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News


For Release: Tuesday, April 29, 2025, at 6:30 a.m. ET

GM releases 2025 first-quarter results and reschedules conference call to Thursday, May 1

DETROIT – General Motors (NYSE: GM) today reported first-quarter 2025 revenue of $44.0 billion, net income attributable to stockholders of $2.8 billion, and EBIT-adjusted of $3.5 billion.

Conference call for investors and analysts

Based on recent reports regarding updates to trade policy, GM Chair and CEO Mary Barra and GM Chief Financial Officer Paul Jacobson will now host a conference call for the investment community at 8:30 a.m. ET Thursday, May 1 instead of Tuesday, April 29 to discuss these results and GM’s updated 2025 full-year guidance. The company's initial full year 2025 financial guidance does not contemplate the potential impact of tariffs.

Conference call details are as follows:
•1-800-857-9821 (U.S.)
•1-517-308-9481 (international/caller-paid)
•Conference call passcode: General Motors
•An audio replay will be available on the GM Investor Relations website in the Events section.




1




Results Overview
Three Months Ended
($M) except per share amountsMarch 31, 2025March 31, 2024Change% Change
Revenue$44,020 $43,014 $1,006 2.3 %
Net income attributable to stockholders$2,784 $2,980 $(196)(6.6)%
EBIT-adjusted$3,490 $3,871 $(381)(9.8)%
Net income margin6.3 %6.9 %(0.6) ppts(8.7)%
EBIT-adjusted margin7.9 %9.0 %(1.1) ppts(12.2)%
Automotive operating cash flow$2,404 $3,598 $(1,194)(33.2)%
Adjusted automotive free cash flow$811 $1,090 $(279)(25.6)%
EPS-diluted$3.35 $2.56 $0.79 30.9 %
EPS-diluted-adjusted$2.78 $2.62 $0.16 6.1 %
GMNA EBIT-adjusted$3,286 $3,840 $(554)(14.4)%
GMNA EBIT-adjusted margin8.8 %10.6 %(1.8) ppts(17.0)%
GMI EBIT-adjusted(a)$30 $(10)$40 n.m.
China equity income (loss)(a)$45 $(106)$151 n.m.
GM Financial EBT-adjusted$685 $737 $(52)(7.1)%
__________
(a)n.m. = not meaningful


2




General Motors (NYSE:GM) is driving the future of transportation, leveraging advanced technology to build safer, smarter, and lower emission cars, trucks, and SUVs. GM’s Buick, Cadillac, Chevrolet, and GMC brands offer a broad portfolio of innovative gasoline-powered vehicles and the industry’s widest range of EVs, as we move to an all-electric future. Learn more at GM.com.

###

CONTACTS:
Jim Cain
GM Communications
313-407-2843
james.cain@chevrolet.com

Ashish Kohli, CFA
GM Investor Relations
847-964-3459
ashish.kohli@gm.com
David Caldwell
GM Communications
586-899-7861
david.caldwell@gm.com


Cautionary Note on Forward-Looking Statements: This press release 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 historical fact and represent our current judgment about possible future events. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law.


3



General Motors Company and Subsidiaries1
Combining Income Statement Information
(In millions) (Unaudited)
Three Months Ended March 31, 2025Three Months Ended March 31, 2024
AutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
Net sales and revenue
Automotive$39,860 $1 $— $— $39,861 $39,212 $25 $— $(25)$39,212 
GM Financial— — 4,164 (5)4,159 — — 3,811 (9)3,802 
Total net sales and revenue39,860 1 4,164 (5)44,020 39,212 25 3,811 (34)43,014 
Costs and expenses
Automotive and other cost of sales35,029 163 — (1)35,191 33,597 400 — — 33,996 
GM Financial interest, operating and other expenses— — 3,491 — 3,491 — — 3,106 — 3,106 
Automotive and other selling, general and administrative expense1,874 111 — — 1,985 2,035 140 — — 2,175 
Total costs and expenses36,903 274 3,491 (1)40,668 35,632 540 3,106 (1)39,277 
Operating income (loss)2,957 (273)673 (4)3,352 3,580 (515)705 (33)3,738 
Automotive interest expense152 30 — (29)152 219 16 — (16)219 
Interest income and other non-operating income, net334 2 — (25)310 273 12 — 17 302 
Equity income (loss)50 — 12 — 62 (137)— 32 — (105)
Income (loss) before income taxes$3,188 $(301)$685 $— $3,572 $3,497 $(519)$737 $— $3,715 
Income tax expense (benefit)719 762 
Net income (loss)2,853 2,953 
Net loss (income) attributable to noncontrolling interests(69)27 
Net income (loss) attributable to stockholders$2,784 $2,980 
Net income (loss) attributable to common stockholders$3,361 $2,970 
________
1 Certain columns and rows may not add due to rounding.



4



General Motors Company and Subsidiaries1
Basic and Diluted Earnings per Share
(Unaudited)

The following table summarizes basic and diluted earnings per share (in millions, except per share amounts):
Three Months Ended
March 31, 2025March 31, 2024
Basic earnings per share
Net income (loss) attributable to stockholders$2,784 $2,980 
Adjustments(a)577 (9)
Net income (loss) attributable to common stockholders$3,361 $2,970 
Weighted-average common shares outstanding988 1,155 
Basic earnings per common share$3.40 $2.57 
Diluted earnings per share
Net income (loss) attributable to common stockholders – diluted$3,361 $2,970 
Weighted-average common shares outstanding – diluted1,002 1,162 
Diluted earnings per common share$3.35 $2.56 
Potentially dilutive securities(b)4 17 
__________
(a)Includes a $593 million return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders in the three months ended March 31, 2025 and an insignificant amount in participating securities income from a subsidiary for the three months ended March 31, 2025 and 2024.
(b)Potentially dilutive securities attributable to outstanding stock options, Performance Stock Units (PSUs) and Restricted Stock Units (RSUs) at March 31, 2025 and 2024, were excluded from the computation of diluted earnings per share (EPS) because the securities would have had an antidilutive effect.

5



General Motors Company and Subsidiaries1
Combining Balance Sheet Information
(In millions, except per share amounts) (Unaudited)
March 31, 2025December 31, 2024
AutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
ASSETS
Current Assets
Cash and cash equivalents$12,021 $105 $8,444 $— $20,570 $14,470 $308 $5,094 $— $19,872 
Marketable debt securities6,919 — — — 6,919 7,265 — — — 7,265 
Accounts and notes receivable, net(a)14,604 6 1,886 (1,559)14,936 11,498 22 1,988 (681)12,827 
GM Financial receivables, net(d)— — 44,779 (261)44,517 — — 46,760 (398)46,362 
Inventories15,257 — — (4)15,253 14,569 — — (5)14,564 
Other current assets2,959 36 4,815 1 7,811 2,816 38 4,799 2 7,655 
Total current assets51,760 146 59,924 (1,824)110,006 50,618 369 58,640 (1,082)108,545 
Non-current Assets
GM Financial receivables, net(c)— — 46,534 — 46,534 — — 46,750 (276)46,474 
Equity in net assets of nonconsolidated affiliates5,651 — 1,226 — 6,877 5,896 — 1,206 — 7,102 
Property, net 51,959 67 103 — 52,128 51,729 69 107 — 51,904 
Goodwill and intangible assets, net 3,177 1 1,342 — 4,520 2,642 570 1,339 — 4,551 
Equipment on operating leases, net— — 32,239 — 32,239 — — 31,586 — 31,586 
Deferred income taxes22,931 — (1,697)— 21,234 21,149 1,899 (1,795)— 21,254 
Other assets(b)9,552 37 1,384 (2,408)8,566 9,340 41 1,323 (2,359)8,346 
Total non-current assets93,270 104 81,132 (2,408)172,099 90,756 2,579 80,516 (2,635)171,216 
Total Assets$145,030 $251 $141,056 $(4,232)$282,104 $141,374 $2,948 $139,156 $(3,717)$279,761 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (principally trade)(a)$27,151 $173 $503 $(878)$26,948 $25,446 $200 $714 $(681)$25,680 
Short-term debt and current portion of long-term debt
Automotive(a)(d) 2,421 688 — (942)2,166 2,413 7 — (279)2,141 
GM Financial— — 33,768 — 33,768 — — 37,291 — 37,291 
Cruise(d)— — — — — — 119 — (119)— 
Accrued liabilities22,863 271 4,735 (4)27,865 24,949 548 5,661 (4)31,154 
Total current liabilities52,434 1,131 39,005 (1,824)90,747 52,808 874 43,666 (1,082)96,265 
Non-current Liabilities
Long-term debt
Automotive(b)13,436 2,446 — (2,408)13,474 13,288 2,397 — (2,359)13,327 
GM Financial — — 83,270 — 83,270 — — 76,973 — 76,973 
Cruise(c)— — — — — — 276 — (276)— 
Postretirement benefits other than pensions3,967 — — — 3,967 3,990 — — — 3,990 
Pensions 5,761 — 8 — 5,768 5,772 — 7 — 5,779 
Other liabilities15,124 287 3,042 — 18,453 14,635 297 2,904 — 17,836 
Total non-current liabilities38,287 2,732 86,319 (2,408)124,931 37,686 2,970 79,885 (2,635)117,906 
Total Liabilities90,722 3,864 125,325 (4,232)215,678 90,494 3,844 123,551 (3,717)214,171 
Equity
Common stock, $0.01 par value10 — — — 10 10 — — — 10 
Additional paid-in capital(e)18,603 1,717 1,196 (1,172)20,345 19,632 1,187 1,196 (1,172)20,843 
Retained earnings44,399 (5,330)16,069 1 55,140 40,203 (2,647)15,916 1 53,472 
Accumulated other comprehensive loss(9,587)(1)(1,534)— (11,122)(9,744)(3)(1,506)— (11,253)
Total stockholders’ equity53,424 (3,613)15,731 (1,170)64,372 50,100 (1,464)15,606 (1,170)63,072 
Noncontrolling interests(e)884 — — 1,170 2,054 780 568 — 1,170 2,518 
Total Equity54,308 (3,613)15,731 — 66,427 50,880 (896)15,606 — 65,590 
Total Liabilities and Equity$145,030 $251 $141,056 $(4,232)$282,104 $141,374 $2,948 $139,156 $(3,717)$279,761 
__________
(a)Eliminations primarily include GM Financial accounts and notes receivable of $0.6 billion due from Automotive; and Automotive accounts receivable of $0.9 billion primarily due from GM Financial and Cruise at March 31, 2025; and GM Financial accounts and notes receivable of $0.5 billion due from Automotive; and Automotive accounts receivable of $0.2 billion primarily due from GM Financial and Cruise at December 31, 2024.
(b)Eliminations primarily related to convertible note issued by Cruise to Automotive and deferral agreement between Cruise and Automotive as regards to engineering, capital spending, restructuring and other costs incurred by Automotive on behalf of Cruise resulting in a long-term payable for Cruise offset by a long-term receivable for Automotive.
(c)Eliminations primarily related to intercompany loans due from Cruise to GM Financial at December 31, 2024.
(d)Eliminations primarily related to GM Financial accounts receivables due from Automotive and Cruise.
(e)Primarily reclassification of GM Financial Cumulative Perpetual Preferred Stock, Series A, B and C. The preferred stock is classified as noncontrolling interests in our consolidated balance sheets.

6



General Motors Company and Subsidiaries1
Combining Cash Flow Information
(In millions) (Unaudited)
Three Months Ended March 31, 2025Three Months Ended March 31, 2024
AutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
Cash flows from operating activities
Net income (loss)$2,659 $(302)$496 $— $2,853 $2,804 $(386)$535 $— $2,953 
Depreciation and impairment of Equipment on operating leases, net— — 1,203 — 1,203 — — 1,243 — 1,243 
Depreciation, amortization and impairment charges on Property, net1,716 5 9 — 1,731 1,540 5 10 — 1,555 
Foreign currency remeasurement and transaction (gains) losses149 — 2 — 152 (33)— (4)— (36)
Undistributed earnings of nonconsolidated affiliates, net497 — (12)— 485 63 — (32)— 32 
Pension contributions and OPEB payments(194)— (1)— (195)(242)— — — (242)
Pension and OPEB income, net(1)— — — — 14 — — — 15 
Provision (benefit) for deferred taxes39 — 104 — 143 781 (135)9 — 655 
Change in other operating assets and liabilities(a)(c)(2,463)(237)76 2,313 (311)(1,329)(198)(162)(1,333)(3,022)
Net cash provided by (used in) operating activities2,404 (533)1,877 2,313 6,061 3,598 (713)1,601 (1,333)3,152 
Cash flows from investing activities
Expenditures for property(1,809)(2)(4)— (1,816)(2,728)(12)(4)(39)(2,783)
Available-for-sale marketable securities, acquisitions(645)— — — (645)(995)— — — (995)
Available-for-sale marketable securities, liquidations1,065 — — — 1,065 745 — — — 745 
Purchases of finance receivables(a)(b)— — (9,668)(390)(10,058)— — (8,921)989 (7,932)
Principal collections and recoveries on finance receivables(a)— — 11,642 (2,685)8,956 — — 7,650 1 7,651 
Purchases of leased vehicles— — (4,212)— (4,212)— — (3,436)— (3,436)
Proceeds from termination of leased vehicles— — 2,529 — 2,529 — — 3,085 — 3,085 
Other investing activities(b)(1,059)— — 750 (310)(291)— (1)42 (249)
Net cash provided by (used in) investing activities(2,448)(2)286 (2,326)(4,490)(3,268)(12)(1,626)993 (3,914)
Cash flows from financing activities
Net increase (decrease) in short-term debt(d)(18)— 188 — 170 (26)— (223)— (249)
Proceeds from issuance of debt (original maturities greater than three months)(b)2 334 16,896 (334)16,897 10 55 14,297 (55)14,307 
Payments on debt (original maturities greater than three months)(66)(1)(15,175)26 (15,216)(33)— (13,088)(19)(13,140)
Payment to purchase common stock(2,012)— — — (2,012)(280)— — — (280)
Issuance (redemption) of subsidiary stock— — — (29)(29)— 36 — (36)— 
Dividends paid(c)(116)— (409)350 (175)(139)— (509)450 (198)
Other financing activities(123)— (55)— (178)(53)(41)(44)— (139)
Net cash provided by (used in) financing activities(2,334)333 1,444 13 (543)(521)50 432 340 300 
Effect of exchange rate changes on cash, cash equivalents and restricted cash27 — 24 — 51 (69)— (9)— (78)
Net increase (decrease) in cash, cash equivalents and restricted cash(2,352)(202)3,632 — 1,078 (304)(632)397 — (539)
Cash, cash equivalents and restricted cash at beginning of period14,561 322 8,081 — 22,964 12,310 1,359 8,249 — 21,917 
Cash, cash equivalents and restricted cash at end of period$12,209 $120 $11,714 $— $24,042 $12,005 $727 $8,646 $— $21,378 
__________
(a)Includes eliminations of $2.6 billion and $0.9 billion in the three months ended March 31, 2025 and 2024 primarily driven by purchases/collections of wholesale finance receivables resulting from vehicles sold by GM to dealers that have arranged their inventory floor plan financing through GM Financial.
(b)Eliminations include intercompany funding activity from Automotive and GM Financial to Cruise in the three months ended March 31, 2025.
(c)Eliminations include dividends issued by GM Financial to Automotive in the three months ended March 31, 2025 and 2024.



7



General Motors Company and Subsidiaries1
The following tables summarize key financial information by segment (dollars in millions):
GMNAGMICorporateEliminationsTotal
Automotive		CruiseGM
Financial		Reclassifications/EliminationsTotal
Three Months Ended March 31, 2025
Net sales and revenue$37,388 $2,427 $46 $— $39,860 $1 $4,164 $(5)$44,020 
Expenditures for property$1,705 $94 $11 $— $1,809 $2 $4 $— $1,816 
Depreciation and amortization$1,588 $102 $27 $— $1,716 $5 $1,212 $— $2,934 
Impairment charges$— $— $— $— $— $— $— $— $— 
Equity income (loss)(a)(b)$242 $49 $— $— $291 $— $12 $— $303 
GMNAGMICorporateEliminationsTotal
Automotive		CruiseGM
Financial		Reclassifications/EliminationsTotal
Three Months Ended March 31, 2024
Net sales and revenue$36,099 $3,082 $32 $— $39,212 $25 $3,811 $(34)$43,014 
Expenditures for property$2,631 $93 $4 $— $2,728 $12 $4 $39 $2,783 
Depreciation and amortization$1,409 $125 $5 $— $1,540 $5 $1,253 $— $2,798 
Impairment charges$— $— $— $— $— $— $— $— $— 
Equity income (loss)(a)(b)$127 $(108)$— $— $19 $— $32 $— $50 
__________
(a)Includes Automotive China joint ventures (Automotive China JVs) equity income (loss) of $45 million and $(106) million in the three months ended March 31, 2025 and 2024.
(b)Equity earnings related to Ultium Cells Holdings LLC, an equally owned joint venture with LG Energy Solution, are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our electric vehicles (EVs). Equity earnings related to Ultium Cells Holdings LLC were $241 million and $156 million in the three months ended March 31, 2025 and 2024.



8


General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
General Motors Company (GM) uses both generally accepted accounting principles (GAAP) and non-GAAP financial measures for operational and financial decision making, and to assess Company and segment business performance. Our non-GAAP measures include: earnings before interest and taxes (EBIT)-adjusted, presented net of noncontrolling interests; earnings before income taxes (EBT)-adjusted for our General Motors Financial Company, Inc. (GM Financial) segment; earnings per share (EPS)-diluted-adjusted; effective tax rate-adjusted (ETR-adjusted); return on invested capital-adjusted (ROIC-adjusted) and adjusted automotive free cash flow. GM's calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures.

These non-GAAP measures allow management and investors to view operating trends, perform analytical comparisons and benchmark performance between periods and among geographic regions to understand operating performance without regard to items we do not consider a component of our core operating performance. Furthermore, these non-GAAP measures allow investors the opportunity to measure and monitor our performance against our externally communicated targets and evaluate the investment decisions being made by management to improve ROIC-adjusted. Management uses these measures in its financial, investment and operational decision-making processes, for internal reporting and as part of its forecasting and budgeting processes. Further, our Board of Directors uses certain of these and other measures as key metrics to determine management performance under our performance-based compensation plans. For these reasons, we believe these non-GAAP measures are useful for our investors.

EBIT-adjusted (Most comparable GAAP measure: Net income attributable to stockholders) EBIT-adjusted is presented net of noncontrolling interests and is used by management and can be used by investors to review our consolidated operating results because it excludes automotive interest income, automotive interest expense and income taxes as well as certain additional adjustments that are not considered part of our core operations. Examples of adjustments to EBIT include, but are not limited to, impairment charges on long-lived assets and other exit costs resulting from strategic shifts in our operations or discrete market and business conditions, and certain costs arising from legal matters. For EBIT-adjusted and our other non-GAAP measures, once we have made an adjustment in the current period for an item, we will also adjust the related non-GAAP measure in any future periods in which there is an impact from the item. Our corresponding measure for our GM Financial segment is EBT-adjusted because interest income and interest expense are an integral part of its financial performance.

EPS-diluted-adjusted (Most comparable GAAP measure: Diluted earnings per common share) EPS-diluted-adjusted is used by management and can be used by investors to review our consolidated diluted EPS results on a consistent basis. EPS-diluted-adjusted is calculated as net income attributable to common stockholders-diluted less adjustments noted above for EBIT-adjusted and certain income tax adjustments divided by weighted-average common shares outstanding-diluted. Examples of income tax adjustments include the establishment or release of significant deferred tax asset valuation allowances.

ETR-adjusted (Most comparable GAAP measure: Effective tax rate) ETR-adjusted is used by management and can be used by investors to review the consolidated effective tax rate for our core operations on a consistent basis. ETR-adjusted is calculated as Income tax expense less the income tax related to the adjustments noted above for EBIT-adjusted and the income tax adjustments noted above for EPS-diluted-adjusted divided by Income before income taxes less adjustments. When we provide an expected adjusted effective tax rate, we do not provide an expected effective tax rate because the U.S. GAAP measure may include significant adjustments that are difficult to predict.

ROIC-adjusted (Most comparable GAAP measure: Return on equity) ROIC-adjusted is used by management and can be used by investors to review our investment and capital allocation decisions. We define ROIC-adjusted as EBIT-adjusted for the trailing four quarters divided by ROIC-adjusted average net assets, which is the average equity balances adjusted for average automotive debt and interest liabilities, exclusive of finance leases; average automotive net pension and other postretirement benefits (OPEB) liabilities; and average automotive net income tax assets during the same period.

Adjusted automotive free cash flow (Most comparable GAAP measure: Net automotive cash provided by operating activities) Adjusted automotive free cash flow is used by management and can be used by investors to review the liquidity of our automotive operations and to measure and monitor our performance against our capital allocation program and evaluate our automotive liquidity against the substantial cash requirements of our automotive operations. We measure adjusted automotive free cash flow as automotive operating cash flow from operations less capital expenditures adjusted for management actions. Management actions can include voluntary events such as discretionary contributions to employee benefit plans or nonrecurring specific events such as a closure of a facility that are considered special for EBIT-adjusted purposes.


9


General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
The following table reconciles Net income attributable to stockholders to EBIT-adjusted and segment profit (loss) (dollars in millions):
Three Months Ended
March 31, 2025March 31, 2024
Net income attributable to stockholders(a)$2,784 $2,980 
Income tax expense (benefit)719 762 
Automotive interest expense152 219 
Automotive interest income (191)(186)
Adjustments
Headquarters relocation(b)26 — 
Buick dealer strategy(c)— 96 
Total adjustments26 96 
EBIT-adjusted3,490 3,871 
Operating segments
GM North America (GMNA)3,286 3,840 
GM International (GMI)30 (10)
Cruise (273)(442)
GM Financial(d)685 737 
Total operating segments3,728 4,124 
Corporate and eliminations(e)(238)(253)
EBIT-adjusted$3,490 $3,871 
__________
(a)Net of net loss attributable to noncontrolling interests.
(b)These adjustments were excluded because they relate to the GM headquarters relocation, primarily consisting of accelerated depreciation.
(c)These adjustments were excluded because they relate to strategic activities to transition certain Buick dealers out of our dealer network as part of Buick’s EV strategy.
(d)GM Financial amounts represent EBT-adjusted.
(e)GM's automotive interest income and interest expense, legacy costs from the Opel/Vauxhall Business (primarily pension costs), corporate expenditures and certain revenues and expenses that are not part of a reportable segment are recorded centrally in Corporate.

10


General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
The following table reconciles diluted earnings per common share to EPS-diluted-adjusted (dollars in millions, except per share amounts):
Three Months Ended
March 31, 2025March 31, 2024
AmountPer ShareAmountPer Share
Diluted earnings per common share$3,361 $3.35 $2,970 $2.56 
Adjustments(a)26 0.03 96 0.08 
Tax effect on adjustments(b)(6)(0.01)(24)(0.02)
Return from preferred shareholders(c)(593)(0.59)— — 
EPS-diluted-adjusted$2,789 $2.78 $3,042 $2.62 
__________
(a)Refer to the reconciliation of Net income attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details.
(b)The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.
(c)This adjustment consists of a return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders in the three months ended March 31, 2025.

The following table reconciles our effective tax rate to ETR-adjusted (dollars in millions):
Three Months Ended
March 31, 2025March 31, 2024
Income before income taxesIncome tax expense (benefit)Effective tax rateIncome before income taxesIncome tax expense (benefit)Effective tax rate
Effective tax rate$3,572 $719 20.1 %$3,715 $762 20.5 %
Adjustments(a)26 6 96 24 
ETR-adjusted$3,598 $725 20.1 %$3,811 $786 20.6 %
__________
(a)Refer to the reconciliation of Net income attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details. These adjustments include Net income attributable to noncontrolling interests where applicable. The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.

We define return on equity (ROE) as Net income (loss) attributable to stockholders for the trailing four quarters divided by average equity for the same period. Management uses average equity to provide comparable amounts in the calculation of ROE. The following table summarizes the calculation of ROE (dollars in billions):
Four Quarters Ended
March 31, 2025March 31, 2024
Net income attributable to stockholders$5.8 $10.7 
Average equity(a)$67.9 $71.1 
ROE8.6 %15.1 %
__________
(a)Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in Net income attributable to stockholders.

11


General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
The following table summarizes the calculation of ROIC-adjusted (dollars in billions):
Four Quarters Ended
March 31, 2025March 31, 2024
EBIT-adjusted(a)$14.6 $12.4 
Average equity(b)$67.9 $71.1 
Add: Average automotive debt and interest liabilities (excluding finance leases)16.0 16.2 
Add: Average automotive net pension & OPEB liability9.1 8.7 
Less: Average automotive and other net income tax asset(22.7)(21.6)
ROIC-adjusted average net assets$70.2 $74.5 
ROIC-adjusted20.7 %16.7 %
__________
(a)Refer to the reconciliation of Net income attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details.
(b)Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in EBIT-adjusted.

The following table reconciles Net automotive cash provided by operating activities to adjusted automotive free cash flow (dollars in millions):
Three Months Ended
March 31, 2025March 31, 2024
Net automotive cash provided by operating activities$2,404 $3,598 
Less: Capital expenditures(1,809)(2,728)
Add: Buick dealer strategy160 162 
Add: Restructuring actions53 — 
Add: GMI plant wind down4 — 
Add: Employee separation costs— 58 
Adjusted automotive free cash flow$811 $1,090 

12


General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
Vehicle Sales

GM presents both wholesale and total vehicle sales data to assist in the analysis of our revenue and market share. Wholesale vehicle sales data consists of sales to GM's dealers and distributors as well as sales to the U.S. government, and excludes vehicles sold by our joint ventures. Wholesale vehicle sales data correlates to GM's revenue recognized from the sale of vehicles, which is the largest component of Automotive net sales and revenue. In the three months ended March 31, 2025, 24.5% of GM's wholesale vehicle sales volume was generated outside the U.S. The following table summarizes wholesale vehicle sales by our Automotive segments (vehicles in thousands):
Three Months Ended
March 31, 2025March 31, 2024
GMNA827 792 
GMI85 104 
Total912 895 

Total vehicle sales data represents: (1) retail sales (i.e., sales to consumers who purchase new vehicles from dealers or distributors); (2) fleet sales (i.e., sales to large and small businesses, governments and daily rental car companies); and (3) sales of courtesy transportation vehicles (i.e., vehicles previously used by dealers that were sold to the end consumer). Total vehicle sales data includes all sales by joint ventures on a total vehicle basis, not based on our percentage ownership interest in the joint venture. Certain joint venture agreements in China allow for the contractual right to report vehicle sales of non-GM trademarked vehicles by those joint ventures, which are included in the total vehicle sales we report for China. While total vehicle sales data does not correlate directly to the revenue GM recognizes during a particular period, we believe it is indicative of the underlying demand for GM's vehicles. Total vehicle sales data represents management's good faith estimate based on sales reported by our dealers, distributors and joint ventures; commercially available data sources such as registration and insurance data; and internal estimates and forecasts when other data is not available.

13


General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
The following table summarizes industry and GM total vehicle sales and GM's related competitive position by geographic region (vehicles in thousands):
 Three Months Ended
 March 31, 2025March 31, 2024
 IndustryGMMarket ShareIndustryGMMarket Share
North America
United States4,028 693 17.2 %3,852 594 15.4 %
Other940 126 13.4 %892 115 12.9 %
Total North America4,968 819 16.5 %4,744 709 15.0 %
Asia/Pacific, Middle East and Africa
China(a)5,821 443 7.6 %5,655 441 7.8 %
Other5,602 102 1.8 %5,501 113 2.0 %
Total Asia/Pacific, Middle East and Africa11,422 545 4.8 %11,156 554 5.0 %
South America
Brazil552 56 10.1 %514 57 11.1 %
Other396 29 7.3 %309 27 8.8 %
Total South America948 85 8.9 %823 84 10.2 %
Total in GM markets17,338 1,449 8.4 %16,723 1,347 8.1 %
Total Europe4,159 1 — %4,369 — — %
Total Worldwide(b)21,497 1,449 6.7 %21,092 1,348 6.4 %
United States
Cars697 17 2.5 %709 50 7.0 %
Trucks1,052 344 32.7 %937 291 31.1 %
Crossovers2,279 332 14.6 %2,206 253 11.5 %
Total United States4,028 693 17.2 %3,852 594 15.4 %
China(a)
SGMS119 155 
SGMW324 287 
Total China5,821 443 7.6 %5,655 441 7.8 %
__________
(a)Includes sales by the Automotive China JVs: SAIC General Motors Sales Co., Ltd. (SGMS) and SAIC GM Wuling Automobile Co., Ltd. (SGMW).
(b)Cuba, Iran, North Korea, Syria and certain regions of Ukraine are subject to broad economic sanctions. Accordingly, these countries are excluded from industry sales data and corresponding calculation of market share.

As discussed above, total vehicle sales and market share data provided in the table above includes fleet vehicles. Certain fleet transactions, particularly sales to daily rental car companies, are generally less profitable than retail sales to end customers. The following table summarizes estimated fleet sales and those sales as a percentage of total vehicle sales (vehicles in thousands):
Three Months Ended
March 31, 2025March 31, 2024
GMNA172 141 
GMI67 68 
Total fleet sales239 209 
Fleet sales as a percentage of total vehicle sales16.5 %15.5 %
North America capacity two-shift utilization109.5 %109.7 %

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