General Motors Company · NYSE:GM
General Motors — Q4 2024 Earnings Presentation
48 slides from General Motors's earnings presentation, Jan 28, 2025
Slide 1: Strong Execution Drives Record Financial Results
Strong Execution Drives Record Financial Results Q4 2024 Earnings January 28, 2025 Chevrolet Traverse
Slide 2: Table of contents
Table of contents Page 4 Business update Page 14 2025 guidance Page 15 Financial information Page 33 Supplemental financial information GMC Sierra Denali Ultimate 2
Slide 3: Information relevant to this presentation
Cautionary Note on Forward-Looking Statements This communication and related comments by management may include "forward-looking Information relevant statements" within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical
Slide 4: 2024 Highlights
2024 Highlights Total company revenue of U.S. market share of 16.5%; up EV portfolio variable profit $187B, up more than 9% vs. 0.3ppts, and ending at 17.5% in positive in Q4, along with being 2023 and CAGR of ~10% since Q4, the highest since the fourth the #2 seller of EVs in the U.S. 2021 quarter
Slide 5: Strong pricing and disciplined incentives
Strong pricing and disciplined incentives 2024 Incentive Spend Per Vehicle as % of ATP* Go-to-market strategy continues to separate us from most of our peers • Q4 incentives as a percentage of ATP 13% 3 percentage points below industry average Highest Competitor • ATPs remained at ~$50K during the y
Slide 6: Reinforcing our leadership with all-new full-size SUVs
Reinforcing our leadership with all-new full-size SUVs All-New Chevrolet Tahoe, Suburban Freshened exteriors, ride and and GMC Yukon/XL with ATPs 5% handling enhancements, much larger higher than the outgoing models, infotainment screens and driver- helped sustain our 67% segment assistance features
Slide 7: New SUVs in the highest volume segments
New SUVs in the highest volume segments All-new Chevrolet Equinox and GMC • Both models feature a host of Terrain standard safety features including emergency auto • ATPs ~15% higher than outgoing braking, intelligent high beam models assist and lane keep assist • Leveraging Winning with • Both come
Slide 8: New mid-size SUVs driving strong demand
New mid-size SUVs driving strong demand All-new Chevrolet Traverse, GMC • Continued strong profitability Acadia and Buick Enclave featuring from premium trims like Buick Super Cruise for the first time Avenir and GMC Denali • ATPs more than 10% higher than • Chevrolet Traverse offers off-road outgoi
Slide 9: Leveraging our strategic EV portfolio to gain market share
Leveraging our strategic EV portfolio to gain market share • Our EV portfolio now has • Equinox EV sales up 85% GM U.S. EV Sales (000’s) coverage across critical sequentially in Q4 over Q3, segments at multiple price points moving into the top-5 among all 44.0 EVs in the U.S. 32.1 • Fastest growing
Slide 10: EVs driving growth at Cadillac
EVs driving growth at Cadillac Best Cadillac sales since 2016, with sales up 9% YoY driven by the LYRIQ, the best-selling electric midsize luxury SUV1 • Capturing market share in high EV adoption coastal markets • Retail sales in California up 23% YoY, along with healthy growth in TX, FL, NY, NJ, an
Slide 11: Cadillac EVs in every luxury SUV segment in 2025
Cadillac EVs in every luxury SUV segment in 2025 Cadillac ESCALADE IQ Cadillac OPTIQ Cadillac VISTIQ Cadillac LYRIQ 11
Slide 12: Achieved VP positive on our EV portfolio
Achieved VP positive on our EV portfolio • Variable profit positive* on our EV portfolio in Q4 representing ~35% improvement YoY in Q4 • In 2025, we are expecting a YoY EBIT tailwind at the low end of our $2-$4B target, based on an EV wholesale estimate of around 300K • Drivers of improved EBIT expe
Slide 13: Realigning our AV strategy
Realigning our AV strategy Super Cruise • Expanding to 24 equipped vehicle models by the end of 2025 • ~360k enabled vehicles currently on the road, expect to double that amount in 2025 • Industry-first hands-free trailering capability GMC Sierra EV Denali • Seeing ~20% attach rate after 3-year prep
Slide 14: CY 2025 Guidance
CY 2025 Guidance Expect to deliver consistent YoY EBIT-adj. key assumptions YoY financial results Headwinds • Lower volume and mix driven by a modest decline in ICE volume, partially offset by higher EV volume $13.7-15.7B $11.00-12.00 • North America pricing down 1-1.5% EBIT–adj. EPS–diluted–adj. •
Slide 15: Financial Information
Financial Information Cadillac VISTIQ 15
Slide 16: CY 2024 financial highlights
CY 2024 financial highlights $187.4B $14.9B $14.0B Revenue EBIT–Adj. Adj. Auto FCF 4,010K 8.0% $10.60 Wholesale units EBIT-Adj. Margin EPS-Diluted-Adj. 16
Slide 17: Fourth quarter 2024 financial highlights
Fourth quarter 2024 financial highlights $47.7B $2.5B $1.8B Revenue EBIT–Adj. Adj. Auto FCF 1,039K 5.3% $1.92 Wholesale units EBIT-Adj. Margin EPS-Diluted-Adj. 17
Slide 18: CY 2024 performance
CY 2024 performance EPS-Diluted-Adj. and EBIT-Adj. • EPS-diluted-adj. 38% YoY increase driven by EPS-Diluted-Adj.1 EBIT-Adj.1 ($B) & EBIT-Adj. Margin1 higher EBIT-adj. and 240M (18%) lower diluted weighted-average common shares from share repurchases • EPS-diluted-adj. includes $(0.11)2 impact from
Slide 19: CY 2024 EBIT-adjusted ($B)
CY 2024 EBIT-adjusted ($B) • GMNA record performance driven by continued • GMI decrease driven by lower China equity income robust pricing paired with market share gains, higher volume, cost efficiencies and the non-recurrence of • Lower Cruise spending due to a reduction in EV inventory allowance a
Slide 20: CY 2024 EBIT-adjusted performance ($B)
CY 2024 EBIT-adjusted performance ($B) GMNA: 316K China Equity Income: $(0.8)B GMI: (74)K FX and Other: $(0.7)B Volume and Mix Price Cost Increase in GMNA driven by robust Higher pricing driven by refreshed product Improvement driven by $2.2B from the non- customer demand and ~95K units offerings an
Slide 21: Fourth quarter performance
Fourth quarter performance EPS-Diluted-Adj. and EBIT-Adj. • EPS-diluted-adj. 55% YoY increase driven by EPS-Diluted-Adj.1 EBIT-Adj.1 ($B) & EBIT-Adj. Margin1 higher EBIT-adj. and 232M (18%) lower diluted weighted-average common shares from share repurchases • EPS-diluted-adjusted includes $0.022 imp
Slide 22: Fourth quarter EBIT-adjusted ($B)
Fourth quarter EBIT-adjusted ($B) • GMNA performance driven by the non-recurrence of • GMI decrease driven by lower China equity income EV inventory allowance adjustments and higher volume from a non-recurrence of the strike, partially • Lower Cruise spending due to a reduction in offset by lower mi
Slide 23: Fourth quarter EBIT-adjusted performance ($B)
Fourth quarter EBIT-adjusted performance ($B) GMNA: 94K China Equity Income: $(0.1)B GMI: 2K FX and Other $(0.1)B Volume and Mix Price Cost Higher volume driven by non-recurrence Strong pricing on new and refreshed YoY change driven by $1.2B from the non- of the strike, more than offset by lower pro
Slide 24: GMNA performance
GMNA performance Net Revenue ($B) EBIT-Adj. ($B) 2.7M vehicles sold in the U.S., a 4% increase YoY in 2024 and the highest total since 2019. Chevrolet, GMC, Buick and Cadillac all achieved sales gains U.S. average transaction prices above $50K, with incentives below industry average U.S. Dealer Inve
Slide 25: GMI performance excluding GM China JV
GMI performance excluding GM China JV Net Revenue ($B) EBIT-Adj. ($B) Wholesales (000’S) Highlights • Strong execution and fixed cost efficiencies driving consistent results • Implemented strategic volume and profitability actions to preserve margins in South America 25
Slide 26: GM China auto JV performance
GM China auto JV performance Net Revenue ($B)1 Equity Income ($B)2 Wholesales (000’S)1 Highlights • Returned to profitability in Q4, before restructuring charges, driven by successful actions to reduce inventory levels earlier in the year, cost reductions and efforts to improve product competitivene
Slide 27: Cruise
Cruise ($B) Q4 YTD Financial Performance 2023 2024 2023 2024 Revenue1 0.0 0.2 0.1 0.3 EBIT-adjusted loss (0.8) (0.4) (2.7) (1.7) Cash used in operating activities (0.5) (0.5) (1.9) (2.2) Cash, cash equivalents and marketable securities2,3,4 1.3 0.3 1.3 0.3 • Anticipate to combine the GM and Cruise •
Slide 28: GM Financial
GM Financial EBT-Adj. ($B) Ending Earning Assets ($B) Liquidity ($B) Highlights x x x x x • EBT-adjusted results stable with earning asset growth offset by moderation in credit performance and used vehicle prices • Leverage ratio higher driven by earning asset growth and impact of impairment charge
Slide 29: Adjusted automotive free cash flow
Adjusted automotive free cash flow Q4 YTD ($B) 2023 2024 2023 2024 Net Income 2.0 (2.9) 9.8 6.0 Income tax and net automotive interest expense (0.9) 0.3 0.4 2.4 EBIT adjustments1 0.6 5.2 1.9 6.5 Net loss (income) attributable to noncontrolling interests 0.1 (0.1) 0.3 0.0 EBIT-adjusted 1.8 2.5 12.4 1
Slide 30: Automotive liquidity and debt
Automotive liquidity and debt Automotive Liquidity ($B) Total Automotive Debt ($B) • Strong liquidity supported by $14.0B automotive adjusted free cash flow • Strengthened balance sheet by redeeming $0.75B of senior notes in the fourth quarter ahead of scheduled maturity in 2025 • Returned ~$7.6B to
Slide 31: Regional fourth quarter EBIT-adjusted performance ($B)
Regional fourth quarter EBIT-adjusted performance ($B) GMNA GMI $12.3 $3.9 $(3.1) $0.7 $1.3 $(0.6) 14.5 $1.2 $(0.4) $0.1 $0.2 $(0.2) $(0.7) 0.3 Year to Date 2024 Year to Date 2024 31
Slide 32: Summary
Summary 2024 results What’s to come Strong financial performance Expect to deliver consistent financial results in 2025 • Record financial results with revenue up 9% and EPS-diluted- • Strong ICE product portfolio will continue to generate robust adj. up 38% YoY in 2024 profitability and cash flow •
Slide 33: Supplemental Financial Information
Supplemental Financial Information Chevrolet Silverado 3500 HD 33
Slide 34: Fourth quarter and CY 2024 GAAP results
Fourth quarter and CY 2024 GAAP results Q4 YTD All amounts in $B except EPS-diluted 2023 2024 2023 2024 Net revenue 43.0 47.7 171.8 187.4 Operating income 0.9 1.5 9.3 12.8 Net income attributed to stockholders 2.1 (3.0) 10.1 6.0 Net income margin 4.9% (6.2)% 5.9% 3.2% EPS-diluted ($/share) $1.59 $(1
Slide 35: Global deliveries
Global deliveries (000's) Q4 2023 CY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 CY 2024 North America 747 3,055 709 827 790 889 3,215 U.S. 625 2,595 594 696 660 755 2,705 Asia/Pacific, Middle East and Africa 736 2,676 554 493 576 736 2,359 China 569 2,099 441 373 426 599 1,839 South America 122 456 84 111
Slide 36: Global market share
Global market share Q4 2023 CY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 CY 2024 North America 15.1% 15.6% 15.0% 15.9% 15.8% 16.6% 15.8% U.S. 15.5% 16.2% 15.4% 16.6% 16.4% 17.5% 16.5% Asia/Pacific, Middle East and Africa 5.7% 5.7% 5.0% 4.4% 4.8% 5.3% 4.9% China 7.9% 8.4% 7.8% 6.3% 6.5% 7.1% 6.9% South Am
Slide 37: Reconciliation of EBIT-adjusted
Reconciliation of EBIT-adjusted ($B) Q1 Q2 Q3 Q4 2023 2024 2023 2024 2023 2024 2023 2024 Net income (loss) attributable to stockholders 2.4 3.0 2.6 2.9 3.1 3.1 2.1 (3.0) Income tax expense (benefit) 0.4 0.8 0.5 0.8 0.5 0.7 (0.9) 0.3 Automotive interest expense 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 Automot
Slide 38: Impact of special items on GAAP reported earnings - CY
Impact of special items on GAAP reported earnings - CY ($B) CY 2023 CY 2024 Adjusted Adjusted Reported Special items Reported Special items (Non-GAAP) (Non-GAAP) Total net sales and revenues 171.8 — 171.8 187.4 — 187.4 Costs and expenses 3,7,8,9 1,3,4,5,6 Automotive and other cost of sales 141.3 (1.
Slide 39: Impact of special items on GAAP reported earnings - fourth quarter
Impact of special items on GAAP reported earnings - fourth quarter ($B) Q4 2023 Q4 2024 Adjusted Adjusted Reported Special items Reported Special items (Non-GAAP) (Non-GAAP) Total net sales and revenues 43.0 — 43.0 47.7 — 47.7 Costs and expenses 3,8,9 1,3,4,5,6 Automotive and other cost of sales 36.
Slide 40: EPS-diluted-adjusted reconciliation
EPS-diluted-adjusted reconciliation Q4 YTD All amounts in $B except EPS-diluted 2023 2024 2023 2024 Diluted earnings (loss) per common share $1.59 $(1.64) $7.32 $6.37 Impact of including dilutive securities1 — 0.03 — — Adjustments2 0.46 4.85 1.36 5.75 Tax effect on adjustments3 (0.14) (0.17) (0.37)
Slide 41: Effective tax rate-adjusted
Effective tax rate-adjusted ($B) Q4 YTD 2023 2024 2023 2024 Income Income Income Income Income Income Income Income before Effective before Effective before Effective before Effective income tax tax rate income tax tax rate income tax tax rate income tax tax rate taxes expense taxes expense taxes ex
Slide 42: Calculation of ROIC-adjusted
Calculation of ROIC-adjusted ($B) Years ended December 31, 2023 2024 Numerator: EBIT-adjusted 12.4 14.9 Denominator: Average equity1 72.0 68.9 Add: Average automotive debt and interest liabilities (excluding finance leases) 16.2 16.1 Add: Average automotive net pension & OPEB liability 8.1 9.4 Less:
Slide 43: GM Financial key metrics
GM Financial key metrics Q4 2023 Q4 2024 CY 2023 CY 2024 Revenue ($B) 3.7 4.1 14.2 15.9 EBT-adjusted1 ($B) 0.7 0.7 3.0 3.0 Total retail originations ($B) 12.6 15.6 53.1 56.0 Retail finance delinquencies (>30 days) 3.0% 3.4% 3.0% 3.4% Annualized net charge-offs as % of average retail finance 1.2% 1.3
Slide 44: GM Financial EBT-adjusted reconciliation
GM Financial EBT-adjusted reconciliation Q4 CY ($B) 2023 2024 2023 2024 Income before income taxes 0.7 0.4 3.0 2.6 Adjustment – Impairment charge1 - 0.3 - 0.3 Earnings before taxes – adjusted 0.7 0.7 3.0 3.0 1This adjustment was excluded because it relates to an impairment charge from our equity inv
Slide 45: GM Financial return on equity
GM Financial return on equity Years ended December 31, ($B) 2023 2024 Net income attributable to common shareholder 2.2 1.9 Adjustment - impairment charge1 — 0.3 Net Income - adjusted 2.2 2.2 Cumulative dividends on preferred stock 0.1 0.1 Net income attributable to common shareholder - adjusted 2.1
Slide 46: Weighted-avg. common shares outstanding-dil.-adj. reconciliation
Weighted-avg. common shares outstanding-dil.-adj. reconciliation Q4 YTD (M) 2023 2024 2023 2024 Weighted-average common shares outstanding — diluted 1,307 1,055 1,369 1,129 Dilutive effect of awards under stock incentive plans — 20 — — Weighted-average common shares outstanding — diluted-adjusted 1,
Slide 47: Guidance reconciliation
Guidance reconciliation ($B) Year Ending Dec 31, 2025 Net income attributable to stockholders $11.2 - $12.5 Income tax expense $2.5 - $3.2 Automotive interest income, net (0.0) EBIT-adjusted $13.7 - $15.7 Year Ending Dec 31, 2025 Diluted earnings per common share $11.00 - $12.00 EPS-diluted-adjusted
Slide 48: For additional information please visit:
For additional information please visit: https://investor.gm.com investorrelations@gm.com https://www.gmfinancial.com/en-us/investor-center.html investors@gmfinancial.com GM’s Investor Relations website contains a significant amount of information about GM, including financial and other information
General Motors Company — Q4 2024 Earnings Presentation on 6ix