General Motors Company · NYSE:GM
General Motors — Q1 2025 Earnings Presentation
38 slides from General Motors's earnings presentation, May 1, 2025
Slide 1: Strong Execution and Continued Business Agility
Strong Execution and Continued Business Agility Q1 2025 Earnings May 1, 2025 Cadillac Escalade
Slide 2: Table of contents
Table of contents Page 4 Business update Page 12 Financial information Page 26 Supplemental financial information GMC Sierra EV 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 statements" within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of Information relevant historical
Slide 4: Q1 2025 highlights
Q1 2025 highlights U.S. market share of 17.2%; up Strong financial results: Dealer inventory down 8% from 1.8ppts YoY with low incentives; EBIT-Adj. $3.5B the end of 2024 to 549K units gaining market share 3x faster Adj. Auto Free Cash Flow $0.8B driven by strong deliveries; than our closest competi
Slide 5: New SUVs drive profitable growth
New SUVs drive profitable growth Refreshed full-size SUVs seeing strong demand: • Best Q1 sales since 2007 • Tahoe, Suburban and Yukon delivering strong market share of 69% • Record Q1 for Cadillac Escalade, including new ESCALADE IQ EV Market share gains for our mid-size SUV family: • Chevrolet Tra
Slide 6: Leveraging our strategic EV portfolio to gain market share
Leveraging our strategic EV portfolio to gain market share Q1 EV Sales up 94%, 10.4% U.S. Share • #2 EV seller in the U.S. market • Chevrolet is the industry’s fastest growing EV brand1, driven by Equinox EV and Blazer EV • Conquest: ~60% of our EV buyers trade in a non-GM vehicle; ~70% for Cadillac
Slide 7: Consistent growth at Cadillac
Consistent growth at Cadillac Strong Q1 builds on nearly 3 straight years of retail sales growth • Highest ATPs in brand history • Retail sales up 21% and 1.1 ppts; EVs up 37% • EVs make up ~20% of U.S. sales • U.S. EV adoption is much stronger in the luxury segment (14%) compared to the total indus
Slide 8: Accelerating AI across the enterprise
Accelerating AI across the enterprise We recognize the transformative potential of AI to revolutionize both our business and the industry • Newly appointed Chief AI Officer is focused on accelerating AI initiatives across the enterprise • Forging strategic partnerships with industry leaders like NVI
Slide 9: Super Cruise continues to expand across the portfolio
Super Cruise continues to expand across the portfolio Expanding availability of our enhanced driver assistance suite • Enabled vehicles on the road increased by ~230k units or more than 100% YoY in Q1 • More availability of Super Cruise, offered on a broader range of our full and mid-size SUVs • Sta
Slide 10: Investing in American manufacturing and engineering
Investing in American manufacturing and engineering American Engineered American Sourced • GM employs more people in the U.S. than any • Total annual spend with U.S. suppliers of other automaker ~$50B; since 2019 we have increased our direct purchases in the U.S. for North American • Over 85% of our
Slide 11: Updated 2025 Guidance
Guidance assumes a $4-5B impact due to tariffs Updated 2025 Guidance • Expect to offset at least 30% of this exposure • Incorporates executive actions taken by the Administration on April 29th, 2025, which provide a tariff offset based on US production and eliminate tariff stacking $10.0-12.5B $8.25
Slide 12: Financial Information
Financial Information Cadillac ESCALADE IQL 12
Slide 13: First quarter financial highlights
First quarter financial highlights $44.0B $3.5B $0.8B Revenue EBIT–Adj. Adj. Auto FCF 912K Wholesale Units 7.9% EBIT-Adj. Margin $2.78 EPS-Diluted-Adj. 13
Slide 14: First quarter performance
First quarter performance EPS-Diluted-Adj. and EBIT-Adj. EPS-Diluted-Adj.1 EBIT-Adj.1 ($B) & EBIT-Adj. Margin1 • EPS-diluted-adj. 6% YoY increase driven by 160M (14%) lower diluted weighted-average common shares from share repurchases • EBIT-adj. decreased slightly, primarily due to mix and costs pa
Slide 15: First quarter EBIT-adjusted
First quarter EBIT-adjusted ($B) • GMNA strong core auto operating performance • GMI slight increase driven by improved driven by higher wholesale units, robust customer profitability in China demand and strong pricing, more than offset by higher costs and the mix of vehicles wholesaled • Lower Crui
Slide 16: First quarter EBIT-adjusted performance
First quarter EBIT-adjusted performance ($B) GMNA: 36K China Auto JV $0.2B GMI: (19)K FX and Other $(0.4)B Volume and Mix Price Cost New EV products and strong demand for Strong pricing demonstrates on-going Higher costs driven by depreciation & affordable SUVs driving higher volume and disciplined
Slide 17: GMNA Performance
GMNA Performance Net Revenue ($B) EBIT-Adj. ($B) Q1 sales growth across all brands; driving market share up 1.8 ppts to 17.2% Best Q1 since 2019; total sales up 14%; fastest growing EV brand in the industry Best ever Q1 sales and retail market share3; total sales up 18%; best ever Q1 U.S. Dealer Inv
Slide 18: GMI performance excluding GM China JV
GMI performance excluding GM China JV Net Revenue ($B) EBIT-Adj. ($B) Wholesales (000’S) Highlights • EBIT-adj. results breakeven in Q1 due to lower wholesale volume of full-size SUVs as a result of timing and holidays in the Middle East • Expect improved profitability for the rest of the year and f
Slide 19: GM China auto JV performance
GM China auto JV performance Net Revenue ($B)1 Equity Income ($B)2 Wholesales (000’S)1 Highlights • Equity income profitable in Q1 due to strong sales, improved vehicle profitability and benefit from the restructuring actions • Sales of New Energy Vehicles (NEV) increased over 50% YoY due to new pro
Slide 20: Cruise
Cruise ($B) Q1 Financial Performance 2024 2025 Revenue1 0.0 0.0 EBIT (loss)-adjusted (0.4) (0.3) Cash used in operating activities (0.7) (0.5) Cash, cash equivalents and marketable 0.7 0.1 securities2,3 • GM has completed its acquisition of Cruise • $0.1B of the Q1 costs related to Cruise during Q1
Slide 21: GM Financial
GM Financial EBT-Adj. ($B) Ending Earning Assets ($B) Liquidity ($B) Highlights x x x x x • EBT-adj. results down slightly YoY due to higher provision expense from increased loan origination volume partially offset by higher net financing and leased vehicle income • Sufficient capital and liquidity
Slide 22: Adjusted automotive free cash flow
Adjusted automotive free cash flow Q1 ($B) 2024 2025 Net Income 3.0 2.9 Income tax and net automotive interest expense 0.8 0.7 EBIT adjustments1 0.1 0.0 Net loss (income) attributable to noncontrolling interests 0.0 (0.1) EBIT-adjusted 3.9 3.5 GMF EBT-adjusted (0.7) (0.7) Cruise EBIT loss-adjusted 0
Slide 23: Automotive liquidity and debt
Automotive liquidity and debt Automotive Liquidity ($B) Total Automotive Debt ($B) • Strong liquidity position; corporate credit facilities renewed in March ($4.1B 3 year and $10B 5 year) • Executed $2B accelerated share repurchase (ASR) program resulting in upfront retirement of 33M shares and to b
Slide 24: Regional first quarter EBIT-adjusted performance
Regional first quarter EBIT-adjusted performance ($B) GMNA GMI 24
Slide 25: Summary
Summary Q1 2025 Results What’s to come Consistently delivering strong financial results Focusing on execution and controlling the controllables • Total company revenue of $44B, EBIT-adjusted of $3.5B, • Strong portfolio helping to grow market share in both ICE and resulting in EBIT-adjusted margin o
Slide 26: Supplemental Financial Information
Supplemental Financial Information GMC Sierra HD 26 26
Slide 27: First quarter GAAP Results
First quarter GAAP Results Q1 All amounts in $B except EPS-diluted 2024 2025 Net revenue 43.0 44.0 Operating income 3.7 3.4 Net income attributed to stockholders 3.0 2.8 Net income margin 6.9% 6.3% EPS-diluted ($/share) $2.56 $3.35 Net cash provided by operating activities 3.2 6.1 27
Slide 28: Global deliveries
Global deliveries (000's) Q1 2024 Q2 2024 Q3 2024 Q4 2024 CY 2024 Q1 2025 North America 709 827 790 889 3,215 819 U.S. 594 696 660 755 2,705 693 Asia/Pacific, Middle East and Africa 554 493 576 736 2,359 545 China 441 373 426 599 1,839 443 South America 84 111 110 119 424 85 Brazil 57 84 82 92 315 5
Slide 29: Global market share
Global market share Q1 2024 Q2 2024 Q3 2024 Q4 2024 CY 2024 Q1 2025 North America 15.0% 15.9% 15.8% 16.6% 15.8% 16.5% U.S. 15.4% 16.6% 16.4% 17.4% 16.5% 17.2% Asia/Pacific, Middle East and Africa 5.0% 4.4% 4.8% 5.3% 4.9% 4.8% China 7.8% 6.3% 6.5% 7.1% 6.9% 7.6% South America 10.2% 11.7% 10.2% 10.6%
Slide 30: Reconciliation of EBIT-adjusted
Reconciliation of EBIT-adjusted ($B) Q2 Q3 Q4 Q1 2023 2024 2023 2024 2023 2024 2024 2025 Net income attributable to stockholders 2.6 2.9 3.1 3.1 2.1 (3.0) 3.0 2.8 Income tax expense (benefit) 0.5 0.8 0.5 0.7 (0.9) 0.3 0.8 0.7 Automotive interest expense 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 Automotive int
Slide 31: Impact of special items on GAAP reported earnings
Impact of special items on GAAP reported earnings - first quarter ($B) Q1 2024 Q1 2025 Adjusted Adjusted Reported Special items Reported Special items (Non-GAAP) (Non-GAAP) Total net sales and revenues 43.0 — 43.0 44.0 — 44.0 Costs and expenses 2 Automotive and other cost of sales 34.0 — 34.0 35.2 (
Slide 32: EPS-diluted-adjusted reconciliation
EPS-diluted-adjusted reconciliation Q1 2024 2025 Diluted earnings per common share $2.56 $3.35 Adjustments1 0.08 0.03 Tax effect on adjustments2 (0.02) (0.01) Return from preferred shareholders3 — (0.59) EPS-diluted-adjusted $2.62 $2.78 1 See slide 30 for description of adjustments. 2 The tax effect
Slide 33: Effective tax rate-adjusted
Effective tax rate-adjusted ($B) Q1 2024 2025 Income before Income tax Effective tax Income before Income tax Effective tax rate income taxes expense rate income taxes expense Effective tax rate 3.7 0.8 20.5% 3.6 0.7 20.1% Adjustments1 0.1 0.0 — % 0.0 0.0 — % ETR-adjusted 3.8 0.8 20.6% 3.6 0.7 20.1%
Slide 34: Calculation of ROIC-adjusted
Calculation of ROIC-adjusted ($B) Four quarters ended March 31, 2024 2025 Numerator: EBIT-adjusted 12.4 14.6 Denominator: Average equity1 71.1 67.9 Add: Average automotive debt and interest liabilities (excluding finance leases) 16.2 16.0 Add: Average automotive net pension & OPEB liability 8.7 9.1
Slide 35: GM Financial key metrics
GM Financial key metrics Q1 2024 2025 Revenue ($B) 3.8 4.2 EBT-adjusted ($B) 0.7 0.7 Total retail originations ($B) 12.6 14.5 Retail finance delinquencies (>30 days) 2.7% 2.9% Annualized net charge-offs as % of average retail finance receivables 1.1% 1.2% Tangible equity ($B) 14.4 14.1 Joint venture
Slide 36: GM Financial return on equity
GM Financial return on equity Four quarters ended March 31, ($B) 2024 2025 Net income attributable to common shareholder 2.1 1.7 Adjustment - impairment charge1 — 0.3 Net income attributable to common shareholder - adjusted 2.1 2.0 Average equity 15.5 15.6 Less: average preferred equity (2.0) (2.0)
Slide 37: Guidance reconciliation
Guidance reconciliation ($B) Year Ending Dec 31, 2025 Previously Reported Updated Net income attributable to stockholders $11.2 - $12.5 $8.2 - $10.1 Income tax expense $2.5 - $3.2 $1.8 - $2.4 Automotive interest income, net $(0.0) $(0.0) Adjustments1 $— $0.0 EBIT-adjusted $13.7 - $15.7 $10.0 - $12.5
Slide 38: 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 — Q1 2025 Earnings Presentation on 6ix