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    General Motors Co (GM)

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    General Motors Company (GM) designs, builds, and sells trucks, crossovers, cars, and automobile parts, and provides software-enabled services and subscriptions worldwide . The company operates through segments such as GM North America (GMNA) and GM International (GMI), marketing vehicles under brands like Buick, Cadillac, Chevrolet, and GMC . GM is also investing in electric vehicles (EVs) and autonomous vehicles (AVs), with a focus on expanding their EV portfolio through their Ultium architecture . Additionally, GM offers automotive financing services through its GM Financial segment, contributing significantly to its revenue and profitability .

    1. GM North America (GMNA) - Designs, builds, and sells vehicles under the Buick, Cadillac, Chevrolet, and GMC brands in North America.
    2. GM International (GMI) - Markets vehicles under the Buick, Cadillac, Chevrolet, Baojun, and Wuling brands in international markets, primarily in China.
    3. GM Financial - Provides automotive financing services, significantly contributing to GM's revenue and profitability.
    4. Electric Vehicles (EVs) - Invests in and expands the EV portfolio using the Ultium architecture, aiming for a significant increase in production capacity.
    5. Cruise - Develops and commercializes autonomous vehicle technology.
    NamePositionStart DateShort Bio
    Michael AbbottExecutive Vice President, Software2023Michael Abbott served as the Executive Vice President, Software at General Motors starting in 2023. Before joining GM, he was the Vice President of Engineering in the Cloud Services Division at Apple from 2018 .
    Mary T. BarraChair and Chief Executive Officer2014Mary T. Barra is the Chair and Chief Executive Officer of General Motors Company. She has served as Chair of the Board of Directors since January 2016 and as CEO since January 2014. She began her career with GM in 1980 .
    Julian BlissettExecutive Vice President and President, GM China2020Julian Blissett is the Executive Vice President and President, GM China, a position he has held since 2020. Prior to this role, he served as Senior Vice President, International Operations in 2019 .
    Craig B. GliddenExecutive Vice President, Legal, Policy, Cybersecurity, and Corporate Secretary2021Craig B. Glidden is the Executive Vice President, Legal, Policy, Cybersecurity, and Corporate Secretary at General Motors. He has been serving in this position since 2021. He was previously the Executive Vice President and General Counsel starting in 2015 .
    Rory V. HarveyExecutive Vice President and President, Global Markets2024Rory V. Harvey is the Executive Vice President and President, Global Markets at General Motors, a position he has held since 2024. Prior to this role, he served as the Executive Vice President and President, North America in 2023 .
    Christopher T. HattoVice President, Global Business Solutions and Chief Accounting Officer2020Christopher T. Hatto is the Vice President, Global Business Solutions and Chief Accounting Officer at General Motors. He has held this position since 2020. Previously, he was Vice President, Controller and Chief Accounting Officer starting in 2018 .
    Paul A. JacobsonExecutive Vice President and Chief Financial Officer2020Paul A. Jacobson is the Executive Vice President and Chief Financial Officer at General Motors. He has been serving in this role since 2020. Prior to joining GM, he was the Executive Vice President and Chief Financial Officer at Delta Air Lines from 2013 .
    Gerald JohnsonExecutive Vice President, Global Manufacturing and Sustainability2019Gerald Johnson is the Executive Vice President, Global Manufacturing and Sustainability at General Motors. He has held this position since 2019. Previously, he was Vice President, North America Manufacturing and Labor Relations starting in 2017 .
    Mark L. ReussPresident2019Mark L. Reuss is the President of General Motors, a position he has held since 2019. Prior to becoming President, he served as Executive Vice President and President of the Global Product Development Group and Cadillac in 2018 .
    Grant DixtonExecutive Vice President and Chief Legal and Public Policy Officer2024Grant Dixton serves as the Executive Vice President and Chief Legal and Policy Officer at General Motors. He was appointed to this position effective July 15, 2024 .
    Craig GliddenExecutive Vice President and Strategic Advisor; President and Chief Administrative Officer of GM Cruise Holdings LLC2023Craig B. Glidden was appointed as Co-President and Chief Administrative Officer of Cruise, GM's majority-owned autonomous vehicle subsidiary, in December 2023 .
    1. Given the headwinds in China and the competitive environment, how specifically do you plan to make your Chinese joint ventures sustainable and profitable, and what restructuring actions are you considering?
    2. With the EV market becoming increasingly competitive, and considering your goal to make EVs profitable on an EBIT basis quickly, what are the main obstacles you foresee in achieving this, and how do you plan to overcome them?
    3. Can you elaborate on the rationale behind seeking external funding for Cruise when GM has sufficient capital, and how will this impact your control over Cruise's strategic direction?
    4. As you expect 2025 results to be in a similar range to 2024, can you provide more detail on the specific tailwinds and headwinds, such as the impact of cost inflation and pricing pressures, that underpin this outlook?
    5. With the anticipated decrease in adjusted EBIT in Q4 compared to Q3, can you break down the major factors contributing to this decline, and how do you plan to mitigate similar impacts in the future?
    Program DetailsProgram 1Program 2
    Approval DateNovember 2023 June 2024
    End Date/DurationN/AN/A
    Total Additional Amount$10.0 billion $6.0 billion
    Remaining Authorization$5.0 billion $5.0 billion
    DetailsAggregate of $11.4 billion No expiration date
    NameStart DateEnd DateReason for Change
    Ernst & Young LLPDecember 31, 2018 PresentCurrent auditor.
    Deloitte & Touche LLP1918 December 31, 2017 General Motors conducted a competitive process to determine its independent registered public accounting firm for the fiscal year ending December 31, 2018, and selected a new auditor following this process.

    Recent developments and announcements about GM.

    Financial Reporting

      Earnings Report

      ·
      Jan 28, 2025, 12:35 PM

      General Motors (GM) Earnings Results for 2024 and 2025 Guidance

      On January 28, 2025, General Motors (GM) released its full-year 2024 earnings results and provided guidance for 2025. Below are the key highlights:

      2024 Financial Performance

      • Net Income: $6.0 billion, significantly below the guidance range of $10.4 billion to $11.1 billion, primarily due to special charges.
      • EBIT-Adjusted: $14.9 billion, within the guidance range of $14.0 billion to $15.0 billion.
      • Revenue: $187.4 billion, a 9.1% increase compared to 2023.
      • Earnings Per Share (EPS):
        • Diluted EPS: $6.37.
        • Diluted EPS-Adjusted: $10.60, a 38% increase from 2023.
      • Automotive Free Cash Flow: $14.0 billion, exceeding the guidance range of $12.5 billion to $13.5 billion.

      Fourth Quarter 2024 Highlights

      • Net Income: Loss of $3.0 billion, driven by over $5 billion in special charges, including:
        • $4 billion in non-cash restructuring charges and impairments related to China joint ventures.
        • $0.5 billion in charges from halting funding for the Cruise robotaxi business.
      • EBIT-Adjusted: $2.5 billion, a 42.8% increase compared to Q4 2023.
      • Revenue: $47.7 billion, up 11% year-over-year.

      2025 Financial Guidance

      • Net Income: Expected to range between $11.2 billion and $12.5 billion.
      • EBIT-Adjusted: Projected between $13.7 billion and $15.7 billion.
      • EPS-Diluted: Estimated at $11.00 to $12.00.
      • Adjusted Automotive Free Cash Flow: Anticipated between $11.0 billion and $13.0 billion.

      Key Trends and Strategic Updates

      • GM's North America EBIT-Adjusted Margin improved to 9.2% in 2024, reflecting strong performance in its core market.
      • The company faced significant challenges in China, with equity income from joint ventures declining by $4.4 billion in 2024.
      • GM's decision to halt funding for the Cruise robotaxi business reflects a strategic shift in its autonomous vehicle operations.
      • GM continues to invest heavily in its electric vehicle (EV) strategy, with capital expenditures of $10.8 billion in 2024, including investments in battery cell manufacturing joint ventures.

      Conference Call Details

      GM's Chair and CEO Mary Barra and CFO Paul Jacobson hosted a conference call at 8:30 a.m. ET on January 28, 2025, to discuss these results. An audio replay is available on GM's Investor Relations website.

      For more details, visit GM's Investor Relations page or refer to the company's earnings release.

      Auditor Changes

      ·
      Sep 29, 2017, 12:00 AM

      General Motors (GM) Auditor Change: On September 25, 2017, GM's Audit Committee approved the engagement of Ernst & Young LLP (EY) as the new independent registered public accounting firm for the fiscal year ending December 31, 2018. Deloitte & Touche LLP will continue as the auditor for the fiscal year ending December 31, 2017. This change followed a competitive selection process .

    Financial Actions

      Dividend Policy

      ·
      Nov 29, 2023, 12:00 AM

      General Motors (GM) Announces Dividend Increase

      On November 29, 2023, General Motors Co. (NYSE: GM) announced a significant change in its dividend policy. The company plans to increase its common stock dividend by 33%, starting with the January 2024 declaration. This increase will raise the quarterly dividend by $0.03 per share, beginning in the first quarter of 2024 .

      Additionally, GM has announced a $10 billion accelerated share repurchase (ASR) program, which will commence immediately. The ASR program is expected to conclude in the fourth quarter of 2024 .

      **Key Details: **

      • Dividend Increase: 33% increase in common stock dividend starting January 2024.
      • Quarterly Dividend: Increase by $0.03 per share, beginning in Q1 2024.
      • ASR Program: $10 billion accelerated share repurchase program to be executed by Bank of America, Goldman Sachs, Barclays, and Citibank .

      For more information, you can visit GM's official website .