Financial Performance - For the year ending December 31, 2025, the company expects diluted EPS between 12.00, net income attributable to stockholders between 12.5 billion, and EBIT-adjusted between 15.7 billion[191]. - The company's total net sales and revenue for the year ended December 31, 2024, were 171.842 billion in 2023[208]. - Total net sales and revenue for General Motors increased to 141.4 billion in 2023[223]. - EBIT-adjusted for General Motors North America rose to 12.3 billion in 2023[223]. - Net income attributable to stockholders for 2024 is 10.127 billion in 2023 and 14.934 billion, compared to 14.474 billion in 2022, reflecting a significant increase[322]. - The effective tax rate for 2024 is 30.0%, significantly higher than 5.4% in 2023 and 16.3% in 2022[333]. - ROIC-adjusted for 2024 is 20.8%, an increase from 16.4% in 2023 and 20.0% in 2022, indicating improved capital efficiency[337]. - The diluted earnings per share for 2024 is 10.022 in 2023 and 35.5 billion in 2024 from 29.3 billion in 2024 from 0.3 billion at the end of 2024, down from (1.0) billion[270]. - Average debt outstanding for GM Financial increased to 100.4 billion in 2023[236]. Expenses and Costs - The automotive and other selling, general and administrative expense increased to 9.8 billion in 2023[216]. - The company reported a decrease in automotive and other cost of sales to 141.3 billion in 2023[211]. - The provision for loan losses at GM Financial rose to 826 million in 2023[236]. - The liabilities for product warranty and recall campaigns amount to 7.3 billion as of December 31, 2024[372]. Investments and Strategic Initiatives - The company plans to invest approximately 11.0 billion in battery cell manufacturing joint ventures in 2025[239]. - The company anticipates continued investments in suppliers and strategic agreements to support its transition to electric vehicles[242]. - The company plans to cease funding Cruise's robotaxi development due to the competitive market and resource requirements[272]. - The company plans to continue its strategic activities, including the transition of certain Buick dealers as part of its EV strategy[324]. Audit and Internal Controls - The Company maintained effective internal control over financial reporting as of December 31, 2024, based on the COSO criteria[378]. - The audit provided an unqualified opinion on the consolidated financial statements for the period ended December 31, 2024[379]. - The audit included evaluating management's estimates related to product warranty, sales incentives, and lease residual values, which involved significant judgment[372][374]. - The audit procedures included sensitivity analyses to assess the impact of changes in assumptions on the estimated liabilities[373][376]. - The Company’s internal controls over financial reporting were tested for effectiveness, ensuring reliability in financial reporting[382]. Risks and Sensitivities - The company is exposed to interest rate risks as financial assets and liabilities have different characteristics that may impact financial performance[353]. - The company’s financial risk management policy is designed to protect against risks arising from large adverse market movements on key exposures[343]. - The estimated cost accrued for recall campaigns at the time of vehicle sale is sensitive to the estimated number of recall events, with a 10% increase in the estimated take rate leading to an increase of approximately 0.1 billion[292]. - The estimated residual value of GM Financial's leased vehicles was $23.5 billion as of December 31, 2024, with potential depreciation expense changes based on a 1% relative change in estimated residual values[299][300].
GM(GM) - 2024 Q4 - Annual Report