The companies on the Global 500 employ 70.2 million people, and their revenue represents more than one-third of the world’s GDP.

Fortune Global 500

With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

General Motors, founded in 1908, is the largest automaker by revenue in the U.S. It manufactures cars, trucks, SUVs, crossovers, and commercial vehicles for its Buick, Cadillac, Chevrolet, GMC, Baojun, and Wuling brands. It wholly owns the self-driving car company Cruise, which it fully acquired in February 2025, and plans to use its technology to develop GM driver assistance technology.

Fortune 500

The 300 companies on this year’s list brought in over $12.5 trillion in revenue for the latest 12 months, with the median revenue figure at $24 billion.

America's Most Innovative Companies

The region's best workplaces put integrity, inclusion, and respect at the center of their workplace culture.

Great-Places-To-Work-Asia-2025_Team Photo_General Motors Philippines

General Motors ranks No. 70 on the 2025 Best Companies to Work For Southeast Asia.

Fortune 100 Best Companies To Work For – Southeast Asia

The corporations on our annual list of the world's 500 largest companies combined to generate $41.7 trillion in revenue over the past year.

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

The corporations on our annual list posted aggregate revenues of $41 trillion for the second year in a row.

Industries included in the sector are autos and auto parts manufacturers.

Fortune Sector Leaders: Motor Vehicles and Parts

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The corporations on our annual list of the world’s largest companies delivered a record $41 trillion in aggregate revenues.

G500-2023-General Motors

The auto manufacturing giant led by Mary Barra jumped 14 spots on this year’s list. 
<ul> 
 	<li>Despite ongoing supply-chain issues and rising interest rates, GM brought in $9.9 billion in profits, down less than 1% from the year prior.</li> 
 	<li>Barra has set ambitious goals for GM’s electric vehicle conversion, and the company has pledged to sell only zero-emissions vehicles by 2035. GM cut prices on its existing EV models in late 2022, and also introduced the Equinox, a $30,000 electric SUV.</li> 
 	<li>GM is aiming to cut $2 billion in costs by the end of 2024. In early 2023, it initially avoided layoffs after 5,000 salaried workers took buyouts. The company later eliminated the jobs of several hundred contract workers.</li> 
</ul>

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

F500 2023-General Motors

The auto manufacturing company led by Mary Barra jumped four spots on this year’s list. 
<ul> 
 	<li>Despite ongoing supply-chain issues and rising interest rates, GM brought in $9.9 billion in profits, down less than 1% from the year prior.</li> 
 	<li>Barra has set ambitious goals for GM’s electric vehicle conversion, and the company has pledged to sell only zero-emissions vehicles by 2035. GM cut prices on its existing EV models in late 2022, and also introduced the Equinox, a $30,000 electric SUV.</li> 
 	<li>GM is aiming to cut $2 billion in costs by the end of 2024. In early 2023, it initially avoided layoffs after 5,000 salaried workers took buyouts. The company later eliminated the jobs of several hundred contract workers.</li> 
</ul>

Just as it dominates our economy, Big Tech now dominates Fortune’s annual ranking of corporate reputation.

World's Most Admired Companies

Aggregate sales hit $37.8 trillion last year—an increase of 19%, the highest annual growth rate in the list’s history.

This year’s Fortune 500 marks the 68th running of the list.

F500 2022 General Motors

General Motors has gone further than many established auto manufacturers in the race to develop electric vehicles: GM says it will sell only zero-emissions vehicles by 2035. In January 2022 the company announced a $7 billion investment in the remodeling of several of its Michigan manufacturing facilities, with the aim of boosting EV pickup production. GM also announced that month that it would begin selling used cars on a new online platform called CarBravo.

After a year in which humanity leaned more heavily than ever on tech giants, see which companies topped Fortune's ranking of corporate reputation.

Total revenue for the world’s biggest companies fell 4.8% to $31.7 trillion this year—the first decline in half a decade.

G500-2021-049-General Motors

Last year was a watershed for the auto industry from an investment perspective, as shares in incumbent carmakers came under pressure in the face of an mass investor exodus that favored upstart electric-vehicle manufacturers, especially Tesla. In August 2020, General Motors triggered the beginning of a rally in its stock price after unveiling its first serious Tesla competitor. The Cadillac Lyriq SUV will be built off a scalable architecture dedicated to battery-powered electric vehicles, an architecture designed to reduce costs and boost range. GM’s push into BEVs gained momentum following the November election. Days after President Biden took the U.S. back into the Paris Agreement in one of his first acts in office, CEO Mary Barra said her company would move to sell electric-only models exclusively by 2035—a dramatic shift for one of the giants of the automotive fossil-fuel era. As of mid-May 2021, GM’s stock had more than doubled since the Lyriq’s debut.

This year’s Fortune 500 marks the 67th running of the list.

F500-2021-22-General Motors

For an astounding 13th straight year, Apple claims the top spot in Fortune’s annual ranking of corporate reputation, based on a survey of almost 3,800 executives, directors, and analysts.

This year's Fortune Global 500 generated $33.3 trillion in revenues and $2.1 trillion in profits.

G500-2020-040-General-Motors

A 40-day strike by General Motors workers at the company's U.S. factories left many Chevrolet and Cadillac dealers without inventory at the end of 2019. While consumers showed interest in the company’s midsize crossovers like the Chevrolet Equinox and Traverse, sales of larger SUVs such as the Cadillac Escalade and Chevrolet Suburban declined, contributing to a 16% slide in profits last year. Meanwhile customers just aren’t buying the well-reviewed Chevrolet Bolt electric vehicle.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-018-General-Motors

A 40-day strike by General Motors’ workers at its U.S. factories left many Chevrolet and Cadillac dealers without inventory at the end of 2019. While consumers showed interest in the company’s midsize crossovers like the Chevrolet Equinox and Traverse, sales of larger SUVs like the Cadillac Escalade and Chevrolet Suburban declined, contributing to a 16% slide in profits last year. Of concern for the future, customers just aren’t buying the well-reviewed Chevrolet Bolt electric vehicle.

Here are the World's Most Admired Companies for 2019 as ranked in their industries. See who made the list.

This year's Fortune Global 500 generated $27.7 trillion in revenues and $1.5 trillion in profits.

This year's Fortune 500 marks the 65th running of the list.

Here are the World's Most Admired Companies for 2018 as ranked in their industries. See who made the list.

This year's Fortune 500 marks the 64th running of the list.

Here are the World's Most Admired Companies for 2017 as ranked in their industries. See who made the list.

This year's Fortune 500 marks the 63rd running of the list.

Here are the World's Most Admired Companies for 2016 as ranked in their industries. See who made the list.

This year's Fortune Global 500 generated $27.6 trillion in revenues and $1.5 trillion in profits.

This year's Fortune 500 marks the 62nd running of the list.

Business insiders have spoken: Asked which companies they most admire, more than 4,100 executives, directors, and analysts chose these top 50 All-Stars.

The world's 500 largest companies generated $31.2 trillion in revenues and $1.7 trillion in profits in 2014. Together, this year's Fortune Global 500 employ 65 million people worldwide and are represented by 36 countries.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Global business is back. After limping through a worldwide financial crisis and economic slowdown, the 500 largest companies ranked by revenues shattered all sorts of performance records in 2013: They racked up combined revenues of $31.1 trillion, up 2.5% from 2012, and profits soared 27% to nearly $2 trillion. China’s 95 companies (up from 89 last year) posted $5.8 trillion in revenues. The U.S. has four fewer companies on the list than last year but remains (for now) the country leader, with 128 corporations on the list—including No. 1 Wal-Mart Stores—reporting $8.6 trillion in revenues. 

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

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General Motors, founded in 1908, manufactures cars, trucks, SUVs, crossovers, and commercial vehicles for its Buick, Cadillac, Chevrolet, GMC, Baojun, and Wuling brands. It wholly owns the self-driving car company Cruise, which it fully acquired in February 2025, and plans to use its technology to develop GM driver assistance technology.

Q2 2026

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

General Motors (GM): Company Profile, Stock Price, News, Rankings

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General Motors

general motors

Good morning, and welcome to the General Motors Company 4th Quarter and Calendar Year 2024 Earnings Conference Call. During the opening remarks, all participants will be in a listen only mode. After the opening remarks, we will conduct a question and answer session. We are asking analysts to limit their questions to 1 and a brief follow-up. As a reminder, this conference call is being recorded Tuesday, January 28, 2025.

I would now like to turn the conference over to Ashish Kohli, GM's Vice President of Investor Relations.

Thanks, Amanda, and good morning, everyone. We appreciate you joining us as we review GM's financial results for the Q4 calendar year 2024. Our conference call materials were issued this morning and are available on GM's Investor Relations website. We are also broadcasting this call via webcast. Joining us today are Mary Barra, GM's Chair and CEO and Paul Jacobson, GM's Executive Vice President and CFO.

Dan Burst, President and CEO of GM Financial, will also be joining us for the Q and A portion. On today's call, management will make forward looking statements about our expectations. These statements are subject to risks and uncertainties that could cause our actual results to differ materially. These risks and uncertainties include the factors identified in our filings with the SEC. Please review the Safe Harbor statement on the first page of our presentation as the content of our call will be governed by this language.

And with that, I'm delighted to turn the call over to Mary.

Thanks, Ashish, and good morning. I'd like to begin by thanking our employees, dealers and suppliers for helping us deliver another outstanding year. A year ago on this call, I said that we were optimistic about 2024 given the choice we would offer customers, including industry leading full size pickups, new and redesigned SUVs and an expanding portfolio of EVs. And I stress that we will be focused on execution and profitability. I'm proud to say that our full year revenue grew by 9% last year.

We were number 1 in the U. S. In retail, fleet and total sales. We grew our market share and we distanced ourselves from the industry's pricing incentives and inventory pressures. In our growing EV business, we produced and wholesaled 189,000 vehicles in North America.

We doubled our market share over the course of the year as we scaled production. And our portfolio became variable profit positive in the 4th quarter. This combination of compelling vehicles and high volume in growing segments, strong execution and discipline led to record EBIT adjusted, record adjusted automotive free cash flow and record EPS diluted adjusted. At the same time, we continued to allocate capital consistently and in a balanced manner. We invested to drive the business forward and we improved our balance sheet.

Our employees and owners are all sharing in our success. I'm pleased to share that our global salary team earned strong performance bonuses and our U. S. Hourly employees once again earned the industry's highest profit sharing totaling more than $640,000,000 That's a record payout of up to $14,500 per person equal to more than 2 months of extra pay for average UAW represented team member. Investors in GM also earned a 50% total return and we ended the year with fewer than 1,000,000,000 shares outstanding, a goal we reached ahead of plan.

Throughout the year, we also addressed challenges with resolve. In China, we have been working with our JV partners to drive better performance in the market by rightsizing the businesses, launching new products, reducing dealer inventory and building to demand. We are making good progress and reported positive equity income for the Q4 before restructuring costs. To improve year over year results and make SGM sustainably profitable, they will be implementing a wide range of restructuring initiatives this year that include reducing capacity to operate within utilization levels of about 80% or better. We are in the process of finalizing details with our partner.

Importantly, we believe SGM has the resources to complete its restructuring without additional capital from GM. As you know, we also stopped funding robo taxi development at Cruise. We have a proposed restructuring plan that will refocus our autonomous driving strategy on personal vehicles. We expect to see a run rate savings of about $1,000,000,000 on an annualized basis by ending robo taxi development, and we look forward to acquiring the small number of cruise shares we don't own and finalizing the restructuring plan later this quarter. The momentum we have in both ICE vehicles and EVs will drive our results once again in 2025.

For example, the redesigned Chevrolet and GMC full size SUVs that we launched late last year are supporting even stronger ATPs than the outgoing models, thanks to their refined exteriors, all new interiors and new models like our GMC Yukon AT4 Ultimate. We also have a full year of our new compact and midsize ICE SUVs, which include some of our highest volume nameplates like the Chevrolet Equinox, Chevrolet Traverse and GMC Acadia. They are great examples of our strategy to pair bold designs to drive higher ATPs with discipline and capital efficiency to drive better profitability. As Mark shared at Investor Day, we're seeing EBIT improvements in the 10 percentage point range on some of these vehicles. Cadillac is also very well positioned.

Last year, Cadillac had its best full year sales since 2016, thanks to the ongoing success of the Escalade with its refined exterior and stunning new interior, our high performance V Series and Blackwing models and the Lyriq, which is now the country's best selling midsized luxury electric SUV according to S and P Global Mobility. This year, we expect the Escalade IQ, Optic and Vistik to further grow GM share of the luxury EV market. EV adoption has been higher in luxury segments. We are being guided by the customer and will continue to be, and these new Cadillacs stand out with their beautiful designs, advanced technology and customer focused innovation. Here are just a few examples.

The Optic, which is scaling now, and the 7 passenger Vistik, which launches in the spring, will be the 1st Cadillacs to offer AKG audio systems with Dolby Atmos that reveal more depth, detail and clarity in the customer's favorite music. All Cadillac EVs now come equipped with vehicle to home capability, allowing them to power a home during outages using a GM Energy Powershift Charger and our vehicle to home equipment package. And with the Vistik, Cadillac will be the 1st GM brand to roll out a new ADAS feature that builds on adaptive cruise control and lane centering. The new feature allows an attentive driver to engage the system and travel on millions of miles of roads with a light hand on the wheel. Then there's the Cadillac Escalade IQ.

With its presence, range, performance, comfort and technology, it's really in a class of its own. One of our New York area Cadillac dealers who has decades of experience with other luxury franchises says it's the most impressive vehicle he has ever driven. Customers are noticing. Since production began late last year, we've sold more than 1500 Escalade IQs. 2025 will also be a year of rapid growth for Super Cruise across all of our brands.

Our customer focused strategy with Super Cruise is to continuously refine and expand its capabilities to make it indispensable. This is how we are setting the stage for recurring high margin revenue streams from subscriptions. Since we launched Super Cruise, we have added 100 of 1000 of miles of new roads to its network and introduced features like automatic lane change and hands free towing. This has helped make about 60% of our roughly 360,000 Super Cruise customers regular users. This year, we expect our Super Cruise equipped fleet to roughly double in size.

Subscription revenue is becoming an increasingly important part of the Super Cruise opportunity now that our first customers have completed their 3 year trial. Last year, we saw subscription attach rates of about 20% off of a base of roughly 18,000 vehicles. This year, an additional 33,000 vehicles will end their trial periods and we target to more than double subscription revenue. Within 5 years, we expect to approach about $2,000,000,000 in total annual revenue from Super Cruise. These are just a few of the many exciting opportunities ahead of us, and we look forward to sharing more details with you as we go forward.

Before I turn the call over to Paul, I'd like to mention the projects we're pursuing with Hyundai. As Hyundai has shared, our teams are moving quickly to finalize the first of several product and purchasing agreements that are designed to help us move faster, lower costs and become more capital efficient. The collaborations will be global in nature, targeting specific segments and areas of the business, and we'll be sharing more details very soon. I would also like to address the uncertainty around public policy, trade and regulation. It remains to be seen how things will evolve, so our 2025 guidance Paul will share in his remarks does not take into account future policy changes.

We have been both proactive with Congress and the administration, and in our conversations, we have stressed the importance of a strong manufacturing sector and American leadership in advanced technologies. It's clear that we share a lot of common ground and we have appreciated the dialogue. We believe the President wants to use policy and regulations in ways that will strengthen, not harm domestic manufacturers like GM. We look forward to continuing to work with the President and his team as they consider how to strike the right balance on these important issues. With respect to possible tariffs, we are working across our supply chain, logistics network and assembly plants so that we are prepared to mitigate near term impacts.

Many of these actions are no cost or low cost. What we won't do is spend large amount of capital without clarity. Whatever happens on these fronts, we have a very broad and deep portfolio of ICE vehicles and EVs that are both growing market share, and will be agile and execute as efficiently as possible. With that, I'd like to invite Paul to walk you through our results and 2025 financial guidance and then we'll move to Q and A. Thank you.

Thank you, Mary, and I appreciate you all joining us this morning as we summarize another year of strong financial results for GM. Our full year EBIT adjusted of $14,900,000,000 was at the high end of the range we guided to in October, driven by a particularly strong November December. This resulted in $10.60 of EPS diluted adjusted, up 38% year over year and partially aided by a significantly lower share count as we continue to return excess capital to shareholders. We increased our full year revenue by 9% to $187,000,000,000 with a 6% rise in wholesale volumes and ATPs above $50,000 Throughout the year, our incentives as a percentage of ATP steadily improved, starting the Q1 nearly 1 percentage point below the industry average and ending the year at the lowest incentive levels in the industry and more than 3 points below average. Our strategy of disciplined pricing and incentives continues to separate us from most of our peers.

And at the same time, we are growing market share. Our U. S. Market share for the full year was up 30 basis points to 16.5% and we ended the year on a positive note at 17.5% in the 4th quarter, the highest since the Q4 of 2018 excluding the impacts of the pandemic in 2020. Our performance was fueled by strong EV growth and a refreshed ICE portfolio.

ICE dealer inventory ended at 53 days at the low end of our 50 to 60 day year end target, driven by strong sales and appropriately balancing our production to demand. And we are also making significant progress on EVs. In 2024, we wholesaled 189,000 EVs and delivered more than 146,000 units. Recall at the end of the Q3, we had around 100 days of EV dealer inventory so that customers would have the opportunity to see and experience our products. This strategy paid off and we successfully reduced this to 70 days by year end as our EV deliveries rose.

As Mary highlighted, a big focus of the company has been improving EV profitability. We achieved variable profit positive on our EVs in the Q4 through continued manufacturing scale and efficiencies from higher production, improved material cost, including lower cell cost from scale and performance and expansion of our EV portfolio with the launch of the Cadillac Escalade IQ and Sierra EV. There's more work to achieve our goal of a positive EBIT margin, but we believe we're making good progress. For instance, the Equinox EV has seen $1,000 improvement in variable profit since its launch in just the Q2 of last year. Next, I'd like to discuss capital allocation.

We continue to balance 3 key elements: investing in our business, maintaining a strong balance sheet and returning excess capital to our shareholders. First, we believe that the amount of capital we are investing back into the business is appropriate to efficiently support long term profitable growth. Our forecasted capital spend in 2025, including battery JV investments, remains similar year over year at $10,000,000,000 to $11,000,000,000 Second, we paid off 2nd, we paid off $750,000,000 of senior notes in the 4th quarter ahead of their maturity in 2025. We have another $1,750,000,000 maturing later this year. We will assess refinancing opportunities or debt extinguishment as we progress throughout the year.

3rd, we returned a substantial amount of capital to our shareholders during 2024. We generated full year adjusted auto free cash flow of $14,000,000,000 and returned nearly 55% of this free cash flow or approximately $7,600,000,000 In the Q4, we completed the ASR retiring an additional 25,000,000 shares. We also repurchased 87,000,000 shares in the open market during the quarter at an average price of $53.84 a share. This resulted in us ending the year with an outstanding share count of 995,000,000, achieving our goal from early last year to reduce our share count below of 1,000,000,000 shares earlier than scheduled. On a diluted basis, this represents 1,020,000,000 shares, a decrease of 28% since the end of 2022 and a decrease of 12% compared to the end of 2023.

Moving forward, we expect to continue returning excess capital to our shareholders and further reducing the share count. Getting into the 4th quarter results. Total company revenue was $48,000,000,000 up 11% year over year driven by higher wholesales and consistent pricing. We achieved $2,500,000,000 in EBIT adjusted, 5.3 percent EBIT adjusted margins and $1.92 in EPS diluted adjusted. We completed the net $2,000,000,000 fixed cost reduction program.

Compared to the end of 2022, we realized $900,000,000 in lower marketing spend and $700,000,000 in lower automotive engineering costs. The remainder was realized through rationalization across some of our earlier stage initiatives, which was partially offset by higher depreciation and amortization. A quick update on our EV inventory valuation allowances. We ended the year with a balance of $1,400,000,000 which includes a small reduction in the Q4. We expect further reductions as we move through 2025, but the pace and magnitude will be dependent on EV demand.

We achieved adjusted automotive free cash flow of 1 point $8,000,000,000 during the Q4, up $500,000,000 year over year, primarily driven by EBIT performance. North America delivered 4th quarter EBIT adjusted of $2,300,000,000 up $300,000,000 year over year. We benefited from the absence of 2023's 4th quarter strike and inventory adjustments. Additionally, the fixed cost program contributed to offsetting higher labor and warranty costs. While we remain disciplined on pricing, we faced a slight headwind from full size truck incentives.

I want to take a moment to emphasize the strong full year North American margin of 9.2%, well within our targeted 8% to 10% range. We are executing well on our product launches along with being disciplined on costs, pricing and inventory levels. Our broad and refreshed product portfolio is a key factor driving these strong results. In the Q4, we achieved a margin of 5.8%. This included certain discrete items, including breach of warranty and legal reserves, which roughly impacted margin by 1.3 percentage points.

I'd now like to discuss the continued higher warranty costs, which include the initial product warranty accrual, recall campaigns and breach of warranty exposure. Despite our success, we know we have an opportunity to improve our results by aggressively targeting our warranty expense. The first priority is always our customers focusing on parts availability. At the same time, the team is actively working to tackle the root cause of issues as they arise. Our commitment starts with the initial quality of our products, an area where we are a leader in the industry.

We've achieved a significant reduction in claims with a decrease in the U. S. Of over 30% since 2018. However, this benefit has been more than offset by a 100% increase in the cost of repair, driven by both parts and labor inflation over the same period. Rest assured, we remain committed to finding ways to mitigate inflationary pressures and navigate the strict regulatory and legal landscape.

We are optimistic that our intense focus on driving down repair costs and improving quality will reduce our warranty costs over time. GM International delivered 4th quarter EBIT adjusted of $200,000,000 driven by strong execution and tight cost controls in South America and the Middle East, along with positive China equity income of $17,000,000 excluding the restructuring charge. The team in China has done a great job of reducing inventory with SGM's inventories down over 60% from the end of 2023. They have implemented effective cost reductions and have been focusing on enhancing product competitiveness, which helped 4th quarter sales increase 40% sequentially versus the Q3. We recorded a $4,100,000,000 special item in our auto China equity income.

Approximately half of this related to an impairment, while the rest is connected to various restructuring actions we have taken so far in China. It's important to note that these charges are not expected to require any capital from GM as the joint venture has sufficient cash to cover these costs. We believe these actions, along with a comprehensive product launch plan in 2025 that ensures at least one NEV option per product program, will help us achieve our target of the China business returning to profitability in 2025. GM Financial also had a strong year of profitability and capital returned to GM. 4th quarter EBT adjusted was consistent year over year at $700,000,000 Higher net financing revenue offset lower lease termination gains and higher provision expense driven by increased loan origination volume.

GM Financial's full year EBT adjusted was $3,000,000,000 at the top of their guidance range, and they paid dividends of $1,800,000,000 to GM. Cruise expenses, excluding the special items for the restructuring charge, were $400,000,000 in the quarter, down from $800,000,000 in 2023. As Mary said, we believe our refocused autonomous driving strategy will lead to efficiencies and a $1,000,000,000 annual run rate savings in our investment relative to the $1,700,000,000 we spent on Cruise in 2024. These decisions led to a $500,000,000 restructuring charge in the 4th quarter, which was classified as a special item with approximately 2 thirds being cash based. Additionally, later this year, we plan to include the expenditures for the Cruise employees in our North America segment.

This will impact our North America margin by around 50 basis points this year. However, we still expect to remain within our 8% to 10% range. It will also increase our auto fixed costs and reduce our adjusted automotive cash flow as the cash used by crews was excluded previously. Moving to our 2025 guidance. We expect EBIT adjusted in the $13,700,000,000 to $15,700,000,000 range.

EPS diluted adjusted to be in the $11 to $12 per share range and adjusted automotive free cash flow in the $11,000,000,000 to $13,000,000,000 range. It's important to note that our guidance does not account for the impact of future policy changes by the new administration, including tariffs, tax reform or other regulation changes. We do anticipate some headwinds in both volume and mix stemming from a modest decline in ICE wholesale volume in North America as we appropriately balance dealer inventory levels. However, this will be partially offset by higher EV volume. We're optimistic in our robust product portfolio and our ability to drive market share expansion through strong ICE sales, complemented by a strategically diverse lineup of EVs.

Additionally, we are planning for a similar U. S. Industry year over year to 2024. In terms of pricing, we're assuming a decline in North America of 1% to 1.5% year over year to capture potentially higher incentives or a moderation in ATPs. While we are not seeing this at the moment, we believe it's a prudent way to plan our budget as we have in years past.

Offsetting these headwinds, we anticipate EV profitability improvements at the low end of our $2,000,000,000 to $4,000,000,000 EBIT year over year target. This improvement is based on wholesales of around 300,000 units and is predicted to come from scale, fixed cost absorption and a continued focus on cell and vehicle cost reductions. Regarding Cruise, our guidance includes around $500,000,000 of the $1,000,000,000 annual savings we previously discussed. This is based on our assumption that Cruise employees will be fully integrated into GM by mid year. We anticipate other costs outside of cruise and the EV profitability improvements to be favorable.

This is mainly due to variable costs such as commodities and logistics, which are expected to more than offset headwinds from depreciation and amortization and higher labor costs. For GM International, we expect a tailwind from restructuring the China business and are targeting profitable equity income for the full year. GM International outside of China should be similar to what was delivered in 2024. For GM Financial, we expect EBT adjusted to be in the $2,500,000,000 to $3,000,000,000 range, reflecting the targeted return for the credit risk profile and asset mix in a largely stable economic environment. We expect an increase in earning assets driven by both loan and lease portfolios.

We are forecasting another year of robust adjusted automotive free cash flow. However, we anticipate year over year headwinds in the range of $1,000,000,000 to $3,000,000,000 from the non repeat of working capital benefits realized in 2024, primarily from dealer inventory restocking, the timing of payments for previously accrued liabilities, notably warranty and the inclusion of cruise spend. Capital spending is expected to be similar year over year and in the $10,000,000,000 to $11,000,000,000 range, including battery JV investments. We continue to strategically spend on our ICE portfolio and build build flexibility into our manufacturing capabilities to maintain agility to adapt to consumer preferences between ICE and EV powertrains. Our full year EPS guidance assumes weighted average diluted share count of approximately 1,000,000,000 shares, which excludes the impact of any future open market purchases.

In closing, I want to express my sincere gratitude to every GM team member. Their hard work and dedication have been pivotal in driving our strong financial performance in 2024. A relentless focus on execution, discipline and adaptability has enabled us to successfully navigate a dynamic and challenging landscape. And we believe these key success factors are going to continue to support our efforts towards another promising year in 2025. This concludes our opening comments and we'll now move to the Q and A portion of the call.

Thank you. As a reminder, to analysts, we are asking that you limit your questions Our first question will come from the line of Dan Levy with Barclays. Your line is

Hi, good morning. Thank you for taking the questions. Wanted to start with a question on the guidance and specifically if we could double click on the volume assumptions. I know you're talking about headwinds, but I'm wondering if we could maybe get a sense of the magnitude.

The 3rd party data forecasters have your North America production down 9% for 2025. I know a lot of that is just non repeat of inventory build. Maybe you can just give us a sense of what type of SAAR and share assumptions you have? And then maybe you can just comment specifically on the share. It was really strong in the Q4.

So, hey Dan, thanks for the question. You are getting a little garbled at the end, I think bad cell connection. But I think you were asking about SAAR assumptions for 25% and then the share uplift that we saw at the back half of the year, particularly in the Q4, how sustainable is that? So we're looking at 2025 on a SAAR basis to be fairly similar to 2024. I think there is some speculation out there that we saw a big pull ahead in demand in the month of December, whether that was EV driven or just consumer driven ahead of inauguration.

I think one of the things is we're adopting a little bit of a wait and see on that. January has been really noisy as Mary had mentioned in comments this morning about both the weather, the fires in California, etcetera. So it's tough to glean whether there was a big pull forward. So we've kind of projected demand to be pretty similar to last year. On the share side, I think really proud of the team.

They have done a tremendous job. And as we've said for a few years, as we have been able to ramp up EVs, we saw the opportunity to grow share in EVs and ICE and it was not mutually exclusive. And I think the team has been doing that. We are at a share level that we haven't seen if you exclude COVID since 2018. I think that's tremendous results.

I think the team is not going to stop there. But we're going to continue to work towards that. Going forward, I think we were projecting an opportunity or some pretty big ice impacts from not having as much restocking. I think we're going to kind of wait and see to where demand is. We obviously do have an opportunity to build a little bit of inventory within the 50 to 60 day window that we've outlined at year end as a result of that demand surge that we saw in 4Q.

But we're going to kind of watch that. But other than that, I think a pretty similar environment in 2025 than what we experienced in 2024.

Great. Thank you. As a follow-up, a bit of a policy question. I know you're waiting to see how everything plays out. But President Trump has said he's reversing the EV mandate.

I think we all expect some reversal in the tax credits, perhaps some change in EPA. In this environment, can you give us a sense of how you're thinking about resource allocation toward EVs? How much overhead spend can you pull back on? Just how the strategy shifts amid a potential change in EV policy?

Well, I think you've seen us over the last few years be very mindful of what consumer demand is for EVs and make decisions like we did with Orion and like the third plant that we're in the process of selling our share to LG. So we're going to continue to make decisions like that to be appropriate with our capital. As we look at how EVs are going to grow, we never expect it would be a straight line. We're also going to deploy capital appropriately to our ICE portfolio. I think we have the strongest portfolio, General Motors has had in decades, maybe I'm a little biased there.

But I think we're seeing that with the response in the market as well. So we're going to continue to be very efficient as we deploy capital to both ICE and EV, again, guided by the consumer demand.

Thank you. Our next question comes from Emmanuel Rosner with Wolfe Research. Your line is open.

My first question on the this margin exit rate in 2024. Without sort of any large LC and RV charges like you had last year or the strike and strong ATPs in the quarter, I think some investors may have expected a bit of a higher exit rate in terms of margin. I know you mentioned about 130 basis points of onetime type items. Can you just come back and comment on the quarter performance and to what extent, I guess, what would the bridge look like towards 8% to 10% in 2025?

Yes. Good morning, Emmanuel. Not surprised about this question. We did say in the remarks that there were 2 specific issues really around warranty and policy. One was a legal settlement on the oil consumption case, which we recorded in the Q4.

That will be in our 10 ks. And then the second is, we've continued to see some breach of warranty pressure as we talked about in the regulatory and legal environment. We're trying to get a little bit ahead of that just based on the trends that we see. Those two items in and of themselves were a little bit more than a point as we talked about. That kind of puts us in line with normal seasonality.

I'd also point out, remember that we had I think we disclosed about $300,000,000 in 3Q that was a pull forward of vehicles that were expected to deliver in the Q4. That benefited September and Q3 at the expense of Q4. And then lastly, normal seasonality, we've got 11 fewer production days, just generally based on the holiday schedule. Remember, we lost a couple of days at Arlington, because of the floods in North Carolina, and the tragedy that impacted, that community and a supplier that we had there. So I'm not overly worked up about it.

I think, when you look at some of those one off events, I think we're pretty good. The one thing I do want to say because I know we've received some inbound questions. EV mix wasn't really a meaningful factor in that 4Q. It does have construct going forward for 2025.

I appreciate this color. Second question is around capital allocation. So, it was good to hear you restate the capital allocation policy and things like based on the guided CapEx and sort of like other actions, it would leave again some considerable amount of capital to return to shareholders. I think you're probably through most of your existing authorizations for buybacks. So what would be the next step here?

Well, Menyen, thanks for the question. We're really proud of the strong free cash flow generation that we had in 2024 and we expect another year of very strong free cash flow and we're going to continue to follow our capital allocation policy. So we'll be working with the Board on the next phase and we'll provide updates as we move forward. But you can look to us following the capital allocation framework as we've done this year or I should say done in 2024.

Thank you. Our next question comes from Joe Spak with UBS. Your line is open.

Thank you. Good morning. Just one quick one on the quarter and then a bigger picture one. GM and A pricing in the quarter, I think when you showed some of the pricing data in the sales release, it looked like things are really strong, accelerating through the quarter, incentives are low. Yet in the factor, it was still a slight year over year headwind.

Was there any incentive accrual or anything in the quarter that weighed on that? And maybe related to pricing also the 1% to 1.5% for 2025. Does that include is that overall like including the EV portfolio? And do you expect some pricing on pressure on EVs?

Yes. Hey Joe, thanks for the question. What I would say is there is a little bit of noise in the sort of year over year interplay in the accrual on the inventory for incentives. But commercially, I think everything that you mentioned is right. It was a strong year for pricing across the board and strong demand in the Q4 and we expect that to continue going forward in pricing.

For the 1% to 1.5%, you'll notice that that's down a little bit from the way we've haircut in prior years. I think that's a statement that we expect a little bit more stability as our competitors have worked down some of their higher inventory balances. So we expect a year of a little bit more stability. The down 1% to 1.5%, I would remind you is just kind of the way we look at a planning assumption. It's not necessarily in our expectations, but it's how we run the business and how we guide the business going forward so that we can adjust if we see that.

But not necessarily an indication of the commercial market. Like I said, January, the pricing has been good. In fact, I think ATPs were up a little bit, incentives were down a little bit, but there's just so much noise in it. We're just we're being cautious until we get a little bit more smooth data from the marketplace, just because January was so noisy.

Okay. And just going back to policy, and I know you're not going to do anything without prudency or you're going to take some careful evaluation and have profitability and capital efficiency in mind. I just was wondering if you could spend a minute talking about the flexibility you have in your footprint. When we know about the ICEV flexibility because you showed us that in Tennessee, but I'm curious a little bit more about just shifting mix of production between plants, especially on the full size vehicles, which are produced across North America, if there are any sort of near term actions on tariffs, etcetera?

Yes. Joe, it's a good question. And we've been studying multiple scenarios. But from a Mexico perspective, we do build trucks in Mexico and in Canada and in the United States. And so we have the capacity in the United States to shift some of that.

We also sell trucks globally and so we can look at where the international markets are being sourced from. So there's plays that we can do on that perspective to minimize the impact if there are tariffs either on Canada or Mexico. We're encouraged that President Scheinbaum of Mexico has indicated that they are working and having conversations to take the steps necessary that the Trump administration is looking for specifically around immigration and some other things to avoid the tariffs. But we're doing the planning and have several levers that we can pull.

Thank you. Our next question comes from John Murphy with Bank of America. Your line is open.

Good morning, everybody. And sorry to stay on the mundane topic of policy. But just trying to understand the baseline of where you're starting, where you're assuming policy doesn't change. I mean, Trump through the Unleash America Energy executive order essentially canceled CARB's waiver, so they can't execute on the ACC too. Was your understanding that you do not have to comply with CARB's ACC2 and get to 35% of your volume as EVs in California and the other states?

I mean, just what is your interpretation there and how are you going to operate going forward? Because obviously that ratchets up to 45% next year and then 100% by 2,035?

Yes. Our message to President Trump and the administration is that as EV requirements

changed, we've got to make sure that the stringency is as well. Frankly, even in today's environment before anything changes, what's happening from a car perspective across multiple states is just not where the customer is at. And we've been engaging at the state level, our dealers have been engaging at the state level. And so there's a tremendous amount of work going on in that. As it relates to what specifically has happened through executive order, I think there's still some more policy work that needs to be done so we can comply and make sure we're not in a penalty situation, which we're watching carefully.

But don't disagree with you that I think there's directional change coming. It's just it's not completely done yet, but we're watching and providing our input at the state level and the federal level.

But your understanding, Mary, is right now that the 35% requirement that would have been put in place is actually not in place at the moment, right, because of that executive order. Is that how you guys are operating? I just want to make sure I understand that.

Yes. Actually, no, because I think there is legislative or legal changes or policy by different organizations that has to align with that. We're very clear on the direction, but I don't think we can as an auto manufacturer right now can assume that that is gone at this precise moment.

Yes, very uncertain. Just one last one, Mary quickly on the AV commitment. Obviously, there's a lot of costs that are being poured across from crews into the company. So you're getting some good savings, but you're still spending a lot of money on ADAS and level 3 to ultimately level 4 and 5 autonomy. Are you still have an internal commitment to developing level 4 and 5 on your own and sort of a build?

Or is there the potential that you think you might need to go out and buy just given the way that you're going after this at the moment?

Well, John, it's a great question. And I think even with what we saw yesterday, there is so much happening from an artificial intelligence perspective of how we move forward. We do and have built the capability inside General Motors. Obviously, our plan that we're working to execute with Cruise would strengthen that much of what we can do. There may be strategic partners that we also work with on aspects of this.

And so we want to be leaders in level 4 autonomy and we think we're going to continue to evaluate the landscape to do that as capital efficiently as possible, but still maintain a leadership position and also a strong relationship with the customer because we think that this is game changing for our industry.

Thank you. Our next question comes from Adam Jonas with Morgan Stanley. Your line is open.

Yes. I just wanted to follow-up on Murph's line of questioning around autonomy. I think you said you had 360,000 enabled vehicles with Super Cruise on the road and you expect to double that in 2025 and that you're moving to a from a foundation or moving to a foundation and end to end approach, training your massive data sets. Can you tell us how moving to end to end might change your spending, how you approach compute costs? You alluded to, Mary, working with strategic partners.

I think that resonates too. But maybe elaborate a little further on what that might mean to the bottom line or how you're allocating capital over the next 12 or 24 months? And then as and also I assume most of those 360,000 units are ICE vehicles. So I'm wondering if in your answer you can include is there any significance or difference disadvantage if you will of collecting data from non software defined ICE vehicles versus your completely new architecture kind of EV architecture vehicles for training? Thanks.

Thanks, Adam. And from the last question, we can collect information. Of course, we're following all the appropriate policy guidelines and rules that we have within General Motors to make sure that we treat customers' data appropriately. But we can anonymize the data and leverage it to not only improve the performance, but to improve the safety. And we're really proud of where we are with Super Cruise with our safety record and the fact that we have some features like towing that no one else has.

We're going to continue to build on those. I mentioned something that's coming as an improvement from a driver assist technology yet this year. And we're going to continue and think we can accelerate that if we are able to execute our plan to incorporate the great talent that we have at Cruise for getting Super Cruise to Level 3, Level 3 plus and beyond. When we talk about in our forecast, you asked for the next 12 to 18 months. I think what we shared of the savings that we'll see from not pursuing robo taxi of $1,000,000,000 on an annualized run rate that kind of captures and within the spend that we have is what we think we need to spend from a compute perspective as kind of part of the operating budget.

So we're going to continue to evaluate it as we saw yesterday and I mentioned that there's so much change that's happening in this space right now. Anything that we can do to be more efficient with the spend, of course, we're going to seize that opportunity. But we remain committed to autonomy because we do think it has such a dramatic impact from a customer experience perspective for the better and actually changes the margin profile of the business as well.

Thanks, Mary. Just as a follow-up on China, despite the recent challenges that you've addressed very proactively, GM does have decades of experience in the market and you have many billions of invested capital, lots of people and capacity still in place in IP with your JV partners. President Trump has been open to foreign firms participating in the U. S. As long as they make products in America, if I'm paraphrasing accurately.

Do you see scope for GM to help your existing or even new Chinese partners kind of gain access to the U. S. Using your existing onshore capacity and distribution capability? I want to see how you'd approach that, maybe if not so relevant in the next 6 or 12 months, but longer term, just given your decades of experience in that market and the relationships that you've built there? Thanks.

Yes. Adam, what I've always said broadly on trade not across the board is give us a level playing field and let us compete and win based on the strength of our products, the technology, design, loyalty, etcetera. I think what's happening right now with the overcapacity in China and what's happening around the globe and the subsidies that are current, we're not any close to a level playing field. So I also think we have the opportunity. As we mentioned last year, we grew both ICE and EV share.

General Motors (GM) Q4 2024 Earnings Call Transcript

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