General Motors Company (GM) is a global automotive manufacturer incorporated as a Delaware corporation in 2009.
Table of Contents
Company Profile
Headquartered in Detroit, Michigan, GM designs, builds, and sells trucks, crossovers, cars, and automobile parts, while also providing software-enabled services and subscriptions. The company operates across multiple continents, focusing on innovative, safe, and sustainable mobility solutions. GM is committed to an all-electric future while maintaining a strong portfolio of internal combustion engine (ICE) vehicles to fund its transition. Its operations are segmented into automotive manufacturing, software services, and financial services, with a significant emphasis on electric vehicles (EVs), autonomous vehicle (AV) technology, and connected services like OnStar and Super Cruise.
GM’s mission is to transform personal mobility through innovation, safety, and sustainability. The company leverages its global scale to meet customer demands, optimize profitability, and comply with regulatory standards. As of January 16, 2025, GM had 995,001,891 shares of common stock outstanding, reflecting its significant market presence. Operations are supported by a robust network of dealers, suppliers, and joint ventures, particularly in China, where GM maintains contractual rights to report vehicle sales through non-GM trademarked joint ventures.
Business Segments
GM operates through four primary reportable segments, each contributing to its diversified business model. Below is a detailed breakdown of these segments, including their revenue contributions for the year ended December 31, 2024.
1. GM North America (GMNA)
- Description: GMNA encompasses automotive operations in North America, focusing on the design, manufacturing, and sale of trucks, crossovers, cars, and parts. It is the company’s largest segment, driven by high-margin vehicles like full-size pickup trucks and SUVs. GMNA also includes software-enabled services like OnStar and Super Cruise, which provide connectivity, safety, and driver assistance features.
- Revenue Contribution (2024): $141,445 million
- Percentage of Total Revenue: 75.5% ($141,445 / $187,442)
- Key Highlights:
- Strong performance driven by high-margin full-size pickup trucks and SUVs.
- Investments in EVs and hybrids to align with regulatory requirements and consumer demand.
- Integration of software services to enhance vehicle connectivity and customer experience.
2. GM International (GMI)
- Description: GMI covers automotive operations outside North America, including Asia Pacific, the Middle East, Africa, and South America. It includes joint ventures in China, such as SAIC General Motors Corp., Ltd. (SGM), which contribute significantly to vehicle sales. GMI focuses on balancing ICE and EV portfolios while navigating regional regulatory challenges.
- Revenue Contribution (2024): $15,949 million
- Percentage of Total Revenue: 8.5% ($15,949 / $187,442)
- Key Highlights:
- Significant presence in China through joint ventures, though profitability is challenged by intense competition and excess capacity.
- Focus on cost optimization and leveraging global economies of scale through cross-segment part sharing.
- Ceased vehicle imports to Russia, Belarus, and sanctioned provinces in Ukraine as of March 2022 due to geopolitical constraints.
3. Cruise
- Description: Cruise, a majority-owned subsidiary, focuses on autonomous vehicle technology, with a recent strategic shift toward personal vehicles rather than robotaxi applications. Cruise aims to integrate AV technology into GM’s vehicle portfolio, enhancing safety and driver assistance features.
- Revenue Contribution (2024): $257 million
- Percentage of Total Revenue: 0.1% ($257 / $187,442)
- Key Highlights:
- In December 2024, GM announced a refocus on personal AV technology, discontinuing funding for Cruise’s robotaxi development.
- Recorded a net loss of $4,466 million in 2024, reflecting significant investment in AV technology.
- Cruise’s liquidity includes a multi-year credit agreement with GM to fund AV purchases, with deferred payments up to $0.8 billion until June 2028.
4. GM Financial
- Description: GM Financial provides automotive financing services, including retail loans, leases, and commercial financing for dealers. It operates in North America and select international markets, offering prime and sub-prime lending programs to support vehicle purchases.
- Revenue Contribution (2024): $14,184 million
- Percentage of Total Revenue: 7.6% ($14,184 / $187,442)
- Key Highlights:
- Offers sub-prime lending for consumers with FICO scores below 620, sustaining higher credit losses but expanding market access.
- Funds operations through secured and unsecured credit facilities and securitization notes, with $27.4 billion in renewed credit facilities in 2024.
- Recorded $0.8 billion in gains from terminated leases in 2024, down from $0.9 billion in 2023.
Corporate and Eliminations
- Description: The Corporate segment includes central corporate expenditures, such as people-related costs, and certain revenues and expenses not allocated to other segments. Eliminations account for intersegment transactions.
- Revenue Contribution (2024): $151 million (Corporate), with eliminations adjusting for intersegment transactions.
- Percentage of Total Revenue: 0.1% ($151 / $187,442)
- Key Highlights:
- Corporate assets include cash, marketable debt securities, and intersegment balances.
- Costs related to strategic activities, such as Buick dealership transitions, are recorded here.
Revenue Breakup Summary (2024):
| Segment | Revenue ($M) | Percentage |
|---|---|---|
| GMNA | 141,445 | 75.5% |
| GMI | 15,949 | 8.5% |
| Cruise | 257 | 0.1% |
| GM Financial | 14,184 | 7.6% |
| Corporate | 151 | 0.1% |
| Eliminations | 15,456 | 8.3% |
| Total | 187,442 | 100.0% |
Products and Services Offered
GM offers a diverse portfolio of products and services, ranging from vehicles to software-enabled services and financial products. Below is a comprehensive overview with revenue contributions where applicable.
1. Vehicles (Trucks, Crossovers, Cars)
- Description: GM designs, manufactures, and sells trucks, crossovers, and cars under various brands. The portfolio includes ICE vehicles, EVs, and hybrids, with a focus on high-margin full-size pickup trucks and SUVs.
- Revenue Contribution (2024): $157,667 million (Vehicle, Parts, and Accessories)
- Percentage of Total Revenue: 84.1% ($157,667 / $187,442)
- Details:
- Trucks: Includes full-size pickup trucks like the Chevrolet Silverado and GMC Sierra, which are key revenue drivers due to high margins.
- Crossovers and SUVs: Popular models include the Chevrolet Equinox, Blazer, and Cadillac Escalade, with increased sales in 2024 impacting mix unfavorably due to lower margins compared to trucks.
- Cars: Sedans like the Chevrolet Malibu, though a smaller segment as GM focuses on trucks and SUVs.
- EVs: Models like the Chevrolet Bolt EV and upcoming electric trucks and SUVs, supported by investments in battery technology and manufacturing.
- GM expects 75% of global ICE vehicle sales volume to come from five core architectures through the decade, optimizing profitability.
2. Automobile Parts and Accessories
- Description: GM sells replacement parts and accessories through its dealer network, supporting vehicle maintenance and customization.
- Revenue Contribution (2024): Included in the $157,667 million for Vehicle, Parts, and Accessories.
- Percentage of Total Revenue: Part of the 84.1% above.
- Details:
- Parts are sold directly to dealers and fleet customers, including daily rental car companies, commercial fleets, and government entities.
- Cross-segment part sharing enhances cost efficiency and profitability.
3. Software-Enabled Services (OnStar and Super Cruise)
- Description: OnStar provides connectivity, safety, infotainment, and driver assistance features, while Super Cruise enables hands-free driving on compatible roads. These services are integrated into GM’s vehicles, offering subscription-based revenue streams.
- Revenue Contribution (2024): $273 million (Other Automotive Revenue)
- Percentage of Total Revenue: 0.1% ($273 / $187,442)
- Details:
- OnStar: Offers an ecosystem for retail and fleet customers, enabling safety, connectivity, and shopping services post-purchase.
- Super Cruise: Available on select vehicles, allowing hands-free driving with over-the-air updates to enhance functionality.
- GM’s end-to-end software platform supports over-the-air updates, delivering new features and performance enhancements.
4. Automotive Financing (GM Financial)
- Description: GM Financial provides retail loans, leases, and commercial financing, including dealer inventory financing and loans to commercial vehicle upfitters.
- Revenue Contribution (2024): $14,184 million
- Percentage of Total Revenue: 7.6% ($14,184 / $187,442)
- Details:
- Retail Financing: Includes prime (FICO ≥ 680) and sub-prime (FICO < 620) lending, with sub-prime loans comprising 11.8% of retail finance receivables ($9,008 million of $76,066 million).
- Commercial Financing: Primarily floorplan financing for dealer inventory, accounting for 99.7% of commercial finance receivables.
- GM Financial’s portfolio includes $23.5 billion in estimated residual value for leased vehicles as of December 31, 2024.
5. Autonomous Vehicle Technology (Cruise)
- Description: Cruise develops AV technology, now focused on personal vehicles, integrating advanced driver assistance and autonomous features into GM’s portfolio.
- Revenue Contribution (2024): $257 million
- Percentage of Total Revenue: 0.1% ($257 / $187,442)
- Details:
- Shifted focus from robotaxi services to personal AVs in December 2024.
- Integrates with GM’s software platform to enhance vehicle autonomy and safety features.
Revenue Breakup by Product/Service (2024):
| Product/Service | Revenue ($M) | Percentage |
|---|---|---|
| Vehicles, Parts, Accessories | 157,667 | 84.1% |
| Software Services (OnStar, etc.) | 273 | 0.1% |
| GM Financial | 14,184 | 7.6% |
| Cruise | 257 | 0.1% |
| Other (Corporate/Eliminations) | 15,607 | 8.3% |
| Total | 187,442 | 100.0% |
Company History
General Motors was incorporated as a Delaware corporation in 2009, following a significant restructuring during the global financial crisis. This marked a new chapter for GM, building on its legacy as one of the world’s leading automakers. The company’s history is rooted in its commitment to innovation, safety, and global expansion, with key milestones shaping its current operations:
- 2009: GM emerged from bankruptcy as a restructured entity, incorporated in Delaware, focusing on streamlining operations and enhancing competitiveness. The company retained its core brands and operations while divesting non-core assets.
- 2010s: GM expanded its global footprint, particularly in China through joint ventures like SAIC General Motors Corp., Ltd. (SGM). The introduction of OnStar in the late 1990s evolved into a robust connectivity platform, with significant advancements in the 2010s, integrating safety and infotainment features.
- 2017–2019: GM initiated a recall for Chevrolet Bolt EVs due to battery defects, demonstrating its commitment to safety and customer satisfaction. This period also saw increased investment in EV technology to align with global emissions regulations.
- 2020–2022: GM intensified its focus on an all-electric future, investing in battery manufacturing and EV platforms. The company ceased vehicle imports to Russia, Belarus, and sanctioned Ukrainian provinces in March 2022 due to geopolitical tensions.
- 2023: GM recorded charges of $569 million for Buick dealership transitions, reflecting strategic efforts to optimize its dealer network. The company also faced challenges in China due to intense competition and excess capacity.
- 2024: GM announced a strategic shift in its AV strategy, refocusing Cruise on personal vehicles. The company recorded $964 million in charges for Buick dealership restructurings and achieved total net sales and revenue of $187,442 million, a 9.1% increase from 2023.
GM’s history reflects a balance between maintaining a profitable ICE portfolio and investing in future technologies like EVs, AVs, and software services, positioning it as a leader in the evolving automotive landscape.
Brands
GM operates a portfolio of iconic brands, each targeting distinct market segments. Below is a detailed overview of GM’s brands and their contributions to the vehicle portfolio.
1. Chevrolet
- Description: Chevrolet is GM’s mass-market brand, offering a wide range of vehicles, including trucks (Silverado), SUVs (Equinox, Blazer), cars (Malibu), and EVs (Bolt EV). It appeals to a broad customer base with affordable and reliable options.
- Revenue Contribution: Not explicitly separated in the financials but a significant portion of the $157,667 million in Vehicle, Parts, and Accessories revenue, given its broad market presence.
- Details:
- Key models include the Chevrolet Silverado, a high-margin full-size pickup truck.
- EVs like the Bolt EV are central to GM’s electrification strategy.
- Strong presence in North America and select international markets.
2. Cadillac
- Description: Cadillac is GM’s luxury brand, offering premium SUVs (Escalade), crossovers (XT series), and sedans (CT series). It focuses Remuneration on advanced technology and high-end design.
- Revenue Contribution: Part of the $157,667 million in Vehicle, Parts, and Accessories revenue, with a smaller but high-margin contribution due to premium pricing.
- Details:
- Emphasizes luxury and performance, with models like the Cadillac Escalade driving profitability.
- Integrates advanced features like Super Cruise for competitive differentiation.
3. Buick
- Description: Buick targets the premium mid-market, offering crossovers and SUVs with a focus on comfort and style. Recent strategic activities include transitioning dealerships to align with market demands.
- Revenue Contribution: Part of the $157,667 million in Vehicle, Parts, and Accessories revenue. Strategic activities in 2024 incurred $964 million in charges for dealership transitions.
- Details:
- Significant presence in China through joint ventures like SGM.
- Focus on crossovers like the Buick Enclave and Envision.
4. GMC
- Description: GMC focuses on premium trucks and SUVs, such as the Sierra and Yukon, targeting customers seeking rugged performance and upscale features.
- Revenue Contribution: Part of the $157,667 million in Vehicle, Parts, and Accessories revenue, with high-margin contributions similar to Chevrolet trucks.
- Details:
- Competes in the premium truck segment alongside Chevrolet.
- Models like the GMC Sierra contribute significantly to GMNA’s profitability.
Revenue Breakup by Brand (Estimated, 2024):
| Brand | Revenue ($M, Estimated) | Percentage (Estimated) |
|---|---|---|
| Chevrolet | ~100,000 | ~53.3% |
| Cadillac | ~20,000 | ~10.7% |
| Buick | ~15,000 | ~8.0% |
| GMC | ~22,667 | ~12.1% |
| Total | 157,667 | 84.1% |
Note: Exact brand-wise revenue is not provided in the document; estimates are based on segment contributions and market positioning.
Geographical Presence
GM operates globally, with a strong presence in North America and significant operations in international markets, particularly China. Below is a detailed breakdown of GM’s geographical presence and revenue contributions.
1. North America
- Description: The primary market for GMNA, encompassing the U.S., Canada, and Mexico. It is the largest revenue contributor, driven by high-margin trucks and SUVs.
- Revenue Contribution (2024): $141,445 million (GMNA)
- Percentage of Total Revenue: 75.5% ($141,445 / $187,442)
- Details:
- Dominates the U.S. market with strong sales of Chevrolet Silverado, GMC Sierra, and Cadillac Escalade.
- GM Financial operates 21 facilities in the U.S., supporting retail and commercial financing.
- Investments in EV and battery manufacturing to comply with U.S. emissions regulations.
2. China
- Description: Operated through joint ventures like SAIC General Motors Corp., Ltd. (SGM), China is a critical market for GM, though it faces challenges from local competition and excess capacity.
- Revenue Contribution (2024): Included in GMI’s $15,949 million, with significant contributions from joint ventures.
- Percentage of Total Revenue: ~6–7% (estimated, as part of GMI’s 8.5%)
- Details:
- GM holds 50% ownership in SGM and other China JVs, reporting vehicle sales as part of total sales data.
- Intense competition from Chinese automakers prioritizing volume over profitability impacts margins.
- Total vehicle sales in China are a key metric, though not directly correlated to revenue.
3. Other International Markets (GMI)
- Description: Includes Asia Pacific (excluding China), the Middle East, Africa, and South America. GM tailors its portfolio to regional demands while navigating regulatory and economic challenges.
- Revenue Contribution (2024): $15,949 million (GMI, including China)
- Percentage of Total Revenue: 8.5% ($15,949 / $187,442)
- Details:
- Operations in Brazil, Canada, and Mexico are supported by GM Financial facilities.
- Ceased operations in Russia, Belarus, and sanctioned Ukrainian provinces in March 2022 due to sanctions.
- Focus on cost optimization and leveraging global vehicle architectures.
Revenue Breakup by Region (2024):
| Region | Revenue ($M) | Percentage |
|---|---|---|
| North America | 141,445 | 75.5% |
| China (est.) | ~12,000 | ~6.4% |
| Other GMI | ~3,949 | ~2.1% |
| GM Financial | 14,184 | 7.6% |
| Cruise | 257 | 0.1% |
| Corporate/Other | 15,607 | 8.3% |
| Total | 187,442 | 100.0% |
Note: China’s revenue is estimated within GMI; specific figures are not isolated.
Financial Statements
Below are GM’s consolidated financial statements for 2024, presented in tables.
Consolidated Income Statement (2024–2022)
| Item | 2024 ($M) | 2023 ($M) | 2022 ($M) |
|---|---|---|---|
| Net Sales and Revenue | 187,442 | 171,842 | 156,735 |
| Costs and Expenses | |||
| Automotive and Other Cost of Sales | 155,112 | 141,238 | 127,976 |
| GM Financial Interest, Operating, Other | 13,257 | 12,270 | 9,599 |
| Selling, General, and Administrative | 10,586 | 10,295 | 10,176 |
| Total Costs and Expenses | 178,955 | 163,803 | 147,751 |
| Operating Income | 8,487 | 8,039 | 8,984 |
| Interest Income and Other Non-Operating Income | 1,196 | 1,848 | 1,346 |
| Equity Income (Loss) | (3,701) | 686 | 841 |
| Income Before Income Taxes | 5,982 | 10,403 | 11,171 |
| Income Tax Expense (Benefit) | 2,556 | 563 | 1,888 |
| Net Income (Loss) | 5,963 | 9,840 | 9,708 |
| Net Loss (Income) Attributable to Noncontrolling Interests | 45 | 287 | (774) |
| Net Income Attributable to Stockholders | 6,008 | 10,127 | 9,934 |
| Comprehensive Income | |||
| Net Income (Loss) | 5,963 | 9,840 | 9,708 |
| Other Comprehensive Income (Loss), Net | (785) | (1,762) | 1,852 |
| Comprehensive Income | 5,178 | 8,078 | 11,560 |
| Comprehensive Loss (Income) Attributable to Noncontrolling Interests | 176 | 297 | 257 |
| Comprehensive Income Attributable to Stockholders | 5,002 | 7,781 | 11,303 |
Consolidated Balance Sheet (2024–2023)
| Item | Dec 31, 2024 ($M) | Dec 31, 2023 ($M) |
|---|---|---|
| ASSETS | ||
| Current Assets | ||
| Cash and Cash Equivalents | 19,872 | 18,853 |
| Marketable Debt Securities | 6,214 | 7,617 |
| Accounts and Notes Receivable, Net | 13,138 | 12,215 |
| GM Financial Receivables, Net | 37,170 | 34,322 |
| Inventories | 16,614 | 16,467 |
| Other Current Assets | 5,058 | 5,992 |
| Total Current Assets | 98,066 | 95,466 |
| Non-Current Assets | ||
| GM Financial Receivables, Net | 38,896 | 38,407 |
| Equity in Net Assets of Nonconsolidated Affiliates | 10,613 | 10,613 |
| Property, Net | 50,260 | 50,331 |
| Goodwill and Intangible Assets, Net | 4,888 | 4,938 |
| GM Financial Equipment on Operating Leases | 28,768 | 30,714 |
| Deferred Income Taxes | 22,078 | 20,927 |
| Other Assets | 26,190 | 22,608 |
| Total Non-Current Assets | 181,695 | 177,598 |
| Total Assets | 279,761 | 273,064 |
| LIABILITIES AND EQUITY | ||
| Current Liabilities | ||
| Accounts Payable | 29,196 | 28,609 |
| Short-Term Debt and Current Portion of Long-Term Debt | 1,811 | 1,963 |
| GM Financial Short-Term Debt | 34,735 | 33,274 |
| Accrued Liabilities | 25,684 | 26,913 |
| Total Current Liabilities | 91,426 | 90,759 |
| Non-Current Liabilities | ||
| Long-Term Debt | 15,739 | 15,981 |
| GM Financial Long-Term Debt | 81,566 | 78,175 |
| Postretirement Benefits Other Than Pensions | 4,159 | 4,173 |
| Pensions | 6,187 | 5,970 |
| Other Liabilities | 15,094 | 9,797 |
| Total Non-Current Liabilities | 122,745 | 114,096 |
| Total Liabilities | 214,171 | 204,855 |
| Equity | ||
| Common Stock, $0.01 Par Value | 10 | 12 |
| Additional Paid-In Capital | 18,990 | 26,999 |
| Retained Earnings | 55,305 | 49,522 |
| Accumulated Other Comprehensive Loss | (11,233) | (10,247) |
| Total Stockholders’ Equity | 63,072 | 64,286 |
| Noncontrolling Interests | 2,518 | 3,903 |
| Total Equity | 65,590 | 68,189 |
| Total Liabilities and Equity | 279,761 | 273,064 |
Consolidated Statement of Cash Flows (2024–2022)
| Item | 2024 ($M) | 2023 ($M) | 2022 ($M) |
|---|---|---|---|
| Cash Flows from Operating Activities | |||
| Net Income (Loss) | 5,963 | 9,840 | 9,708 |
| Depreciation, Amortization, Impairment | 11,111 | 11,295 | 11,693 |
| Pension and OPEB Expense (Income), Net | (143) | 430 | (1,105) |
| Changes in Working Capital and Other | 3,801 | (595) | (504) |
| Net Cash Provided by Operating Activities | 20,732 | 20,930 | 19,792 |
| Cash Flows from Investing Activities | |||
| Capital Expenditures | (10,729) | (10,892) | (9,353) |
| Purchases of Marketable Securities | (6,196) | (7,349) | (11,134) |
| Proceeds from Sale of Marketable Securities | 7,466 | 8,863 | 12,243 |
| GM Financial Equipment on Operating Leases | (8,663) | (12,093) | (14,127) |
| Other Investing Activities | (1,017) | (2,149) | (1,759) |
| Net Cash Used in Investing Activities | (19,139) | (23,620) | (24,130) |
| Cash Flows from Financing Activities | |||
| Net Proceeds (Payments) on Debt | 4,126 | 5,199 | 8,026 |
| Dividends Paid | (509) | (497) | (262) |
| Purchase of Common Stock | (4,144) | (10,204) | (2,516) |
| Other Financing Activities | (1,110) | (1,081) | (1,075) |
| Net Cash Provided by (Used in) Financing Activities | (1,637) | (6,583) | 4,173 |
| Effect of Exchange Rate Changes | (162) | 143 | (496) |
| Net Increase (Decrease) in Cash | (206) | (9,130) | (661) |
| Cash, Cash Equivalents, Restricted Cash at Beginning | 21,917 | 21,948 | 22,609 |
| Cash, Cash Equivalents, Restricted Cash at End | 22,964 | 21,917 | 21,948 |
Subsidiaries, Wholly-Owned Subsidiaries, and Associates
GM operates through a network of subsidiaries, wholly-owned subsidiaries, and joint ventures, particularly in China. Below is a comprehensive list with details and revenue contributions where applicable.
Wholly-Owned Subsidiaries
- GM Financial
- Ownership: 100%
- Description: Provides automotive financing services, including retail loans, leases, and commercial financing. Operates in North America, Brazil, Canada, China, and Mexico.
- Revenue Contribution (2024): $14,184 million
- Percentage of Total Revenue: 7.6%
- Details:
- Manages $76,066 million in retail finance receivables and $28,768 million in equipment on operating leases.
- Uses special purpose entities (SPEs) for securitization, classified as variable interest entities (VIEs).
- No borrowings outstanding against its exclusive credit facility at December 31, 2024.
- Other Wholly-Owned Subsidiaries
- Description: The document does not list specific names of other wholly-owned subsidiaries, but GM Financial is the primary wholly-owned subsidiary mentioned.
- Details: Other wholly-owned entities may include regional operating subsidiaries, but specific details are not provided beyond GM Financial.
Majority-Owned Subsidiary
- Cruise Holdings
- Ownership: Majority-owned (exact percentage not specified)
- Description: Focuses on autonomous vehicle technology, recently refocused on personal vehicles.
- Revenue Contribution (2024): $257 million
- Percentage of Total Revenue: 0.1%
- Details:
- Shifted from robotaxi to personal AVs in December 2024.
- GM provides a multi-year credit agreement for AV purchases, with deferred payments up to $0.8 billion.
- Recorded a $4,466 million net loss in 2024 due to heavy R&D investment.
Joint Ventures (Associates)
- SAIC General Motors Corp., Ltd. (SGM)
- Ownership: 50%
- Description: A key joint venture in China for manufacturing and selling vehicles, including non-GM trademarked vehicles.
- Revenue Contribution (2024): Part of GMI’s $15,949 million (estimated ~$12,000 million from China JVs)
- Percentage of Total Revenue: ~6.4%
- Details:
- Significant contributor to GM’s China sales, though profitability is challenged by local competition.
- Equity income (loss) included in GMI’s financials.
- Pan Asia Technical Automotive Center Co., Ltd.
- Ownership: 50%
- Description: Provides technical and engineering services for GM’s China operations.
- Revenue Contribution: Not separately reported; included in GMI.
- Details: Supports vehicle development and innovation in the Chinese market.
- SAIC GM Wuling Automobile Co., Ltd. (SGMW)
- Ownership: Not specified, but part of Automotive China JVs.
- Description: Manufactures and sells vehicles in China, contributing to GM’s reported vehicle sales.
- Revenue Contribution: Part of GMI’s $15,949 million.
- Details: Focuses on affordable vehicles for the Chinese market.
- Other China JVs
- Description: Includes additional joint ventures not explicitly named, contributing to China operations.
- Revenue Contribution: Included in GMI’s revenue.
- Details: Support GM’s market presence in China, facing competitive pressures.
- Battery Cell Joint Ventures (e.g., Ultium Cells Holdings LLC)
- Ownership: Not specified, but GM lacks power to direct activities, indicating non-controlling interest.
- Description: Produces battery cells for GM’s EVs, integral to the electrification strategy.
- Revenue Contribution: Costs presented in Automotive and Other Cost of Sales, not separately reported.
- Details: Carrying amount exceeds net assets by $1.9 billion due to goodwill from fresh-start reporting.
Revenue Breakup by Subsidiary/Associate (2024):
| Entity | Revenue ($M) | Percentage |
|---|---|---|
| GM Financial | 14,184 | 7.6% |
| Cruise | 257 | 0.1% |
| China JVs (est.) | ~12,000 | ~6.4% |
| Other (within GMNA/GMI) | ~161,001 | ~85.9% |
| Total | 187,442 | 100.0% |
Note: China JVs’ revenue is estimated within GMI; other subsidiaries’ revenues are embedded in GMNA/GMI.
Physical Properties
GM owns and leases a variety of physical properties, including manufacturing plants, offices, and financial service facilities. Below is a detailed overview.
Manufacturing Facilities
- Description: GM operates manufacturing plants globally for vehicle and parts production, primarily in North America and China through joint ventures.
- Details:
- North America: Major plants in the U.S., Canada, and Mexico produce trucks, SUVs, and EVs. These facilities are optimized for five core ICE architectures, supporting 75% of global ICE sales volume.
- China: Operated through joint ventures like SGM, producing vehicles for the Chinese market.
- Other Regions: Facilities in South America, the Middle East, and Asia Pacific support regional production needs.
- Properties are suitable and adequate for GM’s business, as stated in the document.
GM Financial Facilities
- Description: GM Financial owns or leases 34 facilities for administration and regional credit centers.
- Details:
- U.S.: 21 facilities for retail and commercial financing operations.
- International: 13 facilities in Brazil, Canada, China, and Mexico.
- Facilities support GM Financial’s $76,066 million retail finance receivables portfolio and $28,768 million in leased equipment.
Corporate and Other Facilities
- Description: Corporate facilities include the headquarters in Detroit, Michigan, and regional treasury centers managing over 83% of cash and marketable securities in North America.
- Details:
- Corporate assets include cash, marketable debt securities, and intersegment balances.
- Other facilities include R&D centers and testing facilities, such as the Pan Asia Technical Automotive Center in China.
Property Summary:
| Property Type | Locations | Details |
|---|---|---|
| Manufacturing Plants | U.S., Canada, Mexico, China, etc. | Produce trucks, SUVs, EVs, and parts |
| GM Financial Facilities | U.S. (21), Brazil, Canada, China, Mexico | Support retail and commercial financing |
| Corporate Facilities | Detroit, MI, and regional treasury centers | Manage corporate and financial operations |
Founders Details
General Motors was originally founded in 1908 by William C. Durant, who consolidated several early automotive companies, including Buick and Oldsmobile, to form GM. The 2009 incorporation marked a new entity post-bankruptcy, with no specific founders named for this restructured company. Instead, the leadership team, including the Board of Directors and executive officers, is highlighted as driving the company’s modern strategy.
Board of Directors
The Board of Directors, as of January 28, 2025, includes the following members, with key details:
- Mary T. Barra
- Position: Chair and Chief Executive Officer
- Details: Leads GM’s strategic direction, focusing on EV and AV strategies. Serves as the chief operating decision-maker for segment reporting.
- Paul A. Jacobson
- Position: Executive Vice President and Chief Financial Officer
- Details: Oversees financial strategy, including liquidity management and capital allocation.
- Christopher T. Hatto
- Position: Vice President, Global Business Solutions and Chief Accounting Officer
- Details: Manages accounting and financial reporting, ensuring compliance with SEC regulations.
- Patricia F. Russo
- Position: Director
- Details: Contributes to corporate governance and strategic oversight.
- Other Directors
- Details: The document mentions additional directors signing the Form 10-K but does not provide specific names or roles beyond Barra, Jacobson, and Hatto. These directors are part of the governance structure, elected to serve until successors are chosen or upon resignation/removal.
Investment Details
GM holds investments in joint ventures and marketable securities, detailed below:
Joint Venture Investments
- Automotive China JVs (SGM, etc.):
- Carrying Amount: $10,613 million (exceeds net assets by $1.9 billion due to goodwill).
- Details: Investments in SGM and other China JVs support vehicle sales and manufacturing, contributing to GMI’s revenue.
- Battery Cell Joint Ventures (e.g., Ultium Cells Holdings LLC):
- Carrying Amount: Included in the $10,613 million.
- Details: Supports EV battery production, with costs recorded in Automotive and Other Cost of Sales.
Marketable Debt Securities
- Fair Value (Dec 31, 2024): $6,214 million
- Details:
- Includes U.S. government and agency obligations, foreign government securities, corporate debt securities, and mortgage/asset-backed securities.
- Primarily denominated in U.S. dollars, classified as Level 2 investments.
- Supports GM’s liquidity, with 83% of cash and securities managed in North America.
Investment Summary:
| Investment Type | Amount ($M) | Details |
|---|---|---|
| China JVs | 10,613 | Supports vehicle sales and manufacturing |
| Battery JVs | Included | Supports EV battery production |
| Marketable Debt Securities | 6,214 | Liquidity management, U.S.-denominated |
Future Investment Plans
GM’s future investment plans focus on transitioning to an all-electric future while maintaining profitability in ICE vehicles. Key initiatives include:
- Electric Vehicles (EVs):
- Plan: Significant investment in EV platforms and battery manufacturing to meet global emissions regulations.
- Details: GM plans to leverage its ICE portfolio to fund EV development, expecting 75% of ICE sales from five architectures. Investments include battery joint ventures like Ultium Cells Holdings LLC.
- Costs (2024): $1.0 billion in compliance-related costs, with potential future increases.
- Autonomous Vehicles (AVs):
- Plan: Refocus Cruise on personal AV technology, integrating advanced driver assistance into GM vehicles.
- Details: GM will continue to support Cruise with a multi-year credit agreement, deferring up to $0.8 billion in payments until June 2028.
- Software and Services:
- Plan: Expand OnStar and Super Cruise, offering over-the-air updates and subscription-based services.
- Details: Investments in software platforms to enhance connectivity and customer experience, with $273 million in revenue in 2024.
- Sustainability and Compliance:
- Plan: Invest in sustainable operations and regulatory compliance, including purchasing emissions credits ($1.0 billion in 2024).
- Details: Focus on reducing environmental impact through cleaner manufacturing and compliance with global emissions standards.
- Buick Dealership Transitions:
- Plan: Continue strategic restructuring of Buick dealerships, with $964 million in charges recorded in 2024.
- Details: Expected remaining cash outflows to optimize dealer network efficiency.
Future Investment Summary:
| Investment Area | Details |
|---|---|
| EVs | Fund EV platforms and battery manufacturing |
| AVs (Cruise) | Focus on personal AV technology |
| Software and Services | Expand OnStar and Super Cruise |
| Sustainability | Compliance with emissions regulations |
| Dealership Transitions | Optimize Buick dealer network |
