Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from Debt [USD, Millions]

Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

ee992886400ec5b6f1f4a32821b4ccf7a1161746aa690ceb6024f04e8348759a

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD]

EPS - Diluted [USD]

f13ec833ac0d7a3555e3cdee8bbe19c6d407081d9a462d3e70d510761db0cde8

ce37dc396fac74dfb2819afe87226b4e3610e10e24d194469279d1fe741e2abf

85b1c1ccaecdb927ae5f559ad5b379c24a6bb5921474f8fc5c086d613ffb09d9

37271f77326f56c789b2b365c92a61f91fa5e51f33d13ab3380c3992edb86477

f712fb5049fb202b7ff1ce770587a929ff73cc609542d0d8f558c6c5c476f115

The decline was primarily driven by **significant losses from Automotive China joint ventures**, which saw an equity loss of **$(4,407) million** in 2024 compared to a profit of **$446 million** in 2023.  **[0001467858-25-000032_gm-20241231.htm:118]** **[0001467858-25-000032_gm-20241231.htm:121]**  This dramatic swing was compounded by **other-than-temporary impairments** and **restructuring charges** that further reduced the carrying value of these investments.  **[0001467858-25-000032_gm-20241231.htm:158]**  Although **Ultium Cells Holdings LLC** contributed positively with an increase in equity income (from **$293 million** in 2023 to **$975 million** in 2024), this increase was not enough to offset the losses incurred.  **[0001467858-25-000032_gm-20241231.htm:118]**  Overall, these factors led to the marked drop in the equity in net assets of nonconsolidated affiliates in Q4 2024.  **[0001467858-25-000032_gm-20241231.htm:90]** **[0001467858-25-000032_gm-20241231.htm:118]** **[0001467858-25-000032_gm-20241231.htm:158]** **[0001467858-25-000032_gm-20241231.htm:121]** 

Why did Equity in net assets of nonconsolidated affiliates drop in Q4 2024?

The decline in retained earnings in Q4 2024 was primarily driven by a **net loss of $2,961 million** due to special charges that exceeded **$5 billion**. These charges included **$4 billion** in non-cash restructuring charges and **$0.5 billion** associated with halting funding of the Cruise robotaxi business. Additionally, significant restructuring adjustments totaling **$5,217 million** further contributed to the reduction in retained earnings.  **[0001467858-25-000030_gmq42024pressreleaseandfin.htm:0]** **[20250128DE05317:0]** **[20250128DE05317:9]** 

What caused the decline in Retained earnings in Q4 2024?

The documents note that the **Automotive short-term debt** increased from **$944 million in Q3 2024** to **$2,141 million in Q4 2024** but do not specify a definitive reason for the spike. They list **potential factors** such as **debt maturities** (reclassification of long-term debt to short-term as maturities approach), **new borrowings**, and **repayment adjustments** as possible contributors to the increase.  **[0001467858-24-000115_gmq32024pressreleaseandfin.htm:7]** **[0001467858-25-000032_gm-20241231.htm:90]** 

What led to the spike in Automotive short-term debt in Q4 2024?

GM's **noncontrolling interests** declined in Q4 2024 due to several significant factors. First, the company recorded notable **impairment and restructuring charges at Cruise**, including **$0.5 billion in charges** related to its decision to stop funding the Cruise robotaxi business and **$522 million in net charges** (including **$173 million in non-cash restructuring charges**) recorded by Cruise in December 2024.  **[20250128DE05317:0]** **[0001467858-25-000032_gm-20241231.htm:150]**  Second, GM redeemed **Cruise preferred shares** from noncontrolling interest holders, returning **$1.2 billion to these preferred shareholders**, which impacted the equity attributable to noncontrolling interests.  **[0001467858-25-000030_gmq42024pressreleaseandfin.htm:5]** **[0001467858-25-000032_gm-20241231.htm:154]**  Lastly, there were **$4 billion in non-cash restructuring charges** related to the impairment of GM's interests in certain China joint ventures, further contributing to the decline in noncontrolling interests.  **[20250128DE05317:0]** 

Why did Noncontrolling interests decline in Q4 2024?

The reduction in GM's Automotive long-term debt in Q4 2024 stemmed from several key actions. **Debt redemptions** were undertaken by exercising the make-whole provision on a portion of its **$2.0 billion senior unsecured notes**, resulting in a **$750 million** aggregate principal redemption. Additionally, GM **terminated its unsecured 364-day delayed draw term loan credit agreement** (a facility of up to **$3.0 billion**), thereby reducing the need for further borrowing. Finally, the company made **debt maturity and repayments** totaling **$919 million** for the Automotive segment during the period.  **[0001467858-25-000032_gm-20241231.htm:125]** **[0001467858-25-000030_gmq42024pressreleaseandfin.htm:11]** 

What factors contributed to the reduction in Automotive long-term debt in Q4 2024?

4a824ef0c4ea34e6eea42326aa48a08b29e8e1cbb93aeaa3de67fb6bd79c279b

GM's net income turned negative in **Q4 2024** primarily due to **significant special charges** totaling over **$5 billion**. These charges included **non-cash restructuring expenses** and impairments, notably **$4 billion** related to adjustments in its **China Joint Ventures**, as well as **$520 million** in charges for restructuring its **Cruise** operations. Additionally, a charge of **$643 million** associated with its **Buick dealer strategy** further contributed to the steep decline, collectively pushing the net income into negative territory.  **[20250128DE05317:0]** **[0001467858-25-000030_gmq42024pressreleaseandfin.htm:0]** **[20250128DE05317:9]** **[0001467858-25-000030_gmq42024pressreleaseandfin.htm:16]** 

Why did net income turn negative in Q4 2024?

In **Q2 2024**, the significant increase in depreciation and amortization charges was primarily driven by the inclusion of an **impairment charge of $605 million related to GM's Cruise segment**. This charge was not present in the comparable period in Q2 2023, making it the key factor behind the spike in overall expenses.  **[0001467858-24-000100_gmq22024pressreleaseandfin.htm:12]** **[0001467858-24-000100_gmq22024pressreleaseandfin.htm:14]** 

What drove the spike in depreciation and amortization charges in Q2 2024?

The drop in GM's operating cash flow in Q2 2024 was primarily driven by an **increase in interest payments** and a **net decrease in cash from counterparty derivative collateral posting activities**, which negatively affected the operating cash flows. This decline was somewhat mitigated by an **increase in finance charge income** during the period.  **[0001467858-24-000102_gm-20240630.htm:56]** 

What caused the drop in operating cash flow in Q2 2024?

The documents indicate that there was a significant decrease in non-cash property additions in Q3 2024, with the figure in Q3 showing a negative swing of **(122.00 million USD)**. While GM did not provide a specific explanation for the negative figure, the answer suggests that non-cash property additions typically include **capitalized leases, asset transfers, or other non-cash transactions** related to property. Therefore, the negative swing could be attributed to **changes in GM’s capital investment strategy, adjustments in lease agreements, or a decrease in non-cash property-related transactions**.  **[0001467858-24-000117_gm-20240930.htm:4]** 

Why did non-cash property additions swing negative in Q3 2024?

f16ba2f240d4a780b9b6cdc18e0777ca426bfe36b347f2e60e997c34acd16640

GM's **operating income** in **Q4 2024** was significantly affected by a series of **special charges** totaling over **$5 billion**. These charges included **non-cash restructuring charges and impairments** related to its interests in certain China Joint Ventures, **restructuring costs for its Cruise operations**, and charges associated with a **Buick dealer strategy** as well as additional smaller adjustments such as headquarters relocation expenses. These factors collectively drove the operating income down, resulting in a much lower figure compared to prior periods.  **[20250128DE05317:0]** **[0001467858-25-000030_gmq42024pressreleaseandfin.htm:0]** **[20250128DE05317:9]** **[0001467858-25-000030_gmq42024pressreleaseandfin.htm:16]** 

Why was Operating Income so low in Q4 2024?

In Q4 2024, the plunge in **Equity Income** was primarily driven by **China Joint Ventures (JVs) restructuring actions**. GM recorded a **$4.1 billion equity loss** associated with impairments and restructuring charges related to its Automotive China JVs, which significantly outweighed the **$186 million equity earning** from Ultium Cells Holdings LLC that partially offset the loss.  **[0001467858-25-000030_gmq42024pressreleaseandfin.htm:13]** **[20250128DE05317:9]** 

Why did Equity Income plunge in Q4 2024?

The **negative Income Before Taxes in Q4 2024** was primarily driven by a series of **special charges**. These included over **$5 billion in charges**—notably **$4 billion** in non-cash restructuring charges and impairments related to certain China Joint Ventures, and **$0.5 billion** due to the decision to stop funding the Cruise robotaxi business. In addition, the company incurred further adjustments such as **$643 million** related to the Buick dealer strategy transition, **$520 million** for Cruise restructuring, as well as smaller charges for headquarters relocation (**$30 million**) and the GMI plant wind-down (**$4 million**). These factors collectively resulted in a **loss before income taxes of approximately $3.19 billion** in Q4 2024.  **[20250128DE05317:0]** **[0001467858-25-000030_gmq42024pressreleaseandfin.htm:0]** **[20250128DE05317:9]** **[0001467858-25-000030_gmq42024pressreleaseandfin.htm:16]** 

What caused the negative Income Before Taxes in Q4 2024?

Why did Net Income turn negative in Q4 2024?

General Motors reported a net income loss attributable to stockholders of **$2.961 billion** in Q4 2024 compared to a profit in the prior year, which is a key factor in the negative Basic EPS. This loss was primarily driven by more than **$5 billion** in special charges, including **$4 billion** of non-cash restructuring charges and charges related to impairments, as well as **$0.5 billion** associated with the decision to stop funding the Cruise robotaxi business.  **[20250128DE05317:4]** **[0001467858-25-000030_gmq42024pressreleaseandfin.htm:5]** **[20250128DE05317:0]** **[0001467858-25-000030_gmq42024pressreleaseandfin.htm:0]** 

Why did Basic EPS become negative in Q4 2024?

1607b66cf19e5826dd7890e447fc46e101aa522f1e664a2bfb74ba42344c59fa

Total Net Sales and Revenue (USD, millions)

Total Costs and Expenses (USD, millions)

Operating Income (Loss) (USD, millions)

Automotive Interest Expense (USD, millions)

Interest Income and Other Non-Operating Income, Net (USD, millions)

Equity Income (Loss) (USD, millions)

Income (Loss) Before Income Taxes (USD, millions)

Income Tax Expense (Benefit) (USD, millions)

Net Income (Loss) (USD, millions)

Net Income (Loss) Attributable to Stockholders (USD, millions)

Net Income (Loss) Attributable to Common Stockholders (USD, millions)

Diluted Earnings per Common Share (USD)

861730809e638e31489bf1f5cec116d943686e2999f93566eb5a790a8cbb376c

Cash and cash equivalents [USD, millions]

Marketable debt securities [USD, millions]

Accounts and notes receivable, net of allowance [USD, millions]

GM Financial receivables, net of allowance (Current) [USD, millions]

Inventories [USD, millions]

Other current assets [USD, millions]

Total current assets [USD, millions]

GM Financial receivables, net of allowance (Non-current) [USD, millions]

Equity in net assets of nonconsolidated affiliates [USD, millions]

Property, net [USD, millions]

Goodwill and intangible assets, net [USD, millions]

Equipment on operating leases, net [USD, millions]

Deferred income taxes [USD, millions]

Other assets [USD, millions]

Total non-current assets [USD, millions]

Total Assets [USD, millions]

Accounts payable (principally trade) [USD, millions]

Short-term debt and current portion of long-term debt - Automotive [USD, millions]

Short-term debt and current portion of long-term debt - GM Financial [USD, millions]

Accrued liabilities [USD, millions]

Total current liabilities [USD, millions]

Long-term debt - Automotive [USD, millions]

Long-term debt - GM Financial [USD, millions]

Postretirement benefits other than pensions [USD, millions]

Pensions [USD, millions]

Other liabilities [USD, millions]

Total non-current liabilities [USD, millions]

Total Liabilities [USD, millions]

Common stock, $ 0.01 par value [USD, millions]

Additional paid-in capital [USD, millions]

Retained earnings [USD, millions]

Accumulated other comprehensive loss [USD, millions]

ac2cd68156fa39b3f985e27f26bddc660ae7a00589e9b40bc17721be0a2570fa

2d94727080d76d0d6eb0ed47d4f1c2c4d506626cec06c44a821138f593552792

GMNA

GMSA

Total Automotive

GM Financial

- U.S. Automotive

- Non-U.S. Automotive

- U.S. GM Financial

- Non-U.S. GM Financial

Corporate

Cruise

Eliminations/Reclassifications

Total Revenue

de21cf6197a64be58a7da5d7c921c13bc349e6571fbe209618d9e2f23f887ae1

Depreciation and Impairment of Equipment on Operating Leases, Net (USD, millions)

Depreciation, Amortization and Impairment Charges on Property, Net (USD, millions)

Foreign Currency Remeasurement and Transaction (Gains) Losses (USD, millions)

Pension Contributions and OPEB Payments (USD, millions)

Pension and OPEB Income, Net (USD, millions)

Provision (Benefit) for Deferred Taxes (USD, millions)

Change in Other Operating Assets and Liabilities (USD, millions)

Net Cash Provided by (Used in) Operating Activities (USD, millions)

Expenditures for Property (USD, millions)

Available-for-Sale Marketable Securities, Acquisitions (USD, millions)

Available-for-Sale Marketable Securities, Liquidations (USD, millions)

Purchases of Finance Receivables (USD, millions)

Principal Collections and Recoveries on Finance Receivables (USD, millions)

Purchases of Leased Vehicles (USD, millions)

Proceeds from Termination of Leased Vehicles (USD, millions)

Other Investing Activities (USD, millions)

Net Cash Provided by (Used in) Investing Activities (USD, millions)

Net Increase (Decrease) in Short-Term Debt (USD, millions)

Proceeds from Issuance of Debt (Original Maturities Greater Than Three Months) (USD, millions)

Payments on Debt (Original Maturities Greater Than Three Months) (USD, millions)

Payments to Purchase Common Stock (USD, millions)

Issuance (Redemption) of Subsidiary Stock (USD, millions)

Dividends Paid (USD, millions)

Other Financing Activities (USD, millions)

Net Cash Provided by (Used in) Financing Activities (USD, millions)

Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash (USD, millions)

Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (USD, millions)

Undistributed Earnings and Impairment of Nonconsolidated Affiliates, Net (USD, millions)

Cash, Cash Equivalents and Restricted Cash at Beginning of Period (USD, millions)

Cash, Cash Equivalents and Restricted Cash at End of Period (USD, millions)

c6ddbce839ab9c2157dbb4f9b4fe0a6bc7bb9c271af6fc818a0ec77ee3363805

General Motors Co (GM)

Financials