News Release Details

GM Releases 2023 Third Quarter Results

Tue, October 24, 2023

DETROIT, Oct. 24, 2023 /PRNewswire/ -- General Motors Co. (NYSE: GM) today reported third-quarter 2023 revenue of $44.1 billion, net income attributable to stockholders of $3.1 billion and EBIT-adjusted of $3.6 billion.

An overview of GM's quarterly results and financial highlights appears below.

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 where noted

September 30, 2023

September 30, 2022

Change

% Change

  

Revenue

$             44,131

$             41,889

$                  2,242

5.4 %

  

Net income attributable to stockholders

$               3,064

$               3,305

$                    (241)

(7.3) %

  

EBIT-adjusted

$               3,564

$               4,287

$                    (723)

(16.9) %

  

Net income margin

6.9 %

7.9 %

(1.0) ppts

(12.7) %

  

EBIT-adjusted margin

8.1 %

10.2 %

(2.1) ppts

(20.6) %

  

Automotive operating cash flow

$               6,794

$               6,502

$                     292

4.5 %

  

Adjusted automotive free cash flow

$               4,910

$               4,593

$                     317

6.9 %

  

EPS-diluted(a)

$                 2.20

$                 2.25

$                   (0.05)

(2.2) %

  

EPS-diluted-adjusted(a)

$                 2.28

$                 2.25

$                    0.03

1.3 %

  

GMNA EBIT-adjusted

$               3,526

$               3,894

$                    (368)

(9.5) %

  

GMNA EBIT-adjusted margin

9.8 %

11.2 %

(1.4) ppts

(12.5) %

  

GMI EBIT-adjusted

$                  357

$                  334

$                       23

6.9 %

  

China equity income

$                  192

$                  330

$                    (138)

(41.8) %

  

GM Financial EBT-adjusted

$                  741

$                  911

$                    (170)

(18.7) %

  
   

__________

(a)

EPS-diluted and EPS-diluted-adjusted include a $(0.05) and $0.03 impact from revaluation on equity investments in the three months ended September 30, 2023 and September 30, 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.

General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)

General Motors Company's (GM) 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  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  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 reversal of significant deferred tax asset valuation allowances.

ETR-adjusted  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  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  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.

  ________

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

 

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

 

Three Months Ended

  

Nine Months Ended
 

September 30, 2023

  

September 30, 2022

  

September 30, 2023

  

September 30, 2022

Net income attributable to stockholders(a)

$                  3,064

  

$                   3,305

  

$                  8,026

  

$                  7,935

Income tax expense (benefit)

470

  

845

  

1,421

  

1,308

Automotive interest expense

229

  

259

  

689

  

719

Automotive interest income

(322)

  

(122)

  

(801)

  

(245)

Adjustments

              

   Buick dealer strategy(b)

93

  

—

  

438

  

—

   Voluntary separation program(c)

30

  

—

  

905

  

—

   GM Korea wage litigation(d)

—

  

—

  

(76)

  

—

   Cruise compensation modifications(e)

—

  

—

  

—

  

1,057

   Patent royalty matters(f)

—

  

—

  

—

  

(100)

Total adjustments

123

  

—

  

1,267

  

957

EBIT-adjusted

3,564

  

4,287

  

10,601

  

10,675

Operating segments

             

GM North America (GMNA)

3,526

  

3,894

  

10,295

  

9,334

GM International (GMI)

357

  

334

  

940

  

871

Cruise

(732)

  

(497)

  

(1,904)

  

(1,365)

GM Financial(g)

741

  

911

  

2,278

  

3,301

Total operating segments

3,892

  

4,642

  

11,610

  

12,141

Corporate and eliminations(h)

(328)

  

(355)

  

(1,009)

  

(1,466)

EBIT-adjusted

$                  3,564

  

$                   4,287

  

$                10,601

  

$                10,675

__________

(a)

Net of net loss attributable to noncontrolling interests.

(b)

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.

(c)

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 United States.

(d)

This adjustment was excluded because it relates to the partial resolution of subcontractor matters in Korea.

(e)

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

(f)

This adjustment was excluded because it relates to the resolution of substantially all royalty matters accrued with respect to past-year vehicle sales in the three months ended March 31, 2022.

(g)

GM Financial amounts represent EBT-adjusted.

(h)

GM's automotive interest income and interest expense, legacy costs from the Opel/Vauxhall Business (primarily pension costs), corporate expenditures and certain nonsegment specific revenues and expenses 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

  

Nine Months Ended
 

September 30, 2023

  

September 30, 2022

  

September 30, 2023

  

September 30, 2022
 

Amount

  

Per Share

  

Amount

  

Per Share

  

Amount

  

Per Share

  

Amount

  

Per Share

Diluted earnings per common share

$ 3,038

  

$    2.20

  

$ 3,278

  

$    2.25

  

$ 7,946

  

$    5.72

  

$  6,931

  

$    4.73

Adjustments(a)

123

  

0.09

  

—

  

—

  

1,267

  

0.91

  

957

  

0.65

Tax effect on adjustments(b)

(25)

  

(0.02)

  

—

  

—

  

(324)

  

(0.23)

  

(296)

  

(0.20)

Tax adjustments(c)

—

  

—

  

—

  

—

  

—

  

—

  

(482)

  

(0.33)

Deemed dividend adjustment(d)

—

  

—

  

—

  

—

  

—

  

—

  

909

  

0.62

EPS-diluted-adjusted

$ 3,136

  

$    2.28

  

$ 3,278

  

$    2.25

  

$ 8,889

  

$    6.40

  

$  8,019

  

$    5.48

________

(a)

Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to 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)

This adjustment consists of tax benefit related to the release of a valuation allowance against deferred tax assets that are considered realizable as a result of Cruise tax reconsolidation in the nine months ended September 30, 2022. This adjustment was 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 Vision Fund (AIV M2) L.P. (SoftBank) in the nine months ended September 30, 2022.

 

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

 

Three Months Ended

  

Nine Months Ended
 

September 30, 2023

  

September 30, 2022

  

September 30, 2023

  

September 30, 2022
 

Income before income taxes

  

Income tax expense (benefit)

  

Effective tax rate

  

Income before income taxes

  

Income tax expense (benefit)

  

Effective tax rate

  

Income before income taxes

  

Income tax expense (benefit)

  

Effective tax rate

  

Income before income taxes

  

Income tax expense (benefit)

  

Effective tax rate

Effective tax rate

$  3,464

  

$  470

  

13.6 %

  

$  4,097

  

$  845

  

20.6 %

  

$ 9,267

  

$  1,421

  

15.3 %

  

$ 9,009

  

$  1,308

  

14.5 %

Adjustments(a)

123

  

25

      

—

  

—

      

1,267

  

324

      

1,053

  

296

    

Tax adjustments(b)

    

—

          

—

          

—

          

482

    

ETR-adjusted

$  3,587

  

$  495

  

13.8 %

  

$  4,097

  

$  845

  

20.6 %

  

$  10,534

  

$  1,745

  

16.6 %

  

$  10,062

  

$  2,086

  

20.7 %

________

(a)

Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to segment profit (loss) for adjustment details. These adjustments include Net income attributable to noncontrolling interests where applicable. The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.

(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):

 

Four Quarters Ended
 

September 30, 2023

  

September 30, 2022

Net income attributable to stockholders

$                 10.0

  

$                   9.7

Average equity(a)

$                 72.8

  

$                 64.9

ROE

13.8 %

  

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):

 

Four Quarters Ended
 

September 30, 2023

  

September 30, 2022

EBIT-adjusted(a)

$                 14.4

  

$                 13.5

Average equity(b)

$                 72.8

  

$                 64.9

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

16.6

  

17.3

Add: Average automotive net pension & OPEB liability

7.5

  

10.2

Less: Average automotive and other net income tax asset

(20.5)

  

(21.3)

ROIC-adjusted average net assets

$                 76.4

  

$                 71.1

ROIC-adjusted

18.9 %

  

19.0 %

________

(a)

Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to 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

  

Nine Months Ended
 

September 30, 2023

  

September 30, 2022

  

September 30, 2023

  

September 30, 2022

Net automotive cash provided by operating activities

$              6,794

  

$              6,502

  

$           16,140

  

$           11,606

Less: Capital expenditures

(2,528)

  

(2,054)

  

(7,072)

  

(5,771)

Add: Buick dealer strategy

106

  

—

  

461

  

—

Add: Employee separation costs

538

  

—

  

796

  

—

Add: GM Korea wage litigation

—

  

—

  

—

  

26

Add: Patent royalty matters

—

  

145

  

—

  

145

Adjusted automotive free cash flow

$              4,910

  

$              4,593

  

$           10,325

  

$              6,006

 

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 September 30, 2023

                                  

Net sales and revenue

$ 36,106

  

$   4,330

  

$        67

  

$           —

  

$     40,503

  

$     25

  

$   3,641

  

$                (38)

  

$   44,131

Expenditures for property

$   2,435

  

$        87

  

$          5

  

$           —

  

$       2,528

  

$     18

  

$          4

  

$                 30

  

$     2,581

Depreciation and amortization

$   1,585

  

$      158

  

$          5

  

$           —

  

$       1,749

  

$     12

  

$   1,231

  

$                  —

  

$     2,992

Impairment charges

$        —

  

$        —

  

$        —

  

$           —

  

$            —

  

$     —

  

$        —

  

$                  —

  

$          —

Equity income (loss)(a)(b)

$      105

  

$      190

  

$        —

  

$           —

  

$          295

  

$     —

  

$        33

  

$                  —

  

$        328
                                   
 

GMNA

  

GMI

  

Corporate

  

Eliminations

  

Total

Automotive

  

Cruise

  

GM

Financial

  

Reclassifications/
Eliminations

  

Total

Three Months Ended September 30, 2022

                                  

Net sales and revenue

$ 34,691

  

$   3,980

  

$        32

  

$           —

  

$     38,703

  

$     25

  

$   3,187

  

$                (27)

  

$   41,889

Expenditures for property

$   1,951

  

$        96

  

$          7

  

$           —

  

$       2,054

  

$     49

  

$        10

  

$                  (8)

  

$     2,104

Depreciation and amortization

$   1,419

  

$      124

  

$          5

  

$           —

  

$       1,548

  

$     15

  

$   1,212

  

$                  —

  

$     2,774

Impairment charges

$        —

  

$        —

  

$        —

  

$           —

  

$            —

  

$     —

  

$         —

  

$                  —

  

$          —

Equity income (loss)(a)

$        (6)

  

$      329

  

$        —

  

$           —

  

$          323

  

$     —

  

$        44

  

$                  —

  

$        367
                                   
 

GMNA

  

GMI

  

Corporate

  

Eliminations

  

Total

Automotive

  

Cruise

  

GM

Financial

  

Reclassifications/
Eliminations

  

Total

Nine Months Ended September 30, 2023

                                  

Net sales and revenue

$  106,214

  

$ 12,011

  

$      177

  

$           —

  

$   118,403

  

$     76

  

$ 10,482

  

$                (98)

  

$ 128,863

Expenditures for property

$      6,710

  

$      350

  

$        12

  

$           —

  

$       7,072

  

$     50

  

$        21

  

$                121

  

$     7,264

Depreciation and amortization

$      4,544

  

$      424

  

$        15

  

$           —

  

$       4,984

  

$     27

  

$   3,727

  

$                  —

  

$     8,738

Impairment charges

$           —

  

$       —

  

$        —

  

$           —

  

$            —

  

$     —

  

$        —

  

$                  —

  

$          —

Equity income (loss)(a)(b)

$           89

  

$      348

  

$        —

  

$           —

  

$          437

  

$     —

  

$      111

  

$                  —

  

$        548
                                   
 

GMNA

  

GMI

  

Corporate

  

Eliminations

  

Total

Automotive

  

Cruise

  

GM

Financial

  

Reclassifications/
Eliminations

  

Total

Nine Months Ended September 30, 2022

                                  

Net sales and revenue

$ 92,907

  

$ 11,100

  

$      132

  

$           —

  

$     04,140

  

$     76

  

$   9,489

  

$                (79)

  

$ 113,627

Expenditures for property

$   5,366

  

$      395

  

$        10

  

$           —

  

$       5,771

  

$   140

  

$        28

  

$                  (6)

  

$     5,933

Depreciation and amortization

$   4,399

  

$      389

  

$        16

  

$           —

  

$       4,804

  

$     39

  

$   3,666

  

$                  —

  

$     8,509

Impairment charges

$        11

  

$        —

  

$        —

  

$           —

  

$            11

  

$     —

  

$        —

  

$                  —

  

$          11

Equity income (loss)(a)

$         (6)

  

$      472

  

$        —

  

$           —

  

$          467

  

$     —

  

$      148

  

$                  —

  

$        615

________

(a)

Includes Automotive China equity income of $192 million and $330 million in the three months ended September 30, 2023 and 2022 and $353 million and $477 million in the nine months ended September 30, 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 $101 million and $191 million in the three and nine months ended September 30, 2023.

 

Vehicle Sales

GM presents both wholesale and total vehicle sales data to assist in the analysis of our revenue and our 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 nine months ended September 30, 2023, 28.8% 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

  

Nine Months Ended
 

September 30, 2023

  

September 30, 2022

  

September 30, 2023

  

September 30, 2022

GMNA

810

    

784

    

2,365

    

2,139

  

GMI

171

    

182

    

459

    

474

  

Total

981

    

966

    

2,824

    

2,613

  

 

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

  

Nine Months Ended
 

September 30, 2023

  

September 30, 2022

  

September 30, 2023

  

September 30, 2022
 

Industry

  

GM

  

Market Share

  

Industry

  

GM

  

Market Share

  

Industry

  

GM

  

Market Share

  

Industry

  

GM

  

Market Share

North America

                                              

United States

4,092

  

674

  

16.5 %

  

3,512

  

556

  

15.8 %

  

11,993

  

1,970

  

16.4 %

  

10,519

  

1,651

  

15.7 %

Other

934

  

122

  

13.0 %

  

773

  

107

  

13.9 %

  

2,648

  

338

  

12.8 %

  

2,275

  

300

  

13.2 %

Total North America

5,026

  

796

  

15.8 %

  

4,285

  

663

  

15.5 %

  

14,641

  

2,308

  

15.8 %

  

12,794

  

1,950

  

15.2 %

Asia/Pacific, Middle
  East and Africa

                                              

China(a)

6,497

  

542

  

8.3 %

  

6,337

  

630

  

9.9 %

  

17,756

  

1,530

  

8.6 %

  

17,156

  

1,727

  

10.1 %

Other

5,373

  

161

  

3.0 %

  

5,039

  

117

  

2.3 %

  

16,106

  

412

  

2.6 %

  

15,014

  

381

  

2.5 %

Total Asia/Pacific,
  Middle East and
  Africa

11,870

  

703

  

5.9 %

  

11,376

  

747

  

6.6 %

  

33,862

  

1,942

  

5.7 %

  

32,170

  

2,109

  

6.6 %

South America

                                              

Brazil

631

  

87

  

13.8 %

  

584

  

88

  

15.0 %

  

1,628

  

236

  

14.5 %

  

1,501

  

203

  

13.5 %

Other

353

  

33

  

9.3 %

  

413

  

42

  

10.2 %

  

1,079

  

98

  

9.1 %

  

1,198

  

124

  

10.3 %

Total South America

983

  

120

  

12.2 %

  

997

  

130

  

13.0 %

  

2,707

  

334

  

12.3 %

  

2,699

  

327

  

12.1 %

Total in GM markets

17,879

  

1,619

  

9.1 %

  

16,658

  

1,539

  

9.2 %

  

51,210

  

4,584

  

9.0 %

  

47,662

  

4,386

  

9.2 %

Total Europe

3,851

  

1

  

— %

  

3,343

  

—

  

— %

  

12,252

  

2

  

— %

  

10,398

  

1

  

— %

Total Worldwide(b)(c)

21,731

  

1,619

  

7.5 %

  

20,001

  

1,539

  

7.7 %

  

63,462

  

4,585

  

7.2 %

  

58,061

  

4,388

  

7.6 %

United States

                                              

Cars

790

  

55

  

7.0 %

  

688

  

49

  

7.2 %

  

2,332

  

183

  

7.9 %

  

2,098

  

152

  

7.3 %

Trucks

1,084

  

343

  

31.7 %

  

1,000

  

299

  

29.9 %

  

3,214

  

982

  

30.6 %

  

2,887

  

899

  

31.2 %

Crossovers

2,218

  

276

  

12.4 %

  

1,823

  

207

  

11.4 %

  

6,447

  

804

  

12.5 %

  

5,534

  

599

  

10.8 %

Total United States

4,092

  

674

  

16.5 %

  

3,512

  

556

  

15.8 %

  

11,993

  

1,970

  

16.4 %

  

10,519

  

1,651

  

15.7 %

China(a)

                                              

SGMS

    

246

          

298

          

659

          

766

    

SGMW

    

296

          

332

          

871

          

962

    

Total China

6,497

  

542

  

8.3 %

  

6,337

  

630

  

9.9 %

  

17,756

  

1,530

  

8.6 %

  

17,156

  

1,727

  

10.1 %

__________

(a)

Includes sales by the Automotive China JVs: SAIC General Motors Sales Co., Ltd. (SGMS) and SAIC GM Wuling Automobile Co., Ltd. (SGMW).

(b)

Cuba, Iran, North Korea, Sudan and Syria are subject to broad economic sanctions. Accordingly, these countries are excluded from industry sales data and corresponding calculation of market share.

(c)

As of March 2022, GM is no longer importing vehicles or parts to Russia, Belarus and certain sanctioned provinces in Ukraine.

 

 

Three Months Ended

  

Nine Months Ended
 

September 30, 2023

  

September 30, 2022

  

September 30, 2023

  

September 30, 2022

GMNA

165

  

116

  

538

  

406

GMI

131

  

126

  

339

  

289

Total fleet sales

296

  

242

  

877

  

695
               

Fleet sales as a percentage of total vehicle sales

18.3 %

  

15.7 %

  

19.1 %

  

15.8 %

North America capacity two-shift utilization

96.5 %

  

103.3 %

  

98.4 %

  

98.7 %

 

General Motors Company and Subsidiaries

Combining Income Statement Information

(In millions) (Unaudited)
 
 

Three Months Ended September 30, 2023

  

Three Months Ended September 30, 2022
 

Automotive

  

Cruise

  

GM Financial

  

Reclassifications
/Eliminations

  

Combined

  

Automotive

  

Cruise

  

GM Financial

  

Reclassifications
/Eliminations

  

Combined

Net sales and revenue

                                      

Automotive

$ 40,503

  

$       25

  

$      —

  

$                (30)

  

$ 40,498

  

$ 38,703

  

$       25

  

$      —

  

$                (25)

  

$ 38,703

GM Financial

—

  

—

  

3,641

  

(8)

  

3,633

  

—

  

—

  

3,187

  

(2)

  

3,185

Total net sales and revenue

40,503

  

25

  

3,641

  

(38)

  

44,131

  

38,703

  

25

  

3,187

  

(27)

  

41,889

Costs and expenses

                                      

Automotive and other cost of
  sales

35,141

  

706

  

—

  

(5)

  

35,842

  

33,234

  

467

  

—

  

—

  

33,700

GM Financial interest,
  operating and other
  expenses

—

  

—

  

2,933

  

—

  

2,933

  

—

  

—

  

2,321

  

—

  

2,320

Automotive and other
  selling, general and
  administrative expense

2,217

  

127

  

—

  

(1)

  

2,344

  

2,364

  

113

  

—

  

—

  

2,477

Total costs and expenses

37,359

  

833

  

2,933

  

(6)

  

41,118

  

35,598

  

580

  

2,321

  

(1)

  

38,497

Operating income (loss)

3,144

  

(807)

  

708

  

(32)

  

3,013

  

3,105

  

(554)

  

867

  

(25)

  

3,392

Automotive interest expense

231

  

9

  

—

  

(11)

  

229

  

259

  

1

  

—

  

(1)

  

259

Interest income and other non-
  operating income, net

406

  

26

  

—

  

20

  

453

  

557

  

18

  

—

  

23

  

598

Equity income (loss)

194

  

—

  

33

  

—

  

227

  

323

  

—

  

44

  

—

  

367

Income (loss) before income taxes

$   3,514

  

$   (791)

  

$   741

  

$                  —

  

$   3,464

  

$   3,725

  

$   (537)

  

$   911

  

$                  (2)

  

$   4,097

Income tax expense (benefit)

                

470

                  

845

Net income (loss)

                

2,994

                  

3,252

Net loss (income) attributable
  to noncontrolling interests

                

70

                  

53

Net income (loss)
  attributable to
  stockholders

                

$   3,064

                  

$   3,305
                                       

Net income (loss)
  attributable to common
  stockholders

                

$   3,038

                  

$   3,278
 
 

Nine Months Ended September 30, 2023

  

Nine Months Ended September 30, 2022
 

Automotive

  

Cruise

  

GM Financial

  

Reclassifications
/Eliminations

  

Combined

  

Automotive

  

Cruise

  

GM Financial

  

Reclassifications
/Eliminations

  

Combined

Net sales and revenue

                                      

Automotive

$ 118,403

  

$       76

  

$      —

  

$                (81)

  

$ 118,398

  

$ 104,140

  

$       76

  

$      —

  

$                (75)

  

$ 104,141

GM Financial

—

  

—

  

10,482

  

(17)

  

10,465

  

—

  

—

  

9,489

  

(3)

  

9,486

Total net sales and revenue

118,403

  

76

  

10,482

  

(98)

  

128,863

  

104,140

  

76

  

9,489

  

(79)

  

113,627

Costs and expenses

                                      

Automotive and other cost of
  sales

102,917

  

1,811

  

—

  

(7)

  

104,721

  

90,221

  

2,094

  

—

  

(2)

  

92,314

GM Financial interest,
  operating and other
  expenses

—

  

—

  

8,314

  

(1)

  

8,313

  

—

  

—

  

6,336

  

(1)

  

6,335

Automotive and other
  selling, general and
  administrative expense

7,089

  

362

  

—

  

(2)

  

7,449

  

6,629

  

645

  

—

  

—

  

7,274

Total costs and expenses

110,006

  

2,172

  

8,314

  

(10)

  

120,483

  

96,850

  

2,739

  

6,336

  

(3)

  

105,922

Operating income (loss)

8,397

  

(2,096)

  

2,168

  

(88)

  

8,380

  

7,289

  

(2,663)

  

3,153

  

(75)

  

7,704

Automotive interest expense

691

  

20

  

—

  

(22)

  

689

  

719

  

3

  

—

  

(3)

  

719

Interest income and other non-
  operating income, net

1,068

  

86

  

(1)

  

66

  

1,219

  

1,311

  

22

  

—

  

78

  

1,410

Equity income (loss)

246

  

—

  

111

  

—

  

357

  

467

  

—

  

148

  

—

  

615

Income (loss) before income
  taxes

$   9,019

  

$  (2,030)

  

$ 2,278

  

$                  —

  

$   9,267

  

$   8,347

  

$  (2,644)

  

$ 3,301

  

$                    5

  

$   9,009

Income tax expense (benefit)

                

1,421

                  

1,308

Net income (loss)

                

7,846

                  

7,701

Net loss (income) attributable
  to noncontrolling interests

                

179

                  

234

Net income (loss)
  attributable to
  stockholders

                

$   8,026

                  

$   7,935
                                       

Net income (loss)
  attributable to common
  stockholders

                

$   7,946

                  

$   6,931

 

General Motors Company and Subsidiaries
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

  

Nine Months Ended
 

September 30, 2023

  

September 30, 2022

  

September 30, 2023

  

September 30, 2022

Basic earnings per share

              

Net income (loss) attributable to stockholders

$             3,064

  

$             3,305

  

$             8,026

  

$             7,935

Less: cumulative dividends on subsidiary preferred
  stock(a)

(26)

  

(26)

  

(80)

  

(1,004)

Net income (loss) attributable to common stockholders

$             3,038

  

$             3,278

  

$             7,946

  

$             6,931
               

Weighted-average common shares outstanding

1,372

  

1,448

  

1,384

  

1,455
               

Basic earnings per common share

$               2.21

  

$               2.26

  

$               5.74

  

$               4.76

Diluted earnings per share

              

Net income (loss) attributable to common stockholders –
  diluted

$             3,038

  

$             3,278

  

$             7,946

  

$             6,931
               

Weighted-average common shares outstanding – diluted

1,378

  

1,457

  

1,390

  

1,464
               

Diluted earnings per common share

$               2.20

  

$               2.25

  

$               5.72

  

$               4.73

Potentially dilutive securities(b)

14

  

10

  

14

  

10

__________

(a)

Includes a $909 million deemed dividend related to the redemption of Cruise preferred shares from SoftBank in the nine months ended September 30, 2022.

(b)

Potentially dilutive securities attributable to outstanding stock options and Restricted Stock Units (RSUs) at September 30, 2023 and 2022 were excluded from the computation of diluted earnings per share (EPS) because the securities would have had an antidilutive effect.

 

General Motors Company and Subsidiaries

Combining Balance Sheet Information

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

September 30, 2023

  

December 31, 2022
 

Automotive

  

Cruise

  

GM Financial

  

Reclassifications/
Eliminations

  

Combined

  

Automotive

  

Cruise

  

GM Financial

  

Reclassifications/
Eliminations

  

Combined

ASSETS