News Release Details

GM Releases 2023 Fourth-Quarter and Full-Year Results, and 2024 Guidance

Tue, January 30, 2024

DETROIT, Jan. 30, 2024 /PRNewswire/ -- General Motors Co. (NYSE: GM) today reported fourth-quarter 2023 revenue of $43.0 billion, net income attributable to stockholders of $2.1 billion and EBIT-adjusted of $1.8 billion.

GM reported full-year 2023 revenue of $171.8 billion, net income attributable to stockholders of $10.1 billion and EBIT-adjusted of $12.4 billion.

The chart below summarizes GM's 2023 financial guidance and 2023 results, as well as the company's 2024 guidance, which is for a year of strong financial performance.

 

Final 2023 Guidance

2023 Results

2024 Guidance

Net income attributable to stockholders

$9.1 billion - $9.7 billion

$10.1 billion

$9.8 billion - $11.2 billion

EBIT-adjusted

$11.7 billion - $12.7 billion

$12.4 billion

$12.0 billion - $14.0 billion

Automotive operating cash flow

$19.5 billion - $21.0 billion

$20.8 billion

$18.0 billion - $21.0 billion

Adjusted automotive free cash flow

$10.5 billion - $11.5 billion

$11.7 billion

$8.0 billion - $10.0 billion

EPS-diluted*

$6.52 - $7.02

$7.32

$8.50 - $9.50

EPS-diluted-adjusted*

$7.20 - $7.70

$7.68

$8.50 - $9.50
 

*2024 guidance includes an estimated $1.45 per share impact from the company's accelerated share repurchase program (initiated in November 2023) based on current share price and offset by $0.50 from a higher tax rate and lower interest income. It assumes a full-year weighted-average diluted share count slightly below 1.15 billion shares.

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

Conference Call for Investors and Analysts

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

Conference call details are as follows:

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

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

Results Overview
 

Three Months Ended

    

$M except per share amounts

December 31,
2023

December 31,
2022

Change

% Change

Revenue

$     42,980

$    43,108

$        (128)

(0.3) %

Net income attributable to stockholders

$       2,102

$      1,999

$         103

5.2 %

EBIT-adjusted

$       1,757

$      3,799

$     (2,042)

(53.8) %

Net income margin

4.9 %

4.6 %

0.3 ppts

6.5 %

EBIT-adjusted margin

4.1 %

8.8 %

(4.7) ppts

(53.4) %

Automotive operating cash flow

$       4,688

$     7,488

$     (2,800)

(37.4) %

Adjusted automotive free cash flow

$       1,341

$     4,460

$     (3,119)

(69.9) %

EPS-diluted(a)

$         1.59

$       1.39

$        0.20

14.4 %

EPS-diluted-adjusted(a)

$         1.24

$       2.12

$       (0.88)

(41.5) %

GMNA EBIT-adjusted

$       2,011

$     3,654

$     (1,643)

(45.0) %

GMNA EBIT-adjusted margin

5.7 %

10.3 %

(4.6) ppts

(44.7) %

GMI EBIT-adjusted

$          269

$        272

$            (3)

(1.1) %

China equity income

$            93

$        201

$        (108)

(53.7) %

GM Financial EBT-adjusted

$          707

$        775

$          (68)

(8.8) %

__________

(a)

EPS-diluted and EPS-diluted-adjusted include a $(0.05) impact from revaluation on equity investments in the three months ended December 31, 2023.

 

 

Years Ended

    

$M except per share amounts

December 31,
2023

December 31,
2022

Change

% Change

Revenue

$    171,842

$  156,735

$    15,107

9.6 %

Net income attributable to stockholders

$      10,127

$      9,934

$         193

1.9 %

EBIT-adjusted

$      12,357

$    14,474

$     (2,117)

(14.6) %

Net income margin

5.9 %

6.3 %

(0.4) ppts

(6.3) %

EBIT-adjusted margin

7.2 %

9.2 %

(2.0) ppts

(21.7) %

Automotive operating cash flow

$     20,828

$    19,094

$       1,734

9.1 %

Adjusted automotive free cash flow

$     11,666

$    10,466

$       1,200

11.5 %

EPS-diluted(a)

$         7.32

$        6.13

$         1.19

19.4 %

EPS-diluted-adjusted(a)

$         7.68

$        7.59

$         0.09

1.2 %

GMNA EBIT-adjusted

$     12,306

$    12,988

$         (682)

(5.3) %

GMNA EBIT-adjusted margin

8.7 %

10.1 %

(1.4) ppts

(13.9) %

GMI EBIT-adjusted

$       1,210

$      1,143

$            67

5.9 %

China equity income

$          446

$         677

$         (231)

(34.1) %

GM Financial EBT-adjusted

$       2,985

$      4,076

$      (1,091)

(26.8) %

__________

(a)

EPS-diluted and EPS-diluted-adjusted include a $(0.10) and $(0.13) impact from revaluation on equity investments in the years ended December 31, 2023 and 2022.

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

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

2023 Guidance Reconciliations

The following table reconciles expected Net income attributable to stockholders under U.S. GAAP to expected EBIT-adjusted (dollars in billions):

 

Year Ending
December 31, 2023

Net income attributable to stockholders                     

$ 9.1-9.7

Income tax expense

1.4-1.8

Automotive interest income, net

(0.1)

Adjustments(a)

1.3

EBIT-adjusted

$ 11.7-12.7

The following table reconciles expected automotive net cash provided by operating activities under U.S. GAAP to expected adjusted automotive free cash flow (dollars in billions):

 

Year Ending
December 31, 2023

Net automotive cash provided by operating activities

$ 19.5-21.0

Less: Capital expenditures

10.3-10.8

Adjustments(a)

1.3

Adjusted automotive free cash flow

$ 10.5-11.5

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

 

Year Ending
December 31, 2023

Diluted earnings per common share                        

$ 6.52-7.02

Adjustments(a)

0.68

EPS-diluted-adjusted

$ 7.20-7.70

________

(a)

Adjustments as of September 30, 2023. Includes adjustments related to our Buick dealer strategy, voluntary separation program and GM Korea wage litigation. See our Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, for full details. We do not consider the potential future impact of adjustments on our expected financial results.

2024 Guidance Reconciliations

The following table reconciles expected Net income attributable to stockholders under U.S. GAAP to expected EBIT-adjusted (dollars in billions):

 

Year Ending
December 31, 2024

Net income attributable to stockholders                

$ 9.8-11.2

Income tax expense

2.1-2.7

Automotive interest expense, net

0.1

EBIT-adjusted(a)

$ 12.0-14.0

The following table reconciles expected automotive net cash provided by operating activities under U.S. GAAP to expected adjusted automotive free cash flow (dollars in billions):

 

Year Ending
December 31, 2024

Net automotive cash provided by operating activities

$ 18.0-21.0

Less: Capital expenditures

10.0-11.0

Adjusted automotive free cash flow(a)

$ 8.0-10.0

__________

(a)

We do not consider the potential future impact of adjustments on our expected financial results.

 

General Motors Company and Subsidiaries1

 

Combining Income Statement Information

(In millions) (Unaudited)
 
 

Year Ended December 31, 2023

  

Year Ended December 31, 2022
 

Automotive

  

Cruise

  

GM
Financial

  

Reclassifications/
Eliminations

  

Combined

  

Automotive

  

Cruise

  

GM
Financial

  

Reclassifications/
Eliminations

  

Combined

Net sales and revenue

                                      

Automotive

$  157,667

  

$  102

  

$       —

  

$             (110)

  

$ 157,658

  

$  143,974

  

$  102

  

$       —

  

$             (101)

  

$ 143,975

GM Financial

—

  

—

  

14,225

  

(41)

  

14,184

  

—

  

—

  

12,766

  

(6)

  

12,760

Total net sales and revenue

157,667

  

102

  

14,225

  

(151)

  

171,842

  

143,974

  

102

  

12,766

  

(107)

  

156,735

Costs and expenses

                                      

Automotive and other cost of sales

138,254

  

3,088

  

—

  

(12)

  

141,330

  

124,317

  

2,576

  

—

  

(2)

  

126,892

GM Financial interest, operating and other expenses

—

  

—

  

11,376

  

(2)

  

11,374

  

—

  

—

  

8,864

  

(2)

  

8,862

Automotive and other selling, general and
administrative expense

9,349

  

493

  

—

  

(2)

  

9,840

  

9,902

  

766

  

—

  

(1)

  

10,667

Total costs and expenses

147,603

  

3,581

  

11,376

  

(16)

  

162,544

  

134,219

  

3,342

  

8,864

  

(5)

  

146,421

Operating income (loss)

10,064

  

(3,479)

  

2,848

  

(135)

  

9,298

  

9,755

  

(3,240)

  

3,903

  

(102)

  

10,315

Automotive interest expense

928

  

33

  

—

  

(49)

  

911

  

986

  

5

  

—

  

(5)

  

987

Interest income and other non-operating income, net

1,345

  

107

  

(1)

  

86

  

1,537

  

1,282

  

48

  

(1)

  

103

  

1,432

Equity income (loss)

342

  

—

  

138

  

—

  

480

  

663

  

—

  

173

  

—

  

837

Income (loss) before income taxes

10,823

  

(3,405)

  

2,985

  

—

  

10,403

  

10,713

  

(3,197)

  

4,076

  

5

  

11,597

Income tax expense (benefit)

                

563

                  

1,888

Net income (loss)

                

9,840

                  

9,708

Net loss (income) attributable to noncontrolling interests

                

287

                  

226

Net income (loss) attributable to stockholders

                

$  10,127

                  

$    9,934
                                       

Net income (loss) attributable to common stockholders

                

$  10,022

                  

$    8,915

 ________

  1

Certain columns and rows may not add due to rounding.

 

Basic and Diluted Earnings per Share

(Unaudited)
 

The following table summarizes basic and diluted earnings per share (in millions, except per share amounts):
 
 

Three Months Ended

  

Years Ended
 

December 31,
2023

  

December 31,
2022

  

December 31,
2023

  

December 31,
2022

Basic earnings per share

              

Net income (loss) attributable to stockholders

$             2,102

  

$             1,999

  

$           10,127

  

$             9,934

Less: cumulative dividends on subsidiary preferred stock(a)

(26)

  

(12)

  

(106)

  

(1,019)

Net income (loss) attributable to common stockholders

$             2,076

  

$             1,987

  

$           10,022

  

$             8,915
               

Weighted-average common shares outstanding

1,302

  

1,415

  

1,364

  

1,445
               

Basic earnings per common share

$               1.59

  

$               1.40

  

$               7.35

  

$               6.17

Diluted earnings per share

              

Net income (loss) attributable to common stockholders – diluted

$             2,076

  

$             1,987

  

$           10,022

  

$             8,915
               

Weighted-average common shares outstanding – diluted

1,307

  

1,425

  

1,369

  

1,454
               

Diluted earnings per common share

$               1.59

  

$               1.39

  

$               7.32

  

$               6.13

Potentially dilutive securities(b)

23

  

10

  

23

  

10

__________           

(a) 

Includes a $909 million deemed dividend related to the redemption of Cruise preferred shares from SoftBank for the year ended December 31, 2022 and an insignificant amount in participating securities income from a subsidiary in the year ended December 31, 2022 and in the three months ended December 31, 2022.

(b) 

Potentially dilutive securities attributable to outstanding stock options and restricted stock units (RSUs) at December 31, 2023 and 2022, were excluded from the computation of diluted EPS because the securities would have had an antidilutive effect.

 

Combining Balance Sheet Information

(In millions, except per share amounts) (Unaudited)
 
 

December 31, 2023

  

December 31, 2022
 

Automotive

  

Cruise

  

GM Financial

  

Reclassifications/
Eliminations

  

Combined

  

Automotive

  

Cruise

  

GM Financial

  

Reclassifications/
Eliminations

  

Combined

ASSETS

                                      

Current Assets

                                      

Cash and cash equivalents

$ 12,228

  

$ 1,344

  

$     5,282

  

$              —

  

$  18,853

  

$ 13,629

  

$ 1,519

  

$     4,005

  

$              —

  

$  19,153

Marketable debt securities

7,613

  

—

  

—

  

—

  

7,613

  

10,760

  

1,390

  

—

  

—

  

12,150

Accounts and notes receivable, net(a)

11,814

  

—

  

1,891

  

(1,327)

  

12,378

  

11,910

  

—

  

2,114

  

(691)

  

13,333

GM Financial receivables, net

—

  

—

  

39,246

  

(170)

  

39,076

  

—

  

—

  

33,811

  

(188)

  

33,623

Inventories

16,467

  

—

  

—

  

(6)

  

16,461

  

15,369

  

—

  

—

  

(2)

  

15,366

Other current assets(b)

1,994

  

466

  

5,205

  

(428)

  

7,238

  

2,009

  

347

  

4,912

  

(442)

  

6,825

Total current assets

50,115

  

1,809

  

51,624

  

(1,931)

  

101,618

  

53,677

  

3,256

  

44,842

  

(1,324)

  

100,451

Non-current Assets

                                      

GM Financial receivables, net(d)

—

  

—

  

45,391

  

(348)

  

45,043

  

—

  

—

  

40,702

  

(112)

  

40,591

Equity in net assets of nonconsolidated affiliates

8,943

  

—

  

1,670

  

—

  

10,613

  

8,511

  

—

  

1,665

  

—

  

10,176

Property, net

50,104

  

93

  

124

  

—

  

50,321

  

45,011

  

98

  

140

  

—

  

45,248

Goodwill and intangible assets, net

2,793

  

715

  

1,354

  

—

  

4,862

  

2,877

  

727

  

1,341

  

—

  

4,945

Equipment on operating leases, net

—

  

—

  

30,582

  

—

  

30,582

  

—

  

—

  

32,701

  

—

  

32,701

Deferred income taxes

21,722

  

1,723

  

(1,106)

  

—

  

22,339

  

20,348

  

1,108

  

(917)

  

—

  

20,539

Other assets(c)

6,869

  

215

  

1,140

  

(538)

  

7,686

  

7,995

  

322

  

1,069

  

—

  

9,386

Total non-current assets

90,430

  

2,745

  

79,156

  

(886)

  

171,446

  

84,742

  

2,254

  

76,702

  

(112)

  

163,586

Total Assets

$  140,546

  

$ 4,555

  

$  130,780

  

$        (2,817)

  

$ 273,064

  

$  138,419

  

$ 5,510

  

$  121,544

  

$        (1,436)

  

$ 264,037

LIABILITIES AND EQUITY

                                      

Current Liabilities

                                      

Accounts payable (principally trade)(a)

$ 27,846

  

$   185

  

$     1,136

  

$        (1,054)

  

$  28,114

  

$ 27,307

  

$   146

  

$        712

  

$          (679)

  

$  27,486

Short-term debt and current portion of long-term debt

                                     

Automotive(a)

591

  

272

  

—

  

(435)

  

428

  

2,144

  

13

  

—

  

(198)

  

1,959

GM Financial

—

  

—

  

38,540

  

—

  

38,540

  

—

  

—

  

36,819

  

—

  

36,819

Cruise

—

  

6

  

—

  

(6)

  

—

  

—

  

2

  

—

  

(2)

  

—

Accrued liabilities(b)

21,468

  

590

  

5,741

  

(436)

  

27,364

  

18,662

  

612

  

6,081

  

(445)

  

24,910

Total current liabilities

49,906

  

1,053

  

45,417

  

(1,931)

  

94,445

  

48,113

  

772

  

43,612

  

(1,324)

  

91,173

Non-current Liabilities

                                      

Long-term debt

                                      

Automotive(c)

15,979

  

544

  

—

  

(538)

  

15,985

  

15,879

  

6

  

—

  

—

  

15,885

GM Financial

—

  

—

  

66,788

  

—

  

66,788

  

—

  

—

  

60,036

  

—

  

60,036

Cruise(d)

—

  

348

  

—

  

(348)

  

—

  

—

  

112

  

—

  

(112)

  

—

Postretirement benefits other than pensions

4,345

  

—

  

—

  

—

  

4,345

  

4,193

  

—

  

—

  

—

  

4,193

Pensions

6,673

  

—

  

8

  

—

  

6,680

  

5,692

  

—

  

6

  

—

  

5,698

Other liabilities

13,447

  

454

  

2,614

  

—

  

16,515

  

11,927

  

465

  

2,375

  

—

  

14,767

Total non-current liabilities

40,444

  

1,345

  

69,409

  

(886)

  

110,312

  

37,691

  

583

  

62,417

  

(112)

  

100,579

Total Liabilities

90,350

  

2,399

  

114,826

  

(2,817)

  

204,757

  

85,804

  

1,356

  

106,029

  

(1,436)

  

191,752

Noncontrolling interest - Cruise stock incentive awards

—

  

118

  

—

  

—

  

118

  

—

  

357

  

—

  

—

  

357

Equity

                                     

Common stock, $0.01 par value

12

  

—

  

—

  

—

  

12

  

14

  

—

  

—

  

—

  

14

Additional paid-in capital(e)

18,866

  

240

  

1,314

  

(1,290)

  

19,130

  

26,313

  

90

  

1,433

  

(1,409)

  

26,428

Retained earnings

39,579

  

(12)

  

15,823

  

1

  

55,391

  

32,054

  

1,766

  

15,429

  

1

  

49,251

Accumulated other comprehensive loss

(9,066)

  

1

  

(1,183)

  

—

  

(10,247)

  

(6,552)

  

(2)

  

(1,348)

  

—

  

(7,901)

Total stockholders' equity

49,391

  

229

  

15,954

  

(1,289)

  

64,286

  

51,829

  

1,855

  

15,515

  

(1,407)

  

67,792

Noncontrolling interests(e)

805

  

1,809

  

—

  

1,289

  

3,903

  

786

  

1,942

  

—

  

1,407

  

4,135

Total Equity

50,196

  

2,038

  

15,954

  

—

  

68,189

  

52,615

  

3,797

  

15,515

  

—

  

71,927

Total Liabilities and Equity

$  140,546

  

$ 4,555

  

$  130,780

  

$        (2,817)

  

$ 273,064

  

$  138,419

  

$ 5,510

  

$  121,544

  

$        (1,436)

  

$ 264,037

_________

(a)   

Eliminations primarily include GM Financial accounts and notes receivable of $0.5 billion due from Automotive; and Automotive accounts receivable of $0.8 billion primarily due from GM Financial and Cruise at December 31, 2023; and GM Financial accounts and notes receivable of $0.5 billion due from Automotive accounts payable and Automotive accounts receivable of $0.1 billion due from GM Financial accounts payable at December 31, 2022.

(b) 

Eliminations primarily related to intercompany asset transfers between Automotive and Cruise for autonomous vehicle (AV) capital.

(c) 

Eliminations related to deferral agreement between Cruise and Automotive as regards to engineering and capital spending incurred by Automotive on behalf of Cruise resulting in a long-term payable for Cruise offset by a long-term receivable for Automotive.

(d) 

Eliminations primarily related to intercompany loans due from Cruise to GM Financial in the year ended December 31, 2023.

(e) 

Primarily reclassification of GM Financial Cumulative Perpetual Preferred Stock, Series A, B and C. The preferred stock is classified as noncontrolling interests in our consolidated balance sheets.

 

Combining Cash Flow Information

(In millions) (Unaudited)
 
 

Year Ended December 31, 2023

  

Year Ended December 31, 2022
 

Automotive

  

Cruise

  

GM Financial

  

Reclassifications/
Eliminations

  

Combined

  

Automotive

  

Cruise

  

GM Financial

  

Reclassifications/
Eliminations

  

Combined

Cash flows from operating activities

                                      

Net income (loss)

$ 10,102

  

$ (2,414)

  

$ 2,152

  

$              —

  

$  9,840

  

$   8,509

  

$ (1,900)

  

$  3,095

  

$               5

  

$   9,708

Depreciation and impairment of Equipment on operating leases, net

—

  

—

  

4,904

  

—

  

4,904

  

—

  

—

  

4,839

  

—

  

4,839

Depreciation, amortization and impairment charges on Property, net

6,756

  

188

  

40

  

—

  

6,984

  

6,346

  

55

  

49

  

—

  

6,451

Foreign currency remeasurement and transaction (gains) losses

344

  

—

  

5

  

—

  

349

  

173

  

—

  

(1)

  

—

  

172

Undistributed earnings of nonconsolidated affiliates, net

295

  

—

  

(50)

  

—

  

245

  

225

  

—

  

(32)

  

—

  

193

Pension contributions and OPEB payments

(1,099)

  

—

  

—

  

—

  

(1,100)

  

(790)

  

—

  

—

  

—

  

(790)

Pension and OPEB income, net

89

  

—

  

2

  

—

  

90

  

(1,190)

  

—

  

1

  

—

  

(1,189)

Provision (benefit) for deferred taxes

(305)

  

(991)

  

256

  

—

  

(1,041)

  

1,247

  

(1,297)

  

475

  

—

  

425

Change in other operating assets and liabilities(a)

3,376

  

637

  

846

  

(3,037)

  

1,822

  

2,363

  

1,067

  

(1,263)

  

(5,144)

  

(2,977)

Other operating activities(c)

1,272

  

658

  

(1,493)

  

(1,601)

  

(1,163)

  

2,211

  

243

  

(1,688)

  

(1,556)

  

(790)

Net cash provided by (used in) operating activities

20,828

  

(1,921)

  

6,662

  

(4,638)

  

20,930

  

19,094

  

(1,832)

  

5,476

  

(6,695)

  

16,043

Cash flows from investing activities

                                      

Expenditures for property

(10,684)

  

(63)

  

(24)

  

(198)

  

(10,970)

  

(9,007)

  

(197)

  

(44)

  

10

  

(9,238)

Available-for-sale marketable securities, acquisitions

(3,940)

  

(490)

  

—

  

—

  

(4,429)

  

(8,511)

  

(3,326)

  

—

  

—

  

(11,837)

Available-for-sale marketable securities, liquidations

7,443

  

1,902

  

—

  

—

  

9,345

  

4,565

  

3,506

  

—

  

(14)

  

8,057

Purchases of finance receivables(a)

—

  

—

  

(38,593)

  

3,214

  

(35,379)

  

—

  

—

  

(39,113)

  

5,139

  

(33,974)

Principal collections and recoveries on finance receivables

—

  

—

  

28,343

  

4

  

28,346

  

—

  

—

  

27,017

  

(129)

  

26,887

Purchases of leased vehicles

—

  

—

  

(13,640)

  

—

  

(13,640)

  

—

  

—

  

(11,949)

  

—

  

(11,949)

Proceeds from termination of leased vehicles

—

  

—

  

13,033

  

—

  

13,033

  

—

  

—

  

14,234

  

—

  

14,234

Other investing activities(b)

(1,505)

  

—

  

—

  

536

  

(969)

  

(4,544)

  

—

  

(151)

  

4,633

  

(62)

Net cash provided by (used in) investing activities

(8,686)

  

1,349

  

(10,882)

  

3,556

  

(14,663)

  

(17,497)

  

(17)

  

(10,006)

  

9,638

  

(17,882)

Cash flows from financing activities

                                      

Net increase (decrease) in short-term debt

(6)

  

—

  

(150)

  

—

  

(156)

  

40

  

—

  

333

  

—

  

373

Proceeds from issuance of debt (original maturities greater than three months)

24

  

228

  

50,940

  

(228)

  

50,963

  

2,255

  

99

  

43,557

  

(99)

  

45,813

Payments on debt (original maturities greater than three months)

(1,644)

  

(33)

  

(43,001)

  

3

  

(44,675)

  

(1,631)

  

(1)

  

(37,925)

  

(50)

  

(39,606)

Payments to purchase common stock

(11,115)

  

—

  

—

  

—

  

(11,115)

  

(2,514)

  

—

  

—

  

14

  

(2,500)

Issuance (redemption) of subsidiary stock(b)

—

  

493

  

—

  

(493)

  

—

  

—

  

2,419

  

—

  

(4,541)

  

(2,121)

Dividends paid(c)

(479)

  

—

  

(1,919)

  

1,800

  

(597)

  

(265)

  

(58)

  

(1,819)

  

1,745

  

(397)

Other financing activities

(336)

  

(292)

  

(146)

  

—

  

(774)

  

(363)

  

(668)

  

(134)

  

(13)

  

(1,178)

Net cash provided by (used in) financing activities

(13,555)

  

396

  

5,724

  

1,082

  

(6,353)

  

(2,478)

  

1,791

  

4,014

  

(2,943)

  

383

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(15)

  

—

  

69

  

—

  

54

  

(147)

  

—

  

9

  

—

  

(138)

Net increase (decrease) in cash, cash equivalents and restricted cash

(1,437)

  

(167)

  

1,573

  

—

  

(31)

  

(1,028)

  

(59)

  

(507)

  

—

  

(1,594)

Cash, cash equivalents and restricted cash at beginning of period

13,746

  

1,526

  

6,676

  

—

  

21,948

  

14,774

  

1,584

  

7,183

  

—

  

23,542

Cash, cash equivalents and restricted cash at end of period

$ 12,310

  

$ 1,359

  

$ 8,249

  

$              —

  

$  21,917

  

$ 13,746

  

$ 1,526

  

$  6,676

  

$              —

  

$ 21,948

_________

(a) 

Includes eliminations of $3.0 billion and $5.0 billion in the years ended December 31, 2023 and 2022 for purchases/collections of wholesale finance receivables resulting from vehicles sold by GM to dealers that have arranged their inventory floor plan financing through GM Financial.

(b)   

Includes eliminations of $0.5 billion and $2.4 billion in the years ended December 31, 2023 and 2022 for Automotive investment in Cruise and reclassifications of $2.1 billion in the year ended December 31, 2022 for purchase of Cruise preferred shares from SoftBank.

(c)   

Eliminations include dividends issued by GM Financial to Automotive in the years ended December 31, 2023 and 2022.

 

The following tables summarize key financial information by segment (dollars in millions):
 
 

GMNA

  

GMI

  

Corporate

  

Eliminations

  

Total

Automotive

  

Cruise

  

GM

Financial

  

Reclassifications/
Eliminations

  

Total

Three Months Ended December 31, 2023

                                  

Net sales and revenue

$ 35,231

  

$   3,938

  

$        96

      

$     39,264

  

$      25

  

$   3,743

  

$                (53)

  

$  42,980

Expenditures for property

$   3,437

  

$      173

  

$          3

  

$                  —

  

$       3,613

  

$      13

  

$          4

  

$                 77

  

$    3,706

Depreciation and amortization

$   1,602

  

$      165

  

$          5

  

$                  —

  

$       1,771

  

$      10

  

$   1,217

  

$                  —

  

$    2,999

Impairment charges

$        —

  

$        —

  

$        —

  

$                  —

  

$            —

  

$    209

  

$        —

  

$                  —

  

$       209

Equity income (loss)(a)(b)

$      106

  

$       92

  

$        —

  

$                  —

  

$          198

  

$      —

  

$       27

  

$                  —

  

$       225
                                   
 

GMNA

  

GMI

  

Corporate

  

Eliminations

  

Total

Automotive

  

Cruise

  

GM

Financial

  

Reclassifications/
Eliminations

  

Total

Three Months Ended December 31, 2022

                                  

Net sales and revenue

$ 35,471

  

$   4,319

  

$        44

      

$     39,834

  

$      25

  

$   3,277

  

$                (28)

  

$  43,108

Expenditures for property

$   2,914

  

$      311

  

$        10

  

$                  —

  

$       3,235

  

$      57

  

$        16

  

$                  (4)

  

$    3,304

Depreciation and amortization

$   1,401

  

$      124

  

$          5

  

$                  —

  

$       1,531

  

$      14

  

$   1,223

  

$                  —

  

$    2,767

Impairment charges

$        —

  

$          1

  

$        —

  

$                  —

  

$             1

  

$      —

  

$        —

  

$                  —

  

$           1

Equity income (loss)(a)

$        (4)

  

$      200

  

$        —

  

$                  —

  

$          197

  

$      —

  

$       25

  

$                  —

  

$       222
                                   
 

GMNA

  

GMI

  

Corporate

  

Eliminations

  

Total

Automotive

  

Cruise

  

GM

Financial

  

Reclassifications/
Eliminations

  

Total

Year Ended December 31, 2023

                                  

Net sales and revenue

$  141,445

  

$ 15,949

  

$      273

      

$    157,667

  

$    102

  

$ 14,225

  

$              (151)

  

$ 171,842

Expenditures for property

$    10,147

  

$      522

  

$        15

  

$                  —

  

$     10,684

  

$      63

  

$        24

  

$                198

  

$  10,970

Depreciation and amortization

$      6,146

  

$      589

  

$        21

  

$                  —

  

$       6,755

  

$      38

  

$   4,944

  

$                  —

  

$  11,737

Impairment charges

$           —

  

$        —

  

$        —

  

$                  —

  

$            —

  

$    209

  

$        —

  

$                  —

  

$       209

Equity income (loss)(a)(b)

$         196

  

$      440

  

$        —

  

$                  —

  

$          635

  

$      —

  

$      138

  

$                  —

  

$       773
                                   
 

GMNA

  

GMI

  

Corporate

  

Eliminations

  

Total

Automotive

  

Cruise

  

GM

Financial

  

Reclassifications/
Eliminations

  

Total

Year Ended December 31, 2022

                                  

Net sales and revenue

$  128,378

  

$ 15,420

  

$      177

      

$    143,974

  

$    102

  

$ 12,766

  

$              (107)

  

$ 156,735

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)(a)

$           (9)

  

$      672

  

$        —

  

$                  —

  

$          663

  

$      —

  

$      173

  

$                  —

  

$       837

________

(a) 

Includes Automotive China equity income of $93 million and $201 million in the three months ended December 31, 2023 and 2022 and $446 million and $677 million in the years ended December 31, 2023 and 2022.

(b) 

Equity earnings related to Ultium Cells Holdings LLC are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our electric vehicles. Equity earnings related to Ultium Cells Holdings LLC were $102 million in the three months ended December 31, 2023 and $293 million in the year ended December 31, 2023.

 

General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)

General Motors Company (GM) uses both generally accepted accounting principles (GAAP) and non-GAAP financial measures for operational and financial decision making, and to assess Company and segment business performance. Our non-GAAP measures include: earnings before interest and taxes (EBIT)-adjusted, presented net of noncontrolling interests; earnings before income taxes (EBT)-adjusted for our General Motors Financial Company, Inc. (GM Financial) segment; earnings per share (EPS)-diluted-adjusted; effective tax rate-adjusted (ETR-adjusted); return on invested capital-adjusted (ROIC-adjusted) and adjusted automotive free cash flow. GM's calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures.

These non-GAAP measures allow management and investors to view operating trends, perform analytical comparisons and benchmark performance between periods and among geographic regions to understand operating performance without regard to items we do not consider a component of our core operating performance. Furthermore, these non-GAAP measures allow investors the opportunity to measure and monitor our performance against our externally communicated targets and evaluate the investment decisions being made by management to improve ROIC-adjusted. Management uses these measures in its financial, investment and operational decision-making processes, for internal reporting and as part of its forecasting and budgeting processes. Further, our Board of Directors uses certain of these and other measures as key metrics to determine management performance under our performance-based compensation plans. For these reasons, we believe these non-GAAP measures are useful for our investors.

EBIT-adjusted (Most comparable GAAP measure: Net income attributable to stockholders)  EBIT-adjusted is presented net of noncontrolling interests and is used by management and can be used by investors to review our consolidated operating results because it excludes automotive interest income, automotive interest expense and income taxes as well as certain additional adjustments that are not considered part of our core operations. Examples of adjustments to EBIT include, but are not limited to, impairment charges on long-lived assets and other exit costs resulting from strategic shifts in our operations or discrete market and business conditions, and certain costs arising from legal matters. For EBIT-adjusted and our other non-GAAP measures, once we have made an adjustment in the current period for an item, we will also adjust the related non-GAAP measure in any future periods in which there is an impact from the item. Our corresponding measure for our GM Financial segment is EBT-adjusted because interest income and interest expense are part of operating results when assessing and measuring the operational and financial performance of the segment.

EPS-diluted-adjusted (Most comparable GAAP measure: Diluted earnings per common share)  EPS-diluted-adjusted is used by management and can be used by investors to review our consolidated diluted EPS results on a consistent basis. EPS-diluted-adjusted is calculated as net income attributable to common stockholders-diluted less adjustments noted above for EBIT-adjusted and certain income tax adjustments divided by weighted-average common shares outstanding-diluted. Examples of income tax adjustments include the establishment or release of significant deferred tax asset valuation allowances.

ETR-adjusted (Most comparable GAAP measure: Effective tax rate)  ETR-adjusted is used by management and can be used by investors to review the consolidated effective tax rate for our core operations on a consistent basis. ETR-adjusted is calculated as Income tax expense less the income tax related to the adjustments noted above for EBIT-adjusted and the income tax adjustments noted above for EPS-diluted-adjusted divided by Income before income taxes less adjustments. When we provide an expected adjusted effective tax rate, we do not provide an expected effective tax rate because the U.S. GAAP measure may include significant adjustments that are difficult to predict.

ROIC-adjusted (Most comparable GAAP measure: Return on equity)  ROIC-adjusted is used by management and can be used by investors to review our investment and capital allocation decisions. We define ROIC-adjusted as EBIT-adjusted for the trailing four quarters divided by ROIC-adjusted average net assets, which is considered to be the average equity balances adjusted for average automotive debt and interest liabilities, exclusive of finance leases; average automotive net pension and other postretirement benefits (OPEB) liabilities; and average automotive net income tax assets during the same period.

Adjusted automotive free cash flow (Most comparable GAAP measure: Net automotive cash provided by operating activities)  Adjusted automotive free cash flow is used by management and can be used by investors to review the liquidity of our automotive operations and to measure and monitor our performance against our capital allocation program and evaluate our automotive liquidity against the substantial cash requirements of our automotive operations. We measure adjusted automotive free cash flow as automotive operating cash flow from operations less capital expenditures adjusted for management actions. Management actions can include voluntary events such as discretionary contributions to employee benefit plans or nonrecurring specific events such as a closure of a facility that are considered special for EBIT-adjusted purposes.

The following table reconciles Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted and segment profit (loss) (dollars in millions):

 

Three Months Ended

  

Years Ended
 

December 31,
2023

  

December 31,
2022

  

December 31,
2023

  

December 31,
2022

Net income attributable to stockholders(a)

$             2,102

  

$             1,999

  

$           10,127

  

$             9,934

Income tax expense

(857)

  

580

  

563

  

1,888

Automotive interest expense

222

  

267

  

911

  

987

Automotive interest income

(308)

  

(215)

  

(1,109)

  

(460)

Adjustments

              

Voluntary separation program(b)

130

  

—

  

1,035

  

—

Buick dealer strategy(c)

131

  

511

  

569

  

511

Cruise restructuring(d)

478

  

—

  

478

  

—

GM Korea wage litigation(e)

(30)

  

—

  

(106)

  

—

India asset sales(f)

(111)

  

—

  

(111)

  

—

Cruise compensation modifications(g)

—

  

—

  

—

  

1,057

Russia exit(h)

—

  

657

  

—

  

657

Patent royalty matters(i)

—

  

—

  

—

  

(100)

Total adjustments

598

  

1,168

  

1,865

  

2,125

EBIT-adjusted

1,757

  

3,799

  

12,357

  

14,474

Operating segments

              

GM North America (GMNA)

2,011

  

3,654

  

12,306

  

12,988

GM International (GMI)

269

  

272

  

1,210

  

1,143

Cruise

(792)

  

(524)

  

(2,695)

  

(1,890)

GM Financial(j)

707

  

775

  

2,985

  

4,076

Total operating segments

2,196

  

4,176

  

13,806

  

16,317

Corporate and eliminations(k)

(439)

  

(377)

  

(1,448)

  

(1,843)

EBIT-adjusted

$             1,757

  

$             3,799

  

$           12,357

  

$           14,474

__________

(a)

Net of net loss attributable to noncontrolling interests.

(b)

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.

(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 restructuring costs resulting from Cruise voluntarily pausing its driverless, supervised and manual AV operations in the U.S. while it examines its processes, systems and tools. The adjustments primarily consist of non-cash restructuring charges, supplier related charges and employee separation charges.

(e)

These adjustments were excluded because they relate to the partial resolution of subcontractor matters in Korea.

(f) 

These adjustments were excluded because they relate to an asset sale resulting from our strategic decision in 2020 to exit India.

(g)

This adjustment was excluded because it relates to the one-time modification of Cruise stock incentive awards.

(h)

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.

(i) 

This adjustment was excluded because it relates to the resolution of substantially all royalty matters accrued with respect to past-year vehicle sales in 2022.

(j) 

GM Financial amounts represent EBT-adjusted.

(k) 

GM's automotive interest income and interest expense, legacy costs from the Opel/Vauxhall Business (primarily pension costs), corporate expenditures and certain revenues and expenses that are not part of a reportable segment are recorded centrally in Corporate.

 

The following table reconciles diluted earnings per common share under U.S. GAAP to EPS-diluted-adjusted (dollars in millions, except per share amounts):

 

Three Months Ended

  

Years Ended
 

December 31, 2023

  

December 31, 2022

  

December 31, 2023

  

December 31, 2022
 

Amount

  

Per Share

  

Amount

  

Per Share

  

Amount

  

Per Share

  

Amount

  

Per Share

Diluted earnings per common share

$ 2,076

  

$    1.59

  

$ 1,987

  

$    1.39

  

$  10,022

  

$    7.32

  

$ 8,915

  

$    6.13

Adjustments(a)

598

  

0.46

  

1,168

  

0.82

  

1,865

  

1.36

  

2,125

  

1.46

Tax effect on adjustments(b)

(180)

  

(0.14)

  

(127)

  

(0.09)

  

(504)

  

(0.37)

  

(423)

  

(0.29)

Tax adjustments(c)

(870)

  

(0.67)

  

—

  

—

  

(870)

  

(0.64)

  

(482)

  

(0.33)

Deemed dividend adjustment(d)

—

  

—

  

—

  

—

  

—

  

—

  

909

  

0.63

EPS-diluted-adjusted

$ 1,624

  

$    1.24

  

$ 3,028

  

$    2.12

  

$  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 and segment profit (loss) for adjustment details.

(b) 

The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.

(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 deemed dividend related to the redemption of Cruise preferred shares from SoftBank in the year ended December 31, 2022.

 

The following table reconciles our effective tax rate under U.S. GAAP to ETR-adjusted (dollars in millions):

 

Years Ended December 31,
 

2023

  

2022
 

Income before
income taxes

  

Income tax
expense

  

Effective
tax rate

  

Income before
income taxes

  

Income tax
expense

  

Effective
tax rate

Effective tax rate

$       10,403

  

$       563

  

5.4 %

  

$       11,597

  

$    1,888

  

16.3 %

Adjustments(a)

1,916

  

504

      

2,221

  

423

    

Tax adjustments(b)

    

870

          

482

    

ETR-adjusted

$       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 and segment profit (loss) for adjustment details. Net income attributable to noncontrolling interests for these adjustments is included in the years ended December 31, 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 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,
 

2023

  

2022

Net income attributable to stockholders

$        10.1

  

$          9.9

Average equity(a)

$        72.0

  

$        66.6

ROE

14.1 %

  

14.9 %

________

(a)

Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in Net income attributable to stockholders.

 

The following table summarizes the calculation of ROIC-adjusted (dollars in billions):

 

Years Ended December 31,
 

2023

  

2022

EBIT-adjusted(a)

$        12.4

  

$        14.5

Average equity(b)

$        72.0

  

$        66.6

Add: Average automotive debt and interest liabilities (excluding finance leases)

16.2

  

17.6

Add: Average automotive net pension & OPEB liability

8.1

  

9.4

Less: Average automotive net income tax asset

(21.1)

  

(21.2)

ROIC-adjusted average net assets

$        75.2

  

$        72.3

ROIC-adjusted

16.4 %

  

20.0 %

________

(a) 

Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted and segment profit (loss) for adjustment details.

(b)

Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in EBIT-adjusted.

 

The following table reconciles Net automotive cash provided by operating activities under U.S. GAAP to adjusted automotive free cash flow (dollars in millions):

 

Three Months Ended

  

Years Ended
 

December 31,
2023

  

December 31,
2022

  

December 31,
2023

  

December 31,
2022

Net automotive cash provided by operating activities

$         4,688

  

$         7,488

  

$       20,828

  

$       19,094

Less: Capital expenditures

(3,613)

  

(3,235)

  

(10,684)

  

(9,007)

Add: Employee separation costs

53

  

—

  

849

  

—

Add: Buick dealer strategy

213

  

120

  

674

  

120

Add: Patent royalty matters

—

  

—

  

—

  

145

Add: GM Brazil indirect tax matters

—

  

57

  

—

  

57

Add: Russia exit

—

  

31

  

—

  

31

Add: GM Korea wage litigation

—

  

—

  

—

  

26

Adjusted automotive free cash flow

$         1,341

  

$         4,460

  

$       11,666

  

$       10,466

Vehicle Sales

GM presents both wholesale and total vehicle sales data to assist in the analysis of our revenue and market share. Wholesale vehicle sales data consists of sales to GM's dealers and distributors, as well as sales to the U.S. government, and excludes vehicles sold by our joint ventures. Wholesale vehicle sales data correlates to GM's revenue recognized from the sale of vehicles, which is the largest component of Automotive net sales and revenue. In the year ended December 31, 2023, 29.4% of GM's wholesale vehicle sales volume was generated outside the U.S. The following table summarizes wholesale vehicle sales by automotive segment (vehicles in thousands):

 

Three Months Ended

  

Years Ended
 

December 31, 2023

  

December 31, 2022

  

December 31, 2023

  

December 31, 2022

GMNA

782

  

787

  

3,147

  

2,926

GMI

161

  

180

  

621

  

653

Total

943

  

967

  

3,768

  

3,579

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

The following table summarizes industry and GM total vehicle sales and GM's related competitive position by geographic region (vehicles in thousands):

 

Three Months Ended

  

Years Ended
 

December 31, 2023

  

December 31, 2022

  

December 31, 2023

  

December 31, 2022
 

Industry

  

GM

  

Market
Share

  

Industry

  

GM

  

Market
Share

  

Industry

  

GM

  

Market
Share

  

Industry

  

GM

  

Market
Share

North America

                                              

United States

3,987

  

625

  

15.7 %

  

3,723

  

623

  

16.7 %

  

15,981

  

2,595

  

16.2 %

  

14,242

  

2,274

  

16.0 %

Other

944

  

122

  

12.9 %

  

791

  

106

  

13.4 %

  

3,592

  

460

  

12.8 %

  

3,066

  

406

  

13.2 %

Total North America

4,931

  

747

  

15.2 %

  

4,514

  

729

  

16.2 %

  

19,573

  

3,055

  

15.6 %

  

17,307

  

2,680

  

15.5 %

Asia/Pacific, Middle East and Africa

                                              

China(a)

7,236

  

569

  

7.9 %

  

6,333

  

576

  

9.1 %

  

24,976

  

2,099

  

8.4 %

  

23,489

  

2,303

  

9.8 %

Other

5,654

  

166

  

2.9 %

  

5,239

  

124

  

2.4 %

  

21,941

  

576

  

2.6 %

  

20,253

  

505

  

2.5 %

Total Asia/Pacific, Middle East and Africa

12,891

  

735

  

5.7 %

  

11,572

  

699

  

6.0 %

  

46,917

  

2,675

  

5.7 %

  

43,741

  

2,808

  

6.4 %

South America

                                              

Brazil

679

  

92

  

13.5 %

  

602

  

88

  

14.6 %

  

2,307

  

328

  

14.2 %

  

2,103

  

291

  

13.8 %

Other

338

  

30

  

8.8 %

  

365

  

36

  

10.0 %

  

1,418

  

128

  

9.0 %

  

1,563

  

160

  

10.3 %

Total South America

1,016

  

121

  

11.9 %

  

967

  

124

  

12.8 %

  

3,725

  

456

  

12.2 %

  

3,666

  

451

  

12.3 %

Total in GM markets

18,838

  

1,604

  

8.5 %

  

17,053

  

1,553

  

9.1 %

  

70,215

  

6,186

  

8.8 %

  

64,715

  

5,939

  

9.2 %

Total Europe

3,972

  

1

  

— %

  

3,836

  

1

  

— %

  

16,384

  

2

  

— %

  

14,234

  

2

  

— %

Total Worldwide(b)(c)

22,810

  

1,605

  

7.0 %

  

20,888

  

1,553

  

7.4 %

  

86,600

  

6,188

  

7.1 %

  

78,949

  

5,941

  

7.5 %

United States

                                              

Cars

722

  

40

  

5.6 %

  

716

  

61

  

8.5 %

  

3,054

  

224

  

7.3 %

  

2,814

  

214

  

7.6 %

Trucks

1,034

  

321

  

31.1 %

  

1,086

  

347

  

31.9 %

  

4,249

  

1,303

  

30.7 %

  

3,974

  

1,246

  

31.4 %

Crossovers

2,231

  

264

  

11.8 %

  

1,920

  

215

  

11.2 %

  

8,678

  

1,068

  

12.3 %

  

7,454

  

814

  

10.9 %

Total United States

3,987

  

625

  

15.7 %

  

3,723

  

623

  

16.7 %

  

15,981

  

2,595

  

16.2 %

  

14,242

  

2,274

  

16.0 %

China(a)

                                              

SGMS

    

211

          

271

          

870

          

1,037

    

SGMW

    

358

          

305

          

1,229

          

1,266

    

Total China

7,236

  

569

  

7.9 %

  

6,333

  

576

  

9.1 %

  

24,976

  

2,099

  

8.4 %

  

23,489

  

2,303

  

9.8 %

__________ 

(a)

Includes sales by the Automotive China Joint Ventures: 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.

 

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

 

Three Months Ended

  

Years Ended

        
 

December 31,
2023

  

December 31,
2022

  

December 31,
2023

  

December 31,
2022

        

GMNA

141

  

159

  

679

  

564

        

GMI

168

  

138

  

506

  

426

        

Total fleet sales

309

  

297

  

1,185

  

990

        
                       

Fleet sales as a percentage of total vehicle sales

19.3 %

  

19.1 %

  

19.2 %

  

16.7 %

        

North America capacity two-shift utilization

93.1 %

  

99.2 %

  

97.1 %

  

98.8 %

        

 

Cision View original content:https://www.prnewswire.com/news-releases/gm-releases-2023-fourth-quarter-and-full-year-results-and-2024-guidance-302047453.html

SOURCE General Motors Company

Jim Cain, GM Communications, 313-407-2843, james.cain@chevrolet.com; Ashish Kohli, GM Investor Relations, 847-964-3459, ashish.kohli@gm.com; David Caldwell, GM Communications, 586-899-7861, david.caldwell@gm.com

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