gm-20230131
0001467858FALSE00014678582023-01-312023-01-31


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
___________________

FORM 8-K
___________________

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 31, 2023
___________________
GENERAL MOTORS COMPANY
(Exact name of registrant as specified in its charter)
__________________
Delaware
001-34960
27-0756180
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
300 Renaissance Center,Detroit,Michigan48265-3000
(Address of principal executive offices)(Zip Code)

(313) 667-1500
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)
__________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueGMNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  



ITEM 2.02 Results of Operations and Financial Condition

On January 31, 2023, General Motors Company (GM) issued a news release and supplemental materials on the subject of its 2022 fourth quarter and full year consolidated earnings. The news release and supplemental materials are attached as Exhibit 99.1 and Exhibit 99.2.

Charts furnished to securities analysts in connection with GM's 2022 fourth quarter and full year consolidated earnings release are available on GM's website at www.gm.com/investors/earnings-releases.html.

ITEM 9.01 Financial Statements and Exhibits

EXHIBIT
ExhibitDescription
Exhibit 99.1
Exhibit 99.2
Exhibit 104Cover Page Interactive Data File (embedded within the Inline XBRL document)





SIGNATURE



Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

GENERAL MOTORS COMPANY (Registrant)


By:/s/ CHRISTOPHER T. HATTO
Date: January 31, 2023Christopher T. Hatto, Vice President, Global Business Solutions and Chief Accounting Officer



q42022earnings01312023
For release: Tuesday, Jan. 31, 2023, at 6:30 a.m. ET GM Releases 2022 Fourth-Quarter and Full-Year Results, and 2023 Guidance DETROIT – General Motors Co. (NYSE: GM) today reported fourth-quarter 2022 revenue of $43.1 billion, net income attributable to stockholders of $2.0 billion and EBIT-adjusted of $3.8 billion. GM’s full-year 2022 revenue was $156.7 billion, net income attributable to stockholders was $9.9 billion and EBIT-adjusted was a record $14.5 billion. Results were at the high-end of the company's revised EBIT-adjusted guidance range. The company expects its core auto operations to perform at a consistently strong level in 2023, with full-year net income attributable to stockholders of $8.7 billion-$10.1 billion, EBIT-adjusted of $10.5 billion-$12.5 billion, and EPS-diluted and EPS-diluted-adjusted of $6.00-$7.00. GM also expects strong cash flows from automotive operations for the calendar year, including: • Net automotive cash provided by operating activities of $16.0 billion-$20.0 billion • Adjusted automotive free cash flow of $5.0 billion-$7.0 billion See below for reconciliations of non-GAAP measures to their most directly comparable GAAP measures or visit the GM Investor Relations website for complete details. Downloads • GM Chair and CEO Mary Barra's letter to shareholders • Earnings deck • Detailed quarterly results with year-over-year comparisons Conference Call for Investors and Analysts GM Chair and CEO Mary Barra and Chief Financial Officer Paul Jacobson will host a conference call for investors and analysts at 8:30 a.m. ET today to discuss these results. Those who wish to listen to the call may dial in using the following numbers and passcode: • United States: 1-800-857-9821 • International: +1-517-308-9481 • Conference call passcode: General Motors News Exhibit 99.1


 
Results Overview Years Ended ($M) except where noted December 31, 2022 December 31, 2021 Change % Change Revenue $ 156,735 $ 127,004 $ 29,731 23.4 % Net income attributable to stockholders $ 9,934 $ 10,019 $ (85) (0.8) % EBIT-adjusted $ 14,474 $ 14,295 $ 179 1.3 % Net income margin 6.3 % 7.9 % (1.6) ppts (19.7) % EBIT-adjusted margin 9.2 % 11.3 % (2.1) ppts (18.0) % Automotive operating cash flow $ 19,094 $ 9,693 $ 9,401 97.0 % Adjusted automotive free cash flow $ 10,466 $ 2,564 $ 7,902 308.2 % EPS-diluted(a) $ 6.13 $ 6.70 $ (0.57) (8.5) % EPS-diluted-adjusted(a) $ 7.59 $ 7.07 $ 0.52 7.4 % GMNA EBIT-adjusted $ 12,988 $ 10,318 $ 2,670 25.9 % GMNA EBIT-adjusted margin 10.1 % 10.2 % (0.1) ppts (0.7) % GMI EBIT-adjusted $ 1,143 $ 827 $ 316 38.2 % China equity income $ 677 $ 1,098 $ (421) (38.3) % GM Financial EBT-adjusted $ 4,076 $ 5,036 $ (960) (19.1) % __________ (a) EPS-diluted and EPS-diluted-adjusted include a $(0.13) and $0.30 impact from revaluation on equity investments in the years ended December 31, 2022 and 2021. Three Months Ended ($M) except where noted December 31, 2022 December 31, 2021 Change % Change Revenue $ 43,108 $ 33,584 $ 9,524 28.4 % Net income attributable to stockholders $ 1,999 $ 1,741 $ 258 14.8 % EBIT-adjusted $ 3,799 $ 2,839 $ 960 33.8 % Net income margin 4.6 % 5.2 % (0.6) ppts (10.5) % EBIT-adjusted margin 8.8 % 8.5 % 0.3 ppts 4.3 % Automotive operating cash flow $ 7,488 $ 9,384 $ (1,896) (20.2) % Adjusted automotive free cash flow $ 4,460 $ 6,403 $ (1,943) (30.3) % EPS-diluted(a) $ 1.39 $ 1.16 $ 0.23 19.8 % EPS-diluted-adjusted(a) $ 2.12 $ 1.35 $ 0.77 57.0 % GMNA EBIT-adjusted $ 3,654 $ 2,165 $ 1,489 68.8 % GMNA EBIT-adjusted margin 10.3 % 8.1 % 2.2 ppts 27.2 % GMI EBIT-adjusted $ 272 $ 275 $ (3) (1.1) % China equity income $ 201 $ 244 $ (43) (17.6) % GM Financial EBT-adjusted $ 775 $ 1,180 $ (405) (34.3) % __________ (a) EPS-diluted and EPS-diluted-adjusted include a $0.02 impact from revaluation on equity investments in the three months ended December 31, 2021.


 
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 powers 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 vehicle safety and security services, can be found at https://www.gm.com. ### CONTACTS: 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 Michael Heifler GM Investor Relations 313-418-0220 michael.heifler@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.


 
Non-GAAP Reconciliations The following table reconciles Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted (dollars in millions): Three Months Ended Years Ended December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Net income attributable to stockholders(a) $ 1,999 $ 1,741 $ 9,934 $ 10,019 Income tax expense 580 471 1,888 2,771 Automotive interest expense 267 227 987 950 Automotive interest income (215) (44) (460) (146) Adjustments Cruise compensation modifications(b) — — 1,057 — Russia exit(c) 657 — 657 — Buick dealer strategy(d) 511 — 511 — Patent royalty matters(e) — 250 (100) 250 GM Brazil indirect tax matters(f) — 194 — 194 Cadillac dealer strategy(g) — — — 175 GM Korea wage litigation(h) — — — 82 Total adjustments 1,168 444 2,125 701 EBIT-adjusted $ 3,799 $ 2,839 $ 14,474 $ 14,295 __________ (a) Net of net loss attributable to noncontrolling interests. (b) This adjustment was excluded because it relates to the one-time modification of Cruise stock incentive awards. (c) 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. (d) This adjustment was excluded because it relates to strategic activities to transition certain Buick dealers out of our dealer network as part of Buick’s EV strategy. In 2023, we expect to incur additional charges as we continue to optimize our Buick dealer network. The ultimate amount of any future charges will depend on negotiations with our dealers. (e) These adjustments were excluded because they relate to certain royalties accrued with respect to past-year vehicle sales in 2021 and the resolution of substantially all of these matters in 2022. (f) This adjustment was excluded because it relates to a settlement with third parties relating to retrospective recoveries of indirect taxes in Brazil realized in prior periods. (g) This adjustment was excluded because it relates to strategic activities to transition certain Cadillac dealers out of our dealer network as part of Cadillac's EV strategy. (h) This adjustment was excluded because of the unique events associated with Korea Supreme Court decisions related to our salaried workers.


 
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, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Amount Per Share Amount Per Share Amount Per Share Amount Per Share Diluted earnings per common share $ 1,987 $ 1.39 $ 1,703 $ 1.16 $ 8,915 $ 6.13 $ 9,837 $ 6.70 Adjustments(a) 1,168 0.82 444 0.30 2,125 1.46 701 0.47 Tax effect on adjustments(b) (127) (0.09) (62) (0.04) (423) (0.29) (105) (0.07) Tax adjustments(c) — — (96) (0.07) (482) (0.33) (51) (0.03) Deemed dividend adjustment(d) — — — — 909 0.63 — — EPS-diluted-adjusted $ 3,028 $ 2.12 $ 1,989 $ 1.35 $ 11,044 $ 7.59 $ 10,382 $ 7.07 __________ (a) Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted 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, 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. In the year ended December 31, 2021, the adjustments consist of tax benefits related to a deduction for an investment in a subsidiary and resolution of uncertainty relating to an indirect tax refund claim in Brazil, partially offset by tax expense related to the establishment of a valuation allowance against Cruise deferred tax assets. (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 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, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Net automotive cash provided by operating activities $ 7,488 $ 9,384 $ 19,094 $ 9,693 Less: Capital expenditures (3,235) (3,154) (9,007) (7,389) Add: Patent royalty matters — — 145 — Add: Buick dealer strategy 120 — 120 — Add: GM Brazil indirect tax matters 57 — 57 — Add: Russia exit 31 — 31 — Add: Cadillac dealer strategy — 100 — 144 Add: GM Korea wage litigation — 73 26 92 Add: GMI restructuring — — — 24 Adjusted automotive free cash flow $ 4,460 $ 6,403 $ 10,466 $ 2,564


 
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 $ 8.7-10.1 Income tax expense 1.6-2.2 Automotive interest expense, net 0.2 EBIT-adjusted(a) $ 10.5-12.5 __________ (a) We do not consider the potential future impact of adjustments on our expected financial results. 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 $ 16.0-20.0 Less: Capital expenditures 11.0-13.0 Adjusted automotive free cash flow(a) $ 5.0-7.0 __________ (a) We do not consider the potential future impact of adjustments on our expected financial results.


 
Document
Exhibit 99.2

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.






1




General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following table reconciles Net income attributable to stockholders under U.S. GAAP to segment profit (loss) (dollars in millions):
Three Months EndedYears Ended
December 31, 2022December 31, 2021December 31, 2022December 31, 2021
Net income attributable to stockholders(a)$1,999 $1,741 $9,934 $10,019 
Income tax expense580 471 1,888 2,771 
Automotive interest expense267 227 987 950 
Automotive interest income(215)(44)(460)(146)
Adjustments
Cruise compensation modifications(b)— — 1,057 — 
Russia exit(c)657 — 657 — 
Buick dealer strategy(d)511 — 511 — 
Patent royalty matters(e)— 250 (100)250 
GM Brazil indirect tax matters(f)— 194 — 194 
Cadillac dealer strategy(g)— — — 175 
GM Korea wage litigation(h)— — — 82 
Total adjustments1,168 444 2,125 701 
EBIT-adjusted3,799 2,839 14,474 14,295 
Operating segments
GM North America (GMNA)3,654 2,165 12,988 10,318 
GM International (GMI)272 275 1,143 827 
Cruise(524)(349)(1,890)(1,196)
GM Financial(i)775 1,180 4,076 5,036 
Total operating segments4,176 3,271 16,317 14,985 
Corporate and eliminations(j)(377)(432)(1,843)(690)
EBIT-adjusted$3,799 $2,839 $14,474 $14,295 
__________
(a)Net of net loss attributable to noncontrolling interests.
(b)This adjustment was excluded because it relates to the one-time modification of Cruise stock incentive awards.
(c)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.
(d)This adjustment was excluded because it relates to strategic activities to transition certain Buick dealers out of our dealer network as part of Buick’s electric vehicle (EV) strategy. In 2023, we expect to incur additional charges as we continue to optimize our Buick dealer network. The ultimate amount of any future charges will depend on negotiations with our dealers.
(e)These adjustments were excluded because they relate to certain royalties accrued with respect to past-year vehicle sales in 2021 and the resolution of substantially all of these matters in 2022.
(f)This adjustment was excluded because it relates to a settlement with third parties relating to retrospective recoveries of indirect taxes in Brazil realized in prior periods.
(g)This adjustment was excluded because it relates to strategic activities to transition certain Cadillac dealers out of our dealer network as part of Cadillac's EV strategy.
(h)This adjustment was excluded because of the unique events associated with Supreme Court of the Republic of Korea (Korea Supreme Court) decisions related to our salaried workers.
(i)GM Financial amounts represent EBT-adjusted.
(j)GM's automotive interest income and interest expense, legacy costs from the Opel and Vauxhall businesses and certain other assets in Europe, which are primarily pension costs, corporate expenditures and certain nonsegment-specific revenues and expenses are recorded centrally in Corporate.






2




General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following table reconciles Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted (dollars in millions):
Years Ended December 31,
202220212020
Net income attributable to stockholders$9,934 $10,019 $6,427 
Income tax expense1,888 2,771 1,774 
Automotive interest expense987 950 1,098 
Automotive interest income(460)(146)(241)
Adjustments
Cruise compensation modifications(a)1,057 — — 
Russia exit(b)657 — — 
Buick dealer strategy(c)511 — — 
Patent royalty matters(d)(100)250 — 
GM Brazil indirect tax matters(e)— 194 — 
Cadillac dealer strategy(f)— 175 99 
GM Korea wage litigation(g)— 82 — 
GMI restructuring(h)— — 683 
Ignition switch recall and related legal matters(i)— — (130)
Total adjustments2,125 701 652 
EBIT-adjusted$14,474 $14,295 $9,710 
__________
(a)This adjustment was excluded because it relates to the one-time modification of Cruise stock incentive awards.
(b)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.
(c)This adjustment was excluded because it relates to strategic activities to transition certain Buick dealers out of our dealer network as part of Buick’s EV strategy. In 2023, we expect to incur additional charges as we continue to optimize our Buick dealer network. The ultimate amount of any future charges will depend on negotiations with our dealers.
(d)These adjustments were excluded because they relate to certain royalties accrued with respect to past-year vehicle sales in 2021 and the resolution of substantially all of these matters in 2022.
(e)This adjustment was excluded because it relates to a settlement with third parties relating to retrospective recoveries of indirect taxes in Brazil realized in prior periods.
(f)These adjustments were excluded because they relate to strategic activities to transition certain Cadillac dealers out of our dealer network as part of Cadillac's EV strategy.
(g)This adjustment was excluded because of the unique events associated with Supreme Court of the Republic of Korea (Korea Supreme Court) decisions related to our salaried workers.
(h)This adjustment was excluded because of a strategic decision to rationalize our core operations by exiting or significantly reducing our presence in various international markets to focus resources on opportunities expected to deliver higher returns. The adjustments primarily consist of dealer restructurings, asset impairments, inventory provisions and employee separation charges in Australia, New Zealand, Thailand and India.
(i)This adjustment was excluded because of the unique events associated with the ignition switch recall.







3




General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following table reconciles diluted earnings per common share under U.S. GAAP to EPS-diluted-adjusted (dollars in millions, except per share amounts):
Three Months EndedYears Ended
December 31, 2022December 31, 2021December 31, 2022December 31, 2021
AmountPer ShareAmountPer ShareAmountPer ShareAmountPer Share
Diluted earnings per common share$1,987 $1.39 $1,703 $1.16 $8,915 $6.13 $9,837 $6.70 
Adjustments(a)1,168 0.82 444 0.30 2,125 1.46 701 0.47 
Tax effect on adjustments(b)(127)(0.09)(62)(0.04)(423)(0.29)(105)(0.07)
Tax adjustments(c)— — (96)(0.07)(482)(0.33)(51)(0.03)
Deemed dividend adjustment(d)— — — — 909 0.63 — — 
EPS-diluted-adjusted$3,028 $2.12 $1,989 $1.35 $11,044 $7.59 $10,382 $7.07 
________
(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)    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. In the year ended December 31, 2021, the adjustments consist of tax benefits related to a deduction for an investment in a subsidiary and resolution of uncertainty relating to an indirect tax refund claim in Brazil, partially offset by tax expense related to the establishment of a valuation allowance against Cruise deferred tax assets.
(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 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,
20222021
Income before income taxesIncome tax expenseEffective tax rateIncome before income taxesIncome tax expenseEffective tax rate
Effective tax rate$11,597 $1,888 16.3 %$12,716 $2,771 21.8 %
Adjustments(a)2,221 423 726 105 
Tax adjustments(b)482 51 
ETR-adjusted$13,818 $2,793 20.2 %$13,442 $2,927 21.8 %
________
(a)    Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to segment profit (loss) for adjustment details. Net income attributable to noncontrolling interests for these adjustments is included in the years ended December 31, 2022 and 2021. The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.
(b)    Refer to the reconciliation of diluted earnings per common share under U.S. GAAP to EPS-diluted-adjusted within the previous section 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,
20222021
Net income attributable to stockholders$9.9 $10.0 
Average equity(a)$66.6 $56.5 
ROE14.9 %17.7 %
________
(a)    Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in Net income attributable to stockholders.







4




General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following table summarizes the calculation of ROIC-adjusted (dollars in billions):
Years Ended December 31,
20222021
EBIT-adjusted(a)$14.5 $14.3 
Average equity(b)$66.6 $56.5 
Add: Average automotive debt and interest liabilities (excluding finance leases)17.6 17.1 
Add: Average automotive net pension & OPEB liability9.4 15.8 
Less: Average automotive net income tax asset(21.2)(22.2)
ROIC-adjusted average net assets$72.3 $67.2 
ROIC-adjusted20.0 %21.3 %
________
(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.







5




General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
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 EndedYears Ended
December 31, 2022December 31, 2021December 31, 2022December 31, 2021
Net automotive cash provided by operating activities$7,488 $9,384 $19,094 $9,693 
Less: Capital expenditures(3,235)(3,154)(9,007)(7,389)
Add: Patent royalty matters— — 145 — 
Add: Buick dealer strategy120 — 120 — 
Add: GM Brazil indirect tax matters57 — 57 — 
Add: Russia exit31 — 31 — 
Add: Cadillac dealer strategy— 100 — 144 
Add: GM Korea wage litigation— 73 26 92 
Add: GMI restructuring— — — 24 
Adjusted automotive free cash flow$4,460 $6,403 $10,466 $2,564 







6




General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following tables summarize key financial information by segment (dollars in millions):
GMNAGMICorporateEliminationsTotal
Automotive
CruiseGM
Financial
Reclassifications/EliminationsTotal
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 $$— $1,531 $14 $1,223 $— $2,767 
Impairment charges$— $$— $— $$— $— $— $
Equity income (loss)(a)$(4)$200 $— $— $197 $— $25 $— $222 
GMNAGMICorporateEliminationsTotal
Automotive
CruiseGM
Financial
Reclassifications/EliminationsTotal
Three Months Ended December 31, 2021
Net sales and revenue$26,865 $3,451 $37 $30,353 $25 $3,232 $(26)$33,584 
Expenditures for property$2,716 $421 $17 $— $3,154 $34 $$$3,199 
Depreciation and amortization$1,449 $135 $$— $1,589 $15 $1,333 $— $2,937 
Impairment charges$— $— $— $— $— $— $— $— $— 
Equity income (loss)(a)$— $242 $— $— $242 $— $44 $— $286 
GMNAGMICorporateEliminationsTotal
Automotive
CruiseGM
Financial
Reclassifications/EliminationsTotal
Year Ended December 31, 2022
Net sales and revenue$128,378 $15,420 $177 $143,974 $102 $12,766 $(107)$156,735 
Expenditures for property$8,280 $706 $20 $— $9,007 $197 $44 $(10)$9,238 
Depreciation and amortization$5,800 $513 $21 $— $6,335 $53 $4,888 $— $11,276 
Impairment charges$11 $$— $— $12 $— $— $— $12 
Equity income (loss)(a)$(9)$672 $— $— $663 $— $173 $— $837 
GMNAGMICorporateEliminationsTotal
Automotive
CruiseGM
Financial
Reclassifications/EliminationsTotal
Year Ended December 31, 2021
Net sales and revenue$101,308 $12,172 $104 $113,584 $106 $13,419 $(105)$127,004 
Expenditures for property$6,576 $783 $30 $— $7,389 $89 $26 $$7,509 
Depreciation and amortization$5,298 $542 $21 $— $5,861 $52 $6,134 $— $12,047 
Impairment charges$— $— $— $— $— $$— $— $
Equity income (loss)(a)$$1,092 $— $— $1,100 $— $201 $— $1,301 
________
(a)Includes Automotive China equity income of $201 million and $244 million in the three months ended December 31, 2022 and 2021 and $677 million and $1,098 million in the years ended December 31, 2022 and 2021.







7




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

GM presents both wholesale and total vehicle sales data to assist in the analysis of our revenue and our market share. Cuba, Iran, North Korea, Sudan and Syria are subject to broad economic sanctions. Accordingly, these countries are excluded from industry sales data and the corresponding calculation of GM's market share. Also, as of March 2022, GM is no longer importing vehicles or parts to Russia, Belarus and other sanctioned provinces in Ukraine.

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, 2022, 30.5% of our wholesale vehicle sales volume was generated outside the U.S. The following table summarizes wholesale vehicle sales by automotive segment (vehicles in thousands):
Three Months EndedYears Ended
December 31, 2022December 31, 2021December 31, 2022December 31, 2021
GMNA787 579 2,926 2,308 
GMI180 163 653 551 
Total967 742 3,579 2,859 






8




General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
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) vehicles used by dealers in their businesses. Total vehicle sales data for periods presented prior to 2022 reflect courtesy transportation vehicles used by U.S. dealers in their business. Beginning in 2022, we stopped including such dealership courtesy transportation vehicles in total vehicle sales until such time as those vehicles were sold to the end customer. 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 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 total vehicle sales by geographic region (vehicles in thousands):
Three Months EndedYears Ended
December 31, 2022December 31, 2021December 31, 2022December 31, 2021
United States
Chevrolet – Cars54 24 188 121 
Chevrolet – Trucks228 191 828 807 
Chevrolet – Crossovers132 74 502 509 
Cadillac39 22 135 118 
Buick27 29 104 180 
GMC144 101 518 482 
Total United States623 441 2,274 2,218 
Canada, Mexico and Other106 71 406 355 
Total North America729 511 2,680 2,574 
Asia/Pacific, Middle East and Africa
Chevrolet155 151 647 610 
Wuling305 410 1,244 1,429 
Buick168 200 644 816 
Baojun33 49 211 
Cadillac55 53 202 240 
Other19 20 
Total Asia/Pacific, Middle East and Africa696 851 2,805 3,326 
South America(a)125 118 452 394 
Total in GM markets1,551 1,480 5,937 6,294 
Total Europe
Total Worldwide1,551 1,481 5,939 6,296 
_______
(a)    Primarily Chevrolet.

The vehicle sales at GM's China joint ventures presented in the following table are included in the preceding vehicle sales table (vehicles in thousands):
Three Months EndedYears Ended
December 31, 2022December 31, 2021December 31, 2022December 31, 2021
SAIC General Motors Sales Co., Ltd.271 303 1,037 1,277 
SAIC GM Wuling Automobile Co., Ltd.305 434 1,266 1,615 






9




General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Three Months EndedYears Ended
December 31, 2022December 31, 2021December 31, 2022December 31, 2021
Market Share
United States – Cars8.6 %4.2 %7.6 %4.2 %
United States – Trucks32.2 %29.4 %31.4 %30.3 %
United States – Crossovers11.3 %6.9 %11.0 %10.6 %
Total United States16.8 %13.0 %16.0 %14.4 %
Total North America16.2 %12.5 %15.5 %13.9 %
Total Asia/Pacific, Middle East and Africa6.2 %7.3 %6.4 %7.3 %
Total South America12.9 %12.7 %12.3 %10.9 %
Total GM Market9.2 %8.9 %9.2 %9.3 %
Total Worldwide7.6 %7.4 %7.6 %7.6 %
United States fleet sales as a percentage of retail vehicle sales22.5 %15.9 %21.3 %15.2 %
North America capacity two shift utilization99.2 %69.9 %98.8 %78.4 %















10


General Motors Company and Subsidiaries
Combining Income Statement Information
(In millions) (Unaudited)
Year Ended December 31, 2022Year Ended December 31, 2021
AutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
Net sales and revenue
Automotive$143,974 $102 $— $(101)$143,975 $113,584 $106 $— $(100)$113,590 
GM Financial— — 12,766 (6)12,760 — — 13,419 (5)13,414 
Total net sales and revenue 143,974 102 12,766 (107)156,735 113,584 106 13,419 (105)127,004 
Costs and expenses
Automotive and other cost of sales124,317 2,576 — (2)126,892 99,421 1,124 — (1)100,544 
GM Financial interest, operating and other expenses— — 8,864 (2)8,862 — — 8,584 (2)8,582 
Automotive and other selling, general and administrative expense9,902 766 — (1)10,667 8,257 297 — — 8,554 
Total costs and expenses134,219 3,342 8,864 (5)146,421 107,678 1,421 8,584 (3)117,680 
Operating income (loss)9,755 (3,240)3,903 (102)10,315 5,906 (1,315)4,835 (102)9,324 
Automotive interest expense986 — (5)987 952 — — (2)950 
Interest income and other non-operating income, net1,282 48 (1)103 1,432 2,934 16 — 91 3,041 
Equity income663 — 173 — 837 1,100 — 201 — 1,301 
Income (loss) before income taxes10,713 (3,197)4,076 11,597 8,988 (1,299)5,036 (9)12,716 
Income tax expense1,888 2,771 
Net income9,708 9,945 
Net loss attributable to noncontrolling interests226 74 
Net income attributable to stockholders$9,934 $10,019 
Net income attributable to common stockholders$8,915 $9,837 






11


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 EndedYears Ended
December 31, 2022December 31, 2021December 31, 2022December 31, 2021
Basic earnings per share
Net income attributable to stockholders$1,999 $1,741 $9,934 $10,019 
Less: cumulative dividends on subsidiary preferred stock(a)(12)(38)(1,019)(182)
Net income attributable to common stockholders$1,987 $1,703 $8,915 $9,837 
Weighted-average common shares outstanding1,415 1,453 1,445 1,451 
Basic earnings per common share$1.40 $1.17 $6.17 $6.78 
Diluted earnings per share
Net income attributable to common stockholders – diluted$1,987 $1,703 $8,915 $9,837 
Weighted-average common shares outstanding – diluted1,425 1,472 1,454 1,468 
Diluted earnings per common share$1.39 $1.16 $6.13 $6.70 
Potentially dilutive securities(b)10 10 
__________    
(a)Cumulative dividends on subsidiary preferred stock 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 and 2021.
(b)Potentially dilutive securities attributable to outstanding stock options at December 31, 2022 and 2021 and restricted stock units (RSUs) at December 31, 2022, were excluded from the computation of diluted EPS because the securities would have had an antidilutive effect.






12


General Motors Company and Subsidiaries
Combining Balance Sheet Information
(In millions, except per share amounts) (Unaudited)
December 31, 2022December 31, 2021
AutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
ASSETS
Current Assets
Cash and cash equivalents$13,629 $1,519 $4,005 $— $19,153 $14,541 $1,578 $3,948 $— $20,067 
Marketable debt securities10,760 1,390 — — 12,150 7,076 1,551 — (19)8,609 
Accounts and notes receivable, net(a)11,910 — 2,114 (691)13,333 7,553 532 (691)7,394 
GM Financial receivables, net— — 33,811 (188)33,623 — — 26,812 (163)26,649 
Inventories 15,369 — — (2)15,366 12,990 — — (2)12,988 
Other current assets(b)2,009 347 4,912 (442)6,825 2,167 179 4,301 (250)6,396 
Total current assets53,677 3,256 44,842 (1,324)100,451 44,326 3,309 35,592 (1,124)82,103 
Non-current Assets
GM Financial receivables, net— — 40,702 (112)40,591 — — 36,167 — 36,167 
Equity in net assets of nonconsolidated affiliates8,511 — 1,665 — 10,176 7,960 — 1,717 — 9,677 
Property, net 45,011 98 140 — 45,248 40,858 105 152 — 41,115 
Goodwill and intangible assets, net 2,877 727 1,341 — 4,945 3,012 736 1,339 — 5,087 
Equipment on operating leases, net— — 32,701 — 32,701 — — 37,929 — 37,929 
Deferred income taxes20,348 1,108 (917)— 20,539 21,653 — (501)— 21,152 
Other assets7,995 322 1,069 — 9,386 10,358 339 812 (21)11,488 
Total non-current assets84,742 2,254 76,702 (112)163,586 83,842 1,180 77,615 (21)162,615 
Total Assets$138,419 $5,510 $121,544 $(1,436)$264,037 $128,167 $4,489 $113,207 $(1,145)$244,718 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (principally trade)(a)$27,307 $146 $712 $(679)$27,486 $20,065 $140 $855 $(669)$20,391 
Short-term debt and current portion of long-term debt
Automotive2,144 13 — (198)1,959 624 27 — (188)463 
Cruise— — (2)— — — — — — 
GM Financial— — 36,819 — 36,819 — — 33,257 — 33,257 
Accrued liabilities(b)18,662 612 6,081 (445)24,910 16,879 230 3,439 (251)20,297 
Total current liabilities48,113 772 43,612 (1,324)91,173 37,568 397 37,550 (1,108)74,408 
Non-current Liabilities
Long-term debt
Automotive15,879 — — 15,885 16,348 — — 16,355 
Cruise— 112 — (112)— — — — — — 
GM Financial — — 60,036 — 60,036 — — 59,304 — 59,304 
Postretirement benefits other than pensions4,193 — — — 4,193 5,743 — — — 5,743 
Pensions 5,692 — — 5,698 8,002 — — 8,008 
Other liabilities11,927 465 2,375 — 14,767 12,560 488 2,058 (21)15,085 
Total non-current liabilities37,691 583 62,417 (112)100,579 42,654 495 61,368 (21)104,495 
Total Liabilities85,804 1,356 106,029 (1,436)191,752 80,222 892 98,918 (1,129)178,903 
Noncontrolling interest - Cruise Stock Incentive Awards— 357 — — 357 — — — — — 
Equity
Common stock, $0.01 par value14 — — — 14 15 — — — 15 
Additional paid-in capital(c)26,313 90 1,433 (1,409)26,428 27,065 55 1,551 (1,611)27,061 
Retained earnings32,054 1,766 15,429 49,251 27,920 42 13,985 (9)41,937 
Accumulated other comprehensive loss(6,552)(2)(1,348)— (7,901)(8,025)(1,248)— (9,269)
Total stockholders’ equity51,829 1,855 15,515 (1,407)67,792 46,974 100 14,288 (1,620)59,744 
Noncontrolling interests(c)786 1,942 — 1,407 4,135 971 3,496 — 1,603 6,071 
Total Equity52,615 3,797 15,515 — 71,927 47,945 3,597 14,289 (16)65,815 
Total Liabilities and Equity$138,419 $5,510 $121,544 $(1,436)$264,037 $128,167 $4,489 $113,207 $(1,145)$244,718 
_________
(a)Eliminations primarily include GM Financial accounts and notes receivable of $495 million offset by Automotive accounts payable and Automotive accounts receivable of $115 million offset by GM Financial accounts payable at December 31, 2022; and GM Financial accounts and notes receivable of $301 million offset by Automotive accounts payable and Automotive accounts receivable of $313 million offset by GM Financial accounts payable at December 31, 2021.
(b)Eliminations primarily related to intercompany capital expenditures between Automotive and Cruise for the Cruise Origin.
(c)Primarily reclassification of GM Financial Cumulative Perpetual Preferred Stock, Series A, B and C. The preferred stock is classified as noncontrolling interests in our condensed consolidated balance sheets.






13


General Motors Company and Subsidiaries
Combining Cash Flow Information
(In millions) (Unaudited)
Year Ended December 31, 2022Year Ended December 31, 2021
AutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
Cash flows from operating activities
Net income (loss)$8,509 $(1,900)$3,095 $$9,708 $7,774 $(1,616)$3,796 $(9)$9,945 
Depreciation and impairment of Equipment on operating leases, net— — 4,839 — 4,839 — — 6,076 — 6,076 
Depreciation, amortization and impairment charges on Property, net6,346 55 49 — 6,451 5,861 56 58 — 5,975 
Foreign currency remeasurement and transaction (gains) losses173 — (1)— 172 (15)(3)— (17)
Undistributed earnings of nonconsolidated affiliates, net225 — (32)— 193 (390)— (127)— (517)
Pension contributions and OPEB payments(790)— — — (790)(837)— — — (838)
Pension and OPEB income, net(1,190)— — (1,189)(1,606)— — (1,605)
Provision (benefit) for deferred taxes1,247 (1,297)475 — 425 1,697 317 201 — 2,214 
Change in other operating assets and liabilities(a)2,363 1,067 (1,263)(5,144)(2,977)(6,224)74 (3)2,787 (3,366)
Other operating activities(c)2,211 243 (1,688)(1,556)(790)3,435 — (2,702)(3,412)(2,679)
Net cash provided by (used in) operating activities19,094 (1,832)5,476 (6,695)16,043 9,693 (1,167)7,297 (634)15,188 
Cash flows from investing activities
Expenditures for property(9,007)(197)(44)10 (9,238)(7,389)(89)(26)(5)(7,509)
Available-for-sale marketable securities, acquisitions(8,511)(3,326)— — (11,837)(5,150)(3,811)— — (8,962)
Available-for-sale marketable securities, liquidations4,565 3,506 — (14)8,057 6,123 3,245 — (20)9,347 
Purchases of finance receivables, net (a)— — (39,113)5,139 (33,974)— — (33,013)(33,009)
Principal collections and recoveries on finance receivables(a)— — 27,017 (129)26,887 — — 27,720 (3,097)24,622 
Purchases of leased vehicles, net— — (11,949)— (11,949)— — (14,602)— (14,602)
Proceeds from termination of leased vehicles— — 14,234 — 14,234 — — 14,393 — 14,393 
Other investing activities(b)(4,544)— (151)4,633 (62)(1,758)(5)(14)1,142 (635)
Net cash provided by (used in) investing activities(17,497)(17)(10,006)9,638 (17,882)(8,174)(661)(5,543)(1,978)(16,355)
Cash flows from financing activities
Net increase (decrease) in short-term debt40 — 333 — 373 — 2,911 — 2,912 
Proceeds from issuance of debt (original maturities greater than three months)2,255 99 43,557 (99)45,813 367 26 44,933 (26)45,300 
Payments on debt (original maturities greater than three months)(1,631)(1)(37,925)(50)(39,606)(1,203)(18)(46,708)123 (47,806)
Payment to purchase common stock(2,514)— — 14 (2,500)— — — — — 
Issuance (redemptions) of subsidiary preferred stock(b)— 2,419 — (4,541)(2,121)— 2,736 — (1,000)1,736 
Dividends paid(c)(265)(58)(1,819)1,745 (397)(1)(65)(3,620)3,500 (186)
Other financing activities(363)(668)(134)(13)(1,178)(37)(32)(158)15 (212)
Net cash provided by (used in) financing activities(2,478)1,791 4,014 (2,943)383 (873)2,647 (2,641)2,612 1,744 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(147)— — (138)(97)— (56)— (152)
Net increase (decrease) in cash, cash equivalents and restricted cash(1,028)(59)(507)— (1,594)549 818 (943)— 425 
Cash, cash equivalents and restricted cash at beginning of period14,774 1,584 7,183 — 23,542 14,225 766 8,126 — 23,117 
Cash, cash equivalents and restricted cash at end of period$13,746 $1,526 $6,676 $— $21,948 $14,774 $1,584 $7,183 $— $23,542 
_________
(a)Includes reclassifications of $5.0 billion and $2.9 billion in the years ended December 31, 2022 and 2021 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 reclassification of $2.1 billion redemption of Cruise preferred shares from SoftBank in the year ended December 31, 2022 and $2.4 billion and $1.0 billion in the years ended December 31, 2022 and 2021 for Automotive investment in Cruise.
(c)Eliminations include dividends issued by GM Financial to Automotive.







14