified by words like “aim,” “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,”
“effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,” “plan,”
“potential,” “priorities,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,” or the negative of any of
those words or similar expressions. In making these statements, we rely on 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 important factors, many of
which are beyond our control. These factors, which may be revised or supplemented in subsequent reports we file with the
SEC, include, among others, the following: (1) our ability to deliver new products, services, technologies and customer
experiences in response to increased competition and changing consumer needs and preferences; (2) our ability to attract and
retain talented and highly skilled employees; (3) our ability to timely fund and introduce new and improved vehicle models,
including EVs, that are able to attract a sufficient number of consumers; (4) our ability to profitably deliver a strategic portfolio
of EVs; (5) our long-term strategy is dependent on consumer adoptions of EVs; (6) the success of our current line of ICE
vehicles, particularly our full-size SUVs and full-size pickup trucks; (7) our highly competitive industry, which has been
historically characterized by excess manufacturing capacity and the use of incentives, and the introduction of new and improved
vehicle models by our competitors; (8) the unique technological, operational, regulatory and competitive risks related to our
recently announced plans to refocus our AV strategy on personal vehicles; (9) risks associated with climate change, including
increased regulation of GHG emissions, our transition to EVs and the potential increased impacts of severe weather events; (10)
global automobile market sales volume, which can be volatile; (11) inflationary pressures and persistently high prices and
uncertain availability of raw materials and commodities used by us and our suppliers, and instability in logistics and related
costs; (12) our business in China, which is subject to unique operational, competitive, regulatory and economic risks; (13) the
success of our ongoing strategic business relationships, particularly with respect to facilitating access to raw materials necessary
for the production of EVs, and of our joint ventures, which we cannot operate solely for our benefit and over which we may
have limited control; (14) the international scale and footprint of our operations, which expose us to a variety of unique
political, economic, competitive and regulatory risks, including the risk of changes in government leadership and laws
(including labor, trade, tax and other laws), political uncertainty or instability and economic tensions between governments and
changes in international trade policies, new barriers to entry and changes to or withdrawals from free trade agreements, changes
in foreign exchange rates and interest rates, economic downturns in the countries in which we operate, differing local product
preferences and product requirements, changes to and compliance with U.S. and foreign countries' export controls and
economic sanctions, differing labor regulations, requirements and union relationships, differing dealer and franchise regulations
and relationships, difficulties in obtaining financing in foreign countries, and public health crises, including the occurrence of a
contagious disease or illness; (15) any significant disruption, including any work stoppages, at any of our manufacturing
facilities; (16) the ability of our suppliers to deliver parts, systems and components without disruption and at such times to
allow us to meet production schedules; (17) pandemics, epidemics, disease outbreaks and other public health crises; (18) the
possibility that competitors may independently develop products and services similar to ours, or that our intellectual property
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
46
rights are not sufficient to prevent competitors from developing or selling those products or services; (19) our ability to manage
risks related to security breaches, cyberattacks and other disruptions to our information technology systems and networked
products, including connected vehicles; (20) our ability to manage security breaches and other disruptions to our in-vehicle
systems; (21) our ability to comply with increasingly complex, restrictive and punitive regulations relating to our enterprise data
practices, including the collection, use, sharing and security of the personal information of our customers, employees or
suppliers; (22) our ability to comply with extensive laws, regulations and policies applicable to our operations and products,
including those relating to fuel economy, emissions and AVs; (23) costs and risks associated with litigation and government
investigations; (24) the costs and effect on our reputation of product safety recalls and alleged defects in products and services;
(25) any additional tax expense or exposure or failure to fully realize available tax incentives; (26) our continued ability to
develop captive financing capability through GM Financial; and (27) any significant increase in our pension funding
requirements. For a further discussion of these and other risks and uncertainties, refer to Part I, Item 1A. Risk Factors.
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, except where we are expressly required to do so by law.
* * * * * * *
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
The overall financial risk management program is under the responsibility of the Chief Financial Officer with support from
the Financial Risk Council, which reviews and, where appropriate, approves strategies to be pursued to mitigate these risks. The
Financial Risk Council comprises members of our management and functions under the oversight of the Audit Committee and
Finance Committee of the Board of Directors. The Audit Committee and Finance Committee assist and guide the Board of
Directors in its oversight of our financial and risk management strategies. A risk management control framework is utilized to
monitor the strategies, risks and related hedge positions in accordance with the policies and procedures approved by the
Financial Risk Council. Our financial risk management policy is designed to protect against risk arising from large adverse
market movements on our key exposures.
Automotive
The following analyses provide quantitative information regarding exposure to foreign currency exchange rate
risk, interest rate risk and commodity risk. Sensitivity analysis is used to measure the potential loss in the fair value of financial
instruments with exposure to market risk. The models used assume instantaneous, parallel shifts in exchange rates, interest rate
yield curves and commodity prices. For options and other instruments with nonlinear returns, models appropriate to these types
of instruments are utilized to determine the effect of market shifts. There are certain shortcomings inherent in the sensitivity
analyses presented, primarily due to the assumption that interest rates change in a parallel fashion and that spot exchange rates
and commodity prices change instantaneously. In addition, the analyses are unable to reflect the complex market reactions that
normally would arise from the market shifts modeled and do not contemplate the effects of correlations between foreign
currency exposures and offsetting long-short positions in currency or other exposures, such as interest rates and commodity
prices, which may significantly reduce the potential loss in value.
Foreign Currency Exchange Rate Risk
We have foreign currency exposures related to buying, selling and financing in
currencies other than the functional currencies of our operations. At December 31, 2024, our most significant foreign currency
exposures were between the U.S. dollar and the Canadian dollar, Chinese yuan, Korean won, Mexican peso and Brazilian real.
Derivative instruments such as foreign currency forwards, swaps and options are primarily used to hedge exposures with
respect to forecasted revenues, costs and commitments denominated in foreign currencies. Such contracts had remaining
maturities of up to 12 months at December 31, 2024.
The net fair value liability of financial instruments with exposure to foreign currency risk was $0.2 billion and $0.4 billion at
December 31, 2024 and 2023. These amounts are calculated utilizing a population of foreign currency exchange derivatives and
foreign currency denominated debt and exclude the offsetting effect of foreign currency cash, cash equivalents and other assets.
The potential loss in fair value for such financial instruments from a 10% adverse change in all quoted foreign currency
exchange rates would have been $0.3 billion and insignificant at December 31, 2024 and 2023.
We are exposed to foreign currency risk due to the translation and remeasurement of the results of certain international
operations into U.S. dollars as part of the consolidation process. Fluctuations in foreign currency exchange rates can therefore
create volatility in the results of operations and may adversely affect our financial condition.
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
47
The following table summarizes the amounts of automotive foreign currency translation, transaction and remeasurement
(gains) losses:
Years Ended December 31,
2024
2023
Translation (gains) losses recorded in Accumulated other comprehensive loss
$
765 $
(169)
Transaction and remeasurement (gains) losses recorded in earnings
$
(314) $
344
Interest Rate Risk
We are subject to market risk from exposure to changes in interest rates related to certain financial
instruments, primarily debt, finance lease obligations and certain marketable debt securities. At December 31, 2024, interest
rate swap positions were used to manage interest rate exposures in our automotive operations and were insignificant. The fair
value of debt and finance leases was $15.2 billion and $16.5 billion at December 31, 2024 and 2023. The potential increase in
fair value resulting from a 10% decrease in quoted interest rates would have been $0.7 billion at December 31, 2024 and 2023.
We had marketable debt securities of $7.3 billion and $7.6 billion classified as available-for-sale at December 31, 2024 and
2023. The potential decrease in fair value from a 50 basis point increase in interest rates would have been insignificant at
December 31, 2024 and 2023.
Commodity Risk
We have commodity price risk which could have an impact of our financial results as result of fluctuations
in the prices of commodities used in vehicle production. At December 31, 2024 we used derivative instruments such as
commodity forwards, swaps and options to hedge a portion of our exposures with respect to forecasted commodity purchases of
steel, copper, aluminum, palladium, lithium and nickel.
The net fair value liability of financial instruments with exposure to commodity price movements was insignificant at
December 31, 2024 and 2023. The potential change in fair value for such financial instruments from a 10% adverse change in
the underlying commodity prices would have been $0.2 billion and insignificant at December 31, 2024 and 2023.
Automotive Financing - GM Financial
Interest Rate Risk
Fluctuations in market interest rates can affect GM Financial's gross interest rate spread, which is the
difference between interest earned on finance receivables and interest paid on debt. GM Financial is exposed to interest rate
risks as financial assets and liabilities have different characteristics that may impact financial performance. These differences
may include tenor, yield, repricing timing and prepayment expectations. Typically, retail finance receivables and leases
purchased by GM Financial earn fixed interest and commercial finance receivables originated by GM Financial earn variable
interest. GM Financial funds its business with variable or fixed rate debt. The variable rate debt is subject to adjustments to
reflect prevailing market interest rates. To help mitigate interest rate risk or mismatched funding, GM Financial may employ
hedging.
Quantitative Disclosure
GM Financial measures the sensitivity of its net interest income to changes in interest rates by using
interest rate scenarios that assume a hypothetical, instantaneous parallel shift of one hundred basis points in all interest rates
across all maturities, as well as a base case that assumes that rates perform at the current market forward curve. However,
interest rate changes are rarely instantaneous or parallel and rates could move more or less than the one percentage point
assumed in GM Financial's analysis. Therefore, the actual impact to net interest income could be higher or lower than the
results detailed in the table below. These interest rate scenarios are purely hypothetical and do not represent GM Financial's
view of future interest rate movements.
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
48
At December 31, 2024, GM Financial moved to an asset-sensitive profile from a liability-sensitive profile in 2023, meaning
that more assets than liabilities were expected to reprice within the next 12 months. During a period of rising interest rates, the
interest earned on assets would increase more than the interest paid on liabilities, which would initially increase net interest
income. During a period of falling interest rates, net interest income would be expected to initially decrease.
The following table presents GM Financial's net interest income sensitivity to interest rate movement:
Years Ended December 31,
2024
2023
One hundred basis points instantaneous increase in interest rates
$
5.6 $
(7.7)
One hundred basis points instantaneous decrease in interest rates(a)
$
(5.6) $
7.7
__________
(a) Net interest income sensitivity given a one hundred basis point decrease in interest rates requires an assumption of negative interest rates
in markets where existing interest rates are below one percent.
Additional Model Assumptions
The sensitivity analysis presented is GM Financial's best estimate of the effect of the
hypothetical interest rate scenarios; however, actual results could differ. The estimates are also based on assumptions including
the amortization and prepayment of the finance receivable portfolio, originations of finance receivables and leases, refinancing
of maturing debt, replacement of maturing derivatives and exercise of options embedded in debt and derivatives. The
prepayment projections are based on historical experience. If interest rates or other factors change, actual prepayment
experience could be different than projected.
Foreign Currency Exchange Rate Risk
GM Financial is exposed to foreign currency risk due to the translation and
remeasurement of the results of certain international operations into U.S. dollars as part of the consolidation process.
Fluctuations in foreign currency exchange rates can therefore create volatility in the results of operations and may adversely
affect GM Financial's financial condition.
GM Financial primarily finances its receivables and leased assets with debt in the same currency. When a different currency
is used, GM Financial may use foreign currency swaps to convert substantially all of its foreign currency debt obligations to the
local currency of the receivables and leased assets to minimize any impact to earnings. As a result, GM Financial believes its
market risk exposure relating to changes in currency exchange rates at December 31, 2024 was insignificant.
GM Financial had foreign currency swaps with notional amounts of $8.4 billion and $8.0 billion at December 31, 2024 and
2023. The net fair value of these derivative financial instruments was a liability of $0.4 billion and $0.2 billion at December 31,
2024 and 2023.
The following table summarizes GM Financial's foreign currency translation, transaction and remeasurement (gains) losses:
Years Ended December 31,
2024
2023
Translation (gains) losses recorded in Accumulated other comprehensive loss
$
403 $
(147)
Transaction and remeasurement (gains) losses recorded in earnings
$
(7) $
5
* * * * * * *
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
49
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and the Board of Directors of General Motors Company
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of General Motors Company and subsidiaries (the Company)
as of December 31, 2024 and 2023, the related consolidated income statements and consolidated statements of comprehensive
income, cash flows and equity for each of the three years in the period ended December 31, 2024, and the related notes
(collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material
respects, the financial position of the Company at December 31, 2024 and 2023, and the results of its operations and its cash
flows for each of the three years in the period ended December 31, 2024, in conformity with U.S. generally accepted accounting
principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States)
(PCAOB), the Company's internal control over financial reporting as of December 31, 2024, based on criteria established in
Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission
(2013 framework) and our report dated January 28, 2025 expressed an unqualified opinion thereon.
Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on
the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to
error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial
statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included
evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matters
The critical audit matters communicated below are matters arising from the current period audit of the financial statements that
were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that
are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The
communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and
we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on
the accounts or disclosures to which they relate.
Product warranty and recall campaigns
Description of the matter
As discussed in Note 12 to the financial statements, the liabilities for product warranty and
recall campaigns amount to $10.6 billion at December 31, 2024. The Company accrues for costs
related to product warranty at the time of vehicle sale and accrues the estimated cost of recall
campaigns when they are probable and estimable.
Auditing these liabilities involved a high degree of subjectivity in evaluating management’s
estimates due to the size, uncertainties, and potential volatility related to the estimated
liabilities. Management’s estimates consider historical claims experience, including the nature,
frequency, and average cost of claims of each vehicle line or each model year of the vehicle
line, and the key assumptions of historical data being predictive of future activity and events,
specifically the number of historical periods used and the weighting of historical data in the
reserve studies.
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50
How we addressed the
matter in our audit
We evaluated the design and tested the operating effectiveness of internal controls over the
Company’s product warranty and recall campaign processes. We tested internal controls over
management’s review of the valuation models and significant assumptions for product warranty
and recall, including the warranty claims forecasted based on the frequency and average cost
per warranty claim for product warranty, and the cost estimates related to recall campaigns. Our
audit also included the evaluation of controls that address the completeness and accuracy of the
data utilized in the valuation models.
Our audit procedures related to product warranty and recall campaigns also included, among
others, evaluating the Company’s estimation methodology, the related significant assumptions
and underlying data, and performing analytical procedures to corroborate cost per vehicle based
on historical claims data. Furthermore, we performed sensitivity analyses to evaluate the
significant judgments made by management, including cost estimates to evaluate the impact on
reserves from changes in assumptions. We performed analysis over the vehicle lines and model
years that had little or no claims experience to ensure the vehicle and model substitutions are
comparable. We also involved actuarial specialists to evaluate the methodologies and
assumptions, and to test the actuarial calculations used by the Company.
Sales incentives
Description of the matter
As discussed in Note 2 to the financial statements, Automotive net sales and revenue represents
the amount of consideration to which the Company expects to be entitled in exchange for
transferring goods or providing services, which is net of estimated dealer and customer sales
incentives the Company reasonably expects to pay. Provisions for dealer and customer sales
incentives are recorded as a reduction to Automotive net sales and revenue at the time of
vehicle sale. The liabilities for dealer and customer allowances, claims and discounts amount to
$7.3 billion at December 31, 2024.
Auditing the estimate of sales incentives involved a high degree of judgment. Significant factors
used by the Company in estimating its liability for sales incentives include type of program,
forecasted sales volume, product mix, and the rate of customer acceptance of incentive
programs, all of which are estimated based on historical experience and assumptions concerning
future customer behavior and market conditions. The Company’s estimation model reflects the
best estimate of the total incentive amount that the Company reasonably expects to pay at the
time of sale. The estimated cost of incentives is forward-looking, and could be materially
affected by future economic and market conditions.
How we addressed the
matter in our audit
We evaluated the design and tested the operating effectiveness of internal controls over the
Company’s sales incentive process, including management’s review of the estimation model,
the significant assumptions (e.g., incentive cost per unit, customer take rate, and market
conditions), and the data inputs used in the model.
Our audit procedures included, among others, the performance of analytical procedures to
develop an independent range of the liability for sales incentives as of the balance sheet date.
Our independent range was developed for comparison to the Company’s recorded liability, and
is based on historical claims, forecasted spend, and the specific vehicle mix of current dealer
stock. In addition, we performed sensitivity analyses over the cost per unit assumption
developed by management to evaluate the impact on the liability resulting from a change in the
assumption. Lastly, we assessed management’s forecasting process by performing quarterly
hindsight analyses to assess the adequacy of prior forecasts.
Valuation of GM Financial equipment on operating leases
Description of the matter
GM Financial has recorded investments in vehicles leased to retail customers under operating
leases. As discussed in Note 2 to the financial statements, at the beginning of the lease,
management establishes an expected residual value for each vehicle at the end of the lease term.
During the term of a lease, management periodically evaluates the estimated residual value and
may adjust the value downward or upward. The Company’s estimated residual value of leased
vehicles at the end of lease term was $23.5 billion as of December 31, 2024.
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51
Auditing management’s estimate of the residual value of leased vehicles involved a high degree
of judgment. Management’s estimate is based, in part, on third-party data which considers
inputs including recent auction values and assumptions regarding the expected future volume of
leased vehicles that will be returned to the Company, used car prices, manufacturer incentive
programs and fuel prices. Realization of the residual values is dependent on the future ability to
market the vehicles under future prevailing market conditions.
How we addressed the
matter in our audit
We evaluated the design and tested the operating effectiveness of the Company’s controls over
the lease residual estimation process, including controls over management’s review of residual
value estimates obtained from the Company’s third-party provider and other significant
assumptions.
Our procedures also included, among others, independently recalculating depreciation related to
equipment on operating leases and performing sensitivity analyses related to significant
assumptions. We also performed hindsight analyses to assess the propriety of management’s
estimate of residual values, as well as tested the completeness and accuracy of data from
underlying systems and data warehouses that are used in the estimation models.
/
s
/ Ernst & Young LLP
We have served as the Company's auditor since 2017.
Detroit, Michigan
January 28, 2025
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52
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and the Board of Directors of General Motors Company
Opinion on Internal Control Over Financial Reporting
We have audited General Motors Company and subsidiaries’ internal control over financial reporting as of December 31, 2024,
based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of
the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, General Motors Company and subsidiaries
(the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024,
based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States)
(PCAOB), the consolidated balance sheets of the Company as of December 31, 2024 and 2023, the related consolidated income
statements and consolidated statements of comprehensive income, cash flows and equity for each of the three years in the
period ended December 31, 2024, and the related notes and our report dated January 28, 2025 expressed an unqualified opinion
thereon.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its
assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report
on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control
over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be
independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all
material respects.
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material
weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and
performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a
reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures
that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorizations of management and directors of the
company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or
disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also,
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate
because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/
s
/ Ernst & Young LLP
Detroit, Michigan
January 28, 2025
Table of Contents
53
Item 8.
Financial Statements and Supplementary Data
CONSOLIDATED INCOME STATEMENTS
(In millions, except per share amounts)
Years Ended December 31,
2024
2023
2022
Net sales and revenue
Automotive
$
171,606
$
157,658
$
143,975
GM Financial
15,836
14,184
12,760
Total net sales and revenue (Note 3)
187,442
171,842
156,735
Costs and expenses
Automotive and other cost of sales
151,065
141,330
126,892
GM Financial interest, operating and other expenses
12,972
11,374
8,862
Automotive and other selling, general and administrative expense
10,621
9,840
10,667
Total costs and expenses
174,658
162,544
146,421
Operating income (loss)
12,784
9,298
10,315
Automotive interest expense
846
911
987
Interest income and other non-operating income, net (Note 19)
1,257
1,537
1,432
Equity income (loss) (Note 8)
(4,675)
480
837
Income (loss) before income taxes
8,519
10,403
11,597
Income tax expense (benefit) (Note 17)
2,556
563
1,888
Net income (loss)
5,963
9,840
9,708
Net loss (income) attributable to noncontrolling interests
45
287
226
Net income (loss) attributable to stockholders
$
6,008
$
10,127
$
9,934
Net income (loss) attributable to common stockholders
$
7,189
$
10,022
$
8,915
Earnings per share (Note 21)
Basic earnings per common share
$
6.45
$
7.35
$
6.17
Weighted-average common shares outstanding – basic
1,115
1,364
1,445
Diluted earnings per common share
$
6.37
$
7.32
$
6.13
Weighted-average common shares outstanding – diluted
1,129
1,369
1,454
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
Years Ended December 31,
2024
2023
2022
Net income (loss)
$
5,963
$
9,840
$
9,708
Other comprehensive income (loss), net of tax (Note 20)
Foreign currency translation adjustments and other
(1,133)
458
(340)
Defined benefit plans
(4)
(2,814)
1,677
Other comprehensive income (loss), net of tax
(1,137)
(2,355)
1,337
Comprehensive income (loss)
4,826
7,485
11,045
Comprehensive loss (income) attributable to noncontrolling interests
176
297
257
Comprehensive income attributable to stockholders (loss)
$
5,002
$
7,781
$
11,303
Reference should be made to the notes to consolidated financial statements.
Amounts may not add due to rounding.
Table of Contents
GENERAL MOTORS COMPANY AND SUBSIDIARIES
54
GENERAL MOTORS COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In millions, except per share amounts)
December 31, 2024
December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents (Note 4)
$
19,872
$
18,853
Marketable debt securities (Note 4)
7,265
7,613
Accounts and notes receivable, net of allowance of $313 and $298
12,827
12,378
GM Financial receivables, net of allowance of $991 and $906 (Note 5; Note 11)
46,362
39,076
Inventories (Note 6)
14,564
16,461
Other current assets (Note 4; Note 11)
7,655
7,238
Total current assets
108,545
101,618
Non-current Assets
GM Financial receivables, net of allowance of $1,467 and $1,438 (Note 5; Note 11)
46,474
45,043
Equity in net assets of nonconsolidated affiliates (Note 8)
7,102
10,613
Property, net (Note 9)
51,904
50,321
Goodwill and intangible assets, net (Note 10)
4,551
4,862
Equipment on operating leases, net (Note 7; Note 11)
31,586
30,582
Deferred income taxes (Note 17)
21,254
22,339
Other assets (Note 4; Note 11)
8,346
7,686
Total non-current assets
171,216
171,446
Total Assets
$
279,761
$
273,064
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (principally trade)
$
25,680
$
28,114
Short-term debt and current portion of long-term debt (Note 13)
Automotive
2,141
428
GM Financial (Note 11)
37,291
38,540
Accrued liabilities (Note 12)
31,154
27,364
Total current liabilities
96,265
94,445
Non-current Liabilities
Long-term debt (Note 13)
Automotive
13,327
15,985
GM Financial (Note 11)
76,973
66,788
Postretirement benefits other than pensions (Note 15)
3,990
4,345
Pensions (Note 15)
5,779
6,680
Other liabilities (Note 12)
17,836
16,515
Total non-current liabilities
117,906
110,312
Total Liabilities
214,171
204,757
Commitments and contingencies (Note 16)
Noncontrolling interest - Cruise stock incentive awards (Note 20)
—
118
Equity (Note 20)
Common stock, $0.01 par value
10
12
Additional paid-in capital
20,843
19,130
Retained earnings
53,472
55,391
Accumulated other comprehensive loss
(11,253)
(10,247)
Total stockholders’ equity
63,072
64,286
Noncontrolling interests
2,518
3,903
Total Equity
65,590
68,189
Total Liabilities and Equity
$
279,761
$
273,064
Reference should be made to the notes to consolidated financial statements.
Amounts may not add due to rounding.
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55
GENERAL MOTORS COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Years Ended December 31,
2024
2023
2022
Cash flows from operating activities
Net income (loss)
$
5,963
$
9,840
$
9,708
Depreciation and impairment of Equipment on operating leases, net
4,844
4,904
4,839
Depreciation, amortization and impairment charges on Property, net
7,545
6,984
6,451
Foreign currency remeasurement and transaction (gains) losses
(321)
349
172
Undistributed earnings and impairment of nonconsolidated affiliates, net
4,118
245
193
Pension contributions and OPEB payments
(1,518)
(1,100)
(790)
Pension and OPEB income, net
89
90
(1,189)
Provision (benefit) for deferred taxes
1,368
(1,041)
425
Change in other operating assets and liabilities (Note 24)
(1,529)
1,822
(2,977)
Other operating activities
(433)
(1,163)
(790)
Net cash provided by (used in) operating activities
20,129
20,930
16,043
Cash flows from investing activities
Expenditures for property
(10,830)
(10,970)
(9,238)
Available-for-sale marketable securities, acquisitions
(3,986)
(4,429)
(11,837)
Available-for-sale marketable securities, liquidations
4,331
9,345
8,057
Purchases of finance receivables
(36,348)
(35,379)
(33,974)
Principal collections and recoveries on finance receivables
31,784
28,346
26,887
Purchases of leased vehicles
(15,279)
(13,640)
(11,949)
Proceeds from termination of leased vehicles
10,892
13,033
14,234
Other investing activities
(1,081)
(969)
(62)
Net cash provided by (used in) investing activities
(20,517)
(14,663)
(17,882)
Cash flows from financing activities
Net increase (decrease) in short-term debt
128
(156)
373
Proceeds from issuance of debt (original maturities greater than three months)
53,435
50,963
45,813
Payments on debt (original maturities greater than three months)
(43,399)
(44,675)
(39,606)
Payments to purchase common stock (Note 20)
(7,064)
(11,115)
(2,500)
Issuance (redemption) of subsidiary stock (Note 20)
(101)
—
(2,121)
Dividends paid
(653)
(597)
(397)
Other financing activities
(407)
(774)
(1,178)
Net cash provided by (used in) financing activities
1,938
(6,353)
383
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(503)
54
(138)
Net increase (decrease) in cash, cash equivalents and restricted cash
1,047
(31)
(1,594)
Cash, cash equivalents and restricted cash at beginning of period
21,917
21,948
23,542
Cash, cash equivalents and restricted cash at end of period
$
22,964
$
21,917
$
21,948
Significant Non-cash Investing and Financing Activity
Non-cash property additions
$
3,864
$
6,013
$
5,376
Reference should be made to the notes to consolidated financial statements.
Amounts may not add due to rounding.
Table of Contents
56
GENERAL MOTORS COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(In millions)
Common Stockholders’
Noncontrolling
Interests
Total
Equity
Noncontrolling
Interest
Cruise Stock
Incentive
Awards
(Temporary
Equity)
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Balance at January 1, 2022
$
15 $ 27,061 $ 41,937 $
(9,269) $
6,071 $ 65,815 $
—
Net income (loss)
—
— 9,934
—
(226)
9,708
—
Other comprehensive income (loss)
—
—
—
1,368
(31)
1,337
—
Issuance (redemption) of subsidiary stock (Note 20)
—
—
(909)
—
(1,212)
(2,121)
—
Purchase of common stock (Note 20)
(1) (1,153) (1,347)
—
—
(2,500)
—
Stock based compensation
—
299
(5)
—
—
294
299
Cash dividends paid on common stock
—
—
(257)
—
—
(257)
—
Dividends to noncontrolling interests
—
—
(12)
—
(127)
(140)
—
Other
—
221
(90)
—
(340)
(208)
59
Balance at December 31, 2022
14 26,428 49,251
(7,901)
4,135 71,927
357
Net income (loss)
—
— 10,127
—
(287)
9,840
—
Other comprehensive income (loss)
—
—
—
(2,346)
(9)
(2,355)
—
Purchase of common stock (Note 20)
(2) (7,686) (3,426)
—
— (11,115)
—
Stock based compensation
—
259
(6)
—
—
253
24
Cash dividends paid on common stock
—
—
(477)
—
—
(477)
—
Dividends to noncontrolling interests
—
—
—
—
(120)
(120)
—
Other
—
129
(77)
—
185
237
(263)
Balance at December 31, 2023
12 19,130 55,391
(10,247)
3,903 68,189
118
Net income (loss)
—
— 6,008
—
(45)
5,963
—
Other comprehensive income (loss)
—
—
—
(1,006)
(131)
(1,137)
—
Issuance (redemption) of subsidiary stock (Note 20)
—
973
—
—
(1,074)
(101)
—
Purchase of common stock (Note 20)
(2)
245 (7,307)
—
—
(7,064)
—
Stock based compensation
—
552
(9)
—
—
543
—
Cash dividends paid on common stock
—
—
(530)
—
—
(530)
—
Dividends to noncontrolling interests
—
—
—
—
(123)
(123)
—
Other
—
(57)
(80)
—
(13)
(150)
(118)
Balance at December 31, 2024
$
10 $ 20,843 $ 53,472 $
(11,253) $
2,518 $ 65,590 $
—
Reference should be made to the notes to consolidated financial statements.
Amounts may not add due to rounding.
Table of Contents
57
Note 1. Nature of Operations and Basis of Presentation
General Motors Company was incorporated as a Delaware corporation in 2009. We design, build and sell trucks, crossovers,
cars and automobile parts and provide software-enabled services and subscriptions worldwide. We also provide automotive
financing services through GM Financial. We analyze the results of our operations through the following segments: GMNA,
GMI, Cruise and GM Financial. Cruise is our global segment responsible for the development of AV technology. Corporate
includes certain centrally recorded income and costs such as interest, income taxes, corporate expenditures and certain revenues
and expenses that are not part of a reportable segment. The consolidated financial statements are prepared in conformity with
U.S. GAAP. Except for per share amounts or as otherwise specified, amounts presented within tables are stated in millions.
Certain columns and rows may not add due to rounding.
Throughout this report, we refer to General Motors Company and its consolidated subsidiaries in a simplified manner and on
a collective basis, using words like "we", "our", "us" and "the Company." This drafting style is suggested by the SEC and is not
meant to indicate that General Motors Company, the publicly traded parent company, or any particular subsidiary of the parent
company, owns or operates any particular asset, business or property. The operations and businesses described in this report are
owned and operated by distinct subsidiaries of General Motors Company.
Principles of Consolidation
We consolidate entities that we control due to ownership of a majority voting interest and we
consolidate variable interest entities (VIEs) when we are the primary beneficiary. All intercompany balances and transactions
are eliminated in consolidation. Our share of earnings or losses of nonconsolidated affiliates is included in our consolidated
operating results using the equity method of accounting when we are able to exercise significant influence over the operating
and financial decisions of the affiliate.
Use of Estimates in the Preparation of the Financial Statements
Accounting estimates are an integral part of the
consolidated financial statements. These estimates require the use of judgments and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses in the periods presented. We believe that the accounting estimates employed are
appropriate and the resulting balances are reasonable; however, due to the inherent uncertainties in making estimates, actual
results could differ from the original estimates, requiring adjustments to these balances in future periods.
GM Financial
The amounts presented for GM Financial are adjusted to reflect the impact on GM Financial's deferred tax
positions and provision for income taxes resulting from the inclusion of GM Financial in our consolidated tax return and to
eliminate the effect of transactions between GM Financial and the other members of the consolidated group. Accordingly, the
amounts presented will differ from those presented by GM Financial on a stand-alone basis.
Note 2. Significant Accounting Policies
The accounting policies that follow are utilized by our automotive, automotive financing and Cruise operations, unless
otherwise indicated.
Revenue Recognition
Automotive
Automotive net sales and revenue represents the amount of consideration to which we expect to be entitled in
exchange for vehicle, parts and accessories and services and other sales. The consideration recognized represents the amount
received, typically shortly after the sale to a customer, net of estimated dealer and customer sales incentives we reasonably
expect to pay. Significant factors in determining our estimates of incentives include forecasted sales volume, product mix and
the rate of customer acceptance of incentive programs, all of which are estimated based on historical experience and
assumptions concerning future customer behavior and market conditions. Subsequent adjustments to incentive estimates are
possible as facts and circumstances change over time. A portion of the consideration received is deferred for separate
performance obligations, such as maintenance, services and vehicle connectivity, that will be provided to our customers at a
future date. Taxes assessed by various government entities, such as sales, use and value-added taxes, collected at the time of the
vehicle sale are excluded from Automotive net sales and revenue. Costs for shipping and handling activities that occur after
control of the vehicle transfers to the dealer are recognized at the time of sale and presented in Automotive and other cost of
sales.
Table of Contents
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
58
V
e
hicle, Parts and Accessories
For the majority of vehicle and accessories sales, our customers obtain control and we
recognize revenue when the vehicle transfers to the dealer, which typically occurs either when the vehicle is released to the
carrier responsible for transporting it to a dealer or upon delivery to a dealer. Revenue, net of estimated returns, is recognized
on the sale of parts upon delivery to the customer. When our customers have a right to return eligible parts and accessories, we
consider the returns in our estimation of the transaction price.
Typically, transfers to daily rental companies are accounted for as sales, with revenue recognized at the time of transfer. We
defer revenue for remarketing obligations, record a residual value guarantee and reflect a liability for amounts expected to be
paid once the remarketing services are complete at the time of sale and recognize deferred revenue in earnings upon completion
of the remarketing service.
Used Vehicles
Proceeds from the auction of vehicles utilized by our employees are recognized in Automotive net sales and
revenue upon transfer of control of the vehicle to the customer and the related vehicle carrying value is recognized in
Automotive and other cost of sales.
Services and Other
Services and other revenue primarily consists of revenue from vehicle-related service arrangements and
after-sale services such as maintenance, OnStar, Super Cruise, vehicle connectivity and extended service warranties. For those
service arrangements that are bundled with a vehicle sale, a portion of the revenue from the sale is allocated to the service
component and recognized as deferred revenue within Accrued liabilities or Other liabilities. We recognize revenue for bundled
services and services sold separately as services are performed, typically over a period of up to eight years.
Automotive Financing - GM Financial
Finance charge income earned on finance receivables is recognized using the
effective interest method. Fees and commissions received (including manufacturer subvention) and direct costs of originating
loans are deferred and amortized over the term of the related finance receivables using the effective interest method and are
removed from the consolidated balance sheets when the related finance receivables are fully charged off or paid in full. Accrual
of finance charge income on retail finance receivables is generally suspended on accounts that are more than 60 days
delinquent, accounts in bankruptcy and accounts in repossession. Payments received on nonaccrual loans are first applied to any
fees due, then to any interest due and then any remaining amounts are applied to principal. Interest accrual generally resumes
once an account has received payments bringing the delinquency to less than 60 days past due. Accrual of finance charge
income on commercial finance receivables is generally suspended on accounts that are more than 90 days delinquent, upon
receipt of a bankruptcy notice from a borrower, or where reasonable doubt exists about the full collectability of contractually
agreed upon principal and interest. Payments received on nonaccrual loans are first applied to principal. Interest accrual
resumes once an account has received payments bringing the account fully current and collection of contractual principal and
interest is reasonably assured (including amounts previously charged off).
Income from operating lease assets, which includes lease origination fees, net of lease origination costs, is recorded as
operating lease revenue on a straight-line basis over the term of the lease agreement. Gains or losses realized upon disposition
of off-lease assets including any payments received from lessees upon lease termination, are included in GM Financial interest,
operating and other expenses.
Advertising and Promotion Expenditures
Advertising and promotion expenditures, which are expensed as incurred in
Automotive and other selling, general and administrative expense, were $3.3 billion, $3.6 billion and $4.0 billion in the years
ended December 31, 2024, 2023 and 2022.
Research and Development Expenditures
Research and development expenditures, which are expensed as incurred in
Automotive and other cost of sales, were $9.2 billion, $9.9 billion and $9.8 billion in the years ended December 31, 2024, 2023
and 2022. These expenditures include cost sharing payments and fees we receive when we enter into cost sharing arrangements
with third parties or nonconsolidated affiliates for product-related research, engineering, design and development activities and
use of intellectual property.
Cash Equivalents and Restricted Cash
Cash equivalents are defined as short-term, highly-liquid investments with original
maturities of 90 days or less. Certain operating agreements require us to post cash as collateral. Cash and cash equivalents
subject to contractual restrictions and not readily available are classified as restricted cash. Restricted cash is invested in
accordance with the terms of the underlying agreements and include amounts related to various deposits, escrows and other
cash collateral. Restricted cash is included in Other current assets and Other assets in the consolidated balance sheets.
Table of Contents
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
59
Fair Value Measurements
A three-level valuation hierarchy, based upon observable and unobservable inputs, is used for fair
value measurements. Observable inputs reflect market data obtained from independent sources, while unobservable inputs
reflect market assumptions based on the best evidence available. These two types of inputs create the following fair value
hierarchy: Level 1 – Quoted prices for identical instruments in active markets; Level 2 – Quoted prices for similar instruments
in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations
whose significant inputs are observable; and Level 3 – Instruments whose significant inputs are unobservable.
Marketable Debt Securities
We generally classify marketable debt securities as available-for-sale. Various factors, including
turnover of holdings and investment guidelines, are considered in determining the classification of securities. Available-for-sale
debt securities are recorded at fair value with non-credit related unrealized gains and losses recorded in Accumulated other
comprehensive loss until realized. Credit losses are recorded in Interest income and other non-operating income, net. An
evaluation is made quarterly to determine if any portion of unrealized losses recorded in Accumulated other comprehensive loss
needs to be reclassified. Non-credit related unrealized losses are reclassified to Interest income and other non-operating income,
net if we intend to sell the security or it is more likely than not that we will be required to sell the security before the recovery of
the unrealized loss.
We determine realized gains and losses for all debt securities using the specific identification method and measure the fair
value of our marketable debt securities using a market approach where identical or comparable prices are available and an
income approach in other cases. If quoted market prices are not available, fair values of securities are determined using prices
from a pricing service, pricing models, quoted prices of securities with similar characteristics or discounted cash flow models.
These prices represent non-binding quotes. Our pricing service utilizes industry-standard pricing models that consider various
inputs. We review our pricing service quarterly and believe the prices received from our pricing service are a reliable
representation of exit prices.
Accounts and Notes Receivable
Accounts and notes receivable primarily consists of amounts that are due and payable from
our customers for the sale of vehicles, parts and accessories. We evaluate the collectability of receivables each reporting period
and record an allowance for doubtful accounts to present the net amount expected to be collected on our receivables. Additions
to the allowance are charged to bad debt expense reported in Automotive and other selling, general and administrative expense
and were insignificant in the years ended December 31, 2024, 2023 and 2022.
GM Financial Receivables
Finance receivables are carried at amortized cost, net of allowance for loan losses. Provisions for
loan losses are charged to operations in amounts sufficient to maintain the allowance for loan losses at levels considered
adequate to cover expected credit losses on the finance receivables. For retail finance receivables, GM Financial uses static pool
modeling techniques to determine the allowance for loan losses expected over the remaining life of the receivables, which is
supplemented by management judgment. The modeling techniques incorporate reasonable and supportable forecasts of
economic conditions over the expected remaining life of the finance receivables. The economic forecasts incorporate factors
which vary by region that GM Financial believes will have the largest impact on expected losses, including unemployment
rates, interest rate spreads, disposable personal income and growth rates in gross domestic product.
Commercial finance receivables are carried at amortized cost, net of allowance for loan losses and amounts held under a cash
management program. GM Financial establishes the allowance for loan losses based on historical loss experience, as well as
forecasted auto industry conditions, which is the economic indicator believed to have the largest impact on expected losses.
Inventories
Inventories are stated at the lower of cost or net realizable value. Cost is determined on a first-in, first-out (FIFO)
basis. Net realizable value is the estimated selling price in the ordinary course of business less cost to sell, and considers general
market and economic conditions, periodic reviews of current profitability of vehicles, product warranty costs and the effect of
estimated sales incentives. Net realizable value for off-lease and other vehicles is current auction sales proceeds less disposal
and warranty costs. Inventories are reviewed to determine if inventory quantities are in excess of forecasted usage or if they
have become obsolete, with a primary focus on productive material, supplies, work in process and parts and accessories.
Equipment on Operating Leases
Equipment on operating leases, net consists of vehicle leases to retail customers with lease
terms of typically two to five years. We are exposed to changes in the residual values of these assets. The residual values
represent estimates of the values of the leased vehicles at the end of the lease agreements and are determined based on
forecasted auction proceeds when there is a reliable basis to make such a determination. Realization of the residual values is
dependent on the future ability to market the vehicles under prevailing market conditions. The estimate of the residual value is
evaluated over the life of the arrangement and adjustments may be made to the extent the expected value of the vehicle changes.
Table of Contents
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
60
Adjustments may be in the form of revisions to the depreciation rate or recognition of an impairment charge. A lease vehicle
asset group is determined to be impaired if an impairment indicator exists and the expected future cash flows, which include
estimated residual values, are lower than the carrying amount of the vehicle asset group. If the carrying amount is considered
impaired, an impairment charge is recorded for the amount by which the carrying amount exceeds fair value of the vehicle asset
group. Fair value is determined primarily using the anticipated cash flows, including estimated residual values. In our
automotive finance operations, when a leased vehicle is returned or repossessed, the asset is recorded in Other assets at the
lower of amortized cost or net realizable value. Upon disposition a gain or loss is recorded in GM Financial interest, operating
and other expenses for any difference between the net book value of the leased asset and the proceeds from the disposition of
the asset.
Equity Investments
When events and circumstances warrant, equity investments accounted for under the equity method of
accounting are evaluated for impairment. An impairment charge is recorded whenever a decline in value of an equity
investment below its carrying amount is determined to be other-than-temporary. Impairment charges related to equity method
investments are recorded in Equity income. Equity investments that are not accounted for under the equity method of
accounting are measured at fair value or in certain cases adjusted to fair value upon an observable price change, with changes in
fair value recorded in Interest income and other non-operating income, net.
Property, net
Property, plant and equipment, including internal use software, is recorded at cost. The gross amount of assets
under finance leases is included in property, plant and equipment. Major improvements that extend the useful life or add
functionality are capitalized. Expenditures for repairs and maintenance are charged to expense as incurred. We depreciate
depreciable property using the straight-line method. Leasehold improvements are amortized over the period of lease or the life
of the asset, whichever is shorter. The amortization of the assets under finance leases is included in depreciation expense. Upon
retirement or disposition of property, plant and equipment, the cost and related accumulated depreciation are eliminated and any
resulting gain or loss is recorded in earnings. Impairment charges related to property are recorded in Automotive and other cost
of sales, Automotive and other selling, general and administrative expense or GM Financial interest, operating and other
expenses.
Special Tools
Special tools represent product-specific propulsion and non-propulsion related tools, dies, molds and other items
used in the vehicle manufacturing process. Expenditures for special tools are recorded at cost and are capitalized. We amortize
special tools over their estimated useful lives using the straight-line method or an accelerated amortization method based on
their historical and estimated production volume. Impairment charges related to special tools are recorded in Automotive and
other cost of sales.
Goodwill
Goodwill is not amortized but rather tested for impairment annually on October 1 and when events warrant such a
review. The impairment test entails an assessment of qualitative factors to determine whether it is more likely than not that an
impairment exists. If it is more likely than not that an impairment exists, then a quantitative impairment test is performed.
Impairment exists when the carrying amount of a reporting unit exceeds its fair value.
Intangible Assets, net
Intangible assets, excluding goodwill, primarily include brand names, technology and intellectual
property, customer relationships and dealer networks. Intangible assets are amortized on a straight-line or an accelerated
method of amortization over their estimated useful lives. Amortization of developed technology and intellectual property is
recorded in Automotive and other cost of sales. Amortization of brand names, customer relationships and our dealer networks is
recorded in Automotive and other selling, general and administrative expense or GM Financial interest, operating and other
expenses. Impairment charges, if any, related to intangible assets are recorded in Automotive and other selling, general and
administrative expense or Automotive and other cost of sales.
Valuation of Long-Lived Assets
The carrying amount of long-lived assets and finite-lived intangible assets to be held and
used in the business is evaluated for impairment when events and circumstances warrant. If the carrying amount of a long-lived
asset group is considered impaired, a loss is recorded based on the amount by which the carrying amount exceeds fair value.
Product-specific long-lived asset groups and non-product specific long-lived assets are separately tested for impairment on an
asset group basis. Fair value is determined using either the market or sales comparison approach, cost approach or anticipated
cash flows discounted at a rate commensurate with the risk involved. Long-lived assets to be disposed of other than by sale are
considered held for use until disposition.
Government Incentives and Grants
We receive incentives from federal, state and local governments in different regions of
the world that encourage us to establish, maintain, or increase investment, employment or production in the region. We are also
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61
entitled to certain advanced manufacturing production credits under the IRA. We account for government incentives as a
reduction of expense, a reduction of the cost of the capital investment or other income based on the substance of the incentive
received. The benefit from advanced manufacturing production credits are not accounted for or classified as an income tax
credit. Benefits are generally recorded when there is reasonable assurance of receipt or, as it relates to advanced manufacturing
production credits, upon the generation of the credit. Amounts are recorded in earnings as the expenses in which the incentive is
meant to offset are incurred, as we meet the conditions of the grant or as the capital investment is depreciated or, as it relates to
advanced manufacturing production credits, upon generation of the credit. At December 31, 2024, cash incentives receivable in
Accounts and notes receivable, net of allowance was $343 million, cash incentives credited to Property, net were $480 million,
cash incentives receivable in Other assets was $292 million and deferred incentive income in Other liabilities was $212 million.
In the year ended December 31, 2024, we recognized $524 million in Automotive and other cost of sales associated with
incentives. Current agreements expire at various dates through 2032 and we consider the risk that any amounts recognized will
be returned to be remote.
Emissions Credits
We periodically enter into agreements to purchase credits to facilitate our compliance with emission and
fuel economy regulations. Purchased credits are recorded at cost in Other current assets and Other assets and are recognized in
expense over the periods in which the acquired credits facilitate our compliance with emission and fuel economy regulations. In
the years ended December 31, 2024, 2023 and 2022, we paid $2.0 billion, $0.5 billion and $1.0 billion to purchase credits to
facilitate our compliance with regulations. At December 31, 2024 and 2023, the carrying amount of acquired credits were $2.1
billion and $1.0 billion. Compliance-related costs of $1.0 billion, $0.7 billion and $0.5 billion were recorded in Automotive and
other costs of sales in the years ended December 31, 2024, 2023 and 2022.
Pension and OPEB Plans
Attribution, Methods and Assumptions
The cost of benefits provided by defined benefit pension plans is recorded in the
period employees provide service. The cost of pension plan amendments that provide for benefits already earned by plan
participants is amortized over the expected period of benefit which may be the duration of the applicable collective bargaining
agreement specific to the plan, the expected future working lifetime or the life expectancy of the plan participants.
The cost of medical, dental, legal service and life insurance benefits provided through postretirement benefit plans is recorded
in the period employees provide service. The cost of postretirement plan amendments that provide for benefits already earned
by plan participants is amortized over the expected period of benefit which may be the average period to full eligibility or the
average life expectancy of the plan participants.
An expected return on plan asset methodology is utilized to calculate future pension expense for certain significant funded
benefit plans. A market-related value of plan assets methodology is also utilized that averages gains and losses on the plan
assets over a period of years to determine future pension expense. The methodology recognizes 60% of the difference between
the fair value of assets and the expected calculated value in the first year and 10% of that difference over each of the next four
years.
The discount rate assumption is established for each of the retirement-related benefit plans at their respective measurement
dates. In the U.S., we use a cash flow matching approach that uses projected cash flows matched to spot rates along a high-
quality corporate bond yield curve to determine the present value of cash flows to calculate a single equivalent discount rate.
We apply individual annual yield curve rates to determine the service cost and interest cost for our pension and OPEB plans to
more specifically link the cash flows related to service cost and interest cost to bonds maturing in their year of payment.
The benefit obligation for pension plans in Canada, the United Kingdom (UK) and Germany represents 89% of the non-U.S.
pension benefit obligation at December 31, 2024. The discount rates for plans in Canada, the UK and Germany are determined
using a cash flow matching approach like the U.S.
Plan Asset Valuation
Due to the lack of timely available market information for certain investments in the asset classes
described below as well as the inherent uncertainty of valuation, reported fair values may differ from fair values that would
have been used had timely available market information been available.
Cash Equivalents and Other Short-Term Investments
Cash equivalents, including reverse repurchase agreements, trade
deposits and other short-term investments, are valued based on pricing received from independent pricing services, dealers who
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
62
make markets in such securities or held at amortized cost. Cash equivalent pricing utilizes observable inputs and are classified
in Level 2.
Common and Preferred Stock
Common and preferred stock for which market prices are readily available at the measurement
date are valued at the last reported sale price or official closing price on the primary market or exchange on which they are
actively traded and are classified in Level 1. Such equity securities for which the market is not considered to be active are
valued via the use of observable inputs, which may include the use of adjusted market prices last available, bids or last available
sales prices and/or other observable inputs and are classified in Level 2. Common and preferred stock classified in Level 3 are
privately issued securities or other issues that are valued via the use of valuation models using significant unobservable inputs
that generally consider aged (stale) pricing, earnings multiples, discounted cash flows and/or other qualitative and quantitative
factors.
Debt Securities
Valuations for debt securities are based on quotations received from independent pricing services or from
dealers who make markets in such securities. Debt securities priced via pricing services that utilize matrix pricing which
considers readily observable inputs such as the yield or price of bonds of comparable quality, coupon, maturity and type as well
as dealer supplied prices, are classified in Level 2. Debt securities that are typically priced by dealers and pricing services via
the use of proprietary pricing models which incorporate significant unobservable inputs are classified in Level 3. These inputs
primarily consist of yield and credit spread assumptions, discount rates, prepayment curves, default assumptions and recovery
rates.
Investment Funds, Private Equity and Debt Investments and Real Estate Investments
Investment funds, private equity and
debt investments and real estate investments are valued based on the Net Asset Value (NAV) per Share (or its equivalent) as a
practical expedient to estimate fair value due to the absence of readily available market prices.
NAVs are provided by the respective investment sponsors or investment advisers and are subsequently reviewed and
approved by management. In the event management concludes a reported NAV does not reflect fair value or is not determined
as of the financial reporting measurement date, we will consider whether and when deemed necessary to make an adjustment at
the balance sheet date. In determining whether an adjustment to the external valuation is required, we will review material
factors that could affect the valuation, such as changes in the composition or performance of the underlying investments or
comparable investments, overall market conditions, expected sale prices for private investments which are probable of being
sold in the short-term and other economic factors that may possibly have a favorable or unfavorable effect on the reported
external valuation.
Stock Incentive Plans
Our stock incentive plans include RSUs, PSUs, stock options and awards that may be settled in our
stock, the stock of our subsidiaries or in cash. We measure and record compensation expense based on the fair value of GM or
Cruise's common stock on the date of grant for RSUs and PSUs and the grant date fair value, determined utilizing the Black-
Scholes formula or a lattice model, for stock options and PSUs. We record compensation cost for service-based RSUs, PSUs
and service-based stock options on a straight-line basis over the entire vesting period, or for retirement eligible employees over
the requisite service period. Compensation cost for awards that do not have an established accounting grant date, but for which
the service inception date has been established or are settled in cash is based on the fair value of GM or Cruise's common stock
at the end of each reporting period.
In March 2022, all outstanding RSUs that settle in Cruise's common stock were modified to remove the liquidity vesting
condition. Prospectively,
RSUs that will settle in Cruise's common stock will vest solely upon satisfaction of a service
condition. In April 2024, substantially all remaining outstanding unvested Cruise RSUs were exchanged by participants for
unvested cash payment rights. The remaining outstanding Cruise RSUs are insignificant and are presented in permanent equity.
Prior to the April 2024 modification, compensation cost was recorded on stock issued to settle awards based on the fair value of
Cruise's common stock until such time that the stock had been issued for more than six months.
Product Warranty and Recall Campaigns
The estimated costs related to product warranties are accrued at the time products
are sold and are charged to Automotive and other cost of sales. These estimates are established using historical information on
the nature, frequency and average cost of claims of each vehicle line or each model year of the vehicle line and assumptions
about future activity and events. Revisions are made when necessary and are based on changes in these factors.
The estimated costs related to recall campaigns are accrued when probable and estimable. In GMNA, we estimate the costs
related to recall campaigns by applying a paid loss approach that considers the number of historical recall campaigns and the
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
63
estimated cost for each recall campaign. The estimated costs associated with recall campaigns in other geographical regions are
determined using the estimated costs of repairs and the estimated number of vehicles to be repaired. Costs associated with recall
campaigns are charged to Automotive and other cost of sales. Revisions are made when necessary based on changes in these
factors.
Income Taxes
The liability method is used in accounting for income taxes. Deferred tax assets and liabilities are recorded for
temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial
statements using the statutory tax rates in effect for the year in which the differences are expected to reverse. The effect on
deferred tax assets and liabilities of a change in tax laws or rates is recorded in the results of operations in the period that
includes the enactment date under the law. We record Global Intangible Low Tax Income as a current period expense when
incurred. Income tax effects are released from Accumulated other comprehensive loss using the specific-identification method.
We establish valuation allowances for deferred tax assets based on a more likely than not standard. Deferred income tax
assets are evaluated quarterly to determine if valuation allowances are required or should be adjusted. The ability to realize
deferred tax assets depends on the ability to generate sufficient taxable income within the carryback or carryforward periods
provided for in the tax law for each applicable tax jurisdiction. The assessment regarding whether a valuation allowance is
required or should be adjusted also considers all available positive and negative evidence factors. It is difficult to conclude a
valuation allowance is not required when there is significant objective and verifiable negative evidence, such as cumulative
losses in recent years. We utilize a rolling three years of actual and current year results as the primary measure of cumulative
losses in recent years.
We record uncertain tax positions on the basis of a two-step process whereby we determine whether it is more likely than not
that the tax positions will be sustained based on the technical merits of the position, and for those tax positions that meet the
more likely than not criteria, we recognize the largest amount of tax benefit that is greater than 50% likely to be realized upon
ultimate settlement with the related tax authority. We record interest and penalties on uncertain tax positions in Income tax
expense.
Foreign Currency Transactions and Translation
The assets and liabilities of foreign subsidiaries that use the local currency
as their functional currency are translated to U.S. dollars based on the current exchange rate prevailing at each balance sheet
date and any resulting translation adjustments are included in Accumulated other comprehensive loss. The assets and liabilities
of foreign subsidiaries whose local currency is not their functional currency are remeasured from their local currency to their
functional currency and then translated to U.S. dollars. Revenues and expenses are translated into U.S. dollars using the average
exchange rates prevailing for each period presented. The financial statements of any foreign subsidiary that has been identified
as having a highly inflationary economy are remeasured as if the functional currency were the U.S. dollar.
Gains and losses arising from foreign currency transactions and the effects of remeasurements discussed in the preceding
paragraph are recorded in Automotive and other cost of sales and GM Financial interest, operating and other expenses unless
related to Automotive debt, which are recorded in Interest income and other non-operating income, net. Foreign currency
transactions and remeasurements in the years ended December 31, 2024, 2023 and 2022 were gains of $321 million, losses of
$349 million and losses of $172 million.
Derivative Financial Instruments
Derivative financial instruments are recognized as either assets or liabilities at fair value.
The accounting for changes in the fair value of each derivative financial instrument depends on whether it has been designated
and qualifies as an accounting hedge, as well as the type of hedging relationship identified. Cash flows for all derivative
financial instruments are typically classified in cash flows from operating activities. Derivative instruments are not used for
trading or speculative purposes.
Automotive
We utilize options, swaps and forward contracts to manage foreign currency, commodity price and interest rate
risks. The change in the fair value of option, swap and forward contracts not designated as an accounting hedge is recorded in
Interest income and other non-operating income, net.
Certain foreign currency and commodity forward contracts have been designated and qualify as cash flow hedges. The risks
being hedged are foreign currency and commodity price risks related to forecasted transactions that are generally expected to
occur in the next 12 months. The change in the fair value of these forward contracts is recorded in Accumulated other
comprehensive loss and will be recognized in Automotive net sales and revenue or Automotive and other cost of sales when the
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
64
hedged transaction impacts earnings. Forward contracts designated as cash flow hedges are evaluated for effectiveness using
regression analysis at inception and throughout the hedge period.
Certain receive-fixed, pay-float interest rate swap agreements have been designated and qualify as fair value hedges of our
fixed-rate debt. The risk being hedged is the risk of changes in the fair value of the hedged debt attributable to changes in the
benchmark interest rate. The changes in both the fair value of the hedged debt and the hedging instrument are recorded in
Automotive interest expense. When a fair value hedge is de-designated, or when the derivative is terminated prior to maturity,
the fair value adjustment to the hedged debt continues to be reported as part of the carrying value of the debt and is recognized
in Automotive interest expense over its remaining life.
Automotive Financing - GM Financial
GM Financial utilizes interest rate derivative instruments to manage interest rate
risk and foreign currency derivative instruments to manage foreign currency risk. The change in fair value of the derivative
instruments not designated as an accounting hedge is recorded in GM Financial interest, operating and other expenses.
Certain interest rate and foreign currency swap agreements have been designated as fair value hedges. The risk being hedged
is the risk of changes in the fair value of the hedged debt attributable to changes in the benchmark interest rate or the risk of
changes in fair value attributable to changes in foreign currency exchange rates. If the swap has been designated as a fair value
hedge, the changes in the fair value of the hedged item are recorded in GM Financial interest, operating and other expenses. The
change in fair value of the related hedge is also recorded in GM Financial interest, operating and other expenses.
Certain interest rate swap and foreign currency swap agreements have been designated as cash flow hedges. The risk being
hedged is the interest rate and foreign currency risk related to forecasted transactions. If the contract has been designated as a
cash flow hedge, the change in the fair value of the cash flow hedge is deferred in Accumulated other comprehensive loss and is
recognized in GM Financial interest, operating and other expenses along with the earnings effect of the hedged item when the
hedged item affects earnings. Changes in the fair value of amounts excluded from the assessment of effectiveness are recorded
currently in earnings and are presented in the same income statement line as the earnings effect of the hedged item.
Note 3. Revenue
The following table disaggregates our revenue by major source
:
Year Ended December 31, 2024
GMNA
GMI
Corporate
Total
Automotive
Cruise
GM
Financial
Eliminations/
Reclassifications
Total
Vehicle, parts and accessories
$ 152,306 $ 12,775
$
90
$ 165,171
$
—
$
—
$
(1) $ 165,170
Used vehicles
1,259
31
—
1,290
—
—
—
1,290
Services and other
3,944
1,084
116
5,145
257
—
(255)
5,147
Automotive net sales and revenue
157,509
13,890
206
171,605
257
—
(256) 171,606
Leased vehicle income
—
—
—
—
—
7,297
—
7,297
Finance charge income
—
—
—
—
—
7,669
(33)
7,636
Other income
—
—
—
—
—
910
(7)
903
GM Financial net sales and revenue
—
—
—
—
—
15,875
(40) 15,836
Net sales and revenue
$ 157,509 $ 13,890
$
206
$ 171,605
$ 257
$ 15,875
$
(296) $ 187,442
Year Ended December 31, 2023
GMNA
GMI
Corporate
Total
Automotive
Cruise
GM
Financial
Eliminations/
Reclassifications
Total
Vehicle, parts and accessories
$ 136,983 $ 14,424
$
113
$ 151,520
$
—
$
—
$
(10) $ 151,510
Used vehicles
954
37
—
991
—
—
—
991
Services and other
3,508
1,487
160
5,155
102
—
(100)
5,157
Automotive net sales and revenue
141,445
15,949
273
157,667
102
—
(110) 157,658
Leased vehicle income
—
—
—
—
—
7,266
—
7,266
Finance charge income
—
—
—
—
—
6,204
(18)
6,187
Other income
—
—
—
—
—
754
(23)
732
GM Financial net sales and revenue
—
—
—
—
—
14,225
(41) 14,184
Net sales and revenue
$ 141,445 $ 15,949
$
273
$ 157,667
$ 102
$ 14,225
$
(151) $ 171,842
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
65
Year Ended December 31, 2022
GMNA
GMI
Corporate
Total
Automotive
Cruise
GM
Financial
Eliminations/
Reclassifications
Total
Vehicle, parts and accessories
$ 124,657 $ 13,993
$
42
$ 138,692
$
—
$
—
$
—
$ 138,692
Used vehicles
483
33
—
516
—
—
—
516
Services and other
3,238
1,393
134
4,765
102
—
(101)
4,766
Automotive net sales and revenue
128,378
15,420
177
143,974
102
—
(101) 143,975
Leased vehicle income
—
—
—
—
—
7,811
—
7,811
Finance charge income
—
—
—
—
—
4,521
(2)
4,519
Other income
—
—
—
—
—
435
(4)
431
GM Financial net sales and revenue
—
—
—
—
—
12,766
(6) 12,760
Net sales and revenue
$ 128,378 $ 15,420
$
177
$ 143,974
$ 102
$ 12,766
$
(107) $ 156,735
Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing
services. Adjustments to sales incentives for previously recognized sales were insignificant during the years ended December
31, 2024, 2023 and 2022.
Contract liabilities in our Automotive segments primarily consist of vehicle connectivity, customer rewards programs,
maintenance, extended warranty and other contracts of $6.6 billion and $5.0 billion at December 31, 2024 and 2023, which are
included in Accrued liabilities and Other liabilities. We recognized revenue of $2.0 billion and $1.4 billion related to contract
liabilities during the years ended December 31, 2024 and 2023. We expect to recognize revenue of $2.2 billion, $1.4 billion and
$3.0 billion in the years ending December 31, 2025, 2026 and thereafter related to contract liabilities at December 31, 2024.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
66
Note 4. Marketable and Other Securities
The following table summarizes the fair value of cash equivalents and marketable debt securities, which approximates cost:
Fair Value
Level
December 31, 2024
December 31, 2023
Cash and cash equivalents
Cash and time deposits
$
12,471 $
8,977
Available-for-sale debt securities
U.S. government and agencies
2
26
211
Corporate debt
2
1,541
1,439
Sovereign debt
2
785
734
Total available-for-sale debt securities – cash equivalents
2,351
2,384
Money market funds
1
5,050
7,491
Total cash and cash equivalents
$
19,872 $
18,853
Marketable debt securities
U.S. government and agencies
2
$
3,082 $
3,495
Corporate debt and other
2
3,592
3,529
Mortgage and asset-backed
2
591
589
Total available-for-sale debt securities – marketable securities
$
7,265 $
7,613
Restricted cash
Cash and cash equivalents
$
294 $
277
Money market funds
1
2,798
2,787
Total restricted cash
$
3,092 $
3,064
Available-for-sale debt securities included above with contractual
maturities(a)
Due in one year or less
$
3,590
Due between one and five years
5,386
Total available-for-sale debt securities with contractual maturities
$
8,976
__________
(a) Excludes mortgage and asset-backed securities of $591 million at December 31, 2024 as these securities are not due at a single maturity
date.
Proceeds from the sale of available-for-sale debt securities sold prior to maturity were $2.5 billion, $2.1 billion and
$1.8 billion in the years ended December 31, 2024, 2023 and 2022. Available-for-sale debt securities had net unrealized gains
of $86 million and $196 million in the years ended December 31, 2024 and 2023 and net unrealized losses of $319 million in
the year ended December 31, 2022. Cumulative unrealized losses on available-for-sale debt securities were $74 million and
$160 million at December 31, 2024 and 2023.
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated
balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flows:
December 31, 2024
December 31, 2023
Cash and cash equivalents
$
19,872 $
18,853
Restricted cash included in Other current assets
2,608
2,604
Restricted cash included in Other assets
484
460
Total
$
22,964 $
21,917
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
67
Note 5. GM Financial Receivables and Transactions
December 31, 2024
December 31, 2023
Retail
Commercial(a)
Total
Retail
Commercial(a)
Total
GM Financial receivables
$ 76,066 $
19,228 $ 95,294 $ 72,729 $
13,734 $ 86,463
Less: allowance for loan losses
(2,400)
(58) (2,458)
(2,308)
(36) (2,344)
GM Financial receivables, net
$ 73,667 $
19,169 $ 92,836 $ 70,421 $
13,698 $ 84,119
Fair value of GM Financial receivables utilizing
Level 2 inputs
$ 19,169
$ 13,698
Fair value of GM Financial receivables utilizing
Level 3 inputs
$ 74,729
$ 70,911
__________
(a)
Commercial finance receivables include dealer financing of $18.6 billion and $13.3 billion, and other financing of $604 million and
$476 million at December 31, 2024 and 2023. Commercial finance receivables are presented net of dealer cash management balances of
$3.4 billion and $2.6 billion at December 31, 2024 and 2023. Under the cash management program, subject to certain conditions, a
dealer may choose to reduce the amount of interest on its floorplan line by making principal payments to GM Financial in advance.
Years Ended December 31,
2024
2023
2022
Allowance for loan losses at beginning of period
$
2,344 $
2,096 $
1,886
Provision for loan losses
1,029
826
654
Charge-offs
(1,756)
(1,423)
(1,138)
Recoveries
903
768
686
Effect of foreign currency and other
(61)
76
9
Allowance for loan losses at end of period
$
2,458 $
2,344 $
2,096
The allowance for loan losses as a percentage of finance receivables was 2.6% and 2.7% at December 31, 2024 and 2023.
Retail Finance Receivables
GM Financial's retail finance receivable portfolio includes loans made to consumers and
businesses to finance the purchase of vehicles for personal and commercial use. The following tables are consolidated
summaries of the retail finance receivables by FICO score or its equivalent, determined at origination, for each vintage of the
retail finance receivables portfolio at December 31, 2024 and 2023:
Year of Origination
December 31, 2024
2024
2023
2022
2021
2020
Prior
Total
Percent
Prime – FICO score 680 and greater
$ 24,155 $ 15,814 $ 9,749 $ 5,424 $ 2,559 $
366 $ 58,067
76.3 %
Near-prime – FICO score 620 to 679
3,547 2,227 1,507 1,077
473
159 8,990
11.8 %
Sub-prime – FICO score less than 620
3,399 2,059 1,546 1,141
543
322 9,008
11.8 %
Retail finance receivables
$ 31,101 $ 20,100 $ 12,802 $ 7,642 $ 3,575 $
847 $ 76,066 100.0 %
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
68
Year of Origination
December 31, 2023
2023
2022
2021
2020
2019
Prior
Total
Percent
Prime – FICO score 680 and greater
$ 23,940 $ 15,581 $ 9,039 $ 4,926 $ 1,076 $
320 $ 54,882
75.5 %
Near-prime – FICO score 620 to 679
3,234 2,281 1,746
906
350
129 8,647
11.9 %
Sub-prime – FICO score less than 620
3,079 2,397 1,884 1,010
573
257 9,200
12.6 %
Retail finance receivables
$ 30,253 $ 20,259 $ 12,670 $ 6,842 $ 2,000 $
707 $ 72,729 100.0 %
GM Financial reviews the ongoing credit quality of retail finance receivables based on customer payment activity. A retail
account is considered delinquent if a substantial portion of a scheduled payment has not been received by the date the payment
was contractually due. Retail finance receivables are collateralized by vehicle titles and, subject to local laws, GM Financial
generally has the right to repossess the vehicle in the event the customer defaults on the payment terms of the contract. The
accrual of finance charge income had been suspended on delinquent retail finance receivables with contractual amounts due of
$958 million and $809 million at December 31, 2024 and 2023. The following tables are consolidated summaries of the
delinquency status of the outstanding amortized cost of retail finance receivables for each vintage of the portfolio at December
31, 2024 and 2023:
Year of Origination
December 31, 2024
2024
2023
2022
2021
2020
Prior
Total
Percent
0-to-30 days
$ 30,581 $ 19,411 $ 12,207 $
7,178 $
3,350 $
710 $ 73,438
96.5 %
31-to-60 days
374
481
425
340
166
99
1,885
2.5 %
Greater-than-60 days
128
188
155
115
55
36
677
0.9 %
Finance receivables more
than 30 days
delinquent
502
669
580
455
221
135
2,562
3.4 %
In repossession
17
19
14
10
3
2
66
0.1 %
Finance receivables more
than 30 days
delinquent or in
repossession
519
689
595
464
225
136
2,628
3.5 %
Retail finance receivables
$ 31,101 $ 20,100 $ 12,802 $
7,642 $
3,575 $
847 $ 76,066
100.0 %
Year of Origination
December 31, 2023
2023
2022
2021
2020
2019
Prior
Total
Percent
0-to-30 days
$ 29,816 $ 19,602 $ 12,098 $
6,533 $
1,825 $
599 $ 70,472
96.9 %
31-to-60 days
318
470
415
227
130
78
1,637
2.3 %
Greater-than-60 days
102
168
142
76
42
29
559
0.8 %
Finance receivables more
than 30 days
delinquent
421
637
557
302
172
107
2,196
3.0 %
In repossession
17
20
14
6
3
1
61
0.1 %
Finance receivables more
than 30 days
delinquent or in
repossession
437
657
572
308
175
108
2,257
3.1 %
Retail finance receivables
$ 30,253 $ 20,259 $ 12,670 $
6,842 $
2,000 $
707 $ 72,729
100.0 %
Table of Contents
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
69
Commercial Finance Receivables
GM Financial's commercial finance receivables consist of dealer financing, primarily for
dealer inventory purchases, and other financing, which includes loans to commercial vehicle upfitters. For dealer financing,
proprietary models are used to assign a risk rating to each dealer. GM Financial performs periodic credit reviews of each
dealership and adjusts the dealership's risk rating, if necessary. The credit risk associated with other financing is limited due to
the structure of the business relationships.
GM Financial's dealer risk model and risk rating categories are as follows:
Rating
Description
I
Performing accounts with strong to acceptable financial metrics with at least satisfactory capacity to meet financial
commitments.
II
Performing accounts experiencing potential weakness in financial metrics and repayment prospects resulting in
increased monitoring.
III
Non-Performing accounts with inadequate paying capacity for current obligations and have the distinct possibility
of creating a loss if deficiencies are not corrected.
IV
Non-Performing accounts with inadequate paying capacity for current obligations and inherent weaknesses that
make collection of liquidation in full highly questionable or improbable.
Dealers with III and IV risk ratings are subject to additional monitoring and restrictions on funding, including suspension of
lines of credit and liquidation of assets. The following tables summarize the dealer credit risk profile by dealer risk rating at
December 31, 2024 and 2023:
Year of Origination(a)
December 31, 2024
Dealer Risk Rating
Revolving
2024
2023
2022
2021
2020
Prior
Total
Percent
I
$
16,190 $ 321 $ 209 $ 360 $ 237 $ 267 $
22 $ 17,606
94.5 %
II
621
—
10
26
3
2
—
663
3.6 %
III
305
10
4
—
22
—
12
354
1.9 %
IV
1
—
—
—
—
—
—
1
— %
Balance at end of period
$
17,117 $ 331 $ 223 $ 385 $ 263 $ 269 $
35 $ 18,623
100.0 %
__________
(a)
Floorplan advances comprise 99.5% of the total revolving balance. Dealer term loans are presented by year of origination.
Year of Origination(a)
December 31, 2023
Dealer Risk Rating
Revolving
2023
2022
2021
2020
2019
Prior
Total
Percent
I
$
11,513 $ 279 $ 403 $ 297 $ 301 $
75 $
11 $ 12,879
97.1 %
II
182
—
2
2
—
—
—
187
1.4 %
III
152
1
15
12
—
11
—
192
1.4 %
IV
—
—
—
—
—
—
—
—
— %
Balance at end of period
$
11,846 $ 281 $ 421 $ 311 $ 301 $
86 $
11 $ 13,257
100.0 %
__________
(a)
Floorplan advances comprise 99.7% of the total revolving balance. Dealer term loans are presented by year of origination.
There were no commercial finance receivables on nonaccrual status at December 31, 2024 and 2023.
Table of Contents
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
70
Transactions with GM Financial
The following tables show transactions between our Automotive segments, Cruise and GM
Financial. These amounts are presented in GM Financial's consolidated balance sheets and statements of income.
December 31, 2024
December 31, 2023
Consolidated Balance Sheets(a)
Commercial finance receivables due from GM consolidated dealers
$
279 $
164
Commercial finance receivables due from Cruise
$
395 $
353
Subvention receivable from GM(b)
$
360 $
508
Commercial loan funding payable to GM
$
100 $
55
Years Ended December 31,
2024
2023
2022
Consolidated Statements of Income
Interest subvention earned on finance receivables
$
1,385 $
1,234 $
984
Leased vehicle subvention earned
$
1,511 $
1,537 $
1,916
__________
(a)
All balance sheet amounts are eliminated upon consolidation.
(b)
Our Automotive segments made cash payments to GM Financial for subvention of $3.8 billion, $3.5 billion and $2.4 billion in the years
ended December 31, 2024, 2023 and 2022.
GM Financial's Board of Directors declared and paid dividends on its common stock of $1.8 billion in the years ended
December 31, 2024 and 2023 and $1.7 billion in the year ended December 31, 2022.
Note 6.
Inventories
December 31, 2024
December 31, 2023
Total productive material, supplies and work in process
$
6,444 $
7,422
Finished product, including service parts
8,120
9,039
Total inventories
$
14,564 $
16,461
Inventories are reflected net of allowances totaling $2.0 billion and $2.2 billion, of which $1.4 billion and $1.9 billion are
EV-related, to remeasure inventory on-hand to net realizable value at December 31, 2024 and 2023.
Note 7. Operating Leases
Operating Leases
Our portfolio of leases primarily consists of real estate office space, manufacturing and warehousing
facilities, land and equipment. Certain leases contain escalation clauses and renewal or purchase options, and generally our
leases have no residual value guarantees or material covenants. We exclude leases with a term of one year or less from our
balance sheet, and do not separate non-lease components from our real estate leases.
Rent expense under operating leases was $369 million, $346 million and $317 million in the years ended December 31, 2024,
2023 and 2022. Variable lease costs were insignificant in the years ended December 31, 2024, 2023 and 2022. At December 31,
2024 and 2023, operating lease right of use assets in Other assets were $919 million and $979 million, operating lease liabilities
in Accrued liabilities were $254 million and $264 million and non-current operating lease liabilities in Other liabilities were
$961 million and $907 million. Operating lease right of use assets obtained in exchange for lease obligations were $368 million
and $225 million in the years ended December 31, 2024 and 2023. Our undiscounted future lease obligations related to
operating leases having initial terms in excess of one year are $290 million, $255 million, $209 million, $183 million, $156
million and $296 million for the years 2025, 2026, 2027, 2028, 2029 and thereafter, with imputed interest of $174 million as of
December 31, 2024. The weighted-average discount rate was 4.6% and 4.3% and the weighted-average remaining lease term
was 5.9 years and 6.0 years at December 31, 2024 and 2023. Payments for operating leases included in Net cash provided by
(used in) operating activities were $416 million, $359 million and $314 million in the years ended December 31, 2024, 2023
and 2022. Lease agreements that have not yet commenced were $746 million at December 31, 2024.
Table of Contents
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
71
Equipment on Operating Leases
Equipment on operating leases primarily consists of leases to retail customers of GM
Financial.
December 31, 2024
December 31, 2023
Equipment on operating leases
$
38,187 $
37,921
Less: accumulated depreciation
(6,601)
(7,338)
Equipment on operating leases, net
$
31,586 $
30,582
At December 31, 2024, the estimated residual value of our leased assets at the end of the lease term was $23.5 billion.
Depreciation expense related to Equipment on operating leases, net was $4.8 billion, $4.9 billion and $4.8 billion in the years
ended December 31, 2024, 2023 and 2022.
The following table summarizes lease payments due to GM Financial on leases to retail customers:
2025
2026
2027
2028
2029
Total
Lease receipts under operating leases
$ 5,195 $ 3,371 $ 1,257 $
135 $
1 $ 9,959
Years Ending December 31,
Note 8. Equity in Net Assets of Nonconsolidated Affiliates
Nonconsolidated affiliates are entities in which we maintain an equity ownership interest and for which we use the equity
method of accounting due to our ability to exert significant influence over decisions relating to their operating and financial
affairs. Revenue and expenses of our joint ventures are not consolidated into our financial statements; rather, our proportionate
share of the earnings of each joint venture is reflected as Equity income (loss) or Automotive and other cost of sales.
Years Ended December 31,
2024
2023
2022
Automotive China JVs equity income (loss)
$
(4,407) $
446 $
677
Ultium Cells Holdings LLC equity income (loss)(a)
975
293
8
Other joint ventures equity income (loss)
(268)
34
151
Total Equity income (loss)
$
(3,701) $
773 $
837
__________
(a) 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 EVs.
Investments in Nonconsolidated Affiliates
December 31, 2024
December 31, 2023
Automotive China JVs carrying amount
$
1,474 $
6,373
Ultium Cells Holdings LLC carrying amount
3,749
2,268
Other investments carrying amount
1,879
1,972
Total equity in net assets of nonconsolidated affiliates
$
7,102 $
10,613
The carrying amount of our investments in certain joint ventures exceeded our share of the underlying net assets by $1.9
billion and $4.2 billion at December 31, 2024 and 2023 primarily due to goodwill from the application of fresh-start reporting
and the purchase of additional interests in nonconsolidated affiliates.
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
72
The following table summarizes our direct ownership interests in our China JVs:
December 31, 2024
December 31, 2023
Automotive China JVs
SAIC General Motors Corp., Ltd. (SGM)
50 %
50 %
Pan Asia Technical Automotive Center Co., Ltd.
50 %
50 %
SAIC General Motors Sales Co., Ltd. (SGMS)
49 %
49 %
SAIC GM Wuling Automobile Co., Ltd. (SGMW)
44 %
44 %
Shanghai OnStar Telematics Co., Ltd. (Shanghai OnStar)
40 %
40 %
SAIC GM (Shenyang) Norsom Motors Co., Ltd. (SGM Norsom)
25 %
25 %
SAIC GM Dong Yue Motors Co., Ltd. (SGM DY)
25 %
25 %
SAIC GM Dong Yue Powertrain Co., Ltd. (SGM DYPT)
25 %
25 %
Other joint ventures
SAIC-GMAC Automotive Finance Company Limited (SAIC-GMAC)
35 %
35 %
SAIC-GMF Leasing Co., Ltd.
35 %
35 %
SGM is a joint venture we established with Shanghai Automotive Industry Corporation (SAIC) (50%). SGM has interests in
three other joint ventures in China: SGM Norsom, SGM DY and SGM DYPT. These three joint ventures are jointly held by
SGM (50%), SAIC (25%) and ourselves. These four joint ventures are engaged in the production, import and sale of a range of
products under the Buick, Chevrolet and Cadillac brands. SGM also has interests in Shanghai OnStar (20%), SAIC-GMAC
(20%) and SAIC-GMF Leasing Co., Ltd. (20%). Shanghai Automotive Group Finance Company Ltd., a subsidiary of SAIC,
owns 45% of SAIC-GMAC. SAIC Financial Holdings Company, a subsidiary of SAIC, owns 45% of SAIC-GMF Leasing Co.,
Ltd.
Impairment Charges
Our Automotive China JVs generated an equity loss of $4.4 billion in the year ended December 31,
2024, which includes $2.0 billion of impairments and restructuring-related charges recorded by certain of the China JVs and a
$2.1 billion other-than-temporary impairment charge to write down certain of our automotive investments to their fair values. In
response to intense competition in a market with significant excess capacity and an increasingly challenging regulatory
environment related to emissions, fuel consumption and NEVs, we and our JV partners are restructuring our operations in
China. The charges recorded by the China JVs were primarily related to asset impairments associated with plant closures and
portfolio optimization actions and the recognition of a valuation allowance on deferred tax assets. As a result of the market
challenges and competitive conditions, GM Financial also recorded a $0.3 billion other-than-temporary impairment charge to
write down its SAIC-GMAC investment to its fair value.
Fair Value Measurements
In performing our impairment testing, we utilize a third-party valuation specialist to assist in
determining the fair values of our investments based on valuation techniques using the best available information. The fair
values of the investments in the China JVs are estimated based on their discounted cash flows (income approach). We make
significant assumptions and estimates about the extent and timing of future cash flows, growth rates, market share and discount
rates that represent unobservable, Level 3, inputs into our valuation methodologies. Where available and as appropriate,
comparative market multiples are used to corroborate the results of the discounted cash flow method.
The investment balance for SGM, SGM Norsom, SGM DY and SGM DYPT that was tested for impairment was $2.4 billion
and the estimated key assumptions utilized in our impairment testing were: 16.5% discount rate; 0.5% long-term growth rate;
passenger vehicle industry volumes of 23.3-24.0 million and a market share of 2.0-2.2% in 2024 through 2028. The investment
balance for SAIC-GMAC that was tested for impairment was $1.5 billion and the estimated key assumptions utilized in our
impairment testing were: 13.0% discount rate; 3.5% long-term growth rate; and alignment with the Automotive China JVs on
vehicle volumes and market share.
The discount rate considered various factors including bond yields, cost of equity, risk premiums and tax rates; the terminal
values were determined using a growth model that applied an investee's long-term growth rate to its projected cash flows
beyond the forecast period; and industry volumes and market share included annual estimates through the forecast period. In
addition, minimum operating cash needs that incorporate specific business, economic and regulatory factors giving rise to
varying cash needs were estimated. Our fair value estimates assume the achievement of the future financial results
Table of Contents
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
73
contemplated in our forecasted cash flows which is subject to significant uncertainties. There is no assurance that anticipated
financial results will be achieved.
Summarized Financial Data of Nonconsolidated Affiliates
December 31, 2024
December 31, 2023
Automotive
China JVs
Others
Total
Automotive
China JVs
Others
Total
Summarized Balance Sheet Data
Current assets
$
11,203 $
10,862 $
22,065 $
15,963 $
17,435 $
33,398
Non-current assets
6,518
11,434
17,952
11,585
11,535
23,120
Total assets
$
17,721 $
22,296 $
40,017 $
27,548 $
28,970 $
56,518
Current liabilities
$
17,076 $
7,722 $
24,798 $
22,104 $
15,308 $
37,412
Non-current liabilities
887
2,562
3,449
1,070
4,174
5,244
Total liabilities
$
17,963 $
10,284 $
28,247 $
23,174 $
19,482 $
42,656
Noncontrolling interests
$
279 $
— $
279 $
868 $
— $
868
Years Ended December 31,
2024
2023
2022
Summarized Operating Data
Automotive China JVs' net sales
$
21,740 $
31,435 $
35,857
Others' net sales
5,545
4,311
2,029
Total net sales
$
27,285 $
35,746 $
37,886
Automotive China JVs' net income (loss)
$
(4,466) $
1,122 $
1,407
Others' net income
1,315
771
426
Total net income (loss)
$
(3,151) $
1,893 $
1,833
Transactions with Nonconsolidated Affiliates
Our nonconsolidated affiliates are involved in various aspects of the
development, production and marketing of trucks, crossovers, cars and automobile parts. We enter into transactions with certain
nonconsolidated affiliates to purchase and sell component parts and vehicles. The following tables summarize transactions with
and balances related to our nonconsolidated affiliates:
Years Ended December 31,
2024
2023
2022
Automotive sales and revenue
$
90 $
209 $
218
Automotive purchases, net
$
4,875 $
2,766 $
2,637
Dividends received
$
418 $
1,018 $
1,030
Operating cash flows
$
(4,422) $
(941) $
(1,133)
December 31, 2024
December 31, 2023
Accounts and notes receivable, net
$
1,056 $
589
Accounts payable
$
892 $
806
Undistributed earnings
$
6 $
1,719
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
74
Note 9. Property
Estimated
Useful Lives in
Years
December 31, 2024
December 31, 2023
Land
$
1,253 $
1,293
Buildings and improvements
5-40
14,915
13,256
Machinery and equipment
3-27
39,575
37,074
Special tools
1-16
25,813
26,086
Construction in progress
7,176
8,135
Total property
88,732
85,845
Less: accumulated depreciation
(36,828)
(35,524)
Total property, net
$
51,904 $
50,321
The amount of capitalized software included in Property, net was $2.3 billion and $2.2 billion at December 31, 2024 and
2023. The amount of interest capitalized and excluded from Automotive interest expense was $215 million in the year ended
December 31, 2024 and insignificant in the years ended December 31, 2023 and 2022.
Years Ended December 31,
2024
2023
2022
Depreciation and amortization expense
$
6,466 $
6,719 $
6,297
Impairment charges(a)
$
635 $
115 $
12
Capitalized software amortization expense(b)
$
798 $
705 $
614
__________
(a) In the year ended December 31, 2024, we recognized impairment charges primarily related to the indefinite delay of the Cruise Origin.
(b) Included in Depreciation and amortization expense.
Note 10. Goodwill and Intangible Assets
Goodwill of $1.9 billion consisted of $1.3 billion in GM Financial at December 31, 2024 and 2023, and $569 million and
$573 million in Cruise at December 31, 2024 and 2023. In the three months ended December 31, 2024, we performed a
goodwill impairment test for Cruise and determined that the goodwill was not impaired.
December 31, 2024
December 31, 2023
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Technology and intellectual property
$
554 $
483 $
71 $
749 $
517 $
231
Brands
4,288
1,873
2,415
4,293
1,768
2,526
Dealer network, customer relationships and other
957
793
164
968
784
184
Total intangible assets
$
5,799 $
3,149 $ 2,649 $
6,010 $
3,069 $ 2,941
Our amortization expense related to intangible assets was $146 million, $114 million and $139 million in the years ended
December 31, 2024, 2023 and 2022. In the year ended December 31, 2024, we recorded $142 million of impairment charges
related to the write-off of technology and intellectual property associated with Cruise.
Amortization expense related to intangible assets is estimated to be approximately $141 million in each of the next five years.
Table of Contents
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
75
Note 11. Variable Interest Entities
Consolidated VIEs
Automotive Financing - GM Financial
GM Financial uses special purpose entities (SPEs) that are considered VIEs to issue variable funding notes to third party,
bank-sponsored warehouse facilities or asset-backed securities to investors in securitization transactions. The debt issued by
these VIEs is backed by finance receivables and leasing-related assets transferred to the VIEs (Securitized Assets). GM
Financial determined that it is the primary beneficiary of the SPEs because the servicing responsibilities for the Securitized
Assets give GM Financial the power to direct the activities that most significantly impact the performance of the VIEs and the
variable interests in the VIEs give GM Financial the obligation to absorb losses and the right to receive residual returns that
could potentially be significant. The assets of the VIEs serve as the sole source of repayment for the debt issued by these
entities. Investors in the notes issued by the VIEs do not have recourse to GM Financial or its other assets, with the exception of
customary representation and warranty repurchase provisions and indemnities that GM Financial provides as the servicer. GM
Financial is not required to provide additional financial support to these SPEs. While these subsidiaries are included in GM
Financial's consolidated financial statements, they are separate legal entities and their assets are legally owned by them and are
not available to GM Financial's creditors or creditors of GM Financial's other subsidiaries.
The following table summarizes the assets and liabilities related to GM Financial's consolidated VIEs:
December 31, 2024
December 31, 2023
Restricted cash
–
current
$
2,410 $
2,398
Restricted cash
–
non-current
$
350 $
367
GM Financial receivables
–
current
$
27,631 $
22,990
GM Financial receivables
–
non-current
$
27,619 $
23,535
GM Financial equipment on operating leases, net
$
14,252 $
15,794
GM Financial short-term debt and current portion of long-term debt
$
18,008 $
22,088
GM Financial long-term debt
$
31,638 $
23,210
GM Financial recognizes finance charge, leased vehicle and fee income on the Securitized Assets and interest expense on the
secured debt issued in a securitization transaction and records a provision for loan losses to recognize loan losses expected over
the remaining life of the finance receivables.
Nonconsolidated VIEs
Automotive
Nonconsolidated VIEs primarily include our battery cell manufacturing joint ventures to which we provided financial support
to ensure that our supply needs for production are met or are not disrupted. Our variable interests in these nonconsolidated VIEs
include equity investments, accounts and loans receivable, committed financial support and other off-balance sheet
arrangements. The carrying amounts of assets were approximately $4.3 billion and $2.4 billion and liabilities were insignificant
related to our nonconsolidated VIEs at December 31, 2024 and 2023. Our maximum exposure to loss as a result of our
involvement with these VIEs was $7.0 billion and $3.5 billion, inclusive of $2.3 billion and $0.8 billion in committed capital
contributions to our battery cell manufacturing joint ventures, at December 31, 2024 and 2023. Our maximum exposure to loss,
and required capital contributions, could vary depending on our battery cell joint ventures' requirements and access to capital.
We currently lack the power through voting or similar rights to direct the activities of these entities that most significantly affect
their economic performance.
Table of Contents
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
76
Note 12. Accrued and Other Liabilities
December 31, 2024
December 31, 2023
Accrued liabilities
Dealer and customer allowances, claims and discounts
$
7,270 $
6,065
Deferred revenue
3,371
2,802
Product warranty and related liabilities
4,555
3,285
Payrolls and employee benefits excluding postemployment benefits
3,221
3,099
Other(a)
12,737
12,113
Total accrued liabilities
$
31,154 $
27,364
Other liabilities
Deferred revenue
$
5,940 $
5,019
Product warranty and related liabilities
6,016
6,011
Operating lease liabilities
961
907
Employee benefits excluding postemployment benefits
501
518
Postemployment benefits including facility idling reserves
154
151
Other(a)
4,265
3,909
Total other liabilities
$
17,836 $
16,515
__________
(a)
Includes amounts related to product liability, breach of warranty and other legal and environmental-related accruals of $3.4 billion and
$2.9 billion at December 31, 2024 and 2023.
Years Ended December 31,
2024
2023
2022
Product Warranty and Related Liabilities
Warranty balance at beginning of period
$
9,295 $
8,530 $
9,774
Warranties issued and assumed in period – recall campaigns
997
864
651
Warranties issued and assumed in period – product warranty
3,621
2,418
1,943
Payments
(4,474)
(4,009)
(4,097)
Adjustments to pre-existing warranties
1,237
1,462
297
Effect of foreign currency and other
(106)
31
(37)
Warranty balance at end of period
10,571
9,295
8,530
Less: Supplier recoveries balance at end of period(a)
438
646
1,184
Warranty balance, net of supplier recoveries at end of period
$
10,133 $
8,649 $
7,345
__________
(a)
The current portion of supplier recoveries is recorded in Accounts and notes receivable, net of allowance and the non-current portion is
recorded in Other assets.
Years Ended December 31,
2024
2023
2022
Product warranty expense, net of recoveries
Warranties issued and assumed in period
$
4,618 $
3,282 $
2,593
Supplier recoveries accrued in period
(297)
3
(261)
Adjustments and other
1,131
1,493
260
Warranty expense, net of supplier recoveries
$
5,452 $
4,778 $
2,592
For estimates related to reasonably possible losses in excess of amounts accrued for recall campaigns, refer to Note 16 for
additional information.
Table of Contents
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
77
Note 13. Debt
Automotive
The following table presents debt in our automotive operations:
December 31, 2024
December 31, 2023
Carrying Amount
Fair Value
Carrying Amount
Fair Value
Secured debt
$
105 $
105
$
134 $
132
Unsecured debt(a)
14,980
14,709
15,842
15,911
Finance lease liabilities
383
391
437
447
Total automotive debt(b)
$
15,467 $
15,204
$
16,413 $
16,490
Fair value utilizing Level 1 inputs
$
14,366
$
15,457
Fair value utilizing Level 2 inputs
$
838
$
1,033
Available under credit facility agreements(c)
$
13,793
$
16,446
Weighted-average interest rate on outstanding short-term debt(d)
7.3 %
16.2 %
Weighted-average interest rate on outstanding long-term debt(d)
5.8 %
5.8 %
__________
(a)
Primarily consist of senior notes.
(b)
Includes net discount and debt issuance costs of $439 million and $527 million at December 31, 2024 and 2023.
(c)
Excludes our 364-day, $2.0 billion facility designated for exclusive use by GM Financial.
(d)
Includes coupon rates on debt denominated in various foreign currencies and interest free loans.
In March 2024, we renewed our 364-day, $2.0 billion revolving credit facility allocated for the exclusive use of GM
Financial, which now matures March 27, 2025. Interest rates on obligations under the renewed credit facility are based on Term
SOFR.
In March 2024, we terminated our unsecured 364-day delayed draw term loan credit agreement that permitted the Company
to borrow up to $3.0 billion executed in November 2023, resulting in an insignificant loss.
In December 2024, we exercised the make-whole provision on a portion of our $2.0 billion senior unsecured notes with a
maturity date of October 2025, redeeming $750 million in aggregate principal amount. Upon settlement in December 2024, we
recorded an insignificant early extinguishment of debt loss.
GM Financial
The following table presents debt of GM Financial:
December 31, 2024
December 31, 2023
Carrying Amount
Fair Value
Carrying Amount
Fair Value
Secured debt
$
49,573 $
49,753 $
45,243 $
44,971
Unsecured debt
64,691
65,258
60,084
59,651
Total GM Financial debt
$
114,264 $
115,010 $
105,327 $
104,622
Fair value utilizing Level 2 inputs
$
112,941
$
102,262
Fair value utilizing Level 3 inputs
$
2,070
$
2,360
Secured debt consists of revolving credit facilities and securitization notes payable. Most of the secured debt was issued by
VIEs and is repayable only from proceeds related to the underlying pledged assets. Refer to Note 11 for additional information
on GM Financial's involvement with VIEs. GM Financial is required to hold certain funds in restricted cash accounts to provide
additional collateral for borrowings under certain secured credit facilities. The weighted-average interest rate on secured debt
was 5.17% at December 31, 2024. The revolving credit facilities have maturity dates ranging from 2025 to 2028 and
securitization notes payable have maturity dates ranging from 2025 to 2037. At the end of the revolving period, if not renewed,
the debt of revolving credit facilities will amortize over a defined period. In the year ended December 31, 2024, GM Financial
renewed revolving credit facilities with total borrowing capacity of $27.4 billion and issued $24.8 billion in aggregate principal
Table of Contents
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
78
amount of securitization notes payable with an initial weighted-average interest rate of 5.30% and maturity dates ranging from
2024 to 2037.
Unsecured debt consists of senior notes, credit facilities and other unsecured debt. Senior notes outstanding at December 31,
2024 have maturity dates ranging from 2025 to 2034 and have a weighted-average interest rate of 4.20%. In the year ended
December 31, 2024, GM Financial issued $12.5 billion in aggregate principal amount of senior notes with an initial weighted-
average interest rate of 5.39% and maturity dates ranging from 2027 to 2034.
Unsecured credit facilities and other unsecured debt have original maturities of up to five years. The weighted-average
interest rate on these credit facilities and other unsecured debt was 7.15% at December 31, 2024.
Years Ended December 31,
2024
2023
2022
Automotive interest expense
$
846 $
911 $
987
Automotive Financing - GM Financial interest expense
6,030
4,685
2,881
Total interest expense
$
6,876 $
5,596 $
3,868
The following table summarizes contractual maturities including finance leases at December 31, 2024:
Automotive
Automotive
Financing
Total
2025
$
2,143 $
37,388 $
39,531
2026
99
24,129
24,228
2027
1,830
19,330
21,160
2028
833
11,567
12,400
2029
1,051
10,140
11,191
Thereafter
9,998
13,249
23,247
$
15,955 $
115,804 $
131,758
Compliance with Debt Covenants
Several of our loan facilities, including our revolving credit facilities, require compliance
with certain financial and operational covenants as well as regular reporting to lenders, including providing certain subsidiary
financial statements. Certain of GM Financial’s secured debt agreements also contain various covenants, including maintaining
portfolio performance ratios as well as limits on deferment levels. GM Financial’s unsecured debt obligations contain covenants
including limitations on GM Financial's ability to incur certain liens. Failure to meet certain of these requirements may result in
a covenant violation or an event of default depending on the terms of the agreement. An event of default may allow lenders to
declare amounts outstanding under these agreements immediately due and payable, to enforce their interests against collateral
pledged under these agreements or restrict our ability or GM Financial's ability to obtain additional borrowings. No technical
defaults or covenant violations existed at December 31, 2024.
Table of Contents
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
79
Note 14. Derivative Financial Instruments
Automotive
The following table presents the gross fair value amounts of derivative financial instruments and the associated
notional amounts in our automotive operations:
Fair Value
Level
December 31, 2024
December 31, 2023
Notional
Fair Value
of Assets
Fair Value
of Liabilities
Notional
Fair Value
of Assets
Fair Value
of Liabilities
Derivatives designated as hedges(a)
Fair value hedges
Interest rate swaps(b)
2
$
4,405 $
13 $
61 $
670 $
38 $
4
Cash flow hedges(c)
Foreign exchange contracts
2
6,555
190
124
809
6
12
Commodity contracts
2
2,323
24
103
528
17
17
Total derivative financial instruments
$ 13,283 $
227 $
288 $
2,007 $
60 $
32
__________
(a)
The gains/losses included in our consolidated income statements and consolidated statements of comprehensive income for the years
ended December 31, 2024, 2023 and 2022 were insignificant.
(b)
Amounts accrued for interest payments in a net receivable position are included in Other assets. Amounts accrued for interest payments
in a net payable position are included in Other liabilities.
(c)
The effect of cash flow hedges recognized in the consolidated statements of comprehensive income were insignificant for the years
ended December 31, 2024, 2023 and 2022. The effect of cash flow hedges reclassified from Accumulated other comprehensive loss to
the consolidated income statements were insignificant for the years ended December 31, 2024, 2023 and 2022. We expect to recognize
insignificant revenues and costs of goods sold over the next 12 months related to amounts included in Accumulated other comprehensive
loss.
The fair value for Level 2 instruments was derived using the market approach based on observable market inputs including
quoted prices of similar instruments and foreign exchange and interest rate forward curves.
The following amounts were recorded in the consolidated balance sheets related to items designated and qualifying as hedged
items in fair value hedging relationships:
December 31, 2024
December 31, 2023
Carrying Amount of
Hedged Items
Cumulative Amount of Fair
Value Hedging Adjustments
Carrying Amount of
Hedged Items
Cumulative Amount of Fair
Value Hedging Adjustments
Short-term unsecured debt
$
— $
— $
— $
—
Long-term unsecured debt
4,405
48
670
(34)
Automotive unsecured debt
$
4,405 $
48 $
670 $
(34)
Table of Contents
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
80
GM Financial
The following table presents the gross fair value amounts of GM Financial's derivative financial instruments
and the associated notional amounts:
Fair Value
Level
December 31, 2024
December 31, 2023
Notional
Fair Value
of Assets
Fair Value of
Liabilities
Notional
Fair Value
of Assets
Fair Value of
Liabilities
Derivatives designated as hedges(a)
Fair value hedges
Interest rate swaps(b)
2
$ 36,145 $
32 $
621 $ 18,379 $
75 $
238
Cash flow hedges
Interest rate swaps
2
1,873
35
4
2,381
17
16
Foreign currency swaps(c)
2
8,363
80
508
8,003
144
311
Derivatives not designated as hedges(a)
Interest rate contracts
2
123,346
833
1,294 134,683
1,573
1,997
Total derivative financial instruments(d)
$ 169,727 $
981 $
2,427 $ 163,446 $ 1,809 $
2,563
__________
(a)
The gains/losses included in our consolidated income statements and statements of comprehensive income for the years ended December
31, 2024
,
2023 and 2022 were insignificant, unless otherwise noted. Amounts accrued for interest payments in a net receivable position
are included in Other assets. Amounts accrued for interest payments in a net payable position are included in Other liabilities.
(b)
The effect of fair value hedges in the consolidated income statements include losses of $200 million, an insignificant loss and an
insignificant gain for the years ended December 31, 2024
,
2023 and 2022.
(c)
The effect of foreign currency cash flow hedges in the consolidated statements of comprehensive income include losses of $375 million,
gains of $139 million and losses of $529 million recognized in Accumulated other comprehensive loss and losses of $422 million, gains
of $92 million and losses of $578 million reclassified from Accumulated other comprehensive loss into income for the years ended
December 31, 2024, 2023 and 2022.
(d)
GM Financial held $190 million and $457 million of collateral from counterparties available for netting against GM Financial's asset
positions, and posted $1.2 billion of collateral to counterparties available for netting against GM Financial's liability positions at
December 31, 2024 and 2023.
The fair value for Level 2 instruments was derived using the market approach based on observable market inputs including
quoted prices of similar instruments and foreign exchange and interest rate forward curves.
The following amounts were recorded in the consolidated balance sheets related to items designated and qualifying as hedged
items in fair value hedging relationships:
December 31, 2024
December 31, 2023
Carrying Amount of
Hedged Items
Cumulative Amount of Fair
Value Hedging Adjustments(a)
Carrying Amount of
Hedged Items
Cumulative Amount of Fair
Value Hedging Adjustments(a)
Short-term unsecured debt
$
6,406 $
(6) $
3,508 $
(8)
Long-term unsecured debt
30,258
1,287
30,043
1,037
GM Financial unsecured debt
$
36,664 $
1,281 $
33,551 $
1,029
__________
(a)
Includes $719 million and $872 million of unamortized losses remaining on hedged items for which hedge accounting has been
discontinued at December 31, 2024 and 2023.
Note 15. Pensions and Other Postretirement Benefits
Employee Pension and Other Postretirement Benefit Plans
Defined Benefit Pension Plans
Defined benefit pension plans covering eligible U.S. hourly employees (hired prior to
October 2007) and Canadian hourly employees (hired prior to October 2016) generally provide benefits of negotiated, stated
amounts for each year of service and supplemental benefits for employees who retire with 30 years of service before normal
retirement age. The benefits provided by the defined benefit pension plans covering eligible U.S. (hired prior to January 1,
2001) and Canadian salaried employees and employees in certain other non-U.S. locations are generally based on years of
Table of Contents
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
81
service and compensation history. Accrual of defined pension benefits ceased in 2012 for U.S. and Canadian salaried
employees. There is also an unfunded nonqualified pension plan primarily covering U.S. executives for service prior to January
1, 2007 and it is based on an “excess plan” for service after that date.
The funding policy for qualified defined benefit pension plans is to contribute annually not less than the minimum required
by applicable laws and regulations or to directly pay benefit payments where appropriate. In the year ended December 31, 2024,
all legal funding requirements were met. The following table summarizes contributions made to the defined benefit pension
plans:
Years Ended December 31,
2024
2023
2022
U.S. hourly and salaried
$
526 $
357 $
71
Non-U.S.
653
395
332
Total
$
1,179 $
753 $
403
We expect to make insignificant contributions to our U.S. pension plans and up to $120 million in contributions to our non-
U.S. pension plans in 2025.
Other Postretirement Benefit Plans
Certain hourly and salaried defined benefit plans provide postretirement medical,
dental, legal service and life insurance to eligible U.S. and Canadian retirees and their eligible dependents. Certain other non-
U.S. subsidiaries have postretirement benefit plans, although most non-U.S. employees are covered by government sponsored
or administered programs. We made contributions to the U.S. OPEB plans of $285 million, $295 million and $335 million in
the years ended December 31, 2024, 2023 and 2022. Plan participants' contributions were insignificant in the years ended
December 31, 2024, 2023 and 2022.
Defined Contribution Plans
We have defined contribution plans for eligible U.S. salaried and hourly employees that provide
discretionary matching contributions. Contributions are also made to certain non-U.S. defined contribution plans. We made
contributions to our defined contribution plans of $908 million, $742 million and $724 million in the years ended December 31,
2024, 2023 and 2022.
Significant Plan Amendments, Benefit Modifications and Related Events
Other Remeasurements
As part of our collective bargaining agreement with the UAW in 2023 we amended the U.S. Hourly
Pension Plan to increase the monthly basic benefit by $5.00 a month for active plan members and to provide an annual
contribution of $500 to eligible retirees and surviving spouses for the duration of the contract. These changes increased our
pension obligation by $791 million for the year ended December 31, 2023.
In the three months ended December 31, 2024, we completed a $699 million annuity purchase for salaried retirees in the U.S.
This resulted in an insignificant non-operating pension settlement.
Table of Contents
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
82
Pension and OPEB Obligations and Plan Assets
Year Ended December 31, 2024
Year Ended December 31, 2023
Pension Benefits
Global
OPEB
Plans
Pension Benefits
Global
OPEB
Plans
U.S.
Non-U.S.
U.S.
Non-U.S.
Change in benefit obligations
Beginning benefit obligation
$ 44,481
$ 13,140
$ 4,701
$ 44,817
$ 12,582
$ 4,543
Service cost
113
156
10
103
161
9
Interest cost
2,132
505
226
2,273
551
236
Amendments
15
51
—
795
17
—
Actuarial (gains) losses
(1,600)
(350)
(179)
1,185
453
204
Benefits paid
(4,140)
(931)
(363)
(4,186)
(1,001)
(371)
Foreign currency translation adjustments
—
(882)
(95)
—
453
32
Curtailments, settlements and other
(859)
(85)
37
(506)
(76)
48
Ending benefit obligation
40,142
11,604
4,337
44,481
13,140
4,701
Change in plan assets
Beginning fair value of plan assets
42,287
9,819
—
44,901
9,530
—
Actual return on plan assets
487
288
—
1,829
640
—
Employer contributions
526
653
338
357
395
348
Benefits paid
(4,140)
(931)
(363)
(4,186)
(1,001)
(371)
Foreign currency translation adjustments
—
(610)
—
—
354
—
Settlements and other
(862)
(98)
25
(614)
(99)
23
Ending fair value of plan assets
38,298
9,121
—
42,287
9,819
—
Ending funded status
$ (1,844) $ (2,483) $ (4,337) $ (2,194) $ (3,321) $ (4,701)
Amounts recorded in the consolidated balance sheets
Non-current assets
$
—
$
1,575
$
—
$
—
$
1,557
$
—
Current liabilities
(68)
(54)
(347)
(62)
(330)
(356)
Non-current liabilities
(1,776)
(4,004)
(3,990)
(2,132)
(4,548)
(4,345)
Net amount recorded
$ (1,844) $ (2,483) $ (4,337) $ (2,194) $ (3,321) $ (4,701)
Amounts recorded in Accumulated other
comprehensive loss
Net actuarial loss
$ (3,953) $ (2,242) $
(152) $ (3,372) $ (2,560) $
(332)
Net prior service (cost) credit
(747)
(117)
(5)
(793)
(74)
8
Total recorded in Accumulated other comprehensive loss
$ (4,700) $ (2,359) $
(157) $ (4,165) $ (2,634) $
(324)
In the year ended December 31, 2024, the actuarial gain included in the benefit obligations was primarily due to an increase
in discount rates.
In the year ended December 31, 2023, the actuarial loss included in the benefit obligations was primarily due to a decrease in
discount rates.
Table of Contents
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
83
The following table summarizes the total accumulated benefit obligations (ABO), the ABO and fair value of plan assets for
defined benefit pension plans with ABO in excess of plan assets, and the projected benefit obligation (PBO) and fair value of
plan assets for defined benefit pension plans with PBO in excess of plan assets:
December 31, 2024
December 31, 2023
U.S.
Non-U.S.
U.S.
Non-U.S.
ABO
$
40,126 $
11,516 $
44,464 $
13,050
Plans with ABO in excess of plan assets
ABO
$
40,126 $
4,267 $
44,464 $
4,863
Fair value of plan assets
$
38,298 $
298 $
42,287 $
74
Plans with PBO in excess of plan assets
PBO
$
40,141 $
4,396 $
44,481 $
4,953
Fair value of plan assets
$
38,298 $
338 $
42,287 $
74
The following table summarizes the components of net periodic pension and OPEB expense along with the assumptions used
to determine benefit obligations:
Year Ended December 31, 2024
Year Ended December 31, 2023
Year Ended December 31, 2022
Pension Benefits
Global
OPEB
Plans
Pension Benefits
Global
OPEB
Plans
Pension Benefits
Global
OPEB
Plans
U.S.
Non-U.S.
U.S.
Non-U.S.
U.S.
Non-U.S.
Components of expense
Service cost
$ 185
$ 165
$ 10
$ 173
$ 173
$
9
$ 233
$ 157
$
16
Interest cost
2,132
505
226
2,273
551
236
1,292
293
148
Expected return on plan assets
(2,740)
(521)
—
(2,922)
(573)
—
(3,000)
(534)
—
Amortization of net actuarial (gains) losses
8
46
1
—
32
(23)
18
133
67
Curtailments, settlements and other
56
18
(1)
126
33
2
(17)
10
(5)
Net periodic pension and OPEB (income)
expense
$ (359)
$ 213
$ 236
$ (350)
$ 216
$ 224
$ (1,474) $
59
$ 226
Weighted-average assumptions used to
determine benefit obligations(a)
Discount rate
5.56 %
4.68 %
5.51 %
5.12 %
4.41 %
5.13 %
5.47 %
4.85 %
5.51 %
Weighted-average assumptions used to
determine net expense(a)
Discount rate
5.08 %
5.10 %
5.13 %
5.37 %
5.33 %
5.48 %
2.34 %
2.98 %
2.84 %
Expected rate of return on plan assets
6.27 %
5.25 %
N/A
6.30 %
5.65 %
N/A
5.38 %
4.39 %
N/A
__________
(a) The rate of compensation increase and the cash balance interest crediting rates do not have a significant effect on our U.S. pension and
OPEB plans.
The non-service cost components of the net periodic pension and OPEB income are presented in Interest income and other
non-operating income, net. Refer to Note 19 for additional information.
U.S. pension plan service cost, which includes administrative expenses and Pension Benefit Guarantee Corporation
premiums, were insignificant for the years ended December 31, 2024, 2023 and 2022. Weighted-average assumptions used to
determine net expense are determined at the beginning of the period and updated for remeasurements. Non-U.S. pension plan
administrative expenses included in service cost were insignificant in the years ended December 31, 2024, 2023 and 2022.
Table of Contents
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
84
Assumptions
Investment Strategies and Long-Term Rate of Return
Detailed periodic studies are conducted by our internal asset
management group as well as outside actuaries and are used to determine the long-term strategic mix among asset classes, risk
mitigation strategies and the expected long-term ROA assumptions for the U.S. pension plans. The U.S. study includes a review
of alternative asset allocation and risk mitigation strategies, anticipated future long-term performance and risk of the individual
asset classes that comprise the plans' asset mix. Similar studies are performed for the significant non-U.S. pension plans with
the assistance of outside actuaries and asset managers. While the studies incorporate data from recent plan performance and
historical returns, the expected rate of return on plan assets represents our estimate of long-term prospective rates of return.
We continue to pursue various options to fund and to manage risk in our pension plans, including continued changes to the
pension asset portfolio mix to manage funded status volatility. The strategic asset mix and risk mitigation strategies for the
plans are tailored specifically for each plan. Individual plans have distinct liabilities, liquidity needs and regulatory
requirements. Consequently, there are different investment policies set by individual plan fiduciaries. Although investment
policies and risk mitigation strategies may differ among plans, each investment strategy is considered to be appropriate in the
context of the specific factors affecting each plan.
In setting new strategic asset mixes, consideration is given to the likelihood that the selected asset mixes will effectively fund
the projected pension plan liabilities, while aligning with the risk tolerance of the plans' fiduciaries. The strategic asset mixes
for U.S. defined benefit pension plans are increasingly designed to satisfy the competing objectives of improving funded
positions (market value of assets equal to or greater than the present value of the liabilities) and mitigating the possibility of a
deterioration in funded status.
Derivatives may be used to provide cost effective solutions for rebalancing investment portfolios, increasing or decreasing
exposure to various asset classes and for mitigating risks, primarily interest rate, equity and currency risks. Equity and fixed
income managers are permitted to utilize derivatives as efficient substitutes for traditional securities. Interest rate derivatives
may be used to adjust portfolio duration to align with a plan's targeted investment policy and equity derivatives may be used to
protect equity positions from downside market losses. Alternative investment managers are permitted to employ leverage,
including through the use of derivatives, which may alter economic exposure.
In December 2024, an investment policy study was completed for the U.S. pension plans. As a result, the weighted-average
long-term rate of ROA increased from 6.3% at December 31, 2023 to 6.5% at December 31, 2024. The expected long-term rate
of return on plan assets used in determining pension expense for non-U.S. plans is determined in a similar manner to the U.S.
plans.
Target Allocation Percentages
The following table summarizes the target allocations by asset category for U.S. and non-
U.S. defined benefit pension plans:
December 31, 2024
December 31, 2023
U.S.
Non-U.S.
U.S.
Non-U.S.
Equity
11 %
9 %
11 %
10 %
Debt
60 %
74 %
60 %
75 %
Other(a)
29 %
17 %
29 %
15 %
Total
100 %
100 %
100 %
100 %
__________
(a) Primarily includes private equity, real estate and absolute return strategies, which mainly consist of hedge funds.
Table of Contents
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
85
Assets and Fair Value Measurements
The following tables summarize the fair value of U.S. and non-U.S. defined
benefit pension plan assets by asset class:
December 31, 2024
December 31, 2023
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
U.S. Pension Plan Assets
Common and preferred stocks
$
15 $
— $
— $
15 $ 850 $
— $
— $ 850
Government and agency debt securities(a)
— 11,728
— 11,728
— 9,822
— 9,822
Corporate and other debt securities
— 15,155
— 15,155
— 20,957
3 20,960
Other investments, net(b)(c)
(75) (3,662)
389 (3,348)
545 (269)
328
604
Net plan assets subject to leveling
$ (60) $ 23,221 $ 389 23,550 $ 1,395 $ 30,510 $ 331 32,236
Plan assets measured at net asset value
Investment funds
10,025
5,322
Private equity and debt investments
2,961
2,864
Real estate investments
2,655
2,976
Total plan assets measured at net asset value
15,641
11,162
Other plan assets (liabilities), net(d)
(893)
(1,111)
Net plan assets
$ 38,298
$ 42,287
December 31, 2024
December 31, 2023
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Non-U.S. Pension Plan Assets
Common and preferred stocks
$
98 $
— $
— $
98 $ 160 $
— $
— $ 160
Government and agency debt securities(a)
— 2,262
5 2,267
— 2,310
— 2,310
Corporate and other debt securities
— 2,336
8 2,344
— 2,738
7 2,745
Other investments, net(b)(c)
8
(151)
35
(108)
(4)
(55)
43
(16)
Net plan assets subject to leveling
$ 106 $ 4,447 $
48 4,601 $ 156 $ 4,993 $
50 5,199
Plan assets measured at net asset value
Investment funds
3,303
3,265
Private equity and debt investments
406
431
Real estate investments
689
781
Total plan assets measured at net asset value
4,398
4,477
Other plan assets (liabilities), net(d)
122
143
Net plan assets
$ 9,121
$ 9,819
__________
(a)
Includes U.S. and sovereign government and agency issues.
(b)
Includes net derivative assets (liabilities).
(c)
Level 2 Other investments, net includes approximately $3.6 billion of U.S. reverse repurchase agreements at December 31, 2024, and
approximately $185 million and $137 million of Canadian reverse repurchase agreements at December 31, 2024 and 2023.
(d)
Cash held by the plans, net of amounts receivable/payable for unsettled security transactions and payables for investment manager fees,
custody fees and other expenses.
The activity attributable to U.S. and non-U.S. Level 3 defined benefit pension plan investments was insignificant in the years
ended December 31, 2024 and 2023.
Investment Fund Strategies
Investment funds include hedge funds, funds of hedge funds, equity funds and fixed income
funds. Hedge funds and funds of hedge funds managers typically seek to achieve their objectives by allocating capital across a
broad array of funds and/or investment managers. Equity funds invest in U.S. common and preferred stocks as well as similar
equity securities issued by companies incorporated, listed or domiciled in developed and/or emerging market countries. Fixed
income funds include investments in high quality funds and, to a lesser extent, high yield funds. High quality fixed income
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funds invest in government securities, investment-grade corporate bonds and mortgage and asset-backed securities. High yield
fixed income funds invest in high yield fixed income securities issued by corporations, which are rated below investment grade.
Other investment funds also included in this category primarily represent multi-strategy funds that invest in broadly diversified
portfolios of equity, fixed income and derivative instruments.
Private equity and debt investments primarily consist of investments in private equity and debt funds. These investments
provide exposure to and benefit from long-term equity investments in private companies, including leveraged buy-outs, venture
capital and distressed debt strategies.
Real estate investments include funds that invest in entities that are primarily engaged in the ownership, acquisition,
development, financing, sale and/or management of income-producing real estate properties, both commercial and residential.
These funds typically seek long-term growth of capital and current income that is above average relative to public equity funds.
Significant Concentrations of Risk
The assets of the pension plans include certain investment funds, private equity and debt
investments and real estate investments. Investment managers may be unable to quickly sell or redeem some or all of these
investments at an amount close or equal to fair value in order to meet a plan's liquidity requirements or to respond to specific
events such as deterioration in the creditworthiness of any particular issuer or counterparty.
Illiquid investments held by the plans are generally long-term investments that complement the long-term nature of pension
obligations and are not used to fund benefit payments when currently due. Plan management monitors liquidity risk on an
ongoing basis and has procedures in place that are designed to maintain flexibility in addressing plan-specific, broader industry
and market liquidity events.
The pension plans may invest in financial instruments denominated in foreign currencies and may be exposed to risks that the
foreign currency exchange rates might change in a manner that has an adverse effect on the value of the foreign currency
denominated assets or liabilities. Forward currency contracts may be used to manage and mitigate foreign currency risk.
The pension plans may invest in debt securities for which any change in the relevant interest rates for particular securities
might result in an investment manager being unable to secure similar returns upon the maturity or the sale of securities. In
addition, changes to prevailing interest rates or changes in expectations of future interest rates might result in an increase or
decrease in the fair value of the securities held. Interest rate swaps and other financial derivative instruments may be used to
manage interest rate risk.
Benefit Payments
Benefits for most U.S. pension plans and certain non-U.S. pension plans are paid out of plan assets rather
than our Cash and cash equivalents. The following table summarizes net benefit payments expected to be paid in the future,
which include assumptions related to estimated future employee service:
Pension Benefits
Global OPEB
Plans
U.S. Plans
Non-U.S. Plans
2025
$
4,282 $
973 $
354
2026
$
4,036 $
870 $
350
2027
$
3,919 $
855 $
347
2028
$
3,771 $
840 $
343
2029
$
3,580 $
824 $
341
2030–2034
$
15,900 $
3,909 $
1,644
Note 16. Commitments and Contingencies
Litigation-Related Liability and Tax Administrative Matters
In the normal course of our business, we are named from time
to time as a defendant in various legal actions, including arbitrations, class actions and other litigation. We identify below the
material individual proceedings and investigations where we believe a material loss is reasonably possible or probable. We
accrue for matters when we believe that losses are probable and can be reasonably estimated. At December 31, 2024 and 2023,
we had accruals of $1.1 billion and $1.2 billion for such legal actions in Accrued liabilities and Other liabilities. In many
matters, it is inherently difficult to determine whether a loss is probable or reasonably possible or to estimate the size or range
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of the potential loss. Some matters may involve compensatory, punitive or other treble damage claims, environmental
remediation programs or sanctions that, if granted, could require us to pay damages or make other expenditures in amounts that
cannot be reasonably estimated. Accordingly, while we believe that appropriate accruals have been established for losses that
are probable and can be reasonably estimated, it is possible that adverse outcomes from such proceedings could exceed the
amounts accrued by an amount that could be material to our results of operations or cash flows in any particular reporting
period.
GM Korea Subcontract Workers Litigation
GM Korea Company (GM Korea) is party to litigation with current and former
subcontract workers over allegations that they are entitled to the same wages and benefits provided to full-time employees, and
to be hired as full-time employees. In May 2018 and September 2020, the Korean labor authorities issued adverse
administrative orders finding that GM Korea must hire certain current subcontract workers as full-time employees. GM Korea
appealed the May 2018 and September 2020 orders. Since June 2020, the Seoul High Court (an intermediate-level appellate
court) ruled against GM Korea in eight subcontract worker claims. While GM Korea's appeals were pending in the Supreme
Court of the Republic of Korea (Korea Supreme Court), GM Korea hired certain of its subcontract workers as full-time
employees. During the third quarter of 2024, the Korea Supreme Court issued its decisions with respect to the appeal. While the
Korea Supreme Court ruled against GM Korea on most of the appeals, the Korea Supreme Court ruled in favor of GM Korea
with regard to certain subcontract workers. At December 31, 2024, our accrual covering certain asserted claims and claims that
we believe are probable of assertion and for which liability is probable was insignificant. We estimate the reasonably possible
loss in excess of amounts accrued for other current subcontract workers who may assert similar claims to be insignificant at
December 31, 2024.
Other Litigation-Related Liability and Tax Administrative Matters
Various other legal actions, including class actions,
governmental investigations, claims and proceedings are pending against us or our related companies or joint ventures,
including, but not limited to, matters arising out of alleged product defects; employment-related matters; product and workplace
safety, vehicle emissions and fuel economy regulations; product warranties; financial services; dealer, supplier and other
contractual relationships; competition issues; tax-related matters not subject to the provision of Accounting Standards
Codification 740, "Income Taxes" (indirect tax-related matters); product design, manufacture and performance; consumer
protection laws; and environmental protection laws, including laws regulating air emissions, water discharges, waste
management and environmental remediation from stationary sources. We also from time to time receive subpoenas and other
inquiries or requests for information from agencies or other representatives of U.S. federal, state and foreign governments on a
variety of issues.
There are several putative class actions pending against GM in the U.S. and Canada alleging that various vehicles sold,
including model year 2011–2016 Duramax Diesel Chevrolet Silverado and GMC Sierra vehicles, violate federal and state laws
because they release more emissions than a reasonable customer would expect. In July 2023, the two putative class actions
pending in the U.S. were dismissed with prejudice and judgment entered in favor of GM, and plaintiffs appealed the dismissal.
In August 2024, the Sixth Circuit reversed the dismissal in one of the cases. In October 2024, a panel of the Sixth Circuit
vacated the judgment in favor of GM in one of the class actions, but a different panel has yet to rule in the other class action.
We are currently unable to estimate any reasonably possible material loss or range of loss that may result from these actions.
GM has also faced a series of additional lawsuits in the U.S. based on these allegations, including a shareholder demand lawsuit
that remains pending.
There are several putative class actions and two certified class actions pending against GM in the U.S. alleging that various
2011–2014 model year vehicles are defective because they excessively consume oil. While many of these proceedings have
been dismissed or have been settled for insignificant amounts, several remain outstanding. In October 2022, we received an
adverse jury verdict in a certified class action proceeding involving three states. We have reached an agreement in principle to
resolve these matters and have accrued an immaterial amount related to these proceedings.
There is one putative class action and one certified class action pending against GM in the U.S. alleging that various 2015–
2022 model year vehicles are defective because they are equipped with faulty 8-speed transmissions. In March 2023, the judge
overseeing the class action concerning 2015–2019 model year vehicles certified 26 state subclasses. In October 2024, a panel of
the Sixth Circuit affirmed certification of these state subclasses; in December 2024, the Sixth Circuit granted our petition for
rehearing en banc. The putative class action concerning 2020–2022 model year vehicles is pending in front of a different judge
that has not yet addressed class certification. We have similar cases pending in Canada concerning these vehicles. We are
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88
currently unable to estimate any reasonably possible or probable material loss or range of loss that may result from these
proceedings in excess of amounts accrued.
There is a class action pending against GM in the U.S., and a putative class action in Canada, alleging that 2011–2016 model
year Duramax Diesel Chevrolet Silverado and GMC Sierra vehicles are equipped with defective fuel pumps that are prone to
failure. In March 2023, the U.S. court certified seven state subclasses. We reached an agreement to settle this matter on terms
consistent with our accrual and the settlement agreement is pending final court approval.
Beyond the class action litigations disclosed, we have several other class action litigations pending at any given time.
Historically, relatively few classes have been certified in these types of cases. Therefore, we will generally only disclose
specific class actions if a class is certified and we believe there is a reasonably possible material exposure to the Company.
Indirect tax-related matters are being evaluated globally pertaining to value added taxes, customs, duties, sales tax, property
taxes and other non-income tax exposures. Certain administrative proceedings are indirect tax-related and may require that we
deposit funds in escrow or provide an alternative form of security. For indirect tax-related matters, we estimate our reasonably
possible loss in excess of amounts accrued to be up to approximately $5.6 billion at December 31, 2024.
Takata Matters
In November 2020, NHTSA directed that we replace the Takata Corporation (Takata) airbag inflators in our
GMT900 vehicles, which are full-size pickup trucks and SUVs, and we decided not to contest NHTSA's decision. While we
have already begun the process of executing the recall, given the number of vehicles in this population, the recall will take
several years to be completed. Accordingly, in the year ended December 31, 2020, we recorded a warranty accrual of
$1.1 billion for the expected costs of complying with the recall remedy. At December 31, 2024, our remaining accrual for these
matters was $555 million, and we believe the currently accrued amount remains reasonable.
GM has recalled certain vehicles sold outside of the U.S. to replace Takata inflators in those vehicles. There are significant
differences in vehicle and inflator design between the relevant vehicles sold internationally and those sold in the U.S. We
continue to gather and analyze evidence about these inflators and to share our findings with regulators. Any additional recalls
relating to these inflators could be material to our results of operations and cash flows.
There are several putative class actions that have been filed against GM, including in the U.S. and Canada, arising out of
allegations that airbag inflators manufactured by Takata are defective. In March 2023, a U.S. court overseeing one of the
putative class actions issued a final judgment in favor of GM on all claims in eight states at issue in that proceeding. In August
2023, the U.S. court granted class certification as to a Louisiana claim, but denied certification as to seven other states. At this
stage of these proceedings, we are unable to provide an estimate of the amounts or range of reasonably possible material loss.
ARC Matters
In May 2023, we initiated a voluntary recall covering nearly one million 2014–2017 model year Buick Enclave,
Chevrolet Traverse and GMC Acadia SUVs equipped with driver front airbag inflators manufactured by ARC Automotive, Inc.
(ARC), and accrued an insignificant amount for the expected costs of the recall. As part of its ongoing investigation into ARC
airbag inflators, on September 5, 2023, NHTSA issued an Initial Decision that approximately 52 million frontal driver and
passenger airbag inflators manufactured by ARC and Delphi Automotive Systems LLC over a roughly 20-year period contain a
safety-related defect and must be recalled. On July 31, 2024, NHTSA issued a Supplemental Initial Decision reaffirming its
September 2023 Initial Decision and reopening the administrative record to additional public comments. The Initial Decision
and the Supplemental Initial Decision are primarily based on the occurrence of seven field ruptures involving ARC-
manufactured frontal airbag inflators. We are continuing to investigate the cause of the ruptures in GM vehicles in connection
with our existing recalls. On December 13, 2024, NHTSA issued a memorandum indicating that, based on the public comments
it had received to date, the agency would be "conducting additional investigation of the issues related to the Supplemental
Initial Decision." As indicated in GM's filed comments in the record, we do not believe that further GM vehicle recalls are
necessary or appropriate at this time. However, depending on the outcome of the dispute between NHTSA and ARC, and the
possibility of additional recalls, the cost of which may not be fully recoverable, it is reasonably possible that the costs
associated with these matters in excess of amounts accrued could be material, but we are unable to provide an estimate of the
amounts or range of reasonably possible material loss at this time.
There are several putative class actions that have been filed against GM, including in the U.S., Canada and Israel, arising out
of allegations that airbag inflators manufactured by ARC are defective. At this stage of these proceedings, we are unable to
provide an estimate of the amounts or range of reasonably possible material loss.
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Chevrolet Bolt Recall
In July 2021, we initiated a voluntary recall for certain 2017–2019 model year Chevrolet Bolt EVs due
to the risk that two manufacturing defects present in the same battery cell could cause a high voltage battery fire in certain of
these vehicles. After further investigation into the manufacturing processes at our battery supplier, LG Energy Solution
(LGES), and disassembling battery packs, we determined that the risk of battery cell defects was not confined to the initial
recall population. As a result, in August 2021, we expanded the recall to include all 2017–2022 model year Chevrolet Bolt EV
and Chevrolet Bolt Electric Utility Vehicles (EUVs). LG Electronics, Inc. (LGE) and LGES (collectively, LG), have agreed to
reimburse GM for certain costs and expenses associated with the recall. The commercial negotiations with LG also resolved
other commercial matters associated with our Ultium Cells Holdings LLC joint venture with LGES. Accordingly, as of
December 31, 2024, we had accrued a total of $2.6 billion and recognized receivables totaling $1.6 billion in connection with
these matters. At December 31, 2024, our remaining accrual for these matters was $0.3 billion. These charges reflect our
current best estimate for the cost of the recall remedy, which includes non-traditional recall remedies provided by GM to
enhance customer satisfaction. The actual costs of the recall could be materially higher or lower.
In addition, putative class actions have been filed against GM in the U.S. and Canada alleging that the batteries contained in
the Bolt EVs and EUVs included in the recall population are defective. GM has agreed to settle the U.S. class actions for an
immaterial amount and the settlement agreement is pending final court approval.
Opel/Vauxhall Sale
In 2017, we sold the Opel/Vauxhall Business to PSA Group (now Stellantis) under a Master Agreement
(the Agreement). We also sold the European financing subsidiaries and branches to Banque PSA Finance S.A. and BNP Paribas
Personal Finance S.A. Although the sale reduced our new vehicle presence in Europe, we may still be impacted by actions
taken by regulators related to vehicles sold before the sale. General Motors Holdings LLC agreed, on behalf of our wholly
owned subsidiary (the Seller), to indemnify Stellantis for certain losses resulting from any inaccuracy of the representations and
warranties or breaches of our covenants included in the Agreement and for certain other liabilities, including costs related to
certain emissions claims, product liabilities and recalls. We are unable to estimate any reasonably possible material loss or
range of loss that may result from these actions either directly or through an indemnification claim from Stellantis. Certain of
these indemnification obligations are subject to time limitations, thresholds and/or caps as to the amount of required payments.
Currently, various consumer lawsuits have been filed against the Seller and Stellantis in Germany, the UK, Austria and the
Netherlands alleging that Opel and Vauxhall vehicles sold by the Seller violated applicable emissions standards. In addition, we
indemnified Stellantis for an immaterial amount for certain recalls that Stellantis has conducted or will conduct, including
recalls in certain geographic locations that Stellantis intends to conduct related to Takata inflators in legacy Opel vehicles. We
may in the future be required to further indemnify Stellantis relating to its Takata recalls, but we believe such further
indemnification to be remote at this time.
European Commission and UK Competition and Markets Authority Matter
In March 2022, the European Commission
and UK Competition and Markets Authority (CMA) conducted inspections at the premises of, and sent out formal requests for
information to, several companies and associations active in the automotive sector. The investigations concern conduct related
to coordination regarding the collection, treatment and recovery of end-of-life cars and vans, which are considered waste. GM
was not the subject of the inspections but has since received requests for information related to activities conducted by Opel, a
former subsidiary business we sold to Stellantis in 2017. GM has replied to the European Commission's and CMA's requests for
information. The inspections and requests for information are preliminary investigatory steps and do not prejudge the outcome
of the investigations, and as of December 31, 2024, we had accrued an immaterial amount related to this matter. If an
infringement is established as to Opel's conduct, there are a range of possible outcomes, including fines, which could be
material.
Privacy and Consumer Protection Matters
There are putative class actions pending against GM in federal courts in the U.S.
alleging violations of state and federal privacy and consumer protection laws related to the collection and use of certain
consumer data obtained through our former OnStar Smart Driver product. In June 2024, those class actions were consolidated
into a multi-district litigation proceeding in the Northern District of Georgia. In addition, a number of federal and state agencies
and attorneys general have opened investigations or made inquiries of us relating to these alleged consumer protection and
privacy issues. The Company is fully cooperating with these agencies and attorneys general. At this stage, we are not able to
estimate any reasonably possible or probable material loss or range of loss that may result from these actions.
Product Liability and Breach of Warranty
We record liabilities related to product liability claims in Accrued liabilities and
Other liabilities for the expected cost of all known product liability claims, plus an estimate of the expected cost for product
liability claims that have already been incurred and are expected to be filed in the future for which we are self-insured. It is
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90
reasonably possible that our accruals for product liability claims may increase in future periods in material amounts, although
we cannot estimate a reasonable range of incremental loss based on currently available information. We believe that any
judgment against us involving our products for actual damages will be adequately covered by our recorded accruals and, where
applicable, excess liability insurance coverage.
We are also subject to breach of warranty claims resulting from state and federal consumer protection laws which allow
consumers to hold manufacturers legally responsible for "breaches" of implied or express warranties. Claims can include but
are not limited to a refund, a replacement vehicle, a recovery of legal and administrative fees or other monetary damages.
Losses that we believe to be probable and estimable based on evaluation of historical transactions are included in Accrued
liabilities and Other liabilities and are reviewed regularly for adequacy. We believe that any judgment against us involving our
warranties for actual damages will be adequately covered by our recorded accruals.
Guarantees
We enter into indemnification agreements for liability claims involving products manufactured primarily by
certain joint ventures. These guarantees terminate in years ranging from 2025 to 2029, or upon the occurrence of specific events
or are ongoing. We believe that the related potential costs incurred are adequately covered by our recorded accruals, which are
insignificant. The maximum future undiscounted payments mainly based on royalties received associated with vehicles sold to
date were $3.7 billion and $3.5 billion for these guarantees at December 31, 2024 and 2023, the majority of which relates to the
indemnification agreements.
We provide payment guarantees on commercial loans outstanding with third parties such as dealers. In some instances,
certain assets of the party or our payables to the party whose debt or performance we have guaranteed may offset, to some
degree, the amount of any potential future payments. We are also exposed to residual value guarantees associated with certain
sales to rental car companies.
We periodically enter into agreements that incorporate indemnification provisions in the normal course of business. It is not
possible to estimate our maximum exposure under these indemnifications or guarantees due to the conditional nature of these
obligations. Insignificant amounts have been recorded for such obligations as the majority of them are not probable or estimable
at this time and the fair value of the guarantees at issuance was insignificant. Refer to the Opel/Vauxhall Sale section of this
note for additional information on our indemnification obligations to Stellantis under the Agreement.
Credit Cards
Credit card programs offer rebates that can be applied primarily against the purchase or lease of our vehicles. At
December 31, 2024 and 2023, our redemption liability was insignificant, our deferred revenue was $425 million and $384
million, and qualified cardholders had rebates available, net of deferred program revenue, of $1.1 billion and $1.2 billion. Our
redemption liability and deferred revenue are recorded in Accrued liabilities and Other liabilities.
Supplier Finance Programs
Third-party finance providers offer certain suppliers the option for payment in advance of their
invoice due date through financing programs that we established. We retain our obligation to the participating suppliers, and we
make payments directly to the third-party finance providers on the original invoice due date pursuant to the original invoice
terms. There are no assets pledged as security or other forms of guarantees provided for committed payments. Our outstanding
eligible balances under our supplier finance programs were $0.9 billion and $1.3 billion at December 31, 2024 and 2023, which
are recorded in Accounts payable (principally trade).
The following table represents the change in the supplier finance program obligation (dollars in billions):
Year Ended December 31, 2024
Confirmed obligations outstanding at the beginning of the year
$
1.3
Invoices confirmed during the year
11.8
Confirmed paid during the year
(12.2)
Confirmed obligations outstanding at the end of the year
$
0.9
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91
Note 17. Income Taxes
Years Ended December 31,
2024
2023
2022
U.S. income (loss)
$
9,729 $
6,388 $
9,454
Non-U.S. income (loss)
3,465
3,535
1,306
Income (loss) before income taxes and equity income (loss)
$
13,194 $
9,924 $
10,760
Years Ended December 31,
2024
2023
2022
Current income tax expense (benefit)
U.S. federal
$
202 $
240 $
389
U.S. state and local
309
490
368
Non-U.S.
676
874
707
Total current income tax expense (benefit)
1,188
1,605
1,464
Deferred income tax expense (benefit)
U.S. federal
891
(120)
263
U.S. state and local
101
(43)
109
Non-U.S.
376
(878)
53
Total deferred income tax expense (benefit)
1,368
(1,041)
425
Total income tax expense (benefit)
$
2,556 $
563 $
1,888
The Non-U.S. deferred income tax benefit in the year ended December 31, 2023 relates primarily to the release of a valuation
allowance in Korea.
Provisions are made for estimated U.S. and non-U.S. income taxes which may be incurred on the reversal of our basis
differences in investments in foreign subsidiaries and corporate joint ventures not deemed to be indefinitely reinvested. Taxes
have not been provided on basis differences in investments primarily as a result of earnings in foreign subsidiaries which are
deemed indefinitely reinvested of $6.1 billion and $4.3 billion at December 31, 2024 and 2023. We have indefinitely reinvested
basis differences related to investments in non-consolidated China JVs of $1.4 billion and $3.4 billion at December 31, 2024
and 2023 as a result of fresh-start reporting. Quantification of the deferred tax liability, if any, associated with indefinitely
reinvested basis differences is not practicable. Refer to Note 8 for additional information regarding the decrease in our basis
differences related to investments in nonconsolidated affiliates from fresh-start reporting.
Years Ended December 31,
2024
2023
2022
Income tax expense at U.S. federal statutory income tax rate
$
2,771 $
2,084 $
2,260
State and local tax expense (benefit)
323
348
388
Non-U.S. income taxed at other than the U.S. federal statutory tax rate
130
203
32
U.S. tax impact on Non-U.S. income and activities
(49)
(62)
5
Change in valuation allowances
46
(1,061)
(392)
Change in tax laws
9
25
78
General business credits and manufacturing incentives
(906)
(966)
(829)
Settlements of prior year tax matters
—
23
—
Realization of basis differences in affiliates
(45)
—
209
Foreign currency remeasurement
73
(62)
36
Other adjustments
204
31
102
Total income tax expense (benefit)
$
2,556 $
563 $
1,888
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92
Deferred Income Tax Assets and Liabilities
Deferred income tax assets and liabilities at December 31, 2024 and 2023 reflect
the effect of temporary differences between amounts of assets, liabilities and equity for financial reporting purposes and the
bases of such assets, liabilities and equity as measured based on tax laws, as well as tax loss and tax credit carryforwards. The
following table summarizes the components of temporary differences and carryforwards that give rise to deferred tax assets and
liabilities:
December 31, 2024
December 31, 2023
Deferred tax assets
Postretirement benefits other than pensions
$
1,024 $
1,119
Pension and other employee benefit plans
1,421
1,522
Warranties, dealer and customer allowances, claims and discounts
4,215
3,684
U.S. capitalized research expenditures
10,111
9,879
U.S. operating loss and tax credit carryforwards(a)
6,582
6,033
Non-U.S. operating loss and tax credit carryforwards(b)
5,239
6,204
Miscellaneous
4,302
5,121
Total deferred tax assets before valuation allowances
32,894
33,562
Less: valuation allowances
(6,529)
(6,979)
Total deferred tax assets
26,365
26,583
Deferred tax liabilities
Property, plant and equipment
5,111
4,233
Intangible assets
635
699
Total deferred tax liabilities
5,746
4,932
Net deferred tax assets
$
20,619 $
21,651
__________
(a)
At December 31, 2024, U.S. operating loss deferred tax assets were $411 million, where $129 million can be carried forward indefinitely
and $282 million will expire by 2042, if not utilized. At December 31, 2024, U.S. tax credit carryforwards were $6.2 billion, where
$462 million can be carried forward indefinitely and $5.7 billion will expire by 2044, if not utilized.
(b)
At December 31, 2024, Non-U.S. operating loss deferred tax assets were $5.2 billion, where $4.8 billion can be carried forward
indefinitely and $342 million will expire by 2044, if not utilized. At December 31, 2024, Non-U.S. tax credit carryforwards were
$68 million, where $45 million can be carried forward indefinitely and $23 million will expire by 2043, if not utilized.
Valuation Allowances
As a result of improving profitability in the Korean operating business evidenced by cumulative
earnings in recent years and the completion of our near-and long-term business plans in the three months ended December 31,
2023 that forecasted continuing profitability, we determined that it was more likely than not that future earnings would be
sufficient to realize the deferred tax assets in Korea. Accordingly, we released Korea's $870 million valuation allowance during
2023 resulting in an income tax benefit.
During the years ended December 31, 2024 and 2023, valuation allowances against deferred tax assets of $6.5 billion and
$7.0 billion were comprised of cumulative losses, credits and other timing differences, primarily in Germany, Spain, the U.S.
and Brazil.
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
93
Uncertain Tax Positions
The following table summarizes activity of the total amounts of unrecognized tax benefits:
Years Ended December 31,
2024
2023
2022
Balance at beginning of period
$
585 $
520 $
634
Additions to current year tax positions
108
45
12
Additions to prior years' tax positions
28
72
14
Reductions to prior years' tax positions
(109)
(15)
(98)
Reductions in tax positions due to lapse of statutory limitations
(7)
(19)
(20)
Settlements
(8)
(18)
(10)
Other
(11)
—
(12)
Balance at end of period
$
586 $
585 $
520
At December 31, 2024 and 2023, there were $415 million and $386 million of unrecognized tax benefits that if recognized
would favorably affect our effective tax rate in the future. In the years ended December 31, 2024, 2023 and 2022, income tax-
related interest and penalties were insignificant. At December 31, 2024 and 2023, liabilities for income tax-related interest and
penalties were insignificant.
At December 31, 2024, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax
benefits in the next twelve months.
Other Matters
Income tax returns are filed in multiple jurisdictions and are subject to examination by taxing authorities
throughout the world. We have open tax years from 2011 to 2024 with various significant tax jurisdictions. Tax authorities may
have the ability to review and adjust net operating loss or tax credit carryforwards that were generated prior to these periods if
utilized in an open tax year. These open years contain matters that could be subject to differing interpretations of applicable tax
laws and regulations as they relate to the amount, character, timing or inclusion of revenue and expenses or the sustainability of
income tax credits for a given audit cycle.
Note 18. Restructuring and Other Initiatives
We have executed various restructuring and other initiatives and we may execute additional initiatives in the future, if
necessary, to streamline manufacturing capacity and reduce other costs to improve the utilization of remaining facilities. To the
extent these programs involve voluntary separations, a liability is generally recorded at the time offers to employees are
accepted. To the extent these programs provide separation benefits in accordance with pre-existing agreements, a liability is
recorded once the amount is probable and reasonably estimable. If employees are involuntarily terminated, a liability is
generally recorded at the communication date. Related charges are recorded in Automotive and other cost of sales and
Automotive and other selling, general and administrative expense.
The following table summarizes the reserves and charges related to restructuring and other initiatives, including
postemployment benefit reserves and charges:
Years Ended December 31,
2024
2023
2022
Balance at beginning of period
$
779 $
520 $
285
Additions, interest accretion and other
1,790
1,831
522
Payments
(1,303)
(1,597)
(275)
Revisions to estimates and effect of foreign currency
(22)
25
(12)
Balance at end of period
$
1,243 $
779 $
520
In the years ended December 31, 2024, 2023 and 2022, restructuring and other initiatives included strategic activities in
GMNA related to Buick dealerships. We recorded charges of $964 million in the year ended December 31, 2024, which are
included in the table above, and incurred $530 million in net cash outflows resulting from these dealer restructurings, in
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
94
addition to the charges of $569 million and $511 million and net cash outflows of $674 million and $120 million in the years
ended December 31, 2023 and 2022. We expect remaining cash outflows related to these activities of $719 million to be
substantially completed by the end of 2025.
In April 2024, we announced restructuring actions in GMI related to the closure of manufacturing operations in Colombia
and Ecuador. In the year ended December 31, 2024, we recorded $170 million before noncontrolling interest primarily related
to employee separations and supplier-related charges of $88 million, which are included in the table above, and non-cash
restructuring charges of $79 million primarily related to accelerated depreciation and amortization, which are not reflected in
the table above. As of December 31, 2024, we have incurred $48 million of cash outflows resulting from these restructuring
activities. We expect the remaining cash outflows related to these activities to be substantially completed by the end of 2025.
In the year ended December 31, 2024, we recorded restructuring charges of $200 million, primarily in GMNA, related to
employee separations.
As of December 31, 2024, we have incurred $163 million of cash outflows resulting from these
restructuring actions. We expect the remaining cash outflows related to these activities to be substantially completed by the end
of 2025.
In March 2023, we announced a VSP to accelerate attrition related to the cost reduction program announced in January 2023.
We recorded charges in GMNA of $1.0 billion in the year ended December 31, 2023, primarily related to employee separation
charges of $905 million, which are reflected in the table above, and non-cash pension curtailment and settlement charges of
approximately $130 million, not reflected in the table above. We incurred cash outflows of $58 million and $820 million in the
years ended December 31, 2024 and 2023. This program is complete as of December 31, 2024.
In October 2023, Cruise voluntarily paused all of its driverless, supervised and manual AV operations in the U.S. while it
examined its processes, systems and tools. In conjunction with these actions, Cruise recorded charges before noncontrolling
interest of $529 million in the year ended December 31, 2023, which included non-cash restructuring charges of $250 million.
In June 2024, Cruise indefinitely delayed the Cruise Origin and recognized primarily non-cash charges before noncontrolling
interest of $631 million. In December 2024, in conjunction with GM’s announcement of its decision to no longer fund Cruise’s
robotaxi development work and its plans, subject to approval by the Cruise Board of Directors, to combine the Cruise and GM
technical efforts to advance autonomous and assisted driving, Cruise recorded net charges before noncontrolling interest of
$522 million, which included net non-cash restructuring charges of $173 million. The non-cash restructuring charges are not
reflected in the table above. Cumulatively, we have incurred $287 million of cash outflows resulting from these restructuring
activities. We expect the remaining cash outflows related to these activities of approximately $389 million to be completed by
the end of 2025.
Note 19.
Interest Income and Other Non-Operating Income
Years Ended December 31,
2024
2023
2022
Non-service pension and OPEB income (loss)
$
191 $
184 $
1,512
Interest income
967
1,109
460
Licensing agreements income
211
172
238
Revaluation of investments
(225)
(77)
(236)
Other
112
149
(542)
Total interest income and other non-operating income, net
$
1,257 $
1,537 $
1,432
In the year ended December 31, 2022, we shut down our Russia business and recorded a $657 million charge, included in
Other in the table above, to write off our net investment and release accumulated translation losses into earnings.
Note 20. Stockholders’ Equity and Noncontrolling Interests
We have 2.0 billion shares of preferred stock and 5.0 billion shares of common stock authorized for issuance. We had no
shares of preferred stock issued and outstanding at December 31, 2024 and 2023. We had 1.0 billion and 1.2 billion shares of
common stock issued and outstanding at December 31, 2024 and 2023.
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
95
Common Stock
Holders of our common stock are entitled to dividends at the sole discretion of our Board of Directors. Our
dividends declared per common share were $0.48, $0.36 and $0.18 and our total dividends paid on common stock were
$530 million, $477 million and $257 million for the years ended December 31, 2024, 2023 and 2022. Holders of common stock
are entitled to one vote per share on all matters submitted to our stockholders for a vote. The liquidation rights of holders of our
common stock are secondary to the payment or provision for payment of all our debts and liabilities and to holders of our
preferred stock, if any such shares are then outstanding.
In November 2023, our Board of Directors increased the capacity under our share repurchase program by $10.0 billion to an
aggregate of $11.4 billion and we entered into the ASR Agreements to repurchase an aggregate amount of $10.0 billion of our
common stock under the authorized share repurchase program. In December 2023, we advanced the $10.0 billion and received
approximately 215 million shares of our common stock with a value of $6.8 billion, which were immediately retired. In the year
ended December 31, 2024, we received and retired approximately 29 million additional shares upon settlement of the
transactions contemplated under the ASR Agreements. The final number of shares received was based on the average of the
daily volume-weighted average prices of our common stock during the term of the ASR Agreements, less a discount pursuant to
the terms and conditions of the ASR Agreements. Because of our ability to settle in shares, the $3.2 billion prepaid forward
contract was classified as a reduction to Additional paid-in capital within the consolidated statement of equity at December 31,
2023. Upon settlement, the amount over par was allocated on a pro-rata basis, between Additional paid-in capital and Retained
earnings.
In June 2024, our Board of Directors approved a new share repurchase authorization to repurchase up to an additional $6.0
billion of our outstanding common stock.
In the years ended December 31, 2024 and 2023, in addition to shares received under the ASR program, we purchased
approximately 140 million and 30 million shares of our outstanding common stock for $7.1 billion and $1.1 billion. In the year
ended December 31, 2022, we purchased approximately 64 million shares of our outstanding common stock for $2.5 billion.
Shares are immediately retired upon purchase and the amount of the purchase price over par is allocated on a pro-rata basis,
subject to the availability of paid-in capital calculated on a per-share basis, between Additional paid-in capital and Retained
earnings.
Cruise Preferred Shares
In March 2022, we acquired SoftBank Vision Fund (AIV M2) L.P.’s (SoftBank) Cruise Class A-1,
Class F and Class G Preferred Shares for $2.1 billion and made an additional $1.35 billion investment in Cruise in place of
SoftBank. In December 2024, we acquired Class F and Class G Preferred Shares from noncontrolling shareholders for an
insignificant amount.
Cruise Common Shares
During the years ended December 31, 2024, 2023 and 2022, Cruise Holdings issued an insignificant
amount, $0.4 billion and $0.8 billion of Class B Common Shares to net settle vested awards under Cruise's 2018 Employee
Incentive Plan and issued an insignificant amount, $0.2 billion and $0.5 billion of Class B Common Shares, primarily to us, to
fund the payment of statutory tax withholding obligations resulting from the settlement or exercise of vested awards. GM
conducted quarterly tender offers and paid approximately $0.2 billion, $0.3 billion and $0.6 billion in cash to purchase tendered
Cruise Class B Common Shares during the years ended December 31, 2024, 2023 and 2022. The Class B Common Shares are
classified as noncontrolling interests in our consolidated financial statements except for certain shares that are liability classified
that have a recorded value of approximately $42 million at December 31, 2023. Refer to Note 22 for additional information on
Cruise stock incentive awards. In December 2024, we acquired Class E Common Shares from a noncontrolling shareholder for
an insignificant amount.
During the year ended December 31, 2024, the effect on the equity attributable to us for changes in our ownership interest in
Cruise was a decrease in Additional paid-in capital of $0.9 billion and during the years ended December 31, 2023 and 2022 was
insignificant. For the year ended December 31, 2024, net income attributable to shareholders and transfers to the noncontrolling
interest in Cruise and other subsidiaries were $7.0 billion, which included a $1.0 billion increase in equity attributable to us,
mainly due to the redemption of Cruise preferred shares. For the year ended December 31, 2023, net income attributable to
shareholders and transfers to the noncontrolling interest in Cruise and other subsidiaries were $10.3 billion. For the year ended
December 31, 2022, net income attributable to shareholders and transfers to the noncontrolling interest in Cruise and other
subsidiaries were $9.2 billion, which included a $0.7 billion decrease in equity attributable to us, mainly due to the redemption
of Cruise preferred shares.
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
96
The following table summarizes the significant components of Accumulated other comprehensive loss:
Years Ended December 31,
2024
2023
2022
Foreign Currency Translation Adjustments
Balance at beginning of period
$
(2,457) $
(2,776) $
(2,654)
Other comprehensive income (loss) and noncontrolling interests, net of
reclassification adjustment and tax(a)(b)(c)
(1,173)
319
(123)
Balance at end of period
$
(3,630) $
(2,457) $
(2,776)
Defined Benefit Plans
Balance at beginning of period
$
(7,665) $
(4,851) $
(6,528)
Other comprehensive income (loss) and noncontrolling interests before
reclassification adjustment(a)
(207)
(3,706)
1,487
Tax benefit (expense)
(91)
838
2
Other comprehensive income (loss) and noncontrolling interests before
reclassification adjustment, net of tax(a)
(298)
(2,868)
1,488
Reclassification adjustment, net of tax(c)
294
54
188
Other comprehensive income (loss), net of tax
(4)
(2,814)
1,677
Balance at end of period(d)
$
(7,669) $
(7,665) $
(4,851)
__________
(a) The noncontrolling interests were insignificant in the years ended December 31, 2024, 2023 and 2022.
(b) The reclassification adjustment was insignificant in the years ended December 31, 2024, 2023 and 2022.
(c) The income tax effect was insignificant in the years ended December 31, 2024, 2023 and 2022.
(d) Primarily consists of unamortized actuarial loss on our defined benefit plans.
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
97
Note 21. Earnings Per Share
Basic and diluted earnings per share are computed by dividing Net income attributable to common stockholders by the
weighted-average common shares outstanding in the period. Diluted earnings per share is computed by giving effect to all
potentially dilutive securities that are outstanding using the treasury stock method for awards under stock incentive plans.
Years Ended December 31,
2024
2023
2022
Basic earnings per share
Net income (loss) attributable to stockholders
$
6,008 $
10,127 $
9,934
Adjustments(a)
1,181
(106)
(1,019)
Net income (loss) attributable to common stockholders
$
7,189 $
10,022 $
8,915
Weighted-average common shares outstanding
1,115
1,364
1,445
Basic earnings per common share
$
6.45 $
7.35 $
6.17
Diluted earnings per share
Net income (loss) attributable to common stockholders – diluted
$
7,189 $
10,022 $
8,915
Weighted-average common shares outstanding – basic
1,115
1,364
1,445
Dilutive effect of awards under stock incentive plans
13
6
10
Weighted-average common shares outstanding – diluted
1,129
1,369
1,454
Diluted earnings per common share
$
6.37 $
7.32 $
6.13
Potentially dilutive securities(b)
—
23
10
__________
(a)
Includes a $1.2 billion and $(909) million return from (return to) 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 for the years
ended December 31, 2024 and 2022.
(b)
Potentially dilutive securities attributable to outstanding stock options and RSUs at December 31, 2023 and 2022, were excluded from
the computation of diluted EPS because the securities would have had an antidilutive effect.
Note 22. Stock Incentive Plans
GM Stock Incentive Awards
We grant to certain employees RSUs, PSUs and stock options (collectively, stock incentive
awards) under our 2020 LTIP and prior to the 2020 LTIP, under our 2017 and 2014 LTIP. The 2020 LTIP was approved by
stockholders in June 2020. Any new awards granted after the approval of the 2020 LTIP in June 2020 will be issued under the
2020 LTIP. To the extent any shares remain available for issuance under the 2017 LTIP and/or the 2014 LTIP, such shares will
only be used to settle outstanding awards that were previously granted under such plans prior to June 2020. The awards under
the plans are subject to forfeiture if the participant leaves the company for reasons other than those permitted under the plans
such as retirement, death or disability.
RSU awards granted either cliff vest or ratably vest generally over a three-year service period, as defined in the terms of each
award. PSU awards vest at the end of a three-year performance period, based on performance criteria determined by the
Executive Compensation Committee of the Board of Directors at the time of award. The number of shares earned, or units paid
in cash, may equal, exceed or be less than the targeted number depending on whether the performance criteria are met,
surpassed or not met. Our service-based stock options vest ratably over three years. Stock options expire 10 years from the
grant date.
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
98
Equity-Classified Awards
Shares (in millions)
Weighted-Average
Grant Date Fair
Value
Weighted-Average
Remaining
Contractual Term
in Years
Units outstanding at January 1, 2024
39.9 $
27.53
0.9
Granted
10.0 $
41.76
Settled
(11.6) $
22.65
Forfeited or expired
(3.4) $
45.26
Units outstanding at December 31, 2024(a)
34.9 $
31.52
3.0
__________
(a) Includes the target amount of PSUs.
There were no stock options issued during the year ended December 31, 2024. Our weighted-average assumptions used to
value our stock options are a dividend yield of 1.90% and 1.60%, expected volatility of 34.0% and 41.0%, a risk-free interest
rate of 3.70% and 1.88%, and an expected option life of 6.00 years for options issued during the years ended December 31,
2023 and 2022. The expected volatility is based on the average of the implied volatility of publicly traded options for our
common stock.
Total compensation expense related to the above awards was $332 million, $340 million and $419 million in the years ended
December 31, 2024, 2023 and 2022.
At December 31, 2024, the total unrecognized compensation expense for nonvested equity awards granted was $273 million.
This expense is expected to be recorded over a weighted-average period of 1.6 years. The total fair value of stock incentive
awards vested was $257 million, $425 million and $307 million in the years ended December 31, 2024, 2023 and 2022.
Liability-Classified Awards
We grant certain employees stock incentive awards that are payable in cash. The total
compensation expense and cash paid to settle these awards was insignificant in the years ended December 31, 2024, 2023 and
2022.
Cruise Stock Incentive Awards
Cruise granted RSUs that will settle in common shares of Cruise Holdings in the years ended
December 31, 2024, 2023 and 2022. Stock options were granted in common shares of Cruise Holdings in the year ended
December 31, 2022. These awards were granted under Cruise's 2018 Employee Incentive Plan approved by Cruise Holdings'
Board of Directors in August 2018. Shares awarded under the plan are subject to forfeiture if the participant leaves the company
for reasons other than those permitted under the plan. In March 2022, Cruise modified its RSUs that settle in Cruise Class B
Common Shares to remove the liquidity vesting condition such that all granted RSU awards vest solely upon satisfaction of a
service condition. The service condition for the majority of these awards is satisfied over four years. Upon modification,
31 million RSUs whose service condition was previously met became immediately vested, thereby resulting in the immediate
recognition of compensation expense. Subsequent to the modification, holders of Cruise Class B Common Shares issued to
settle vested awards could tender their shares generally at the fair value of Cruise’s common stock. The ability to tender the
Class B Common Shares results in certain awards to be classified as liabilities and other awards to be presented in temporary
equity. A final tender offer was completed in April 2024, after which substantially all remaining outstanding unvested Cruise
RSUs were exchanged by participants for unvested cash payment rights. The remaining outstanding Cruise RSUs are
insignificant and are now presented in permanent equity.
Total compensation expense related to Cruise Holdings' share-based awards was insignificant, $0.4 billion and $1.6 billion
for the years ended December 31, 2024, 2023 and 2022. GM conducted quarterly tender offers for the years ended December
31, 2023 and 2022 and paid approximately $0.2 billion, $0.3 billion and $0.6 billion in cash to settle tendered Cruise Class B
Common Shares during the years ended December 31, 2024, 2023 and 2022.
Table of Contents
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
99
Note 23. Segment Reporting
Our chief operating decision-maker, who is our Chair and Chief Executive Officer, analyzes the results of our business
through the following reportable segments: GMNA, GMI, Cruise and GM Financial. Our chief operating decision-maker
evaluates the operating results and performance of our automotive segments and Cruise through EBIT-adjusted, which is
presented net of noncontrolling interests. Our chief operating decision-maker evaluates GM Financial through EBT-adjusted
because interest income and interest expense are an integral part of its operational and financial performance. These financial
metrics are used to view operating trends, perform analytical comparisons and benchmark performance between periods and
among geographic regions and to monitor budget-to-actual variances on a monthly basis. To manage operations and make
decisions regarding resource allocations, our chief operating decision-maker is regularly provided and reviews expense
information at a consolidated, functional level for our global purchasing and supply chain, manufacturing and engineering
functions. Warranty and quality metrics are also viewed on a consolidated basis. Currently, a focus is being placed on driving
an efficient, consolidated fixed cost structure and managing overall global headcount. Vehicle-level profitability metrics are
also reviewed during the planning stage and throughout a program's life cycle on a forecasted basis, and not on an actual basis.
Each segment has a manager responsible for executing our strategic initiatives.
Substantially all of the trucks, crossovers, cars and automobile parts produced are marketed through retail dealers in North
America and through distributors and dealers outside of North America, the substantial majority of which are independently
owned. In addition to the products sold to dealers for consumer retail sales, trucks, crossovers and cars are also sold to fleet
customers, including daily rental car companies, commercial fleet customers, leasing companies and governments. Fleet sales
are completed through the dealer network and in some cases directly with fleet customers. Retail and fleet customers can obtain
a wide range of after-sale vehicle services and products through the dealer network, such as maintenance, light repairs, collision
repairs, vehicle accessories and extended service warranties.
GMNA meets the demands of customers in North America and GMI primarily meets the demands of customers outside North
America, with vehicles developed, manufactured and/or marketed under the Buick, Cadillac, Chevrolet and GMC brands. We
also have equity ownership stakes in entities that meet the demands of customers in other countries, primarily China, with
vehicles developed, manufactured and/or marketed under the Baojun, Buick, Cadillac, Chevrolet and Wuling brands. Cruise is
our global segment responsible for the development of AV technology, and includes AV-related engineering and other costs.
We provide automotive financing services through our GM Financial segment.
Our 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. Corporate assets primarily consist of cash and cash equivalents, marketable debt securities and intersegment
balances. All intersegment balances and transactions have been eliminated in consolidation.
Table of Contents
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
100
The following tables summarize key financial information by segment:
At and For the Year Ended December 31, 2024
GMNA
GMI
Corporate
Eliminations
Total
Automotive
Cruise
GM
Financial
Eliminations/
Reclassifications
Total
Net sales and revenue
$ 157,509
$ 13,890
$
206
$
—
$
171,605
$
257
$
15,875
$
(296) $
187,442
Segment expenses and other items(a)
(143,719) (17,849)
(1,398)
—
(162,966)
(3,065)
(13,231)
263
(178,999)
Adjustments(b)
738
4,262
64
—
5,064
1,107
320
—
6,491
Earnings (loss) before interest and
taxes-adjusted
$
14,528
$
303
$
(1,129) $
—
$
13,703
$
(1,701) $
2,965
$
(33) $
14,934
Adjustments(b)
(6,491)
Automotive interest income
967
Automotive interest expense
(846)
Net income (loss) attributable to
noncontrolling interests
(45)
Income (loss) before income taxes
8,519
Income tax benefit (expense)
(2,556)
Net income (loss)
5,963
Net loss (income) attributable to
noncontrolling interests
45
Net income (loss) attributable to
stockholders
$
6,008
Equity in net assets of
nonconsolidated affiliates
$
4,447
$
1,449
$
—
$
—
$
5,896
$
—
$
1,206
$
—
$
7,102
Goodwill and intangibles
$
1,966
$
676
$
—
$
—
$
2,642
$
570
$
1,339
$
—
$
4,551
Total assets
$ 165,905
$ 21,769
$
38,817
$
(85,117) $
141,374
$
2,948
$ 139,156
$
(3,717) $
279,761
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)(c)
$
955
$ (4,400) $
—
$
—
$
(3,445) $
—
$
(256) $
—
$
(3,701)
__________
(a)
Segment expenses and other items for Automotive segments primarily include material and logistics; manufacturing; equity income; selling, general and administrative people-
related costs; advertising; information technology; engineering; professional services; and policy, campaign, and warranty. GM Financial items consist primarily of GM
Financial interest expense; leased vehicle depreciation; people-related costs; provision for loan losses and gains and losses on termination of leased vehicles. Cruise items
primarily consist of people-related costs.
(b)
Consists of charges related to the Buick dealerships and restructuring actions in GMNA; charges related to manufacturing operations wind down in GMI; China restructuring
actions in GMI, GMNA and GM Financial; headquarters relocation in Corporate; and charges related to Cruise restructuring and Cruise realignment.
(c)
Equity loss associated with our Automotive China JVs include impacts of the other-than-temporary impairment and our portion of restructuring charges. 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
EVs. Refer to Note 8 for additional information.
Table of Contents
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
101
At and For the Year Ended December 31, 2023
GMNA
GMI
Corporate
Eliminations
Total
Automotive
Cruise
GM
Financial
Eliminations/
Reclassifications
Total
Net sales and revenue
$ 141,445
$ 15,949
$
273
$
—
$
157,667
$
102
$
14,225
$
(151) $
171,842
Segment expenses and other items(a)
(130,743) (14,522)
(1,686)
—
(146,951)
(3,275)
(11,239)
116
(161,350)
Adjustments(b)
1,604
(217)
—
—
1,387
478
—
—
1,865
Earnings (loss) before interest and
taxes-adjusted
$
12,306
$
1,210
$
(1,413) $
—
$
12,103
$
(2,695) $
2,985
$
(35) $
12,357
Adjustments(b)
(1,865)
Automotive interest income
1,109
Automotive interest expense
(911)
Net income (loss) attributable to
noncontrolling interests
(287)
Income (loss) before income taxes
10,403
Income tax benefit (expense)
(563)
Net income (loss)
9,840
Net loss (income) attributable to
noncontrolling interests
287
Net income (loss) attributable to
stockholders
$
10,127
Equity in net assets of
nonconsolidated affiliates
$
2,595
$
6,348
$
—
$
—
$
8,943
$
—
$
1,670
$
—
$
10,613
Goodwill and intangibles
$
2,083
$
710
$
—
$
—
$
2,793
$
715
$
1,354
$
—
$
4,862
Total assets
$ 155,908
$ 26,225
$
41,271
$
(82,858) $
140,546
$
4,555
$ 130,780
$
(2,817) $
273,064
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)(c)
$
196
$
440
$
—
$
—
$
635
$
—
$
138
$
—
$
773
__________
(a)
Segment expenses and other items for Automotive segments primarily include material and logistics; manufacturing; equity income; selling, general and administrative people-
related costs; advertising; information technology; engineering; professional services; and policy, campaign, and warranty. GM Financial items consist primarily of GM
Financial interest expense; leased vehicle depreciation; people-related costs; provision for loan losses and gains and losses on termination of leased vehicles. Cruise items
primarily consist of people-related costs.
(b)
Consists of charges related to the VSP and strategic activities related to Buick dealerships in GMNA; the gain associated with India asset sales and the partial resolution of
Korean subcontractor matters in GMI; and charges related to Cruise restructuring.
(c)
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 EVs. Refer to Note 8 for additional information.
Table of Contents
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
102
At and For the Year Ended December 31, 2022
GMNA
GMI
Corporate
Eliminations
Total
Automotive
Cruise
GM
Financial
Eliminations/
Reclassifications
Total
Net sales and revenue
$ 128,378
$ 15,420
$
177
$
—
$
143,974
$
102
$
12,766
$
(107) $
156,735
Segment expenses and other items(a)
(115,801) (14,934)
(2,023)
—
(132,756)
(3,049)
(8,690)
109
(144,386)
Adjustments(b)
411
657
—
—
1,068
1,057
—
—
2,125
Earnings (loss) before interest and
taxes-adjusted
$
12,988
$
1,143
$
(1,846) $
—
$
12,286
$
(1,890) $
4,076
$
2
$
14,474
Adjustments(b)
(2,125)
Automotive interest income
460
Automotive interest expense
(987)
Net income (loss) attributable to
noncontrolling interests
(226)
Income (loss) before income taxes
11,597
Income tax benefit (expense)
(1,888)
Net income (loss)
9,708
Net loss (income) attributable to
noncontrolling interests
226
Net income (loss) attributable to
stockholders
$
9,934
Equity in net assets of
nonconsolidated affiliates
$
1,820
$
6,691
$
—
$
—
$
8,511
$
—
$
1,665
$
—
$
10,176
Goodwill and intangibles
$
2,134
$
740
$
4
$
—
$
2,877
$
727
$
1,341
$
—
$
4,945
Total assets
$ 157,250
$ 24,808
$
60,518
$
(104,157) $
138,419
$
5,510
$ 121,544
$
(1,436) $
264,037
Expenditures for property
$
8,280
$
706
$
20
$
—
$
9,007
$
197
$
44
$
(10) $
9,238
Depreciation and amortization
$
5,800
$
513
$
21
$
—
$
6,335
$
53
$
4,888
$
—
$
11,276
Impairment charges
$
11
$
1
$
—
$
—
$
12
$
—
$
—
$
—
$
12
Equity income (loss)
$
(9) $
672
$
—
$
—
$
663
$
—
$
173
$
—
$
837
__________
(a)
Segment expenses and other items for Automotive segments primarily include material and logistics; manufacturing; equity income; selling, general and administrative people-
related costs; advertising; information technology; engineering; professional services; and policy, campaign, and warranty. GM Financial items consist primarily of GM
Financial interest expense; leased vehicle depreciation; people-related costs; provision for loan losses and gains and losses on termination of leased vehicles. Cruise items
primarily consist of people-related costs.
(b)
Consists of charges for strategic activities related to Buick dealerships and the resolution of substantially all royalty matters accrued with respect to past-year vehicle sales in
GMNA; charges related to the shutdown of our Russia business in GMI; and charges related to the one-time modification of Cruise stock incentive awards.
Automotive revenue is attributed to geographic areas based on the country of sale. GM Financial revenue is attributed to the
geographic area where the financing is originated. The following table summarizes information concerning principal geographic
areas:
At and For the Years Ended December 31,
2024
2023
2022
Net Sales and
Revenue
Long-Lived
Assets
Net Sales and
Revenue
Long-Lived
Assets
Net Sales and
Revenue
Long-Lived
Assets
Automotive
U.S.
$
140,536 $
35,986 $
127,472 $
34,142 $
116,798 $
30,201
Non-U.S.
31,070
15,811
30,186
16,054
27,177
14,907
GM Financial
U.S.
13,575
28,129
12,133
27,397
11,035
29,411
Non-U.S.
2,261
3,563
2,051
3,309
1,725
3,431
Total consolidated
$
187,442 $
83,490 $
171,842 $
80,903 $
156,735 $
77,950
No individual country other than the U.S. represented more than 10% of our total net sales and revenue or long-lived assets,
other than Mexico, whose long-lived assets were approximately 12%, 12% and 11% of our total long-lived assets at December
31, 2024, 2023 and 2022.
Table of Contents
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
103
Note 24. Supplemental Information for the Consolidated Statements of Cash Flows
The following table summarizes the sources (uses) of cash provided by Change in other operating assets and liabilities and
Cash paid for income taxes and interest:
Change in other operating assets and liabilities
Years Ended December 31,
2024
2023
2022
Accounts receivable
$
(846) $
1,183 $
(4,483)
Wholesale receivables funded by GM Financial, net
(6,341)
(2,982)
(5,000)
Inventories
666
(757)
(2,581)
Change in other assets
(2,022)
(685)
(248)
Accounts payable
1,284
(398)
6,144
Income taxes payable
(288)
(121)
273
Accrued and other liabilities
6,018
5,582
2,918
Total
$
(1,529) $
1,822 $
(2,977)
Cash paid for income taxes and interest
Cash paid for income taxes, net
$
1,475 $
1,726 $
1,191
Cash paid for interest (net of amounts capitalized) – Automotive
$
777 $
863 $
933
Cash paid for interest (net of amounts capitalized) – GM Financial
5,406
4,652
2,673
Total cash paid for interest (net of amounts capitalized)
$
6,183 $
5,515 $
3,606
Table of Contents
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
104
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
* * * * * * *
Item 9A. Controls and Procedures
Disclosure Controls and Procedures
We maintain disclosure controls and procedures designed to provide reasonable
assurance that information required to be disclosed in reports filed under the Exchange Act is recorded, processed, summarized
and reported within the specified time periods and accumulated and communicated to our management, including our principal
executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures.
Our management, with the participation of our CEO and CFO, evaluated the effectiveness of our disclosure controls and
procedures (as defined in Rules 13a-15(e) or 15d-15(e) promulgated under the Exchange Act) as of December 31, 2024 as
required by paragraph (b) of Rules 13a-15 or 15d-15. Based on this evaluation, our CEO and CFO concluded that our disclosure
controls and procedures were effective as of December 31, 2024.
Management's Report on Internal Control over Financial Reporting
Our management is responsible for establishing and
maintaining effective internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange
Act. This system is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of consolidated financial statements for external purposes in accordance with U.S. GAAP. Because of the inherent limitations
of internal control over financial reporting, including the possibility of collusion or improper management override of controls,
misstatements due to error or fraud may not be prevented or detected on a timely basis.
Our management performed an assessment of the effectiveness of our internal control over financial reporting at December
31, 2024, utilizing the criteria discussed in the “Internal Control – Integrated Framework (2013)” issued by the Committee of
Sponsoring Organizations of the Treadway Commission. The objective of this assessment was to determine whether our
internal control over financial reporting was effective as of December 31, 2024. Based on management's assessment, we have
concluded that our internal control over financial reporting was effective as of December 31, 2024.
The effectiveness of our internal control over financial reporting has been audited by Ernst & Young LLP (PCAOB ID: 42),
an independent registered public accounting firm, as stated in its report included herein.
Changes in Internal Control over Financial Reporting
There have not been any changes in our internal control over
financial reporting during the three months ended December 31, 2024 that have materially affected, or are reasonably likely to
materially affect, our internal control over financial reporting.
* * * * * * *
Table of Contents
GENERAL MOTORS COMPANY AND SUBSIDIARIES
105
Item 9B.
Other Information
None.
* * * * * * *
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not applicable.
* * * * * * *
PART III
Items 10, 11, 12, 13 and 14
Information required by Items 10, 11, 12, 13 and 14 of this Form 10-K is incorporated by reference from our definitive Proxy
Statement for our 2025 Annual Meeting of Stockholders, which will be filed with the SEC, pursuant to Regulation 14A, not
later than 120 days after the end of the 2024 fiscal year, all of which information is hereby incorporated by reference in, and
made part of, this Form 10-K, except disclosure of our executive officers, which is included in Part I, Item 1 of this report.
* * * * * * *
Table of Contents
GENERAL MOTORS COMPANY AND SUBSIDIARIES
106
PART IV
Item 15. Exhibit and Financial Statement Schedules
(a)
1. All Financial Statements and Supplemental Information
2. Financial Statement Schedules
All financial statement schedules are omitted as the required information is inapplicable or the information is
presented in the consolidated financial statements and notes thereto in Item 8.
3. Exhibits
(b)
Exhibits
2.1
Master Agreement, dated as of March 5, 2017, between General Motors Holdings LLC and Peugeot S.A.,
incorporated by reference to Exhibit 2.1 to the Quarterly Report on Form 10-Q of General Motors
Company filed April 28, 2017
Incorporated by
Reference
3.1
Restated Certificate of Incorporation of General Motors Company dated December 9, 2010, incorporated
by reference to Exhibit 3.2 to the Current Report on Form 8-K of General Motors Company filed December
13, 2010
Incorporated by
Reference
3.2
General Motors Company Amended and Restated Bylaws, as amended October 4, 2024, incorporated by
reference to Exhibit 3.1 to the Current Report on Form 8-K of General Motors Company filed October 9,
2024
Incorporated by
Reference
4.1
Description of Securities
Filed Herewith
4.2
Indenture, dated as of September 27, 2013, between General Motors Company and the Bank of New York
Mellon, as Trustee, incorporated by reference to Exhibit 4.2 to the Registration Statement on Form S-3 of
General Motors Company filed April 30, 2014
Incorporated by
Reference
4.3
First Supplemental Indenture, dated as of September 27, 2013 to the Indenture dated as of September 27,
2013 between General Motors Company and the Bank of New York Mellon, as Trustee, incorporated by
reference to Exhibit 4.3 to the Registration Statement on Form S-4 of General Motors Company filed May
22, 2014
Incorporated by
Reference
4.4
Second Supplemental Indenture, dated as of November 12, 2014 to the Indenture dated as of September 27,
2013 between General Motors Company and the Bank of New York Mellon, as Trustee, incorporated by
reference to Exhibit 4.4 to the Current Report on Form 8-K of General Motors Company filed November
12, 2014
Incorporated by
Reference
4.5
Third Supplemental Indenture, dated as of February 23, 2016, to the Indenture, dated as of September 27,
2013, between General Motors Company, as issuer, and The Bank of New York Mellon, as Trustee,
incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of General Motors Company
filed February 23, 2016
Incorporated by
Reference
4.6
Fourth Supplemental Indenture, dated as of August 7, 2017, to the Indenture, dated as of September 27,
2013, between General Motors Company, as issuer, and The Bank of New York Mellon, as Trustee,
incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of General Motors Company
filed August 8, 2017
Incorporated by
Reference
4.7
Fifth Supplemental Indenture, dated as of September 10, 2018, to the Indenture, dated as of September 27,
2013, between General Motors Company, as issuer, and The Bank of New York Mellon, as Trustee,
incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K of General Motors Company
filed September 10, 2018
Incorporated by
Reference
4.8
Sixth Supplemental Indenture, dated as of May 12, 2020, to the Indenture. dated as of September 27, 2013,
between General Motors Company, as issuer, and The Bank of New York Mellon, as Trustee, incorporated
by reference to Exhibit 4.2 to the Current Report on Form 8-K of General Motors Company filed May 12,
2020
Incorporated by
Reference
4.9
Seventh Supplemental Indenture, dated as of August 2, 2022, to the Indenture. dated as of September 27,
2013, between General Motors Company, as issuer, and The Bank of New York Mellon, as Trustee,
incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K of General Motors Company
filed August 2, 2022
Incorporated by
Reference
4.10
Calculation Agency Agreement, dated as of September 10, 2018 between General Motors Company and
the Bank of New York Mellon, as calculation agent, incorporated by reference to Exhibit 4.3 to the Current
Report on Form 8-K of General Motors Company filed September 10, 2018
Incorporated by
Reference
10.1*
Form of Compensation Statement, incorporated by reference to Exhibit 10.14 to the Annual Report on
Form 10-K of General Motors Company filed April 7, 2010
Incorporated by
Reference
10.2*
General Motors Company Executive Retirement Plan, with modifications through October 10, 2012,
incorporated by reference to Exhibit 10.12 to the Annual Report on Form 10-K of General Motors
Company filed February 15, 2013
Incorporated by
Reference
Exhibit
Number
Exhibit Name
Table of Contents
GENERAL MOTORS COMPANY AND SUBSIDIARIES
107
10.3*
Amendment No. 1 to General Motors Company Executive Retirement Plan, with modifications through
October 10, 2012, incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of General
Motors Company filed February 3, 2016
Incorporated by
Reference
10.4*
General Motors Company Vehicle Operations - Senior Management Vehicle Program (SMVP)
Supplement, revised December 15, 2005, incorporated by reference to Exhibit 10(g) to the Annual Report
on Form 10-K of Motors Liquidation Company filed March 28, 2006
Incorporated by
Reference
10.5*
General Motors Company 2014 Long-Term Incentive Plan, incorporated by reference to Exhibit 10.1 to the
Current Report on Form 8-K of General Motors Company filed June 12, 2014
Incorporated by
Reference
10.6*
Form of Non-Qualified Stock Option Agreement under the 2014 Long-Term Incentive Plan, incorporated
by reference to Exhibit 10.1 to the Current Report on Form 8-K of General Motors Company filed July 30,
2015
Incorporated by
Reference
10.7*
Form of Director and Officer Indemnification Agreement, incorporated by reference to Exhibit 10.6 to the
Quarterly Report on Form 10-Q of General Motors Company filed April 21, 2016
Incorporated by
Reference
10.8*
General Motors Company 2017 Short-Term Incentive Plan, incorporated by reference to Exhibit 10.25 to
the Annual Report on Form 10-K of General Motors Company filed February 6, 2018
Incorporated by
Reference
10.9*
General Motors Company 2017 Long-Term Incentive Plan, incorporated by reference to Exhibit 4.1 to the
Registration Statement on Form S-8 of General Motors Company filed June 16, 2017
Incorporated by
Reference
10.10*
Form of Non-Qualified Stock Option Award Agreement No. 1 under the General Motors Company 2017
Long-Term Incentive Plan, incorporated by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q
of General Motors Company filed April 26, 2018
Incorporated by
Reference
10.11*
Form of Non-Qualified Stock Option Award Agreement No. 2 under the General Motors Company 2017
Long-Term Incentive Plan, incorporated by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q
of General Motors Company filed May 6, 2020
Incorporated by
Reference
10.12*
Amended and Restated General Motors LLC U.S. Executive Severance Program, incorporated by reference
to Exhibit 10.23 to the Annual Report on Form 10-K of General Motors Company filed February 6, 2019
Incorporated by
Reference
10.13*
Form of Time Sharing Agreement, incorporated by reference to Exhibit 10.2 to the Quarterly Report on
Form 10-Q of General Motors Company filed October 29, 2019
Incorporated by
Reference
10.14*
The General Motors Company Deferred Compensation Plan for Non-Employee Directors, incorporated by
reference to Exhibit 10.19 to the Annual Report on Form 10-K of General Motors Company filed February
5, 2020
Incorporated by
Reference
10.15*
General Motors Company 2020 Long-Term Incentive Plan, incorporated by reference to Exhibit 4.1 to the
Registration Statement on Form S-8 of General Motors Company filed June 25, 2020
Incorporated by
Reference
10.16*
Amendment No. 1 to the General Motors Company 2020 Long-Term Incentive Plan, incorporated by
reference to Appendix B of the Definitive Proxy Statement of General Motors Company filed April 28,
2023
Incorporated by
Reference
10.17*
Form of Performance Share Unit Award Agreement No.1 under the General Motors Company 2020 Long-
Term Incentive Plan, incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q of
General Motors Company filed May 5, 2021
Incorporated by
Reference
10.18*
Form of Performance Share Unit Award Agreement No.3 under the General Motors Company 2020 Long-
Term Incentive Plan, incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q of
General Motors Company, filed April 27, 2022
Incorporated by
Reference
10.19*
Form of Non-Qualified Stock Option Award Agreement No. 1 under the General Motors Company 2020
Long- Term Incentive Plan, incorporated by reference to Exhibit 10.2 to the Quarterly Report on Form 10-
Q of General Motors Company filed May 5, 2021
Incorporated by
Reference
10.20*
Form of Non-Qualified Stock Option Award Agreement No.2 under the General Motors Company 2020
Long-Term Incentive Plan incorporated by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q
of General Motors Company, filed April 27, 2022
Incorporated by
Reference
10.21*
Form of Restricted Stock Unit Award Agreement No. 2 under the General Motors Company 2020 Long-
Term Incentive Plan, incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q of
General Motors Company, filed October 24, 2023
Incorporated by
Reference
10.22*
Form of Restricted Stock Unit Award Agreement No. 3 under the General Motors Company 2020 Long-
Term Incentive Plan, incorporated by reference to Exhibit 10.24 to the Annual Report on Form 10-K of
General Motors Company, filed January 30, 2024
Incorporated by
Reference
10.23*
Form of Restricted Stock Unit Award Agreement No. 4 under the General Motors Company 2020 Long-
Term Incentive Plan, incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q of
General Motors Company, filed April 23, 2024
Incorporated by
Reference
10.24*
Form of Performance Stock Unit Award Agreement No. 4 under the General Motors Company 2020 Long-
Term Incentive Plan, incorporated by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q of
General Motors Company, filed April 23, 2024
Incorporated by
Reference
Exhibit
Number
Exhibit Name
Table of Contents
GENERAL MOTORS COMPANY AND SUBSIDIARIES
108
10.25*
Senior Advisor Consulting Agreement between General Motors LLC and Michael Abbott, incorporated by
reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q of General Motors Company, filed July 23,
2024
Incorporated by
Reference
10.26*
Amended Senior Advisor Consulting Agreement between General Motors LLC and Michael Abbott,
incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q of General Motors
Company, filed October 22, 2024
Incorporated by
Reference
10.27†
Fourth Amended and Restated 5-Year Revolving Credit Agreement among General Motors Company,
General Motors Financial Company, Inc., the subsidiary borrowers from time to time parties thereto, the
several lenders from time to time parties thereto, JPMorgan Chase Bank, N.A., as administrative agent, and
Citibank, N.A., as syndication agent, incorporated by reference to Exhibit 10.1 to the Current Report on
Form 8-K of General Motors Company filed March 31, 2023
Incorporated by
Reference
10.28†
Fifth Amended and Restated 3-Year Revolving Credit Agreement among General Motors Company,
General Motors Financial Company, Inc., the subsidiary borrowers from time to time parties thereto, the
several lenders from time to time parties thereto, JPMorgan Chase Bank, N.A., as administrative agent, and
Citibank, N.A., as syndication agent, incorporated by reference to Exhibit 10.2 to the Current Report on
Form 8-K of General Motors Company filed March 31, 2023
Incorporated by
Reference
10.29†
Fifth Amended and Restated 364-Day Revolving Credit Agreement among General Motors Company,
General Motors Financial Company, Inc., the subsidiary borrowers from time to time parties thereto, the
several lenders from time to time parties thereto, JPMorgan Chase Bank, N.A., as administrative agent, and
Citibank, N.A., as syndication agent, incorporated by reference to Exhibit 10.3 to the Current Report on
Form 8-K of General Motors Company filed March 31, 2023
Incorporated by
Reference
10.30†
Sixth Amended and Restated 364-Day Revolving Credit Agreement among General Motors Company,
General Motors Financial Company, Inc., the subsidiary borrowers from time to time parties thereto, the
several lenders from time to time parties thereto, JPMorgan Chase Bank, N.A., as administrative agent,
Citibank, N.A., as syndication agent, and Bank of America, N.A., as co-syndication agent, incorporated by
reference to Exhibit 10.1 to the Current Report on Form 8-K of General Motors Company filed March 28,
2024
Incorporated by
Reference
10.31
Eighth Amended and Restated Limited Liability Company Agreement of GM Cruise Holdings LLC, dated
March 18, 2022, incorporated by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q of
General Motors Company filed July 26, 2022
Incorporated by
Reference
10.32
Form of Master Confirmation - Uncollared Accelerated Share Repurchase, dated November 29, 2023,
incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of General Motors Company
filed November 29, 2023
Incorporated by
Reference
19
General Motors Company Amended and Restated Insider Trading Policy, dated March 9, 2023,
incorporated by reference to Exhibit 19 to the Annual Report on Form 10-K of General Motors Company,
filed January 30, 2024
Incorporated by
Reference
21
Subsidiaries and Joint Ventures of the Registrant as of December 31, 2024
Filed Herewith
23
Consent of Ernst & Young LLP
Filed Herewith
24
Power of Attorney for Directors of General Motors Company
Filed Herewith
31.1
Section 302 Certification of the Chief Executive Officer
Filed Herewith
31.2
Section 302 Certification of the Chief Financial Officer
Filed Herewith
32
Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-
Oxley Act of 2002
Furnished with
this Report
97
General Motors Company Amended and Restated Policy on Recoupment of Incentive Compensation, dated
August 14, 2023, incorporated by reference to Exhibit 97 to the Annual Report on Form 10-K of General
Motors Company filed January 30, 2024
Incorporated by
Reference
101
The following financial information from the Company’s Annual Report on Form 10-K for the year ended
December 31, 2024 formatted in Inline Extensible Business Reporting Language (iXBRL) includes: (i) the
Consolidated Income Statements, (ii) the Consolidated Statements of Comprehensive Income, (iii) the
Consolidated Balance Sheets, (iv) the Consolidated Statements of Cash Flows, (v) the Consolidated
Statements of Equity and (vi) Notes to the Consolidated Financial Statements
Filed Herewith
104
The cover page from the Company's Annual Report on Form 10-K for the year ended December 31, 2024,
formatted as Inline XBRL and contained in Exhibit 101
Filed Herewith
Exhibit
Number
Exhibit Name
__________
†
Portions of this exhibit have been omitted pursuant to Rule 601(b)(10) of Regulation S-K. The omitted information is not material
and would likely cause competitive harm to the registrant if publicly disclosed.
*
Management contracts and compensatory plans and arrangements required to be filed as exhibits pursuant to Item 15(b) of this
Report.
* * * * * * *
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Item 16. Form 10-K Summary
None.
* * * * * * *
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.
GENERAL MOTORS COMPANY
(Registrant)
By:
/s/ MARY T. BARRA
Mary T. Barra
Chair and Chief Executive Officer
Date:
January 28, 2025
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Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below on this 28th day of
January 2025 by the following persons on behalf of the registrant and in the capacities indicated, including a majority of the
directors.
Signature
Title
/s/ MARY T. BARRA
Chair and Chief Executive Officer
Mary T. Barra
/s/ PAUL A. JACOBSON
Executive Vice President and Chief Financial Officer
Paul A. Jacobson
/s/ CHRISTOPHER T. HATTO
Vice President, Global Business Solutions and Chief
Christopher T. Hatto
Accounting Officer
/s/ PATRICIA F. RUSSO*
Independent Lead Director
Patricia F. Russo
/s/ WESLEY G. BUSH*
Director
Wesley G. Bush
/s/ JOANNE C. CREVOISERAT*
Director
Joanne C. Crevoiserat
/s/ LINDA R. GOODEN*
Director
Linda R. Gooden
/s/ JOSEPH JIMENEZ*
Director
Joseph Jimenez
/s/ ALFRED F. KELLY JR.*
Director
Alfred F. Kelly Jr.
/s/ JONATHAN MCNEILL*
Director
Jonathan McNeill
/s/ JUDITH A. MISCIK*
Director
Judith A. Miscik
/s/ THOMAS M. SCHOEWE*
Director
Thomas M. Schoewe
/s/ MARK A. TATUM*
Director
Mark A. Tatum
/s/ JAN E. TIGHE*
Director
Jan E. Tighe
/s/ DEVIN N. WENIG*
Director
Devin N. Wenig
*By:
/s/ GRANT DIXTON
Grant Dixton
Attorney-in-Fact
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