0001467858FALSE00014678582024-01-302024-01-30


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 30, 2024
___________________
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 30, 2024, General Motors Company (GM) issued a news release and supplemental materials on the subject of its 2023 fourth quarter and full year consolidated earnings. The news release and supplemental materials are attached as Exhibit 99.1.

Charts furnished to securities analysts in connection with GM's 2023 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 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 30, 2024Christopher T. Hatto, Vice President, Global Business Solutions and Chief Accounting Officer



Exhibit 99.1
gm_brandmarkxwordmarkxlock.jpg
News



For Release: Tuesday, Jan. 30, 2024, at 6:30 a.m. ET

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

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

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

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

Final 2023 Guidance2023 Results2024 Guidance
Net income attributable to stockholders$9.1 billion - $9.7 billion$10.1 billion$9.8 billion - $11.2 billion
EBIT-adjusted$11.7 billion - $12.7 billion$12.4 billion$12.0 billion - $14.0 billion
Automotive operating cash flow$19.5 billion - $21.0 billion$20.8 billion$18.0 billion - $21.0 billion
Adjusted automotive free cash flow$10.5 billion - $11.5 billion$11.7 billion$8.0 billion - $10.0 billion
EPS-diluted*$6.52 - $7.02$7.32$8.50 - $9.50
EPS-diluted-adjusted*$7.20 - $7.70$7.68$8.50 - $9.50

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

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

Conference Call for Investors and Analysts

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

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

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







1

Results Overview
Three Months Ended
$M except per share amountsDecember 31, 2023December 31, 2022Change% Change
Revenue$42,980 $43,108 $(128)(0.3)%
Net income attributable to stockholders$2,102 $1,999 $103 5.2 %
EBIT-adjusted$1,757 $3,799 $(2,042)(53.8)%
Net income margin4.9 %4.6 %0.3 ppts6.5 %
EBIT-adjusted margin4.1 %8.8 %(4.7) ppts(53.4)%
Automotive operating cash flow$4,688 $7,488 $(2,800)(37.4)%
Adjusted automotive free cash flow$1,341 $4,460 $(3,119)(69.9)%
EPS-diluted(a)
$1.59 $1.39 $0.20 14.4 %
EPS-diluted-adjusted(a)
$1.24 $2.12 $(0.88)(41.5)%
GMNA EBIT-adjusted$2,011 $3,654 $(1,643)(45.0)%
GMNA EBIT-adjusted margin5.7 %10.3 %(4.6) ppts(44.7)%
GMI EBIT-adjusted$269 $272 $(3)(1.1)%
China equity income$93 $201 $(108)(53.7)%
GM Financial EBT-adjusted$707 $775 $(68)(8.8)%
__________
(a)EPS-diluted and EPS-diluted-adjusted include a $(0.05) impact from revaluation on equity investments in the three months ended December 31, 2023.



Years Ended
$M except per share amountsDecember 31, 2023December 31, 2022Change% Change
Revenue$171,842 $156,735 $15,107 9.6 %
Net income attributable to stockholders$10,127 $9,934 $193 1.9 %
EBIT-adjusted$12,357 $14,474 $(2,117)(14.6)%
Net income margin5.9 %6.3 %(0.4) ppts(6.3)%
EBIT-adjusted margin7.2 %9.2 %(2.0) ppts(21.7)%
Automotive operating cash flow$20,828 $19,094 $1,734 9.1 %
Adjusted automotive free cash flow$11,666 $10,466 $1,200 11.5 %
EPS-diluted(a)
$7.32 $6.13 $1.19 19.4 %
EPS-diluted-adjusted(a)
$7.68 $7.59 $0.09 1.2 %
GMNA EBIT-adjusted$12,306 $12,988 $(682)(5.3)%
GMNA EBIT-adjusted margin8.7 %10.1 %(1.4) ppts(13.9)%
GMI EBIT-adjusted$1,210 $1,143 $67 5.9 %
China equity income$446 $677 $(231)(34.1)%
GM Financial EBT-adjusted$2,985 $4,076 $(1,091)(26.8)%
__________
(a)EPS-diluted and EPS-diluted-adjusted include a $(0.10) and $(0.13) impact from revaluation on equity investments in the years ended December 31, 2023 and 2022.








2

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.

###

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


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.







3

2023 Guidance Reconciliations

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

Year Ending
December 31, 2023
Net income attributable to stockholders$ 9.1-9.7
Income tax expense1.4-1.8
Automotive interest income, net(0.1)
Adjustments(a)1.3 
EBIT-adjusted$ 11.7-12.7


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

Year Ending
December 31, 2023
Net automotive cash provided by operating activities$ 19.5-21.0
Less: Capital expenditures10.3-10.8
Adjustments(a)1.3
Adjusted automotive free cash flow$ 10.5-11.5


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

Year Ending
December 31, 2023
Diluted earnings per common share$ 6.52-7.02
Adjustments(a)0.68
EPS-diluted-adjusted$ 7.20-7.70

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










4

2024 Guidance Reconciliations

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

Year Ending
December 31, 2024
Net income attributable to stockholders$ 9.8-11.2
Income tax expense2.1-2.7
Automotive interest expense, net0.1
EBIT-adjusted(a)$ 12.0-14.0


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

Year Ending
December 31, 2024
Net automotive cash provided by operating activities$ 18.0-21.0
Less: Capital expenditures10.0-11.0
Adjusted automotive free cash flow(a)$ 8.0-10.0

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






5

General Motors Company and Subsidiaries1
Combining Income Statement Information
(In millions) (Unaudited)
Year Ended December 31, 2023Year Ended December 31, 2022
AutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
Net sales and revenue
Automotive$157,667 $102 $— $(110)$157,658 $143,974 $102 $— $(101)$143,975 
GM Financial— — 14,225 (41)14,184 — — 12,766 (6)12,760 
Total net sales and revenue 157,667 102 14,225 (151)171,842 143,974 102 12,766 (107)156,735 
Costs and expenses
Automotive and other cost of sales138,254 3,088 — (12)141,330 124,317 2,576 — (2)126,892 
GM Financial interest, operating and other expenses— — 11,376 (2)11,374 — — 8,864 (2)8,862 
Automotive and other selling, general and administrative expense9,349 493 — (2)9,840 9,902 766 — (1)10,667 
Total costs and expenses147,603 3,581 11,376 (16)162,544 134,219 3,342 8,864 (5)146,421 
Operating income (loss)10,064 (3,479)2,848 (135)9,298 9,755 (3,240)3,903 (102)10,315 
Automotive interest expense928 33 — (49)911 986 5 — (5)987 
Interest income and other non-operating income, net1,345 107 (1)86 1,537 1,282 48 (1)103 1,432 
Equity income (loss)342 — 138 — 480 663 — 173 — 837 
Income (loss) before income taxes10,823 (3,405)2,985 — 10,403 10,713 (3,197)4,076 5 11,597 
Income tax expense (benefit)563 1,888 
Net income (loss)9,840 9,708 
Net loss (income) attributable to noncontrolling interests287 226 
Net income (loss) attributable to stockholders$10,127 $9,934 
Net income (loss) attributable to common stockholders$10,022 $8,915 
















________

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






6

General Motors Company and Subsidiaries1
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, 2023December 31, 2022December 31, 2023December 31, 2022
Basic earnings per share
Net income (loss) attributable to stockholders$2,102 $1,999 $10,127 $9,934 
Less: cumulative dividends on subsidiary preferred stock(a)(26)(12)(106)(1,019)
Net income (loss) attributable to common stockholders$2,076 $1,987 $10,022 $8,915 
Weighted-average common shares outstanding1,302 1,415 1,364 1,445 
Basic earnings per common share$1.59 $1.40 $7.35 $6.17 
Diluted earnings per share
Net income (loss) attributable to common stockholders – diluted$2,076 $1,987 $10,022 $8,915 
Weighted-average common shares outstanding – diluted1,307 1,425 1,369 1,454 
Diluted earnings per common share$1.59 $1.39 $7.32 $6.13 
Potentially dilutive securities(b)23 10 23 10 
__________    
(a)Includes a $909 million deemed dividend related to the redemption of Cruise preferred shares from SoftBank for the year ended December 31, 2022 and an insignificant amount in participating securities income from a subsidiary in the year ended December 31, 2022 and in the three months ended December 31, 2022.
(b)Potentially dilutive securities attributable to outstanding stock options and restricted stock units (RSUs) at December 31, 2023 and 2022, were excluded from the computation of diluted EPS because the securities would have had an antidilutive effect.






7

General Motors Company and Subsidiaries1
Combining Balance Sheet Information
(In millions, except per share amounts) (Unaudited)
December 31, 2023December 31, 2022
AutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
ASSETS
Current Assets
Cash and cash equivalents$12,228 $1,344 $5,282 $— $18,853 $13,629 $1,519 $4,005 $— $19,153 
Marketable debt securities7,613 — — — 7,613 10,760 1,390 — — 12,150 
Accounts and notes receivable, net(a)11,814 — 1,891 (1,327)12,378 11,910 — 2,114 (691)13,333 
GM Financial receivables, net— — 39,246 (170)39,076 — — 33,811 (188)33,623 
Inventories 16,467 — — (6)16,461 15,369 — — (2)15,366 
Other current assets(b)1,994 466 5,205 (428)7,238 2,009 347 4,912 (442)6,825 
Total current assets50,115 1,809 51,624 (1,931)101,618 53,677 3,256 44,842 (1,324)100,451 
Non-current Assets
GM Financial receivables, net(d)— — 45,391 (348)45,043 — — 40,702 (112)40,591 
Equity in net assets of nonconsolidated affiliates8,943 — 1,670 — 10,613 8,511 — 1,665 — 10,176 
Property, net 50,104 93 124 — 50,321 45,011 98 140 — 45,248 
Goodwill and intangible assets, net 2,793 715 1,354 — 4,862 2,877 727 1,341 — 4,945 
Equipment on operating leases, net— — 30,582 — 30,582 — — 32,701 — 32,701 
Deferred income taxes21,722 1,723 (1,106)— 22,339 20,348 1,108 (917)— 20,539 
Other assets(c)6,869 215 1,140 (538)7,686 7,995 322 1,069 — 9,386 
Total non-current assets90,430 2,745 79,156 (886)171,446 84,742 2,254 76,702 (112)163,586 
Total Assets$140,546 $4,555 $130,780 $(2,817)$273,064 $138,419 $5,510 $121,544 $(1,436)$264,037 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (principally trade)(a)$27,846 $185 $1,136 $(1,054)$28,114 $27,307 $146 $712 $(679)$27,486 
Short-term debt and current portion of long-term debt
Automotive(a)591 272 — (435)428 2,144 13 — (198)1,959 
GM Financial— — 38,540 — 38,540 — — 36,819 — 36,819 
Cruise— 6 — (6)— — 2 — (2)— 
Accrued liabilities(b)21,468 590 5,741 (436)27,364 18,662 612 6,081 (445)24,910 
Total current liabilities49,906 1,053 45,417 (1,931)94,445 48,113 772 43,612 (1,324)91,173 
Non-current Liabilities
Long-term debt
Automotive(c)15,979 544 — (538)15,985 15,879 6 — — 15,885 
GM Financial — — 66,788 — 66,788 — — 60,036 — 60,036 
Cruise(d)— 348 — (348)— — 112 — (112)— 
Postretirement benefits other than pensions4,345 — — — 4,345 4,193 — — — 4,193 
Pensions 6,673 — 8 — 6,680 5,692 — 6 — 5,698 
Other liabilities13,447 454 2,614 — 16,515 11,927 465 2,375 — 14,767 
Total non-current liabilities40,444 1,345 69,409 (886)110,312 37,691 583 62,417 (112)100,579 
Total Liabilities90,350 2,399 114,826 (2,817)204,757 85,804 1,356 106,029 (1,436)191,752 
Noncontrolling interest - Cruise stock incentive awards— 118 — — 118 — 357 — — 357 
Equity
Common stock, $0.01 par value12 — — — 12 14 — — — 14 
Additional paid-in capital(e)18,866 240 1,314 (1,290)19,130 26,313 90 1,433 (1,409)26,428 
Retained earnings39,579 (12)15,823 1 55,391 32,054 1,766 15,429 1 49,251 
Accumulated other comprehensive loss(9,066)1 (1,183)— (10,247)(6,552)(2)(1,348)— (7,901)
Total stockholders’ equity49,391 229 15,954 (1,289)64,286 51,829 1,855 15,515 (1,407)67,792 
Noncontrolling interests(e)805 1,809 — 1,289 3,903 786 1,942 — 1,407 4,135 
Total Equity50,196 2,038 15,954 — 68,189 52,615 3,797 15,515 — 71,927 
Total Liabilities and Equity$140,546 $4,555 $130,780 $(2,817)$273,064 $138,419 $5,510 $121,544 $(1,436)$264,037 
_________
(a)Eliminations primarily include GM Financial accounts and notes receivable of $0.5 billion due from Automotive; and Automotive accounts receivable of $0.8 billion primarily due from GM Financial and Cruise at December 31, 2023; and GM Financial accounts and notes receivable of $0.5 billion due from Automotive accounts payable and Automotive accounts receivable of $0.1 billion due from GM Financial accounts payable at December 31, 2022.
(b)Eliminations primarily related to intercompany asset transfers between Automotive and Cruise for autonomous vehicle (AV) capital.
(c)Eliminations related to deferral agreement between Cruise and Automotive as regards to engineering and capital spending incurred by Automotive on behalf of Cruise resulting in a long-term payable for Cruise offset by a long-term receivable for Automotive.
(d)Eliminations primarily related to intercompany loans due from Cruise to GM Financial in the year ended December 31, 2023.
(e)Primarily reclassification of GM Financial Cumulative Perpetual Preferred Stock, Series A, B and C. The preferred stock is classified as noncontrolling interests in our consolidated balance sheets.






8

General Motors Company and Subsidiaries1
Combining Cash Flow Information
(In millions) (Unaudited)
Year Ended December 31, 2023Year Ended December 31, 2022
AutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
Cash flows from operating activities
Net income (loss)$10,102 $(2,414)$2,152 $— $9,840 $8,509 $(1,900)$3,095 $5 $9,708 
Depreciation and impairment of Equipment on operating leases, net— — 4,904 — 4,904 — — 4,839 — 4,839 
Depreciation, amortization and impairment charges on Property, net6,756 188 40 — 6,984 6,346 55 49 — 6,451 
Foreign currency remeasurement and transaction (gains) losses344 — 5 — 349 173 — (1)— 172 
Undistributed earnings of nonconsolidated affiliates, net295 — (50)— 245 225 — (32)— 193 
Pension contributions and OPEB payments(1,099)— — — (1,100)(790)— — — (790)
Pension and OPEB income, net89 — 2 — 90 (1,190)— 1 — (1,189)
Provision (benefit) for deferred taxes(305)(991)256 — (1,041)1,247 (1,297)475 — 425 
Change in other operating assets and liabilities(a)3,376 637 846 (3,037)1,822 2,363 1,067 (1,263)(5,144)(2,977)
Other operating activities(c)1,272 658 (1,493)(1,601)(1,163)2,211 243 (1,688)(1,556)(790)
Net cash provided by (used in) operating activities20,828 (1,921)6,662 (4,638)20,930 19,094 (1,832)5,476 (6,695)16,043 
Cash flows from investing activities
Expenditures for property(10,684)(63)(24)(198)(10,970)(9,007)(197)(44)10 (9,238)
Available-for-sale marketable securities, acquisitions(3,940)(490)— — (4,429)(8,511)(3,326)— — (11,837)
Available-for-sale marketable securities, liquidations7,443 1,902 — — 9,345 4,565 3,506 — (14)8,057 
Purchases of finance receivables(a)— — (38,593)3,214 (35,379)— — (39,113)5,139 (33,974)
Principal collections and recoveries on finance receivables— — 28,343 4 28,346 — — 27,017 (129)26,887 
Purchases of leased vehicles— — (13,640)— (13,640)— — (11,949)— (11,949)
Proceeds from termination of leased vehicles— — 13,033 — 13,033 — — 14,234 — 14,234 
Other investing activities(b)(1,505)— — 536 (969)(4,544)— (151)4,633 (62)
Net cash provided by (used in) investing activities(8,686)1,349 (10,882)3,556 (14,663)(17,497)(17)(10,006)9,638 (17,882)
Cash flows from financing activities
Net increase (decrease) in short-term debt(6)— (150)— (156)40 — 333 — 373 
Proceeds from issuance of debt (original maturities greater than three months)24 228 50,940 (228)50,963 2,255 99 43,557 (99)45,813 
Payments on debt (original maturities greater than three months)(1,644)(33)(43,001)3 (44,675)(1,631)(1)(37,925)(50)(39,606)
Payments to purchase common stock(11,115)— — — (11,115)(2,514)— — 14 (2,500)
Issuance (redemption) of subsidiary stock(b)— 493 — (493)— — 2,419 — (4,541)(2,121)
Dividends paid(c)(479)— (1,919)1,800 (597)(265)(58)(1,819)1,745 (397)
Other financing activities(336)(292)(146)— (774)(363)(668)(134)(13)(1,178)
Net cash provided by (used in) financing activities(13,555)396 5,724 1,082 (6,353)(2,478)1,791 4,014 (2,943)383 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(15)— 69 — 54 (147)— 9 — (138)
Net increase (decrease) in cash, cash equivalents and restricted cash(1,437)(167)1,573 — (31)(1,028)(59)(507)— (1,594)
Cash, cash equivalents and restricted cash at beginning of period13,746 1,526 6,676 — 21,948 14,774 1,584 7,183 — 23,542 
Cash, cash equivalents and restricted cash at end of period$12,310 $1,359 $8,249 $— $21,917 $13,746 $1,526 $6,676 $— $21,948 
_________
(a)Includes eliminations of $3.0 billion and $5.0 billion in the years ended December 31, 2023 and 2022 for purchases/collections of wholesale finance receivables resulting from vehicles sold by GM to dealers that have arranged their inventory floor plan financing through GM Financial.
(b)Includes eliminations of $0.5 billion and $2.4 billion in the years ended December 31, 2023 and 2022 for Automotive investment in Cruise and reclassifications of $2.1 billion in the year ended December 31, 2022 for purchase of Cruise preferred shares from SoftBank.
(c)Eliminations include dividends issued by GM Financial to Automotive in the years ended December 31, 2023 and 2022.








9

General Motors Company and Subsidiaries1
The following tables summarize key financial information by segment (dollars in millions):
GMNAGMICorporateEliminationsTotal
Automotive		CruiseGM
Financial		Reclassifications/EliminationsTotal
Three Months Ended December 31, 2023
Net sales and revenue$35,231 $3,938 $96 $39,264 $25 $3,743 $(53)$42,980 
Expenditures for property$3,437 $173 $3 $— $3,613 $13 $4 $77 $3,706 
Depreciation and amortization$1,602 $165 $5 $— $1,771 $10 $1,217 $— $2,999 
Impairment charges$— $— $— $— $— $209 $— $— $209 
Equity income (loss)(a)(b)$106 $92 $— $— $198 $— $27 $— $225 
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 $5 $— $1,531 $14 $1,223 $— $2,767 
Impairment charges$— $1 $— $— $1 $— $— $— $1 
Equity income (loss)(a)$(4)$200 $— $— $197 $— $25 $— $222 
GMNAGMICorporateEliminationsTotal
Automotive		CruiseGM
Financial		Reclassifications/EliminationsTotal
Year Ended December 31, 2023
Net sales and revenue$141,445 $15,949 $273 $157,667 $102 $14,225 $(151)$171,842 
Expenditures for property$10,147 $522 $15 $— $10,684 $63 $24 $198 $10,970 
Depreciation and amortization$6,146 $589 $21 $— $6,755 $38 $4,944 $— $11,737 
Impairment charges$— $— $— $— $— $209 $— $— $209 
Equity income (loss)(a)(b)$196 $440 $— $— $635 $— $138 $— $773 
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 $1 $— $— $12 $— $— $— $12 
Equity income (loss)(a)$(9)$672 $— $— $663 $— $173 $— $837 
________
(a)Includes Automotive China equity income of $93 million and $201 million in the three months ended December 31, 2023 and 2022 and $446 million and $677 million in the years ended December 31, 2023 and 2022.
(b)Equity earnings related to Ultium Cells Holdings LLC are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our electric vehicles. Equity earnings related to Ultium Cells Holdings LLC were $102 million in the three months ended December 31, 2023 and $293 million in the year ended December 31, 2023.







10


General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
General Motors Company (GM) uses both generally accepted accounting principles (GAAP) and non-GAAP financial measures for operational and financial decision making, and to assess Company and segment business performance. Our non-GAAP measures include: earnings before interest and taxes (EBIT)-adjusted, presented net of noncontrolling interests; earnings before income taxes (EBT)-adjusted for our General Motors Financial Company, Inc. (GM Financial) segment; earnings per share (EPS)-diluted-adjusted; effective tax rate-adjusted (ETR-adjusted); return on invested capital-adjusted (ROIC-adjusted) and adjusted automotive free cash flow. GM's calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures.

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

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

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

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

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

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










11


General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
The following table reconciles Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted and segment profit (loss) (dollars in millions):
Three Months EndedYears Ended
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Net income attributable to stockholders(a)$2,102 $1,999 $10,127 $9,934 
Income tax expense(857)580 563 1,888 
Automotive interest expense222 267 911 987 
Automotive interest income(308)(215)(1,109)(460)
Adjustments
Voluntary separation program(b)130 — 1,035 — 
Buick dealer strategy(c)131 511 569 511 
Cruise restructuring(d)478 — 478 — 
GM Korea wage litigation(e)(30)— (106)— 
India asset sales(f)(111)— (111)— 
Cruise compensation modifications(g)— — — 1,057 
Russia exit(h)— 657 — 657 
Patent royalty matters(i)— — — (100)
Total adjustments598 1,168 1,865 2,125 
EBIT-adjusted1,757 3,799 12,357 14,474 
Operating segments
GM North America (GMNA)2,011 3,654 12,306 12,988 
GM International (GMI)269 272 1,210 1,143 
Cruise(792)(524)(2,695)(1,890)
GM Financial(j)707 775 2,985 4,076 
Total operating segments2,196 4,176 13,806 16,317 
Corporate and eliminations(k)(439)(377)(1,448)(1,843)
EBIT-adjusted$1,757 $3,799 $12,357 $14,474 
__________
(a)Net of net loss attributable to noncontrolling interests.
(b)These adjustments were excluded because they relate to the acceleration of attrition as part of the cost reduction program announced in January 2023, primarily in the U.S.
(c)These adjustments were excluded because they relate to strategic activities to transition certain Buick dealers out of our dealer network as part of Buick’s EV strategy.
(d)These adjustments were excluded because they relate to restructuring costs resulting from Cruise voluntarily pausing its driverless, supervised and manual AV operations in the U.S. while it examines its processes, systems and tools. The adjustments primarily consist of non-cash restructuring charges, supplier related charges and employee separation charges.
(e)These adjustments were excluded because they relate to the partial resolution of subcontractor matters in Korea.
(f)These adjustments were excluded because they relate to an asset sale resulting from our strategic decision in 2020 to exit India.
(g)This adjustment was excluded because it relates to the one-time modification of Cruise stock incentive awards.
(h)This adjustment was excluded because it relates to the shutdown of our Russia business including the write off of our net investment and release of accumulated translation losses into earnings.
(i)This adjustment was excluded because it relates to the resolution of substantially all royalty matters accrued with respect to past-year vehicle sales in 2022.
(j)GM Financial amounts represent EBT-adjusted.
(k)GM's automotive interest income and interest expense, legacy costs from the Opel/Vauxhall Business (primarily pension costs), corporate expenditures and certain revenues and expenses that are not part of a reportable segment are recorded centrally in Corporate.







12


General Motors Company and Subsidiaries
Supplemental Material1
(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, 2023December 31, 2022December 31, 2023December 31, 2022
AmountPer ShareAmountPer ShareAmountPer ShareAmountPer Share
Diluted earnings per common share$2,076 $1.59 $1,987 $1.39 $10,022 $7.32 $8,915 $6.13 
Adjustments(a)598 0.46 1,168 0.82 1,865 1.36 2,125 1.46 
Tax effect on adjustments(b)(180)(0.14)(127)(0.09)(504)(0.37)(423)(0.29)
Tax adjustments(c)(870)(0.67)— — (870)(0.64)(482)(0.33)
Deemed dividend adjustment(d)— — — — — — 909 0.63 
EPS-diluted-adjusted$1,624 $1.24 $3,028 $2.12 $10,513 $7.68 $11,044 $7.59 
________
(a)    Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted and segment profit (loss) for adjustment details.
(b)    The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.
(c)    In the year ended December 31, 2023, the adjustment consists of tax benefit related to the release of a valuation allowance against deferred tax assets considered realizable in Korea. In the year ended December 31, 2022, the adjustment consists of tax benefit related to the release of a valuation allowance against deferred tax assets considered realizable as a result of Cruise tax reconsolidation. These adjustments were excluded because significant impacts of valuation allowances are not considered part of our core operations.
(d)    This adjustment consists of a deemed dividend related to the redemption of Cruise preferred shares from SoftBank in the year ended December 31, 2022.

The following table reconciles our effective tax rate under U.S. GAAP to ETR-adjusted (dollars in millions):
Years Ended December 31,
20232022
Income before income taxesIncome tax expenseEffective tax rateIncome before income taxesIncome tax expenseEffective tax rate
Effective tax rate$10,403 $563 5.4 %$11,597 $1,888 16.3 %
Adjustments(a)1,916 504 2,221 423 
Tax adjustments(b)870 482 
ETR-adjusted$12,319 $1,937 15.7 %$13,818 $2,793 20.2 %
________
(a)    Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted and segment profit (loss) for adjustment details. Net income attributable to noncontrolling interests for these adjustments is included in the years ended December 31, 2023 and 2022. The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.
(b)    Refer to the reconciliation of diluted earnings per common share under U.S. GAAP to EPS-diluted-adjusted for adjustment details.







13


General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
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,
20232022
Net income attributable to stockholders$10.1 $9.9 
Average equity(a)$72.0 $66.6 
ROE14.1 %14.9 %
________
(a)    Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in Net income attributable to stockholders.

The following table summarizes the calculation of ROIC-adjusted (dollars in billions):
Years Ended December 31,
20232022
EBIT-adjusted(a)$12.4 $14.5 
Average equity(b)$72.0 $66.6 
Add: Average automotive debt and interest liabilities (excluding finance leases)16.2 17.6 
Add: Average automotive net pension & OPEB liability8.1 9.4 
Less: Average automotive net income tax asset(21.1)(21.2)
ROIC-adjusted average net assets$75.2 $72.3 
ROIC-adjusted16.4 %20.0 %
________
(a)    Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted and segment profit (loss) for adjustment details.
(b)    Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in EBIT-adjusted.

The following table reconciles Net automotive cash provided by operating activities under U.S. GAAP to adjusted automotive free cash flow (dollars in millions):
Three Months EndedYears Ended
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Net automotive cash provided by operating activities$4,688 $7,488 $20,828 $19,094 
Less: Capital expenditures(3,613)(3,235)(10,684)(9,007)
Add: Employee separation costs53 — 849 — 
Add: Buick dealer strategy213 120 674 120 
Add: Patent royalty matters— — — 145 
Add: GM Brazil indirect tax matters— 57 — 57 
Add: Russia exit— 31 — 31 
Add: GM Korea wage litigation— — — 26 
Adjusted automotive free cash flow$1,341 $4,460 $11,666 $10,466 







14


General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
Vehicle Sales

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

Three Months EndedYears Ended
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
GMNA782 787 3,147 2,926 
GMI161 180 621 653 
Total943 967 3,768 3,579 

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







15


General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
The following table summarizes industry and GM total vehicle sales and GM's related competitive position by geographic region (vehicles in thousands):

 Three Months EndedYears Ended
 December 31, 2023December 31, 2022December 31, 2023December 31, 2022
 IndustryGMMarket ShareIndustryGMMarket ShareIndustryGMMarket ShareIndustryGMMarket Share
North America
United States3,987 625 15.7 %3,723 623 16.7 %15,981 2,595 16.2 %14,242 2,274 16.0 %
Other944 122 12.9 %791 106 13.4 %3,592 460 12.8 %3,066 406 13.2 %
Total North America4,931 747 15.2 %4,514 729 16.2 %19,573 3,055 15.6 %17,307 2,680 15.5 %
Asia/Pacific, Middle East and Africa
China(a)7,236 569 7.9 %6,333 576 9.1 %24,976 2,099 8.4 %23,489 2,303 9.8 %
Other5,654 166 2.9 %5,239 124 2.4 %21,941 576 2.6 %20,253 505 2.5 %
Total Asia/Pacific, Middle East and Africa12,891 735 5.7 %11,572 699 6.0 %46,917 2,675 5.7 %43,741 2,808 6.4 %
South America
Brazil679 92 13.5 %602 88 14.6 %2,307 328 14.2 %2,103 291 13.8 %
Other338 30 8.8 %365 36 10.0 %1,418 128 9.0 %1,563 160 10.3 %
Total South America1,016 121 11.9 %967 124 12.8 %3,725 456 12.2 %3,666 451 12.3 %
Total in GM markets18,838 1,604 8.5 %17,053 1,553 9.1 %70,215 6,186 8.8 %64,715 5,939 9.2 %
Total Europe3,972 1 — %3,836 1 — %16,384 2 — %14,234 2 — %
Total Worldwide(b)(c)22,810 1,605 7.0 %20,888 1,553 7.4 %86,600 6,188 7.1 %78,949 5,941 7.5 %
United States
Cars722 40 5.6 %716 61 8.5 %3,054 224 7.3 %2,814 214 7.6 %
Trucks1,034 321 31.1 %1,086 347 31.9 %4,249 1,303 30.7 %3,974 1,246 31.4 %
Crossovers2,231 264 11.8 %1,920 215 11.2 %8,678 1,068 12.3 %7,454 814 10.9 %
Total United States3,987 625 15.7 %3,723 623 16.7 %15,981 2,595 16.2 %14,242 2,274 16.0 %
China(a)
SGMS211 271 870 1,037 
SGMW358 305 1,229 1,266 
Total China7,236 569 7.9 %6,333 576 9.1 %24,976 2,099 8.4 %23,489 2,303 9.8 %
__________
(a)    Includes sales by the Automotive China Joint Ventures: SAIC General Motors Sales Co., Ltd. (SGMS) and SAIC GM Wuling Automobile Co., Ltd. (SGMW).
(b)    Cuba, Iran, North Korea, Sudan and Syria are subject to broad economic sanctions. Accordingly, these countries are excluded from industry sales data and corresponding calculation of market share.
(c)    As of March 2022, GM is no longer importing vehicles or parts to Russia, Belarus and other sanctioned provinces in Ukraine.

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

Three Months EndedYears Ended
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
GMNA141 159 679 564 
GMI168 138 506 426 
Total fleet sales309 297 1,185 990 
Fleet sales as a percentage of total vehicle sales19.3 %19.1 %19.2 %16.7 %
North America capacity two-shift utilization93.1 %99.2 %97.1 %98.8 %






16
v3.24.0.1
Cover
Jan. 30, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jan. 30, 2024
Entity Registrant Name GENERAL MOTORS COMPANY
Entity Incorporation, State or Country Code DE
Entity File Number 001-34960
Entity Tax Identification Number 27-0756180
Entity Address, Address Line One 300 Renaissance Center,
Entity Address, City or Town Detroit,
Entity Address, State or Province MI
Entity Address, Postal Zip Code 48265
City Area Code 313
Local Phone Number 667-1500
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.01 par value
Trading Symbol GM
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0001467858
Amendment Flag false
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