In This Article:
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Full Year Revenue: Increased by 9% to $187 billion.
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EBIT-Adjusted: $14.9 billion for the full year, at the high end of guidance.
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EPS Diluted Adjusted: $10.60, up 38% year-over-year.
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Adjusted Automotive Free Cash Flow: $14 billion for the full year.
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Fourth Quarter Revenue: $48 billion, up 11% year-over-year.
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Fourth Quarter EBIT-Adjusted: $2.5 billion with 5.3% EBIT-adjusted margins.
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Fourth Quarter EPS Diluted Adjusted: $1.92.
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North America EBIT-Adjusted Margin: 9.2% for the full year.
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EV Production and Wholesale: 189,000 vehicles in North America for 2024.
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Market Share: US market share increased by 30 basis points to 16.5% for the full year.
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GM Financial EBT-Adjusted: $3.0 billion for the full year.
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Share Count: Ended the year with 995 million shares outstanding.
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Profit-Sharing Payout: More than $640 million, up to $14,500 per person for US hourly employees.
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2025 Guidance - EBIT-Adjusted: $13.7 billion to $15.7 billion.
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2025 Guidance - EPS Diluted Adjusted: $11 to $12 per share.
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2025 Guidance - Adjusted Automotive Free Cash Flow: $11 billion to $13 billion.
Release Date: January 28, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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General Motors Co (NYSE:GM) achieved a 9% increase in full-year revenue, reaching $187 billion.
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The company doubled its EV market share in North America, producing and wholesaling 189,000 vehicles.
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GM reported record EBIT-adjusted, adjusted automotive free cash flow, and EPS diluted adjusted.
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The company successfully reduced EV dealer inventory from 100 days to 70 days by year-end.
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GM's Super Cruise technology is expanding, with plans to double the equipped fleet size in 2025, aiming for $2 billion in annual revenue from subscriptions within five years.
Negative Points
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GM faces challenges in China, requiring restructuring initiatives to improve profitability.
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The company stopped funding robotaxi development at Cruise, leading to a $500 million restructuring charge.
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Higher warranty costs, including a 100% increase in repair costs since 2018, are impacting profitability.
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GM anticipates a decline in North American pricing by 1% to 1.5% in 2025 due to potential higher incentives.
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The company is navigating uncertainty around public policy, trade, and regulation, which could impact future operations.
Q & A Highlights
Q: Can you provide more details on the volume assumptions for 2025, particularly regarding North America production and market share sustainability? A: Paul Jacobson, CFO, explained that GM expects the 2025 SAAR to be similar to 2024. There was speculation about a demand pull-ahead in December, but January's data was noisy due to external factors. GM's market share, which reached levels not seen since 2018, is expected to be sustainable as the company continues to ramp up EVs and ICE vehicles.