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1、For Release:Tuesday,Jan.28,2025,at 6:30 a.m.ETGM Releases Full-Year and Fourth-Quarter 2024 Results and 2025 GuidanceDETROIT General Motors(NYSE:GM)today reported full-year 2024 net income attributable to shareholders of$6.0 billion and EBIT-adjusted of$14.9 billion.Fourth-quarter 2024 net income at

2、tributable to shareholders was a loss of$3.0 billion and EBIT-adjusted was$2.5 billion.Fourth quarter net income was reduced by more than$5 billion in special charges driven primarily by$4 billion of non-cash restructuring charges and impairment of our interests in certain China Joint Ventures,and$0

3、.5 billion in charges related to the decision to stop funding the Cruise robotaxi business.The chart below summarizes GMs 2024 financial guidance and 2024 results,as well as the companys 2025 guidance,which is for a year of strong financial performance.Final 2024 Guidance2024 Results2025 GuidanceNet

4、 income attributable to stockholders$10.4 billion-$11.1 billion$6.0 billion$11.2 billion-$12.5 billionEBIT-adjusted$14.0 billion-$15.0 billion$14.9 billion$13.7 billion-$15.7 billionAutomotive operating cash flow$22.0 billion-$24.0 billion$23.9 billion$21.0 billion-$24.0 billionAdjusted automotive f

5、ree cash flow$12.5 billion-$13.5 billion$14.0 billion$11.0 billion-$13.0 billionEPS-diluted$9.14-$9.64$6.37$11.00-$12.00EPS-diluted-adjusted$10.00-$10.50$10.60$11.00-$12.00GMs 2025 financial guidance assumes a stable policy environment in North America and an estimated benefit of$0.5 billion from re

6、duced year-over-year expenses at Cruise.The financial guidance also includes anticipated capital spending of$10.0 billion-$11.0 billion,inclusive of investments in the companys battery cell manufacturing joint ventures.Conference Call for Investors and AnalystsGM Chair and CEO Mary Barra and GM Chie

7、f 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 MotorsAn audio replay will be

8、available on the GM Investor Relations website in the Events section.Visit the GM Investor Relations website to download the companys earnings deck and GM Chair and CEO Mary Barras letter to shareholders.Exhibit 99.1News1Results OverviewThree Months Ended$M except per share amountsDecember 31,2024De

9、cember 31,2023Change%ChangeRevenue$47,702$42,980$4,722 11.0%Net income(loss)attributable to stockholders$(2,961)$2,102$(5,063)n.m.EBIT-adjusted$2,509$1,757$752 42.8%Net income margin(6.2)%4.9%(11.1)pptsn.m.EBIT-adjusted margin 5.3%4.1%1.2 ppts 29.3%Automotive operating cash flow$4,765$4,688$77 1.6%A

10、djusted automotive free cash flow$1,823$1,341$482 35.9%EPS-diluted(a)$(1.64)$1.59$(3.23)n.m.EPS-diluted-adjusted(a)$1.92$1.24$0.68 54.8%GMNA EBIT-adjusted$2,274$2,011$263 13.1%GMNA EBIT-adjusted margin 5.8%5.7%0.1 ppts 1.8%GMI EBIT-adjusted$221$269$(48)(17.8)%China equity income$(4,060)$93$(4,153)n.

11、m.GM Financial EBT-adjusted$719$707$12 1.7%_(a)EPS-diluted and EPS-diluted-adjusted include a$0.02 and$(0.05)impact from revaluation on equity investments in the three months ended December 31,2024 and 2023.(b)n.m.=not meaningfulYears Ended$M except per share amountsDecember 31,2024December 31,2023C

12、hange%ChangeRevenue$187,442$171,842$15,600 9.1%Net income attributable to stockholders$6,008$10,127$(4,119)(40.7)%EBIT-adjusted$14,934$12,357$2,577 20.9%Net income margin 3.2%5.9%(2.7)ppts(45.8)%EBIT-adjusted margin 8.0%7.2%0.8 ppts 11.1%Automotive operating cash flow$23,939$20,828$3,111 14.9%Adjust

13、ed automotive free cash flow$14,045$11,666$2,379 20.4%EPS-diluted(a)$6.37$7.32$(0.95)(13.0)%EPS-diluted-adjusted(a)$10.60$7.68$2.92 38.0%GMNA EBIT-adjusted$14,528$12,306$2,222 18.1%GMNA EBIT-adjusted margin 9.2%8.7%0.5 ppts 5.7%GMI EBIT-adjusted$303$1,210$(907)(75.0)%China equity income$(4,407)$446$

14、(4,853)n.m.GM Financial EBT-adjusted$2,965$2,985$(20)(0.7)%_(a)EPS-diluted and EPS-diluted-adjusted include a$(0.11)and$(0.10)impact from revaluation on equity investments in the years ended December 31,2024 and 2023.(b)n.m.=not meaningful2General Motors(NYSE:GM)is driving the future of transportati

15、on,leveraging advanced technology to build safer,smarter,and lower emission cars,trucks,and SUVs.GMs Buick,Cadillac,Chevrolet,and GMC brands offer a broad portfolio of innovative gasoline-powered vehicles and the industrys widest range of EVs,as we move to an all-electric future.Learn more at GM.com

16、.#CONTACTS:Jim CainGM Communications313-407- Ashish KohliGM Investor Relations847-964-David CaldwellGM Communications586-899-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.federa

17、l 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,curren

18、t 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 var

19、iety 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 m

20、ade,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.32024 Guidance Reconciliat

21、ionsThe following table reconciles expected Net income attributable to stockholders under U.S.GAAP to expected EBIT-adjusted(dollars in billions):Year Ending December 31,2024Net income attributable to stockholders$10.4-11.1Income tax expense2.4-2.7Automotive interest income,net(0.1)Adjustments(a)1.3

22、 EBIT-adjusted$14.0-15.0The 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 31,2024Net automotive cash provided by operating activities$22.0-24.0Less:Capit

23、al expenditures10.0-11.0Adjustments(a)0.5Adjusted automotive free cash flow$12.5-13.5The following table reconciles expected EPS-diluted under U.S.GAAP to expected EPS-diluted-adjusted:Year Ending December 31,2024Diluted earnings per common share$9.14-9.64Adjustments(a)0.86EPS-diluted-adjusted$10.00

24、-10.50_(a)Adjustments as of September 30,2024.See our Quarterly Report on Form 10-Q for the quarter ended September 30,2024,for full details.We do not consider the potential future impact of adjustments on our expected financial results.42025 Guidance ReconciliationsThe following table reconciles ex

25、pected Net income attributable to stockholders under U.S.GAAP to expected EBIT-adjusted(dollars in billions):Year Ending December 31,2025Net income attributable to stockholders$11.2-12.5Income tax expense2.5-3.2Automotive interest income,net(0.0)EBIT-adjusted(a)$13.7-15.7The following table reconcil

26、es 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 31,2025Net automotive cash provided by operating activities$21.0-24.0Less:Capital expenditures10.0-11.0Adjusted automotive free cas

27、h flow(a)$11.0-13.0_(a)We do not consider the potential future impact of adjustments on our expected financial results.5Combining Income Statement Information(In millions)(Unaudited)Year Ended December 31,2024Year Ended December 31,2023AutomotiveCruiseGM FinancialReclassifications/EliminationsCombin

28、edAutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedNet sales and revenueAutomotive$171,605$257$(256)$171,606$157,667$102$(110)$157,658 GM Financial 15,875 (40)15,836 14,225 (41)14,184 Total net sales and revenue 171,605 257 15,875 (296)187,442 157,667 102 14,225 (151)171,842 Costs a

29、nd expensesAutomotive and other cost of sales 148,501 2,566 (3)151,065 138,254 3,088 (12)141,330 GM Financial interest,operating and other expenses 12,974 (1)12,972 11,376 (2)11,374 Automotive and other selling,general and administrative expense 9,898 727 (4)10,621 9,349 493 (2)9,840 Total costs and

30、 expenses 158,399 3,293 12,974 (8)174,658 147,603 3,581 11,376 (16)162,544 Operating income(loss)13,206 (3,036)2,902 (288)12,784 10,064 (3,479)2,848 (135)9,298 Automotive interest expense 845 189 (189)846 928 33 (49)911 Interest income and other non-operating income,net 1,124 35 (1)99 1,257 1,345 10

31、7 (1)86 1,537 Equity income(loss)(4,419)(256)(4,675)342 138 480 Income(loss)before income taxes 9,065 (3,191)2,645 8,519 10,823 (3,405)2,985 10,403 Income tax expense(benefit)2,556 563 Net income(loss)5,963 9,840 Net loss(income)attributable to noncontrolling interests 45 287 Net income(loss)attribu

32、table to stockholders$6,008$10,127 Net income(loss)attributable to common stockholders$7,189$10,022 _ 1 Certain columns and rows may not add due to rounding.General Motors Company and Subsidiaries16Basic and Diluted Earnings per Share(Unaudited)The following table summarizes basic and diluted earnin

33、gs per share(in millions,except per share amounts):Three Months EndedYears EndedDecember 31,2024December 31,2023December 31,2024December 31,2023Basic earnings per shareNet income(loss)attributable to stockholders$(2,961)$2,102$6,008$10,127 Adjustments(a)1,236 (26)1,181 (106)Net income(loss)attributa

34、ble to common stockholders$(1,725)$2,076$7,189$10,022 Weighted-average common shares outstanding 1,055 1,302 1,115 1,364 Basic earnings per common share$(1.64)$1.59$6.45$7.35 Diluted earnings per shareNet income(loss)attributable to common stockholders diluted$(1,725)$2,076$7,189$10,022 Weighted-ave

35、rage common shares outstanding diluted 1,055 1,307 1,129 1,369 Diluted earnings per common share$(1.64)$1.59$6.37$7.32 Potentially dilutive securities(b)36 23 23 _(a)Includes a$1.2 billion return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling

36、 interest holders and an insignificant amount in participating securities income from a subsidiary in the three months ended December 31,2024 and for the year ended December 31,2024.(b)Potentially dilutive securities attributable to outstanding stock options,restricted stock units(RSUs)and performan

37、ce stock units at December 31,2024 and outstanding stock options and RSUs at December 31,2023,were excluded from the computation of diluted EPS because the securities would have had an antidilutive effect.General Motors Company and Subsidiaries17Combining Balance Sheet Information(In millions,except

38、 per share amounts)(Unaudited)December 31,2024December 31,2023AutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedASSETSCurrent AssetsCash and cash equivalents$14,470$308$5,094$19,872$12,228$1,344$5,282$18,853 Marketable

39、 debt securities 7,265 7,265 7,613 7,613 Accounts and notes receivable,net(a)11,498 22 1,988 (681)12,827 11,814 1,891 (1,327)12,378 GM Financial receivables,net(e)46,760 (398)46,362 39,246 (170)39,076 Inventories 14,569 (5)14,564 16,467 (6)16,461 Other current assets(b)2,816 38 4,799 2 7,655 1,994 4

40、66 5,205 (428)7,238 Total current assets 50,618 369 58,640 (1,082)108,545 50,115 1,809 51,624 (1,931)101,618 Non-current AssetsGM Financial receivables,net(d)46,750 (276)46,474 45,391 (348)45,043 Equity in net assets of nonconsolidated affiliates 5,896 1,206 7,102 8,943 1,670 10,613 Property,net 51,

41、729 69 107 51,904 50,104 93 124 50,321 Goodwill and intangible assets,net 2,642 570 1,339 4,551 2,793 715 1,354 4,862 Equipment on operating leases,net 31,586 31,586 30,582 30,582 Deferred income taxes 21,149 1,899 (1,795)21,254 21,722 1,723 (1,106)22,339 Other assets(c)9,340 41 1,323 (2,359)8,346 6

42、,869 215 1,140 (538)7,686 Total non-current assets 90,756 2,579 80,516 (2,635)171,216 90,430 2,745 79,156 (886)171,446 Total Assets$141,374$2,948$139,156$(3,717)$279,761$140,546$4,555$130,780$(2,817)$273,064 LIABILITIES AND EQUITYCurrent LiabilitiesAccounts payable(principally trade)(a)$25,446$200$7

43、14$(681)$25,680$27,846$185$1,136$(1,054)$28,114 Short-term debt and current portion of long-term debt Automotive(a)(e)2,413 7 (279)2,141 591 272 (435)428 GM Financial 37,291 37,291 38,540 38,540 Cruise(e)119 (119)6 (6)Accrued liabilities(b)24,949 548 5,661 (4)31,154 21,468 590 5,741 (436)27,364 Tota

44、l current liabilities 52,808 874 43,666 (1,082)96,265 49,906 1,053 45,417 (1,931)94,445 Non-current LiabilitiesLong-term debtAutomotive(c)13,288 2,397 (2,359)13,327 15,979 544 (538)15,985 GM Financial 76,973 76,973 66,788 66,788 Cruise(d)276 (276)348 (348)Postretirement benefits other than pensions

45、3,990 3,990 4,345 4,345 Pensions 5,772 7 5,779 6,673 8 6,680 Other liabilities 14,635 297 2,904 17,836 13,447 454 2,614 16,515 Total non-current liabilities 37,686 2,970 79,885 (2,635)117,906 40,444 1,345 69,409 (886)110,312 Total Liabilities 90,494 3,844 123,551 (3,717)214,171 90,350 2,399 114,826

46、(2,817)204,757 Noncontrolling interest-Cruise stock incentive awards 118 118 Equity Common stock,$0.01 par value 10 10 12 12 Additional paid-in capital(f)19,632 1,187 1,196 (1,172)20,843 18,866 240 1,314 (1,290)19,130 Retained earnings 40,203 (2,647)15,916 1 53,472 39,579 (12)15,823 1 55,391 Accumul

47、ated other comprehensive loss(9,744)(3)(1,506)(11,253)(9,066)1 (1,183)(10,247)Total stockholders equity 50,100 (1,464)15,606 (1,170)63,072 49,391 229 15,954 (1,289)64,286 Noncontrolling interests(f)780 568 1,170 2,518 805 1,809 1,289 3,903 Total Equity 50,880 (896)15,606 65,590 50,196 2,038 15,954 6

48、8,189 Total Liabilities and Equity$141,374$2,948$139,156$(3,717)$279,761$140,546$4,555$130,780$(2,817)$273,064 _(a)Eliminations primarily include GM Financial accounts and notes receivable of$0.5 billion due from Automotive;and Automotive accounts receivable of$0.2 billion primarily due from GM Fina

49、ncial and Cruise at December 31,2024;and GM Financial accounts and notes receivable of$0.5 billion due from Automotive and Automotive accounts receivable of$0.8 billion due from GM Financial and Cruise at December 31,2023.(b)Eliminations primarily related to intercompany asset transfer between Autom

50、otive and Cruise for autonomous vehicle(AV)capital at December 31,2023.(c)Eliminations primarily related to convertible note issued by Cruise to Automotive at December 31,2024 and deferral agreement between Cruise and Automotive as regards to engineering,capital spending,restructuring and other cost

51、s 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.(e)Eliminations primarily related to GM Financial accounts receivables due

52、from Automotive and Cruise.(f)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.General Motors Company and Subsidiaries18Combining Cash Flow Information(In

53、millions)(Unaudited)Year Ended December 31,2024Year Ended December 31,2023AutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedCash flows from operating activitiesNet income(loss)$6,637$(2,535)$1,862$5,963$10,102$(2,414)$

54、2,152$9,840 Depreciation and impairment of Equipment on operating leases,net 4,844 4,844 4,904 4,904 Depreciation,amortization and impairment charges on Property,net 6,549 958 38 7,545 6,756 188 40 6,984 Foreign currency remeasurement and transaction(gains)losses(314)(7)(321)344 5 349 Undistributed

55、earnings and impairment of nonconsolidated affiliates,net 3,708 411 4,118 295 (50)245 Pension contributions and OPEB payments(1,517)(1,518)(1,099)(1,100)Pension and OPEB income,net 88 2 89 89 2 90 Provision(benefit)for deferred taxes 966 (656)1,059 1,368 (305)(991)256 (1,041)Change in other operatin

56、g assets and liabilities(a)4,978 693 (896)(6,304)(1,529)3,376 637 846 (3,037)1,822 Other operating activities(c)2,846 (693)(883)(1,703)(433)1,272 658 (1,493)(1,601)(1,163)Net cash provided by(used in)operating activities 23,939 (2,233)6,429 (8,006)20,129 20,828 (1,921)6,662 (4,638)20,930 Cash flows

57、from investing activitiesExpenditures for property(10,711)(7)(24)(88)(10,830)(10,684)(63)(24)(198)(10,970)Available-for-sale marketable securities,acquisitions(3,986)(3,986)(3,940)(490)(4,429)Available-for-sale marketable securities,liquidations 4,331 4,331 7,443 1,902 9,345 Purchases of finance rec

58、eivables(a)(42,792)6,444 (36,348)(38,593)3,214 (35,379)Principal collections and recoveries on finance receivables 31,783 1 31,784 28,343 4 28,346 Purchases of leased vehicles (15,279)(15,279)(13,640)(13,640)Proceeds from termination of leased vehicles 10,892 10,892 13,033 13,033 Other investing act

59、ivities(b)(2,448)2 1,365 (1,081)(1,505)536 (969)Net cash provided by(used in)investing activities(12,813)(7)(15,418)7,721 (20,517)(8,686)1,349 (10,882)3,556 (14,663)Cash flows from financing activitiesNet increase(decrease)in short-term debt 16 112 128 (6)(150)(156)Proceeds from issuance of debt(ori

60、ginal maturities greater than three months)(b)83 1,118 53,398 (1,165)53,435 24 228 50,940 (228)50,963 Payments on debt(original maturities greater than three months)(919)(8)(42,478)6 (43,399)(1,644)(33)(43,001)3 (44,675)Payments to purchase common stock(7,064)(7,064)(11,115)(11,115)Issuance(redempti

61、on)of subsidiary stock(b)255 (356)(101)493 (493)Dividends paid(c)(534)(1,919)1,800 (653)(479)(1,919)1,800 (597)Other financing activities(82)(161)(164)(407)(336)(292)(146)(774)Net cash provided by(used in)financing activities(8,501)1,204 8,950 285 1,938 (13,555)396 5,724 1,082 (6,353)Effect of excha

62、nge rate changes on cash,cash equivalents and restricted cash(374)(128)(503)(15)69 54 Net increase(decrease)in cash,cash equivalents and restricted cash 2,251 (1,037)(167)1,047 (1,437)(167)1,573 (31)Cash,cash equivalents and restricted cash at beginning of period 12,310 1,359 8,249 21,917 13,746 1,5

63、26 6,676 21,948 Cash,cash equivalents and restricted cash at end of period$14,561$322$8,081$22,964$12,310$1,359$8,249$21,917 _(a)Includes eliminations of$6.4 billion and$3.0 billion in the years ended December 31,2024 and 2023 for purchases/collections of wholesale finance receivables resulting from

64、 vehicles sold by GM to dealers that have arranged their inventory floor plan financing through GM Financial.(b)Includes eliminations of$0.9 billion convertible note issued by Cruise to Automotive in the year ended December 31,2024,$0.4 billion and$0.5 billion in the years ended December 31,2024 and

65、 2023 for Automotive investment in Cruise.(c)Eliminations include dividends issued by GM Financial to Automotive in the years ended December 31,2024 and 2023.General Motors Company and Subsidiaries19The following tables summarize key financial information by segment(dollars in millions):GMNAGMICorpo

66、rateEliminationsTotalAutomotiveCruiseGMFinancialReclassifications/EliminationsTotalThree Months Ended December 31,2024Net sales and revenue$39,528$3,994$76$43,598$181$4,114$(191)$47,702 Expenditures for property$3,046$157$12$3,215$2$8$7$3,233 Depreciation and amortization$1,548$103$27$1,678$7$1,221$

67、2,905 Impairment charges$328$328 Equity income(loss)(a)(b)$190$(4,057)$(3,867)$(311)$(4,178)GMNAGMICorporateEliminationsTotalAutomotiveCruiseGMFinancialReclassifications/EliminationsTotalThree Months Ended December 31,2023Net sales and revenue$35,231$3,938$96$39,264$25$3,743$(53)$42,980 Expenditures

68、 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)$106$92$198$27$225 GMNAGMICorporateEliminationsTotalAutomotiveCruiseGMFinancialReclassifications/EliminationsTotalYear Ended December 31,2024N

69、et sales and revenue$157,509$13,890$206$171,605$257$15,875$(296)$187,442 Expenditures for property$10,266$415$30$10,711$7$24$88$10,830 Depreciation and amortization$5,963$506$80$6,548$25$4,883$11,456 Impairment charges$933$934 Equity income(loss)(a)(b)$955$(4,400)$(3,445)$(256)$(3,701)GMNAGMICorpora

70、teEliminationsTotalAutomotiveCruiseGMFinancialReclassifications/EliminationsTotalYear Ended December 31,2023Net 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,

71、944$11,737 Impairment charges$209$209 Equity income(loss)(a)$196$440$635$138$773 _(a)Includes Automotive China joint ventures(Automotive China JVs)equity loss of$4.1 billion and$4.4 billion in the three months ended December 31,2024 and in the year ended December 31,2024 and Automotive China JVs equ

72、ity income of$93 million and$446 million in the three months ended December 31,2023 and in the year ended December 31,2023.(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 provi

73、ding battery cells for our electric vehicles.Equity earnings related to Ultium Cells Holdings LLC were$186 million and$102 million in the three months ended December 31,2024 and 2023 and$975 million and$293 million in the year ended December 31,2024 and 2023.General Motors Company and Subsidiaries11

74、0General 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,pres

75、ented net of noncontrolling interests;earnings before income taxes-adjusted(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 adjuste

76、d automotive free cash flow.GMs 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 co

77、nsidered 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 perfor

78、mance 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 ma

79、nagement 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

80、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 int

81、erests 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.Example

82、s 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 meas

83、ures,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

84、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 d

85、iluted 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

86、 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

87、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 a

88、djusted 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 r

89、eview 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 f

90、inance 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

91、 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

92、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

93、events such as a closure of a facility that are considered special for EBIT-adjusted purposes.General Motors Company and SubsidiariesSupplemental Material1(Unaudited)11The following table reconciles Net income(loss)attributable to stockholders under U.S.GAAP to EBIT-adjusted and segment profit(loss)

94、(dollars in millions):Three Months EndedYears EndedDecember 31,2024December 31,2023December 31,2024December 31,2023Net income(loss)attributable to stockholders(a)$(2,961)$2,102$6,008$10,127 Income tax expense 318 (857)2,556 563 Automotive interest expense 215 222 846 911 Automotive interest income(2

95、79)(308)(967)(1,109)AdjustmentsChina JV restructuring actions(b)4,010 4,010 Cruise restructuring(c)520 478 1,103 478 Buick dealer strategy(d)643 131 964 569 Restructuring actions(e)10 200 GMI plant wind down(f)4 150 Headquarters relocation(g)30 64 Voluntary separation program(h)130 1,035 GM Korea wa

96、ge litigation(i)(30)(106)India asset sales(j)(111)(111)Total adjustments 5,217 598 6,491 1,865 EBIT-adjusted 2,509 1,757 14,934 12,357 Operating segmentsGM North America(GMNA)2,274 2,011 14,528 12,306 GM International(GMI)221 269 303 1,210 Cruise(418)(792)(1,701)(2,695)GM Financial(k)719 707 2,965 2

97、,985 Total operating segments 2,796 2,196 16,095 13,806 Corporate and eliminations(l)(287)(439)(1,161)(1,448)EBIT-adjusted$2,509$1,757$14,934$12,357 _(a)Net of net loss attributable to noncontrolling interests.(b)These adjustments were excluded because they relate to the other-than-temporary impairm

98、ent and our portion of restructuring charges recorded in equity earnings associated with our restructuring actions of Automotive China JVs.(c)These adjustments were excluded because they relate to restructuring charges resulting from the plan to combine the Cruise and GM technical efforts to advance

99、 autonomous and assisted driving,the indefinite delay of the Cruise Origin and the voluntarily pausing in 2023 of Cruises driverless,supervised and manual AV operations in the U.S.The adjustments primarily consist of non-cash restructuring charges,supplier-related charges and employee separation cos

100、ts.(d)These adjustments were excluded because they relate to strategic activities to transition certain Buick dealers out of our dealer network as part of Buicks EV strategy.(e)These adjustments were excluded because they relate to employee separation charges primarily in North America.(f)These adju

101、stments were excluded because they relate to the wind down of our manufacturing operations in Colombia and Ecuador.(g)These adjustments were excluded because they relate to the GM headquarters relocation,primarily consisting of accelerated depreciation.(h)These adjustments were excluded because they

102、 relate to the acceleration of attrition as part of the cost reduction program announced in January 2023,primarily in the U.S.(i)These adjustments were excluded because they relate to the partial resolution of subcontractor matters in Korea.(j)These adjustments were excluded because they relate to a

103、n asset sale resulting from our strategic decision in 2020 to exit India.(k)GM Financial amounts represent EBT-adjusted.(l)GMs automotive interest income and interest expense,legacy costs from the Opel/Vauxhall Business(primarily pension costs),corporate expenditures and certain revenues and expense

104、s that are not part of a reportable segment are recorded centrally in Corporate.General Motors Company and SubsidiariesSupplemental Material1(Unaudited)12The following table reconciles diluted earnings per common share under U.S.GAAP to EPS-diluted-adjusted(dollars in millions,except per share amoun

105、ts):Three Months EndedYears EndedDecember 31,2024December 31,2023December 31,2024December 31,2023AmountPer ShareAmountPer ShareAmountPer ShareAmountPer ShareDiluted earnings(loss)per common share$(1,725)$(1.64)$2,076$1.59$7,189$6.37$10,022$7.32 Impact of including dilutive securities(a)0.03 Adjustme

106、nts(b)5,217 4.85 598 0.46 6,491 5.75 1,865 1.36 Tax effect on adjustments(c)(187)(0.17)(180)(0.14)(477)(0.42)(504)(0.37)Tax adjustments(d)(870)(0.67)(870)(0.64)Return from preferred shareholders(e)(1,239)(1.15)(1,239)(1.10)EPS-diluted-adjusted$2,066$1.92$1,624$1.24$11,963$10.60$10,513$7.68 _(a)Repre

107、sents the dilutive effect of awards under stock incentive plans.Refer to the table below for the effect on weighted-average common shares outstanding diluted-adjusted.(b)Refer to the reconciliation of Net income(loss)attributable to stockholders under U.S.GAAP to EBIT-adjusted and segment profit(los

108、s)for adjustment details.(c)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.(d)In the year ended December 31,2023,the adjustment consists of tax benefit related to the release of a valuation allo

109、wance against deferred tax assets considered realizable in Korea.This adjustment was excluded because significant impacts of valuation allowances are not considered part of our core operations.(e)This adjustment consists of a return from the preferred shareholders related to the redemption of Cruise

110、 preferred shares from noncontrolling interest holders in the three months and year ended December 31,2024.The following table reconciles weighted-average common shares outstanding diluted under U.S.GAAP to weighted-average common shares outstanding diluted-adjusted used in the calculation of EPS-di

111、luted-adjusted(shares in millions):Three Months EndedYears EndedDecember 31,2024December 31,2023December 31,2024December 31,2023Weighted-average common shares outstanding diluted1,0551,3071,1291,369Dilutive effect of awards under stock incentive plans20 Weighted-average common shares outstanding dil

112、uted-adjusted 1,075 1,307 1,129 1,369 The following table reconciles our effective tax rate under U.S.GAAP to ETR-adjusted(dollars in millions):Years Ended December 31,20242023Income before income taxesIncome tax expenseEffective tax rateIncome before income taxesIncome tax expenseEffective tax rate

113、Effective tax rate$8,519$2,556 30.0%$10,403$563 5.4%Adjustments(a)6,564 477 1,916 504 Tax adjustments(b)870 ETR-adjusted$15,083$3,033 20.1%$12,319$1,937 15.7%_(a)Refer to the reconciliation of Net income(loss)attributable to stockholders under U.S.GAAP to EBIT-adjusted and segment profit(loss)for ad

114、justment details.Net income attributable to noncontrolling interests for these adjustments is included in the years ended December 31,2024 and 2023.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

115、.(b)Refer to the reconciliation of diluted earnings per common share under U.S.GAAP to EPS-diluted-adjusted for adjustment details.General Motors Company and SubsidiariesSupplemental Material1(Unaudited)13We define return on equity(ROE)as Net income attributable to stockholders for the trailing four

116、 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 31,20242023Net income attributable to stockholders$6.0$10.1 A

117、verage equity(a)$68.9$72.0 ROE 8.7%14.1%_(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 31,20242023E

118、BIT-adjusted(a)$14.9$12.4 Average equity(b)$68.9$72.0 Add:Average automotive debt and interest liabilities(excluding finance leases)16.1 16.2 Add:Average automotive net pension and OPEB liability 9.4 8.1 Less:Average automotive net income tax asset(22.7)(21.1)ROIC-adjusted average net assets$71.8$75

119、.2 ROIC-adjusted 20.8%16.4%_(a)Refer to the reconciliation of Net income(loss)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

120、.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 EndedDecember 31,2024December 31,2023December 31,2024December 31,2023Net automotive cash provided by operating activi

121、ties$4,765$4,688$23,939$20,828 Less:Capital expenditures(3,215)(3,613)(10,711)(10,684)Add:Buick dealer strategy 154 213 530 674 Add:Restructuring actions 89 163 Add:GMI plant wind down 30 65 Add:Employee separation costs 53 58 849 Adjusted automotive free cash flow$1,823$1,341$14,045$11,666 General

122、Motors Company and SubsidiariesSupplemental Material1(Unaudited)14Vehicle SalesGM 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 GMs dealers and distributors,as well as sales to the U.S.

123、government,and excludes vehicles sold by our joint ventures.Wholesale vehicle sales data correlates to GMs revenue recognized from the sale of vehicles,which is the largest component of Automotive net sales and revenue.In the year ended December 31,2024,27.9%of GMs wholesale vehicle sales volume was

124、 generated outside the U.S.The following table summarizes wholesale vehicle sales by automotive segment(vehicles in thousands):Three Months EndedYears EndedDecember 31,2024December 31,2023December 31,2024December 31,2023GMNA 876 782 3,464 3,147 GMI 163 161 547 621 Total 1,039 943 4,010 3,768 Total v

125、ehicle 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)sales of courtesy transportation vehicles(i.e.,vehicles previously us

126、ed by dealers that were sold to the end consumer).Total vehicle sales data includes all sales by joint ventures on a total vehicle basis,not based on GMs percentage ownership interest in the joint venture.Certain joint venture agreements in China allow for the contractual right to report vehicle sal

127、es 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 GMs

128、vehicles.Total vehicle sales data represents managements good faith estimate based on sales reported by GMs 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.Genera

129、l Motors Company and SubsidiariesSupplemental Material1(Unaudited)15 The following table summarizes industry and GM total vehicle sales and GMs related competitive position by geographic region(vehicles in thousands):Three Months EndedYears Ended December 31,2024December 31,2023December 31,2024Decem

130、ber 31,2023 IndustryGMMarket ShareIndustryGMMarket ShareIndustryGMMarket ShareIndustryGMMarket ShareNorth AmericaUnited States 4,323 755 17.5%4,021 625 15.5%16,385 2,705 16.5%16,022 2,595 16.2%Other 1,025 134 13.1%943 122 13.0%3,909 510 13.1%3,590 460 12.8%Total North America 5,347 889 16.6%4,963 74

131、7 15.1%20,294 3,215 15.8%19,612 3,055 15.6%Asia/Pacific,Middle East and AfricaChina(a)8,444 599 7.1%7,227 569 7.9%26,567 1,839 6.9%24,967 2,099 8.4%Other 5,528 137 2.5%5,695 167 2.9%21,727 520 2.4%22,058 577 2.6%Total Asia/Pacific,Middle East and Africa 13,971 736 5.3%12,922 736 5.7%48,293 2,359 4.9

132、%47,025 2,676 5.7%South AmericaBrazil 776 92 11.9%679 92 13.5%2,634 315 12.0%2,307 328 14.2%Other 355 27 7.7%338 30 8.8%1,347 109 8.1%1,419 128 9.0%Total South America 1,131 119 10.6%1,017 122 12.0%3,980 424 10.7%3,726 456 12.2%Total in GM markets 20,450 1,745 8.5%18,902 1,605 8.5%72,568 5,998 8.3%7

133、0,362 6,187 8.8%Total Europe 4,215 1%4,182 1%16,816 2%16,596 2%Total Worldwide(b)24,665 1,746 7.1%23,084 1,605 7.0%89,383 6,001 6.7%86,958 6,189 7.1%United StatesCars 729 37 5.0%737 40 5.5%2,939 178 6.0%3,070 224 7.3%Trucks 1,196 396 33.1%1,038 321 31.0%4,345 1,383 31.8%4,249 1,303 30.7%Crossovers 2

134、,398 322 13.4%2,247 264 11.7%9,101 1,144 12.6%8,702 1,068 12.3%Total United States 4,323 755 17.5%4,021 625 15.5%16,385 2,705 16.5%16,022 2,595 16.2%China(a)SGMS 152 211 524 870 SGMW 447 358 1,315 1,229 Total China 8,444 599 7.1%7,227 569 7.9%26,567 1,839 6.9%24,967 2,099 8.4%_(a)Includes sales by t

135、he Automotive China JVs:SAIC General Motors Sales Co.,Ltd.(SGMS)and SAIC GM Wuling Automobile Co.,Ltd.(SGMW).(b)Cuba,Iran,North Korea,Sudan and Syria are subject to broad economic sanctions.Accordingly,these countries are excluded from industry sales data and corresponding calculation of market shar

136、e.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 fle

137、et sales and those sales as a percentage of total vehicle sales(vehicles in thousands):Three Months EndedYears EndedDecember 31,2024December 31,2023December 31,2024December 31,2023GMNA 168 141 615 679 GMI 127 168 401 506 Total fleet sales 295 309 1,016 1,185 Fleet sales as a percentage of total vehicle sales 16.9%19.3%16.9%19.2%North America capacity two-shift utilization 103.5%93.1%105.7%97.1%General Motors Company and SubsidiariesSupplemental Material1(Unaudited)16