News Release Details

Q1 2024 Letter to Shareholders

To Our Shareholders,

In January, we outlined clear priorities for GM in 2024. They are to leverage the strength of our winning ICE portfolio, grow our EV business profitably, advance our software-defined vehicle capability, and relaunch Cruise safely while delivering strong margins and cash flows.

I’m very pleased to share that the team is executing well and making progress across the board. 

  • During the first quarter, we grew total company revenue by 8% year-over-year to $43 billion. Over the last 24 months we have achieved consistent revenue growth resulting in a CAGR of more than 15%
  • We delivered double-digit EBIT margins in North America, pricing has been steady, and we gained retail market share with incentives much lower than the industry average
  • Our Chevrolet, GMC and Cadillac dealers in the U.S. translated rising Ultium Platform production into a 21% year-over-year increase in retail deliveries for our EV portfolio
  • During the quarter, S&P Global Mobility announced that GM has now had the highest loyalty of any OEM for nine consecutive years

These are increasingly powerful competitive advantages.

We’re also making progress at Cruise. The team is back on the road in Phoenix updating mapping and gathering more road information. This is a critical step for validating our improved self-driving system and building upon the more than 5 million driverless miles we logged before our pause.

Globally, our team is leaning into every opportunity with a focus on profitability to build on our strong start to 2024. That’s why we’re raising our full-year earnings, earnings per share and free cash flow guidance.

We have ICE launches around the world that will build on our strengths in pickups and SUVs, including the Chevrolet Spin and S10 in South America, the Chevrolet Equinox and Buick GL8 plug-in hybrids in China, and the Chevrolet Traverse, Equinox, Tahoe and Suburban in North America, as well as the Buick Enclave and GMC Acadia.

We also have the unbelievable Corvette ZR1 coming, and we can’t wait to put customers behind the wheel.

In our EV business, we’re seeing good early sales momentum for vehicles like the Cadillac LYRIQ. We also continue to see sequential and year-over-year improvements in profitability as we benefit from scale, material cost and mix improvements. 

For example, the cost of battery cells came down significantly as our Ultium Cells joint venture plant in Ohio ramped up production. Lower raw material prices have also been a tailwind. The second Ultium Cells plant, which opened this year in Tennessee, is ramping even faster by applying lessons learned in Ohio. 

In addition, our battery module production has increased 300% over the last six months, quality is very good and it’s continuing to improve. We are projecting to double our current capacity by the end of summer.

Improving module availability is enabling higher vehicle production, which we believe will help us win even more new customers in the growing U.S. EV market.

We have standout EVs today and more coming, and we’re encouraged by the feedback we’re hearing from our dealers and customers.

They include the Chevrolet Equinox EV, which is the most affordable EV with more than 300 miles of range; the Chevrolet Silverado EV RST and GMC Sierra EV Denali, which are purpose-built electric pickups with up to 440 miles of estimated range and incomparable towing capability; and an expanding range of Cadillac EVs, including the OPTIQ and ESCALADE IQ SUVs.

As we continue to strengthen our ICE portfolio, scale EVs and reinvest in the business, we are very focused on capital efficiency, enhancing profitability and free cash flow, and we will continue to take steps to create shareholder value.

We look forward to sharing our progress with you throughout the year.


MTB signature

Mary T. Barra