filings.toolsItem 1. Condensed Consolidated Financial Statements
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Item 1. Condensed Consolidated Financial Statements
CONDENSED CONSOLIDATED INCOME STATEMENTS
(In millions, except per share amounts) (Unaudited)
| Three Months Ended | |||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | ||||||||||||||||||||||
| Net sales and revenue | |||||||||||||||||||||||
| Automotive | $ | 39,861 | $ | 39,212 | |||||||||||||||||||
| GM Financial | 4,159 | 3,802 | |||||||||||||||||||||
| Total net sales and revenue (Note 2) | 44,020 | 43,014 | |||||||||||||||||||||
| Costs and expenses | |||||||||||||||||||||||
| Automotive and other cost of sales | 35,191 | 33,996 | |||||||||||||||||||||
| GM Financial interest, operating and other expenses | 3,491 | 3,106 | |||||||||||||||||||||
| Automotive and other selling, general and administrative expense | 1,985 | 2,175 | |||||||||||||||||||||
| Total costs and expenses | 40,668 | 39,277 | |||||||||||||||||||||
| Operating income (loss) | 3,352 | 3,738 | |||||||||||||||||||||
| Automotive interest expense | 152 | 219 | |||||||||||||||||||||
| Interest income and other non-operating income, net | 310 | 302 | |||||||||||||||||||||
| Equity income (loss) (Note 7) | 62 | (105) | |||||||||||||||||||||
| Income (loss) before income taxes | 3,572 | 3,715 | |||||||||||||||||||||
| Income tax expense (benefit) (Note 15) | 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 | |||||||||||||||||||
| Earnings per share (Note 18) | |||||||||||||||||||||||
| Basic earnings per common share | $ | 3.40 | $ | 2.57 | |||||||||||||||||||
| Weighted-average common shares outstanding – basic | 988 | 1,155 | |||||||||||||||||||||
| Diluted earnings per common share | $ | 3.35 | $ | 2.56 | |||||||||||||||||||
| Weighted-average common shares outstanding – diluted | 1,002 | 1,162 | |||||||||||||||||||||
| Dividends declared per common share | $ | 0.12 | $ | 0.12 | |||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions) (Unaudited)
| Three Months Ended | |||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | ||||||||||||||||||||||
| Net income (loss) | $ | 2,853 | $ | 2,953 | |||||||||||||||||||
| Other comprehensive income (loss), net of tax (Note 17) | |||||||||||||||||||||||
| Foreign currency translation adjustments and other | 171 | (335) | |||||||||||||||||||||
| Defined benefit plans | (37) | 76 | |||||||||||||||||||||
| Other comprehensive income (loss), net of tax | 134 | (259) | |||||||||||||||||||||
| Comprehensive income (loss) | 2,987 | 2,694 | |||||||||||||||||||||
| Comprehensive loss (income) attributable to noncontrolling interests | (72) | 73 | |||||||||||||||||||||
| Comprehensive income (loss) attributable to stockholders | $ | 2,915 | $ | 2,768 |
Reference should be made to the notes to condensed consolidated financial statements.
Amounts may not add due to rounding.
GENERAL MOTORS COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except per share amounts) (Unaudited)
| March 31, 2025 | December 31, 2024 | ||||||||||
| ASSETS | |||||||||||
| Current Assets | |||||||||||
| Cash and cash equivalents (Note 3) | $ | 20,570 | $ | 19,872 | |||||||
| Marketable debt securities (Note 3) | 6,919 | 7,265 | |||||||||
| Accounts and notes receivable, net of allowance of $265 and $313 | 14,936 | 12,827 | |||||||||
| GM Financial receivables, net of allowance of $1,074 and $991 (Note 4; Note 9) | 44,517 | 46,362 | |||||||||
| Inventories (Note 5) | 15,253 | 14,564 | |||||||||
| Other current assets (Note 3; Note 9) | 7,811 | 7,655 | |||||||||
| Total current assets | 110,006 | 108,545 | |||||||||
| Non-current Assets | |||||||||||
| GM Financial receivables, net of allowance of $1,492 and $1,467 (Note 4; Note 9) | 46,534 | 46,474 | |||||||||
| Equity in net assets of nonconsolidated affiliates (Note 7) | 6,877 | 7,102 | |||||||||
| Property, net | 52,128 | 51,904 | |||||||||
| Goodwill and intangible assets, net (Note 8) | 4,520 | 4,551 | |||||||||
| Equipment on operating leases, net (Note 6; Note 9) | 32,239 | 31,586 | |||||||||
| Deferred income taxes | 21,234 | 21,254 | |||||||||
| Other assets (Note 3; Note 9) | 8,566 | 8,346 | |||||||||
| Total non-current assets | 172,099 | 171,216 | |||||||||
| Total Assets | $ | 282,104 | $ | 279,761 | |||||||
| LIABILITIES AND EQUITY | |||||||||||
| Current Liabilities | |||||||||||
| Accounts payable (principally trade) | $ | 26,948 | $ | 25,680 | |||||||
| Short-term debt and current portion of long-term debt (Note 10) | |||||||||||
| Automotive | 2,166 | 2,141 | |||||||||
| GM Financial (Note 9) | 33,768 | 37,291 | |||||||||
| Accrued liabilities | 27,865 | 31,154 | |||||||||
| Total current liabilities | 90,747 | 96,265 | |||||||||
| Non-current Liabilities | |||||||||||
| Long-term debt (Note 10) | |||||||||||
| Automotive | 13,474 | 13,327 | |||||||||
| GM Financial (Note 9) | 83,270 | 76,973 | |||||||||
| Postretirement benefits other than pensions (Note 13) | 3,967 | 3,990 | |||||||||
| Pensions (Note 13) | 5,768 | 5,779 | |||||||||
| Other liabilities | 18,453 | 17,836 | |||||||||
| Total non-current liabilities | 124,931 | 117,906 | |||||||||
| Total Liabilities | 215,678 | 214,171 | |||||||||
| Commitments, contingencies and uncertainties (Note 14) | |||||||||||
| Equity (Note 17) | |||||||||||
| Common stock, $0.01 par value | 10 | 10 | |||||||||
| Additional paid-in capital | 20,345 | 20,843 | |||||||||
| Retained earnings | 55,140 | 53,472 | |||||||||
| Accumulated other comprehensive loss | (11,122) | (11,253) | |||||||||
| Total stockholders’ equity | 64,372 | 63,072 | |||||||||
| Noncontrolling interests | 2,054 | 2,518 | |||||||||
| Total Equity | 66,427 | 65,590 | |||||||||
| Total Liabilities and Equity | $ | 282,104 | $ | 279,761 |
Reference should be made to the notes to condensed consolidated financial statements.
Amounts may not add due to rounding.
GENERAL MOTORS COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions) (Unaudited)
| Three Months Ended | |||||||||||
| March 31, 2025 | March 31, 2024 | ||||||||||
| Cash flows from operating activities | |||||||||||
| Net income (loss) | $ | 2,853 | $ | 2,953 | |||||||
| Depreciation and impairment of Equipment on operating leases, net | 1,203 | 1,243 | |||||||||
| Depreciation, amortization and impairment charges on Property, net | 1,731 | 1,555 | |||||||||
| Foreign currency remeasurement and transaction (gains) losses | 152 | (36) | |||||||||
| Undistributed earnings of nonconsolidated affiliates, net | 485 | 32 | |||||||||
| Pension contributions and OPEB payments | (195) | (242) | |||||||||
| Pension and OPEB income, net | — | 15 | |||||||||
| Provision (benefit) for deferred taxes | 143 | 655 | |||||||||
| Change in other operating assets and liabilities | (311) | (3,022) | |||||||||
| Net cash provided by (used in) operating activities | 6,061 | 3,152 | |||||||||
| Cash flows from investing activities | |||||||||||
| Expenditures for property | (1,816) | (2,783) | |||||||||
| Available-for-sale marketable securities, acquisitions | (645) | (995) | |||||||||
| Available-for-sale marketable securities, liquidations | 1,065 | 745 | |||||||||
| Purchases of finance receivables | (10,058) | (7,932) | |||||||||
| Principal collections and recoveries on finance receivables | 8,956 | 7,651 | |||||||||
| Purchases of leased vehicles | (4,212) | (3,436) | |||||||||
| Proceeds from termination of leased vehicles | 2,529 | 3,085 | |||||||||
| Other investing activities | (310) | (249) | |||||||||
| Net cash provided by (used in) investing activities | (4,490) | (3,914) | |||||||||
| Cash flows from financing activities | |||||||||||
| Net increase (decrease) in short-term debt | 170 | (249) | |||||||||
| Proceeds from issuance of debt (original maturities greater than three months) | 16,897 | 14,307 | |||||||||
| Payments on debt (original maturities greater than three months) | (15,216) | (13,140) | |||||||||
| Payments to purchase common stock (Note 17) | (2,012) | (280) | |||||||||
| Issuance (redemption) of subsidiary stock (Note 17) | (29) | — | |||||||||
| Dividends paid | (175) | (198) | |||||||||
| Other financing activities | (178) | (139) | |||||||||
| Net cash provided by (used in) financing activities | (543) | 300 | |||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 51 | (78) | |||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | 1,078 | (539) | |||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 22,964 | 21,917 | |||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 24,042 | $ | 21,378 | |||||||
| Significant Non-cash Investing and Financing Activity | |||||||||||
| Non-cash property additions | $ | 1,811 | $ | 2,756 | |||||||
Reference should be made to the notes to condensed consolidated financial statements.
Amounts may not add due to rounding.
GENERAL MOTORS COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In millions) (Unaudited)
| Common Stockholders’ | Noncontrolling Interests | Total Equity (Permanent Equity) | Noncontrolling Interest Cruise Stock Incentive Awards (Temporary Equity) | |||||||||||||||||||||||||||||||||||||||||
| Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||||||||||||||||
| Balance at January 1, 2024 | $ | 12 | $ | 19,130 | $ | 55,391 | $ | (10,247) | $ | 3,903 | $ | 68,189 | $ | 118 | ||||||||||||||||||||||||||||||
| Net income (loss) | — | — | 2,980 | — | (27) | 2,953 | — | |||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | — | — | — | (212) | (47) | (259) | — | |||||||||||||||||||||||||||||||||||||
| Purchase of common stock (Note 17) | — | 208 | (539) | — | — | (331) | — | |||||||||||||||||||||||||||||||||||||
| Stock based compensation | — | 58 | (2) | — | — | 56 | 5 | |||||||||||||||||||||||||||||||||||||
| Cash dividends paid on common stock | — | — | (139) | — | — | (139) | — | |||||||||||||||||||||||||||||||||||||
| Other | — | (38) | (4) | — | (2) | (44) | 52 | |||||||||||||||||||||||||||||||||||||
| Balance at March 31, 2024 | $ | 11 | $ | 19,358 | $ | 57,688 | $ | (10,459) | $ | 3,828 | $ | 70,426 | $ | 175 | ||||||||||||||||||||||||||||||
| Balance at January 1, 2025 | $ | 10 | $ | 20,843 | $ | 53,472 | $ | (11,253) | $ | 2,518 | $ | 65,590 | $ | — | ||||||||||||||||||||||||||||||
| Net income (loss) | — | — | 2,784 | — | 69 | 2,853 | — | |||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | — | — | — | 131 | 3 | 134 | — | |||||||||||||||||||||||||||||||||||||
| Issuance (redemption) of subsidiary stock (Note 17) | — | 538 | — | — | (567) | (29) | — | |||||||||||||||||||||||||||||||||||||
| Purchase of common stock (Note 17) | — | (1,027) | (984) | — | — | (2,012) | — | |||||||||||||||||||||||||||||||||||||
| Stock based compensation | — | (7) | (2) | — | — | (9) | — | |||||||||||||||||||||||||||||||||||||
| Cash dividends paid on common stock | — | — | (116) | — | — | (116) | — | |||||||||||||||||||||||||||||||||||||
| Other | — | (2) | (14) | — | 32 | 16 | — | |||||||||||||||||||||||||||||||||||||
| Balance at March 31, 2025 | $ | 10 | $ | 20,345 | $ | 55,140 | $ | (11,122) | $ | 2,054 | $ | 66,427 | $ | — | ||||||||||||||||||||||||||||||
Reference should be made to the notes to condensed consolidated financial statements.
Amounts may not add due to rounding.
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1. Nature of Operations and Basis of Presentation
General Motors Company (sometimes referred to in this Quarterly Report on Form 10-Q as we, our, us, ourselves, the Company, General Motors or GM) designs, builds and sells trucks, crossovers, cars and automobile parts and provides software-enabled services and subscriptions worldwide. We also provide automotive financing services through General Motors Financial Company, Inc. (GM Financial). We analyze the results of our operations through the following segments: GM North America (GMNA), GM International (GMI), Cruise and GM Financial. In December 2024, we announced that we will no longer fund Cruise's robotaxi development work and will refocus our autonomous driving strategy on personal vehicles. In February 2025, we completed the acquisition of the noncontrolling interests in Cruise, began to wind down the Cruise robotaxi operations and combined the GM and Cruise ongoing personal autonomous technical efforts in our GMNA Automotive segment. Corporate includes certain centrally recorded income and costs such as interest, income taxes, corporate expenditures and certain revenues and expenses that are not part of a reportable segment.
The condensed consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles (GAAP) pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The condensed consolidated financial statements include all adjustments, which consist of normal recurring adjustments and transactions or events discretely impacting the interim periods, considered necessary by management to fairly state our results of operations, financial position and cash flows. The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our 2024 Form 10-K. Except for per share amounts or as otherwise specified, amounts presented within tables are stated in millions. Certain columns and rows may not add due to rounding.
Throughout this report, we refer to General Motors Company and its consolidated subsidiaries in a simplified manner and on a collective basis, using words like "we," "our," "us" and "the Company." This drafting style is suggested by the SEC and is not meant to indicate that General Motors Company, the publicly traded parent company, or any particular subsidiary of the parent company, owns or operates any particular asset, business or property. The operations and businesses described in this report are owned and operated by distinct subsidiaries of General Motors Company.
Principles of Consolidation We consolidate entities that we control due to ownership of a majority voting interest and we consolidate variable interest entities (VIEs) when we are the primary beneficiary. All intercompany balances and transactions are eliminated in consolidation. Our share of earnings or losses of nonconsolidated affiliates is included in our consolidated operating results using the equity method of accounting when we are able to exercise significant influence over the operating and financial decisions of the affiliate.
GM Financial The amounts presented for GM Financial are adjusted to reflect the impact on GM Financial's deferred tax positions and provision for income taxes resulting from the inclusion of GM Financial in our consolidated tax returns and to eliminate the effect of transactions between GM Financial and the other members of the consolidated group. Accordingly, the amounts presented will differ from those presented by GM Financial on a stand-alone basis.
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
Note 2. Revenue
The following table disaggregates our revenue by major source:
| Three Months Ended March 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||
| GMNA | GMI | Corporate | Total Automotive | Cruise | GM Financial | Eliminations/Reclassifications | Total | ||||||||||||||||||||||||||||||||||||||||
| Vehicle, parts and accessories | $ | 36,125 | $ | 2,125 | $ | 18 | $ | 38,268 | $ | — | $ | — | $ | — | $ | 38,268 | |||||||||||||||||||||||||||||||
| Used vehicles | 317 | 8 | — | 325 | — | — | — | 325 | |||||||||||||||||||||||||||||||||||||||
| Services and other | 946 | 294 | 28 | 1,268 | 1 | — | — | 1,269 | |||||||||||||||||||||||||||||||||||||||
| Automotive net sales and revenue | 37,388 | 2,427 | 46 | 39,860 | 1 | — | — | 39,861 | |||||||||||||||||||||||||||||||||||||||
| Leased vehicle income | — | — | — | — | — | 1,902 | — | 1,902 | |||||||||||||||||||||||||||||||||||||||
| Finance charge income | — | — | — | — | — | 2,025 | (4) | 2,021 | |||||||||||||||||||||||||||||||||||||||
| Other income | — | — | — | — | — | 237 | (1) | 236 | |||||||||||||||||||||||||||||||||||||||
| GM Financial net sales and revenue | — | — | — | — | — | 4,164 | (5) | 4,159 | |||||||||||||||||||||||||||||||||||||||
| Net sales and revenue | $ | 37,388 | $ | 2,427 | $ | 46 | $ | 39,860 | $ | 1 | $ | 4,164 | $ | (5) | $ | 44,020 |
| Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||
| GMNA | GMI | Corporate | Total Automotive | Cruise | GM Financial | Eliminations/Reclassifications | Total | ||||||||||||||||||||||||||||||||||||||||
| Vehicle, parts and accessories | $ | 34,898 | $ | 2,760 | $ | 5 | $ | 37,663 | $ | — | $ | — | $ | — | $ | 37,663 | |||||||||||||||||||||||||||||||
| Used vehicles | 229 | 5 | — | 234 | — | — | — | 234 | |||||||||||||||||||||||||||||||||||||||
| Services and other | 972 | 316 | 27 | 1,315 | 25 | — | (25) | 1,316 | |||||||||||||||||||||||||||||||||||||||
| Automotive net sales and revenue | 36,099 | 3,082 | 32 | 39,212 | 25 | — | (25) | 39,212 | |||||||||||||||||||||||||||||||||||||||
| Leased vehicle income | — | — | — | — | — | 1,800 | — | 1,800 | |||||||||||||||||||||||||||||||||||||||
| Finance charge income | — | — | — | — | — | 1,786 | (8) | 1,778 | |||||||||||||||||||||||||||||||||||||||
| Other income | — | — | — | — | — | 225 | (1) | 224 | |||||||||||||||||||||||||||||||||||||||
| GM Financial net sales and revenue | — | — | — | — | — | 3,811 | (9) | 3,802 | |||||||||||||||||||||||||||||||||||||||
| Net sales and revenue | $ | 36,099 | $ | 3,082 | $ | 32 | $ | 39,212 | $ | 25 | $ | 3,811 | $ | (34) | $ | 43,014 |
Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Adjustments to sales incentives for previously recognized sales were insignificant in the three months ended March 31, 2025 and 2024.
Contract liabilities in our Automotive segments primarily consist of vehicle connectivity, customer rewards programs, maintenance, extended warranty and other contracts of $7.1 billion and $6.6 billion at March 31, 2025 and December 31, 2024, which are included in Accrued liabilities and Other liabilities. We recognized revenue of $578 million and $490 million related to contract liabilities in the three months ended March 31, 2025 and 2024. We expect to recognize revenue of $1.8 billion in the nine months ending December 31, 2025 and $1.6 billion, $1.1 billion and $2.6 billion in the years ending December 31, 2026, 2027 and thereafter related to contract liabilities at March 31, 2025.
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
Note 3. Marketable and Other Securities
The following table summarizes the fair value of cash equivalents and marketable debt securities, which approximates cost:
| Fair Value Level | March 31, 2025 | December 31, 2024 | |||||||||||||||
| Cash and cash equivalents | |||||||||||||||||
| Cash and time deposits | $ | 11,712 | $ | 12,471 | |||||||||||||
| Available-for-sale debt securities | |||||||||||||||||
| U.S. government and agencies | 2 | 117 | 26 | ||||||||||||||
| Corporate debt | 2 | 2,039 | 1,541 | ||||||||||||||
| Sovereign debt | 2 | 133 | 785 | ||||||||||||||
| Total available-for-sale debt securities – cash equivalents | 2,289 | 2,351 | |||||||||||||||
| Money market funds | 1 | 6,570 | 5,050 | ||||||||||||||
| Total cash and cash equivalents | $ | 20,570 | $ | 19,872 | |||||||||||||
| Marketable debt securities | |||||||||||||||||
| U.S. government and agencies | 2 | $ | 2,624 | $ | 3,082 | ||||||||||||
| Corporate debt and other | 2 | 3,724 | 3,592 | ||||||||||||||
| Mortgage and asset-backed | 2 | 571 | 591 | ||||||||||||||
| Total available-for-sale debt securities – marketable securities | $ | 6,919 | $ | 7,265 | |||||||||||||
| Restricted cash | |||||||||||||||||
| Cash and cash equivalents | $ | 408 | $ | 294 | |||||||||||||
| Money market funds | 1 | 3,064 | 2,798 | ||||||||||||||
| Total restricted cash | $ | 3,472 | $ | 3,092 | |||||||||||||
| Available-for-sale debt securities included above with contractual maturities(a) | |||||||||||||||||
| Due in one year or less | $ | 3,352 | |||||||||||||||
| Due between one and five years | 5,222 | ||||||||||||||||
| Total available-for-sale debt securities with contractual maturities | $ | 8,574 |
(a)Excludes mortgage and asset-backed securities of $571 million at March 31, 2025 as these securities are not due at a single maturity date.
Proceeds from the sale of available-for-sale debt securities sold prior to maturity were $1.5 billion and $470 million in the three months ended March 31, 2025 and 2024. Net unrealized gains and losses on available-for-sale debt securities were insignificant in the three months ended March 31, 2025 and 2024. Cumulative unrealized losses on available-for-sale debt securities were insignificant at March 31, 2025 and December 31, 2024.
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheet to the total shown in the condensed consolidated statement of cash flows:
| March 31, 2025 | |||||
| Cash and cash equivalents | $ | 20,570 | |||
| Restricted cash included in Other current assets | 2,960 | ||||
| Restricted cash included in Other assets | 512 | ||||
| Total | $ | 24,042 |
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
Note 4. GM Financial Receivables and Transactions
| March 31, 2025 | December 31, 2024 | ||||||||||||||||||||||||||||||||||
| Retail | Commercial(a) | Total | Retail | Commercial(a) | Total | ||||||||||||||||||||||||||||||
| GM Financial receivables | $ | 76,995 | $ | 16,623 | $ | 93,618 | $ | 76,066 | $ | 19,228 | $ | 95,294 | |||||||||||||||||||||||
| Less: allowance for loan losses | (2,479) | (88) | (2,567) | (2,400) | (58) | (2,458) | |||||||||||||||||||||||||||||
| GM Financial receivables, net | $ | 74,516 | $ | 16,536 | $ | 91,052 | $ | 73,667 | $ | 19,169 | $ | 92,836 | |||||||||||||||||||||||
| Fair value of GM Financial receivables utilizing Level 2 inputs | $ | 16,536 | $ | 19,169 | |||||||||||||||||||||||||||||||
| Fair value of GM Financial receivables utilizing Level 3 inputs | $ | 75,840 | $ | 74,729 |
(a)Commercial finance receivables include dealer financing of $16.1 billion and $18.6 billion, and other financing of $519 million and $604 million at March 31, 2025 and December 31, 2024. Commercial finance receivables are presented net of dealer cash management balances of $3.2 billion and $3.4 billion at March 31, 2025 and December 31, 2024. Under the cash management program, subject to certain conditions, a dealer may choose to reduce the amount of interest on its floorplan line by making principal payments to GM Financial in advance.
| Three Months Ended | |||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | ||||||||||||||||||||||
| Allowance for loan losses at beginning of period | $ | 2,458 | $ | 2,344 | |||||||||||||||||||
| Provision for loan losses | 328 | 204 | |||||||||||||||||||||
| Charge-offs | (479) | (405) | |||||||||||||||||||||
| Recoveries | 250 | 213 | |||||||||||||||||||||
| Effect of foreign currency | 9 | (1) | |||||||||||||||||||||
| Allowance for loan losses at end of period | $ | 2,567 | $ | 2,355 |
The allowance for loan losses as a percentage of finance receivables was 2.7% and 2.6% at March 31, 2025 and December 31, 2024.
Retail Finance Receivables GM Financial's retail finance receivable portfolio includes loans made to consumers and businesses to finance the purchase of vehicles for personal and commercial use. The following tables are consolidated summaries of the retail finance receivables by FICO score or its equivalent, determined at origination, for each vintage of the retail finance receivables portfolio at March 31, 2025 and December 31, 2024:
| Year of Origination | March 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Total | Percent | ||||||||||||||||||||||||||||||||||||||||
| Prime – FICO score 680 and greater | $ | 7,142 | $ | 22,001 | $ | 14,108 | $ | 8,508 | $ | 4,659 | $ | 2,322 | $ | 58,740 | 76.3 | % | |||||||||||||||||||||||||||||||
| Near-prime – FICO score 620 to 679 | 1,029 | 3,311 | 2,017 | 1,347 | 936 | 502 | 9,142 | 11.9 | % | ||||||||||||||||||||||||||||||||||||||
| Sub-prime – FICO score less than 620 | 970 | 3,197 | 1,881 | 1,385 | 992 | 687 | 9,113 | 11.8 | % | ||||||||||||||||||||||||||||||||||||||
| Retail finance receivables | $ | 9,141 | $ | 28,510 | $ | 18,006 | $ | 11,240 | $ | 6,586 | $ | 3,511 | $ | 76,995 | 100.0 | % |
| Year of Origination | December 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Total | Percent | ||||||||||||||||||||||||||||||||||||||||||||||
| Prime – FICO score 680 and greater | $ | 24,155 | $ | 15,814 | $ | 9,749 | $ | 5,424 | $ | 2,559 | $ | 366 | $ | 58,067 | 76.3 | % | |||||||||||||||||||||||||||||||||||||
| Near-prime – FICO score 620 to 679 | 3,547 | 2,227 | 1,507 | 1,077 | 473 | 159 | 8,990 | 11.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Sub-prime – FICO score less than 620 | 3,399 | 2,059 | 1,546 | 1,141 | 543 | 322 | 9,008 | 11.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Retail finance receivables | $ | 31,101 | $ | 20,100 | $ | 12,802 | $ | 7,642 | $ | 3,575 | $ | 847 | $ | 76,066 | 100.0 | % |
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
GM Financial reviews the ongoing credit quality of retail finance receivables based on customer payment activity. A retail account is considered delinquent if a substantial portion of a scheduled payment has not been received by the date the payment was contractually due. Retail finance receivables are collateralized by vehicle titles and, subject to local laws, GM Financial generally has the right to repossess the vehicle in the event the customer defaults on the payment terms of the contract. The accrual of finance charge income had been suspended on delinquent retail finance receivables with contractual amounts due of $831 million and $958 million at March 31, 2025 and December 31, 2024. The following tables are consolidated summaries of the delinquency status of the outstanding amortized cost of retail finance receivables for each vintage of the portfolio at March 31, 2025 and December 31, 2024, as well as summary totals for March 31, 2024:
| Year of Origination | March 31, 2025 | March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Total | Percent | Total | Percent | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 0-to-30 days | $ | 9,115 | $ | 27,942 | $ | 17,420 | $ | 10,750 | $ | 6,228 | $ | 3,253 | $ | 74,707 | 97.0 | % | $ | 71,225 | 97.3 | % | |||||||||||||||||||||||||||||||||||||||
| 31-to-60 days | 25 | 404 | 419 | 357 | 269 | 193 | 1,667 | 2.2 | % | 1,463 | 2.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Greater-than-60 days | 1 | 143 | 146 | 121 | 83 | 62 | 556 | 0.7 | % | 482 | 0.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Finance receivables more than 30 days delinquent | 26 | 547 | 566 | 478 | 351 | 255 | 2,223 | 2.9 | % | 1,945 | 2.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| In repossession | — | 21 | 20 | 13 | 7 | 3 | 65 | 0.1 | % | 60 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Finance receivables more than 30 days delinquent or in repossession | 27 | 568 | 585 | 491 | 359 | 259 | 2,288 | 3.0 | % | 2,005 | 2.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Retail finance receivables | $ | 9,141 | $ | 28,510 | $ | 18,006 | $ | 11,240 | $ | 6,586 | $ | 3,511 | $ | 76,995 | 100.0 | % | $ | 73,230 | 100.0 | % |
| Year of Origination | December 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Total | Percent | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 0-to-30 days | $ | 30,581 | $ | 19,411 | $ | 12,207 | $ | 7,178 | $ | 3,350 | $ | 710 | $ | 73,438 | 96.5 | % | |||||||||||||||||||||||||||||||||||||||||||
| 31-to-60 days | 374 | 481 | 425 | 340 | 166 | 99 | 1,885 | 2.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Greater-than-60 days | 128 | 188 | 155 | 115 | 55 | 36 | 677 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Finance receivables more than 30 days delinquent | 502 | 669 | 580 | 455 | 221 | 135 | 2,562 | 3.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| In repossession | 17 | 19 | 14 | 10 | 3 | 2 | 66 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Finance receivables more than 30 days delinquent or in repossession | 519 | 689 | 595 | 464 | 225 | 136 | 2,628 | 3.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Retail finance receivables | $ | 31,101 | $ | 20,100 | $ | 12,802 | $ | 7,642 | $ | 3,575 | $ | 847 | $ | 76,066 | 100.0 | % |
Commercial Finance Receivables GM Financial's commercial finance receivables consist of dealer financing, primarily for dealer inventory purchases, and other financing, which includes loans to commercial vehicle upfitters. For dealer financing, proprietary models are used to assign a risk rating to each dealer. GM Financial performs periodic credit reviews of each dealership and adjusts the dealership's risk rating, if necessary. The credit risk associated with other financing is limited due to the structure of the business relationships.
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
GM Financial's dealer risk model and risk rating categories are as follows:
| Rating | Description | |||||||
| I | Performing accounts with strong to acceptable financial metrics with at least satisfactory capacity to meet financial commitments. | |||||||
| II | Performing accounts experiencing potential weakness in financial metrics and repayment prospects resulting in increased monitoring. | |||||||
| III | Non-Performing accounts with inadequate paying capacity for current obligations and have the distinct possibility of creating a loss if deficiencies are not corrected. | |||||||
| IV | Non-Performing accounts with inadequate paying capacity for current obligations and inherent weaknesses that make collection of liquidation in full highly questionable or improbable. |
Dealers with III and IV risk ratings are subject to additional monitoring and restrictions on funding, including suspension of lines of credit and liquidation of assets. The following tables summarize the dealer credit risk profile by dealer risk rating at March 31, 2025 and December 31, 2024:
| Year of Origination(a) | March 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dealer Risk Rating | Revolving | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Total | Percent | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| I | $ | 13,523 | $ | 94 | $ | 288 | $ | 177 | $ | 352 | $ | 221 | $ | 247 | $ | 14,901 | 92.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
| II | 645 | 2 | 28 | 12 | 11 | 7 | 1 | 705 | 4.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| III | 428 | 2 | 8 | 6 | 14 | 24 | 15 | 498 | 3.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| IV | 1 | — | — | — | — | — | — | 1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance at end of period | $ | 14,598 | $ | 97 | $ | 323 | $ | 194 | $ | 377 | $ | 253 | $ | 263 | $ | 16,104 | 100.0 | % |
(a)Floorplan advances comprise 99.3% of the total revolving balance. Dealer term loans are presented by year of origination.
| Year of Origination(a) | December 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dealer Risk Rating | Revolving | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Total | Percent | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| I | $ | 16,190 | $ | 321 | $ | 209 | $ | 360 | $ | 237 | $ | 267 | $ | 22 | $ | 17,606 | 94.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| II | 621 | — | 10 | 26 | 3 | 2 | — | 663 | 3.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| III | 305 | 10 | 4 | — | 22 | — | 12 | 354 | 1.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| IV | 1 | — | — | — | — | — | — | 1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance at end of period | $ | 17,117 | $ | 331 | $ | 223 | $ | 385 | $ | 263 | $ | 269 | $ | 35 | $ | 18,623 | 100.0 | % |
(a)Floorplan advances comprise 99.5% of the total revolving balance. Dealer term loans are presented by year of origination.
There were no commercial finance receivables on nonaccrual status at March 31, 2025 and December 31, 2024.
Transactions with GM Financial The following tables show transactions between our Automotive or Cruise segments and GM Financial. These amounts are presented in GM Financial's condensed consolidated balance sheets and statements of income.
| March 31, 2025 | December 31, 2024 | ||||||||||
| Condensed Consolidated Balance Sheets(a) | |||||||||||
| Commercial finance receivables due from GM consolidated dealers | $ | 261 | $ | 279 | |||||||
| Commercial finance receivables due from Cruise | $ | — | $ | 395 | |||||||
| Subvention receivable from GM(b) | $ | 542 | $ | 360 | |||||||
| Commercial loan funding payable to GM | $ | 110 | $ | 100 |
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
| Three Months Ended | |||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | ||||||||||||||||||||||
| Condensed Consolidated Statements of Income | |||||||||||||||||||||||
| Interest subvention earned on finance receivables | $ | 367 | $ | 335 | |||||||||||||||||||
| Leased vehicle subvention earned | $ | 415 | $ | 364 |
(a)All balance sheet amounts are eliminated upon consolidation.
(b)Our Automotive segments made cash payments to GM Financial for subvention of $704 million and $777 million in the three months ended March 31, 2025 and 2024.
GM Financial's Board of Directors declared and paid dividends of $350 million and $450 million on its common stock in the three months ended March 31, 2025 and 2024.
Note 5. Inventories
| March 31, 2025 | December 31, 2024 | ||||||||||
| Total productive material, supplies and work in process | $ | 7,116 | $ | 6,444 | |||||||
| Finished product, including service parts | 8,137 | 8,120 | |||||||||
| Total inventories | $ | 15,253 | $ | 14,564 |
Inventories are reflected net of allowances totaling $2.2 billion and $2.0 billion, of which $1.6 billion and $1.4 billion are electric vehicle (EV)-related, to remeasure inventory on-hand to net realizable value at March 31, 2025 and December 31, 2024.
Note 6. Equipment on Operating Leases
Equipment on operating leases consists of leases to retail customers of GM Financial.
| March 31, 2025 | December 31, 2024 | ||||||||||
| Equipment on operating leases | $ | 38,805 | $ | 38,187 | |||||||
| Less: accumulated depreciation | (6,566) | (6,601) | |||||||||
| Equipment on operating leases, net | $ | 32,239 | $ | 31,586 |
The estimated residual value of our leased assets at the end of the lease term was $23.8 billion and $23.5 billion at March 31, 2025 and December 31, 2024.
Depreciation expense related to Equipment on operating leases, net was $1.2 billion in the three months ended March 31, 2025 and 2024.
The following table summarizes lease payments due to GM Financial on leases to retail customers:
| Year Ending December 31, | |||||||||||||||||||||||||||||||||||||||||
| 2025 | 2026 | 2027 | 2028 | 2029 | Thereafter | Total | |||||||||||||||||||||||||||||||||||
| Lease receipts under operating leases | $ | 4,128 | $ | 3,951 | $ | 1,786 | $ | 267 | $ | 7 | $ | — | $ | 10,138 |
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
Note 7. Equity in Net Assets of Nonconsolidated Affiliates
Nonconsolidated affiliates are entities in which we maintain an equity ownership interest and for which we use the equity method of accounting due to our ability to exert significant influence over decisions relating to their operating and financial affairs. Revenue and expenses of our joint ventures are not consolidated into our financial statements; rather, our proportionate share of the earnings of each joint venture is reflected as Equity income (loss) or Automotive and other cost of sales.
| Three Months Ended | |||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | ||||||||||||||||||||||
| Automotive China joint ventures equity income (loss) | $ | 45 | $ | (106) | |||||||||||||||||||
| Ultium Cells Holdings LLC equity income (loss)(a) | 241 | 156 | |||||||||||||||||||||
| Other joint ventures equity income (loss) | 17 | 1 | |||||||||||||||||||||
| Total Equity income (loss) | $ | 303 | $ | 50 |
(a)Equity earnings related to Ultium Cells Holdings LLC, an equally owned joint venture with LG Energy Solution (LGES), 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 EVs.
There have been no significant ownership changes in our Automotive China joint ventures (Automotive China JVs) or Ultium Cells Holdings LLC since December 31, 2024.
| Three Months Ended | |||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | ||||||||||||||||||||||
| Summarized Operating Data of Automotive China JVs | |||||||||||||||||||||||
| Automotive China JVs' net sales | $ | 5,065 | $ | 4,111 | |||||||||||||||||||
| Automotive China JVs' net income (loss) | $ | 70 | $ | (228) |
Dividends declared but not paid from our nonconsolidated affiliates were $399 million and $395 million at March 31, 2025 and December 31, 2024. Dividends received from our nonconsolidated affiliates were $788 million and insignificant in the three months ended March 31, 2025 and 2024. We had undistributed losses from our nonconsolidated affiliates of $342 million at March 31, 2025 and insignificant undistributed earnings at December 31, 2024.
Note 8. Goodwill
Goodwill of $1.9 billion consisted of $1.3 billion in GM Financial at March 31, 2025 and December 31, 2024, and $571 million and an insignificant amount in GMNA at March 31, 2025 and December 31, 2024 and an insignificant amount and $569 million in Cruise at March 31, 2025 and December 31, 2024. During the three months ended March 31, 2025, $571 million of goodwill recorded in the Cruise segment was reallocated to the GMNA segment. The reallocation of the goodwill reflects the wind down of the Cruise robotaxi operations and combination of the GM and Cruise technical efforts in our GMNA Automotive segment to build on the success of Super Cruise and prioritize the development of advanced driver-assistance systems (ADAS) on a path to fully autonomous personal vehicles. We performed goodwill impairment tests prior to and after the reallocation and determined that the goodwill was not impaired.
Note 9. Variable Interest Entities
Consolidated VIEs
Automotive Financing – GM Financial
GM Financial uses special purpose entities (SPEs) that are considered VIEs to issue variable funding notes to third party, bank-sponsored warehouse facilities or asset-backed securities to investors in securitization transactions. The debt issued by these VIEs is backed by finance receivables and leasing-related assets transferred to the VIEs (Securitized Assets). GM Financial determined that it is the primary beneficiary of the SPEs because the servicing responsibilities for the Securitized Assets give GM Financial the power to direct the activities that most significantly impact the performance of the VIEs and the variable interests in the VIEs give GM Financial the obligation to absorb losses and the right to receive residual returns that could potentially be significant. The assets of the VIEs serve as the sole source of repayment for the debt issued by these entities. Investors in the notes issued by the VIEs do not have recourse to GM Financial or its other assets, with the exception of
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
customary representation and warranty repurchase provisions and indemnities that GM Financial provides as the servicer. GM Financial is not required to provide additional financial support to these SPEs. While these subsidiaries are included in GM Financial's condensed consolidated financial statements, they are separate legal entities and the finance receivables, lease-related assets and cash held by them are legally owned by them and are not available to GM Financial's creditors or creditors of GM Financial's other subsidiaries.
The following table summarizes the assets and liabilities related to GM Financial's consolidated VIEs:
| March 31, 2025 | December 31, 2024 | ||||||||||
| Restricted cash – current | $ | 2,647 | $ | 2,410 | |||||||
| Restricted cash – non-current | $ | 363 | $ | 350 | |||||||
| GM Financial receivables – current | $ | 23,563 | $ | 27,631 | |||||||
| GM Financial receivables – non-current | $ | 26,593 | $ | 27,619 | |||||||
| GM Financial equipment on operating leases, net | $ | 15,080 | $ | 14,252 | |||||||
| GM Financial short-term debt and current portion of long-term debt | $ | 14,147 | $ | 18,008 | |||||||
| GM Financial long-term debt | $ | 34,789 | $ | 31,638 |
GM Financial recognizes finance charge, leased vehicle and fee income on the Securitized Assets and interest expense on the secured debt issued in a securitization transaction and records a provision for loan losses to recognize loan losses expected over the remaining life of the finance receivables.
Nonconsolidated VIEs
Automotive
Nonconsolidated VIEs primarily include our battery cell manufacturing joint ventures to which we provided financial support to ensure that our supply needs for production are met or are not disrupted. Our variable interests in our automotive nonconsolidated VIEs include equity investments, accounts and loans receivable, committed financial support and other off-balance sheet arrangements. The carrying amounts of assets were approximately $4.1 billion and $4.3 billion and liabilities were insignificant related to our nonconsolidated VIEs at March 31, 2025 and December 31, 2024. Our maximum exposure to loss as a result of our involvement with these VIEs was approximately $7.5 billion and $7.0 billion, inclusive of approximately $2.2 billion and $2.3 billion in committed capital contributions to our battery cell manufacturing joint ventures, at March 31, 2025 and December 31, 2024. Our maximum exposure to loss, and required capital contributions, could vary depending on our battery cell manufacturing joint ventures' requirements and access to capital. We currently lack the power through voting or similar rights to direct the activities of these entities that most significantly affect their economic performance.
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
Note 10. Debt
Automotive The following table presents debt in our automotive operations:
| March 31, 2025 | December 31, 2024 | ||||||||||||||||||||||
| Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||
| Secured debt | $ | 146 | $ | 146 | $ | 105 | $ | 105 | |||||||||||||||
| Unsecured debt(a) | 15,130 | 14,504 | 14,980 | 14,709 | |||||||||||||||||||
| Finance lease liabilities | 364 | 375 | 383 | 391 | |||||||||||||||||||
| Total automotive debt(b) | $ | 15,640 | $ | 15,025 | $ | 15,467 | $ | 15,204 | |||||||||||||||
| Fair value utilizing Level 1 inputs | $ | 14,180 | $ | 14,366 | |||||||||||||||||||
| Fair value utilizing Level 2 inputs | $ | 845 | $ | 838 | |||||||||||||||||||
| Available under credit facility agreements(c) | $ | 13,838 | $ | 13,793 | |||||||||||||||||||
| Weighted-average interest rate on outstanding short-term debt(d) | 7.7 | % | 7.3 | % | |||||||||||||||||||
| Weighted-average interest rate on outstanding long-term debt(d) | 5.8 | % | 5.8 | % |
(a)Primarily consists of senior notes.
(b)Includes net discount and debt issuance costs of $445 million and $439 million at March 31, 2025 and December 31, 2024.
(c)Excludes our 364-day, $2.0 billion facility allocated for exclusive use by GM Financial.
(d)Includes coupon rates on debt denominated in various foreign currencies and interest free loans.
In March 2025, we renewed our five-year, $10.0 billion facility, which now matures March 25, 2030. We also renewed our three-year, $4.1 billion facility, which now matures March 25, 2028, and renewed our 364-day, $2.0 billion revolving credit facility allocated for the exclusive use of GM Financial, which now matures March 24, 2026.
GM Financial The following table presents debt of GM Financial:
| March 31, 2025 | December 31, 2024 | ||||||||||||||||||||||
| Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||
| Secured debt | $ | 48,886 | $ | 49,107 | $ | 49,573 | $ | 49,753 | |||||||||||||||
| Unsecured debt | 68,152 | 68,425 | 64,691 | 65,258 | |||||||||||||||||||
| Total GM Financial debt | $ | 117,037 | $ | 117,532 | $ | 114,264 | $ | 115,010 | |||||||||||||||
| Fair value utilizing Level 2 inputs | $ | 115,350 | $ | 112,941 | |||||||||||||||||||
| Fair value utilizing Level 3 inputs | $ | 2,182 | $ | 2,070 |
Secured debt consists of revolving credit facilities and securitization notes payable. Most of the secured debt was issued by VIEs and is repayable only from proceeds related to the underlying pledged assets. Refer to Note 9 for additional information on GM Financial's involvement with VIEs. In the three months ended March 31, 2025, GM Financial renewed revolving credit facilities with total borrowing capacity of $2.5 billion and issued $7.9 billion in aggregate principal amount of securitization notes payable with an initial weighted-average interest rate of 4.8% and maturity dates ranging from 2027 to 2037.
Unsecured debt consists of senior notes, credit facilities and other unsecured debt. In the three months ended March 31, 2025, GM Financial issued $6.1 billion in aggregate principal amount of senior notes with an initial weighted-average interest rate of 5.2% and maturity dates ranging from 2027 to 2035.
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
Note 11. Derivative Financial Instruments
The following table presents the gross fair value amounts of GM Financial's derivative financial instruments and the associated notional amounts:
| Fair Value Level | March 31, 2025 | December 31, 2024 | |||||||||||||||||||||||||||||||||||||||
| Notional | Fair Value of Assets | Fair Value of Liabilities | Notional | Fair Value of Assets | Fair Value of Liabilities | ||||||||||||||||||||||||||||||||||||
| Derivatives designated as hedges(a) | |||||||||||||||||||||||||||||||||||||||||
| Fair value hedges | |||||||||||||||||||||||||||||||||||||||||
| Interest rate swaps(b) | 2 | $ | 44,495 | $ | 127 | $ | 589 | $ | 36,145 | $ | 32 | $ | 621 | ||||||||||||||||||||||||||||
| Cash flow hedges | |||||||||||||||||||||||||||||||||||||||||
| Interest rate swaps | 2 | 2,006 | 28 | 17 | 1,873 | 35 | 4 | ||||||||||||||||||||||||||||||||||
| Foreign currency swaps(c) | 2 | 8,420 | 137 | 231 | 8,363 | 80 | 508 | ||||||||||||||||||||||||||||||||||
| Derivatives not designated as hedges(a) | |||||||||||||||||||||||||||||||||||||||||
| Interest rate contracts | 2 | 117,569 | 578 | 879 | 123,346 | 833 | 1,294 | ||||||||||||||||||||||||||||||||||
| Total derivative financial instruments(d) | $ | 172,490 | $ | 870 | $ | 1,715 | $ | 169,727 | $ | 981 | $ | 2,427 |
(a)The gains/losses included in our condensed consolidated income statements and statements of comprehensive income for the three months ended March 31, 2025 and 2024 were insignificant, unless otherwise noted. Amounts accrued for interest payments in a net receivable position are included in Other assets. Amounts accrued for interest payments in a net payable position are included in Other liabilities.
(b)The effect of fair value hedges in the condensed consolidated income statements include insignificant losses for the three months ended March 31, 2025 and 2024.
(c)The effect of foreign currency cash flow hedges in the condensed consolidated statements of comprehensive income include gains of $157 million and losses of $141 million recognized in Accumulated other comprehensive loss, and gains of $231 million and losses of $163 million reclassified from Accumulated other comprehensive loss into income for the three months ended March 31, 2025 and 2024.
(d)The fair value of derivative instruments that are classified as assets or liabilities available for offset was $693 million at March 31, 2025 and December 31, 2024. GM Financial held $104 million and $190 million of collateral from counterparties available for netting against GM Financial's asset positions and posted $898 million and $1.2 billion of collateral to counterparties available for netting against GM Financial's liability positions at March 31, 2025 and December 31, 2024.
The fair value for Level 2 instruments was derived using the market approach based on observable market inputs including quoted prices of similar instruments and foreign exchange and interest rate forward curves.
The following amounts were recorded in the condensed consolidated balance sheets related to items designated and qualifying as hedged items in fair value hedging relationships:
| March 31, 2025 | December 31, 2024 | ||||||||||||||||||||||
| Carrying Amount of Hedged Items | Cumulative Amount of Fair Value Hedging Adjustments(a) | Carrying Amount of Hedged Items | Cumulative Amount of Fair Value Hedging Adjustments(a) | ||||||||||||||||||||
| Short-term unsecured debt | $ | 6,802 | $ | (2) | $ | 6,406 | $ | (6) | |||||||||||||||
| Long-term unsecured debt | 30,882 | 963 | 30,258 | 1,287 | |||||||||||||||||||
| GM Financial unsecured debt | $ | 37,684 | $ | 960 | $ | 36,664 | $ | 1,281 |
(a)Includes $669 million and $719 million of unamortized losses remaining on hedged items for which hedge accounting has been discontinued at March 31, 2025 and December 31, 2024.
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
Note 12. Product Warranty and Related Liabilities
| Three Months Ended | |||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | ||||||||||||||||||||||
| Product Warranty and Related Liabilities | |||||||||||||||||||||||
| Warranty balance at beginning of period | $ | 10,571 | $ | 9,295 | |||||||||||||||||||
| Warranties issued and assumed in period – recall campaigns | 143 | 266 | |||||||||||||||||||||
| Warranties issued and assumed in period – product warranty | 789 | 668 | |||||||||||||||||||||
| Payments | (1,203) | (1,024) | |||||||||||||||||||||
| Adjustments to pre-existing warranties | 565 | 174 | |||||||||||||||||||||
| Effect of foreign currency and other | 8 | (24) | |||||||||||||||||||||
| Warranty balance at end of period | 10,873 | 9,356 | |||||||||||||||||||||
| Less: Supplier recoveries balance at end of period(a) | 408 | 630 | |||||||||||||||||||||
| Warranty balance, net of supplier recoveries at end of period | $ | 10,465 | $ | 8,726 | |||||||||||||||||||
(a)The current portion of supplier recoveries is recorded in Accounts and notes receivable, net of allowance and the non-current portion is recorded in Other assets.
| Three Months Ended | ||||||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | |||||||||||||||||||||||||
| Product Warranty Expense, Net of Recoveries | ||||||||||||||||||||||||||
| Warranties issued and assumed in period | $ | 932 | $ | 934 | ||||||||||||||||||||||
| Supplier recoveries accrued in period | (151) | (58) | ||||||||||||||||||||||||
| Adjustments and other | 573 | 150 | ||||||||||||||||||||||||
| Warranty expense, net of supplier recoveries | $ | 1,354 | $ | 1,026 |
For estimates related to reasonably possible losses in excess of amounts accrued for recall campaigns, refer to Note 14 for additional information.
Note 13. Pensions and Other Postretirement Benefits
| Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | ||||||||||||||||||||||||||||||||||
| Pension Benefits | Global OPEB Plans | Pension Benefits | Global OPEB Plans | ||||||||||||||||||||||||||||||||
| U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||||||||||||||||||||||
| Service cost | $ | 41 | $ | 30 | $ | 2 | $ | 47 | $ | 34 | $ | 3 | |||||||||||||||||||||||
| Interest cost | 499 | 20 | 55 | 533 | 128 | 56 | |||||||||||||||||||||||||||||
| Expected return on plan assets | (648) | (25) | — | (685) | (131) | — | |||||||||||||||||||||||||||||
| Amortization of prior service cost (credit) | 16 | 2 | — | 15 | 1 | — | |||||||||||||||||||||||||||||
| Amortization of net actuarial (gains) losses | 2 | 10 | (4) | 2 | 12 | — | |||||||||||||||||||||||||||||
| Net periodic pension and OPEB (income) expense | $ | (90) | $ | 37 | $ | 53 | $ | (88) | $ | 44 | $ | 59 | |||||||||||||||||||||||
The non-service cost components of net periodic pension and other postretirement benefits (OPEB) income presented in Interest income and other non-operating income, net are insignificant in the three months ended March 31, 2025 and 2024.
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
Note 14. Commitments, Contingencies and Uncertainties
Litigation-Related Liability and Indirect Tax-Related Matters In the normal course of our business, we are named from time to time as a defendant in various legal actions, including arbitrations, class actions and other litigation. We identify below the material individual proceedings and investigations where we believe a material loss is reasonably possible or probable. We accrue for matters when we believe that losses are probable and can be reasonably estimated. At March 31, 2025 and December 31, 2024, we had accruals of $1.2 billion and $1.1 billion for such legal actions in Accrued liabilities and Other liabilities. In many matters, it is inherently difficult to determine whether a loss is probable or reasonably possible or to estimate the size or range of the potential loss. Some matters may involve compensatory, punitive or other treble damage claims, environmental remediation programs or sanctions that, if granted, could require us to pay damages or make other expenditures in amounts that cannot be reasonably estimated. Accordingly, while we believe that appropriate accruals have been established for losses that are probable and can be reasonably estimated, it is possible that adverse outcomes from such proceedings could exceed the amounts accrued by an amount that could be material to our results of operations or cash flows in any particular reporting period.
Opel/Vauxhall Sale In 2017, we sold the Opel and Vauxhall businesses and certain other assets in Europe (the Opel/Vauxhall Business) to PSA Group, now Stellantis N.V. (Stellantis), under a Master Agreement (the Agreement). We also sold the European financing subsidiaries and branches to Banque PSA Finance S.A. and BNP Paribas Personal Finance S.A. Although the sale reduced our new vehicle presence in Europe, we may still be impacted by actions taken by regulators related to vehicles sold before the sale. General Motors Holdings LLC agreed, on behalf of our wholly owned subsidiary (the Seller), to indemnify Stellantis for certain losses resulting from any inaccuracy of the representations and warranties or breaches of our covenants included in the Agreement and for certain other liabilities, including costs related to certain emissions claims, product liabilities and recalls. We are unable to estimate any reasonably possible material loss or range of loss that may result from these actions either directly or through an indemnification claim from Stellantis. Certain of these indemnification obligations are subject to time limitations, thresholds and/or caps as to the amount of required payments.
Currently, various consumer lawsuits have been filed against the Seller and Stellantis in Germany, the United Kingdom (UK), Austria and the Netherlands alleging that Opel and Vauxhall vehicles sold by the Seller violated applicable emissions standards. In addition, we indemnified Stellantis for an immaterial amount for certain recalls that Stellantis has conducted or will conduct, including recalls in certain geographic locations that Stellantis intends to conduct related to Takata Corporation (Takata) inflators in legacy Opel vehicles. We may in the future be required to further indemnify Stellantis relating to its Takata recalls, but we believe such further indemnification to be remote at this time.
European Commission and UK Competition and Markets Authority Matter In March 2022, the European Commission (EC) and UK Competition and Markets Authority (CMA) conducted inspections at the premises of, and sent out formal requests for information to, several companies and associations active in the automotive sector. The investigations concerned suspected coordination of certain aspects of recycling of end-of-life vehicles. GM was not the subject of the inspections but received requests for information related to activities conducted by Opel, a former subsidiary business of GM that was sold to Stellantis in 2017.
On March 27, 2025, following a settlement procedure in which all investigated parties (including GM) participated, the EC and CMA issued their decisions, finding that Opel was one of the participants in the investigated behavior. The EC and CMA confirmed that GM was not directly involved in the investigated behavior and that it was found liable only in its capacity as Opel’s former parent company. GM has accepted liability as Opel’s former parent only to end the investigations, and has been held by the EC to be solely liable and jointly and severally liable with Stellantis, and by the CMA to be jointly and severally liable with Stellantis, in each case for an insignificant fine.
Other Litigation-Related Liabilities Various other legal actions, including class actions, governmental investigations, claims and proceedings are pending against us or our related companies or joint ventures, including, but not limited to, matters arising out of alleged product defects; employment-related matters; product and workplace safety, vehicle emissions and fuel economy regulations; product warranties; financial services; dealer, supplier and other contractual relationships; competition issues; product design, manufacture and performance; consumer protection laws; and environmental protection laws, including laws regulating air emissions, water discharges, waste management and environmental remediation from stationary sources. We also from time to time receive subpoenas and other inquiries or requests for information from agencies or other representatives of U.S. federal, state and foreign governments on a variety of issues.
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
There are several putative class actions pending against GM in the U.S. and Canada alleging that various vehicles sold, including model year 2011–2016 Duramax Diesel Chevrolet Silverado and GMC Sierra vehicles, violate federal and state laws because they release more emissions than a reasonable customer would expect. In July 2023, the two putative class actions pending in the U.S. were dismissed with prejudice and judgment entered in favor of GM, and plaintiffs appealed the dismissal. In August 2024, the Sixth Circuit reversed the dismissal in one of the cases. A different panel has yet to rule in the second class action. We are currently unable to estimate any reasonably possible material loss or range of loss that may result from these actions. GM has also faced a series of additional lawsuits in the U.S. based on these allegations, including a shareholder demand lawsuit that remains pending.
There are several putative class actions and two certified class actions pending against GM in the U.S. alleging that various 2011–2014 model year vehicles are defective because they excessively consume oil. We have reached an agreement to resolve all of these pending matters and have accrued an immaterial amount related to these proceedings.
There is one putative class action and one certified class action pending against GM in the U.S. alleging that various 2015–2022 model year vehicles are defective because they are equipped with faulty 8-speed transmissions. In March 2023, the judge overseeing the class action concerning 2015–2019 model year vehicles certified 26 state subclasses and GM appealed. In March 2025, the Sixth Circuit heard our appeal en banc. The putative class action concerning 2020–2022 model year vehicles is pending in front of a different judge that has not yet addressed class certification. We have similar cases pending in Canada concerning these vehicles. We are currently unable to estimate any reasonably possible or probable material loss or range of loss that may result from these proceedings in excess of amounts accrued.
There is a class action pending against GM in the U.S., and a putative class action in Canada, alleging that 2011–2016 model year Duramax Diesel Chevrolet Silverado and GMC Sierra vehicles are equipped with defective fuel pumps that are prone to failure. In March 2023, the U.S. court certified seven state subclasses. We reached an agreement to settle the U.S. matter on terms consistent with our accrual and the settlement agreement is pending final court approval.
Beyond the class action litigations disclosed, we have several other class action litigations pending at any given time. Historically, relatively few classes have been certified in these types of cases. Therefore, we will generally only disclose specific class actions if a class is certified and we believe there is a reasonably possible material exposure to the Company.
Takata Matters In November 2020, the National Highway Traffic Safety Administration (NHTSA) directed that we replace the Takata airbag inflators in our GMT900 vehicles, which are full-size pickup trucks and sport utility vehicles (SUVs), and we decided not to contest NHTSA's decision. While we have already begun the process of executing the recall, given the number of vehicles in this population, the recall will take several years to be completed. Accordingly, in the year ended December 31, 2020, we recorded a warranty accrual of $1.1 billion for the expected costs of complying with the recall remedy. At March 31, 2025, our remaining accrual for these matters was $545 million, and we believe the currently accrued amount remains reasonable.
GM has recalled certain vehicles sold outside of the U.S. to replace Takata inflators in those vehicles. There are significant differences in vehicle and inflator design between the relevant vehicles sold internationally and those sold in the U.S. We continue to gather and analyze evidence about these inflators and to share our findings with regulators. Any additional recalls relating to these inflators could be material to our results of operations and cash flows.
There are several putative class actions that have been filed against GM, including in the U.S. and Canada, arising out of allegations that airbag inflators manufactured by Takata are defective. In March 2023, a U.S. court overseeing one of the putative class actions issued a final judgment in favor of GM on all claims in eight states at issue in that proceeding. In August 2023, the U.S. court granted class certification as to a Louisiana claim, but denied certification as to seven other states. At this stage of these proceedings, we are unable to provide an estimate of the amounts or range of reasonably possible material loss.
ARC Matters In May 2023, we initiated a voluntary recall covering nearly one million 2014–2017 model year Buick Enclave, Chevrolet Traverse and GMC Acadia SUVs equipped with driver front airbag inflators manufactured by ARC Automotive, Inc. (ARC), and accrued an insignificant amount for the expected costs of the recall. As part of its ongoing investigation into ARC airbag inflators, on September 5, 2023, NHTSA issued an Initial Decision that approximately 52 million frontal driver and passenger airbag inflators manufactured by ARC and Delphi Automotive Systems LLC over a roughly 20-year period contain a safety-related defect and must be recalled. On July 31, 2024, NHTSA issued a Supplemental Initial Decision reaffirming its September 2023 Initial Decision and reopening the administrative record to additional public comments. The Initial Decision and the Supplemental Initial Decision are primarily based on the occurrence of seven field ruptures involving ARC-
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
manufactured frontal airbag inflators. We are continuing to investigate the cause of the ruptures in GM vehicles in connection with our existing recalls. On December 13, 2024, NHTSA issued a memorandum indicating that, based on the public comments it had received to date, the agency would be "conducting additional investigation of the issues related to the Supplemental Initial Decision." As indicated in GM's filed comments in the record, we do not believe that further GM vehicle recalls are necessary or appropriate at this time. However, depending on the outcome of the dispute between NHTSA and ARC, and the possibility of additional recalls, the cost of which may not be fully recoverable, it is reasonably possible that the costs associated with these matters in excess of amounts accrued could be material, but we are unable to provide an estimate of the amounts or range of reasonably possible material loss at this time.
There are several putative class actions that have been filed against GM, including in the U.S., Canada and Israel, arising out of allegations that airbag inflators manufactured by ARC are defective. At this stage of these proceedings, we are unable to provide an estimate of the amounts or range of reasonably possible material loss.
Chevrolet Bolt Recall In July 2021, we initiated a voluntary recall for certain 2017–2019 model year Chevrolet Bolt EVs due to the risk that two manufacturing defects present in the same battery cell could cause a high voltage battery fire in certain of these vehicles. After further investigation into the manufacturing processes at our battery supplier, LGES, and disassembling battery packs, we determined that the risk of battery cell defects was not confined to the initial recall population. As a result, in August 2021, we expanded the recall to include all 2017–2022 model year Chevrolet Bolt EV and Chevrolet Bolt Electric Utility Vehicles (EUVs). LG Electronics, Inc. and LGES (collectively, LG), have agreed to reimburse GM for certain costs and expenses associated with the recall. The commercial negotiations with LG also resolved other commercial matters associated with our Ultium Cells Holdings LLC joint venture with LGES. Accordingly, as of March 31, 2025, we had accrued a total of $2.6 billion and recognized receivables totaling $1.6 billion in connection with these matters. At March 31, 2025, our remaining accrual for these matters was $0.2 billion. These charges reflect our current best estimate for the cost of the recall remedy, which includes non-traditional recall remedies provided by GM to enhance customer satisfaction. The actual costs of the recall could be materially higher or lower.
In addition, putative class actions have been filed against GM in the U.S. and Canada alleging that the batteries contained in the Bolt EVs and EUVs included in the recall population are defective. GM has agreed to settle the U.S. class actions for an immaterial amount and the settlement agreement is pending final court approval.
Privacy and Consumer Protection Matters There are putative class actions pending against GM in federal courts in the U.S. alleging violations of state and federal privacy and consumer protection laws related to the collection and use of certain consumer data obtained through our former OnStar Smart Driver product. In June 2024, those class actions were consolidated into a multi-district litigation proceeding in the Northern District of Georgia. In addition, several states have filed enforcement lawsuits against us, and other state attorneys general have opened investigations or made inquiries of us relating to these alleged consumer protection and privacy issues. The Company resolved a Federal Trade Commission investigation through an agreed administrative consent order. The Company is defending litigation filed against us and fully cooperating with agencies and attorneys general that are conducting investigations. At this stage, we are not able to estimate any reasonably possible or probable material loss or range of loss that may result from these actions.
Product Liability and Breach of Warranty We record liabilities related to product liability claims in Accrued liabilities and Other liabilities for the expected cost of all known product liability claims, plus an estimate of the expected cost for product liability claims that have already been incurred and are expected to be filed in the future for which we are self-insured. It is reasonably possible that our accruals for product liability claims may increase in future periods in material amounts, although we cannot estimate a reasonable range of incremental loss based on currently available information. We believe that any judgment against us involving our products for actual damages will be adequately covered by our recorded accruals and, where applicable, excess liability insurance coverage.
We are also subject to breach of warranty claims resulting from state and federal consumer protection laws that allow consumers to hold manufacturers legally responsible in situations where a product cannot be conformed to its warranties. Consumer relief can include, but is not limited to, a refund, a replacement vehicle, a recovery of legal and administrative fees, or other monetary damages. Losses that we believe to be probable and estimable based on evaluation of historical transactions are included in Accrued liabilities and Other liabilities and are reviewed regularly for adequacy. We believe that any judgment against us involving our warranties for actual damages will be adequately covered by our recorded accruals.
Guarantees We enter into indemnification agreements for liability claims involving products manufactured primarily by certain joint ventures. These guarantees terminate in years ranging from 2025 to 2030, or upon the occurrence of specific events
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
or are ongoing. We believe that the related potential costs incurred are adequately covered by our recorded accruals, which are insignificant. The maximum future undiscounted payments mainly based on royalties received associated with vehicles sold to date were $3.7 billion for these guarantees at March 31, 2025 and December 31, 2024, the majority of which relates to the indemnification agreements.
We provide payment guarantees on commercial loans outstanding with third parties such as dealers. In some instances, certain assets of the party or our payables to the party whose debt or performance we have guaranteed may offset, to some degree, the amount of any potential future payments. We are also exposed to residual value guarantees associated with certain sales to rental car companies.
We periodically enter into agreements that incorporate indemnification provisions in the normal course of business. It is not possible to estimate our maximum exposure under these indemnifications or guarantees due to the conditional nature of these obligations. Insignificant amounts have been recorded for such obligations as the majority of them are not probable or estimable at this time and the fair value of the guarantees at issuance was insignificant. Refer to the Opel/Vauxhall Sale section of this note for additional information on our indemnification obligations to Stellantis under the Agreement.
Supplier Finance Programs Third-party finance providers offer certain suppliers the option for payment in advance of their invoice due date through financing programs that we established. We retain our obligation to the participating suppliers, and we make payments directly to the third-party finance providers on the original invoice due date pursuant to the original invoice terms. There are no assets pledged as security or other forms of guarantees provided for committed payments. Our outstanding eligible balances under our supplier finance programs were $1.5 billion and $0.9 billion at March 31, 2025 and December 31, 2024, which are recorded in Accounts payable (principally trade).
Indirect Tax-Related Matters Tax matters not subject to the provision of Accounting Standards Codification 740, "Income Taxes" that pertain to value added taxes, customs, duties, sales tax, property taxes and other non-income tax exposures are evaluated globally. For indirect tax-related matters, we estimate our reasonably possible loss in excess of amounts accrued to be up to $5.9 billion at March 31, 2025. Certain indirect tax-related administrative proceedings may require that we deposit funds in escrow or provide an alternative form of security. We are not able to estimate the timing or amount of potential deposits and currently believe any required amounts will not be material.
Emissions-Related Uncertainties We are subject to state and federal governmental regulations, as well as regulations from governments outside of the U.S., relating to fuel economy standards and greenhouse gas (GHG) emissions. Based on our current and forecasted sales mix, we expect in the near-term to have shortfalls in complying with current U.S. regulations. There are several methods to comply with these regulations that we have utilized and may continue to utilize, including, but not limited to, increasing production and sales of certain vehicles, such as EVs; curtailing production of certain vehicles, such as internal combustion engine (ICE) vehicles; certain technology changes; payment of corporate average fuel economy (CAFE) penalties; and/or the purchase of CAFE and GHG credits from third parties. There is uncertainty around the future availability of credits and consumer demand for EVs, each of which could impact our ability to comply with these regulations. In addition, the U.S. Government has indicated it may take action to reduce the stringency and/or scope of these regulations, which could improve our compliance position. Under current regulations, shortfalls to the emissions and fuel economy standards could result in legal or regulatory proceedings, the recall or decertification of one or more of our products, negotiated remedial actions, fines and penalties, and/or restricted product offerings. In the three months ended March 31, 2025 and 2024, we recorded compliance-related costs of $0.2 billion in Automotive and other costs of sales. Additional compliance costs, including potential fines and penalties, are not reasonably estimable and could be substantial.
Note 15. Income Taxes
In the three months ended March 31, 2025 and 2024, Income tax expense of $719 million and $762 million was primarily due to tax expense attributable to entities included in our effective tax rate calculation.
Note 16. Restructuring and Other Initiatives
We have executed various restructuring and other initiatives and we may execute additional initiatives in the future, if necessary, to streamline manufacturing capacity and reduce other costs to improve the utilization of remaining facilities. To the extent these programs involve voluntary separations, a liability is generally recorded at the time offers to employees are accepted. To the extent these programs provide separation benefits in accordance with pre-existing agreements, a liability is recorded once the amount is probable and reasonably estimable. If employees are involuntarily terminated, a liability is
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
generally recorded at the communication date. Related charges are recorded in Automotive and other cost of sales and Automotive and other selling, general and administrative expense.
The following table summarizes the reserves and charges related to restructuring and other initiatives, including postemployment benefit reserves and charges:
| Three Months Ended | |||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | ||||||||||||||||||||||
| Balance at beginning of period | $ | 1,243 | $ | 779 | |||||||||||||||||||
| Additions, interest accretion and other | 131 | 114 | |||||||||||||||||||||
| Payments | (353) | (325) | |||||||||||||||||||||
| Revisions to estimates and effect of foreign currency | — | (3) | |||||||||||||||||||||
| Balance at end of period | $ | 1,021 | $ | 565 |
We recorded no charges in the three months ended March 31, 2025 and incurred $160 million in cash outflows resulting from strategic restructuring activities in GMNA related to Buick dealerships. Cumulatively, we have incurred charges of approximately $2.0 billion and cash outflows of $1.5 billion related to this initiative. The remaining $559 million is expected to be paid by the end of 2025.
In October 2023, Cruise voluntarily paused all of its driverless, supervised and manual autonomous vehicle (AV) operations in the U.S. while it examined its processes, systems and tools. In conjunction with these actions, Cruise recorded charges before noncontrolling interest of $529 million in the year ended December 31, 2023, which included non-cash restructuring charges of $250 million. In June 2024, Cruise indefinitely delayed the Cruise Origin and recognized primarily non-cash charges before noncontrolling interest of $631 million. In December 2024, in conjunction with GM's announcement of its decision to no longer fund Cruise's robotaxi development work and its plans to combine the Cruise and GM technical efforts to advance autonomous and assisted driving, Cruise recorded net charges before noncontrolling interest of $522 million, which included net non-cash restructuring charges of $173 million. Cumulatively, we have incurred $380 million of cash outflows resulting from these restructuring activities and expect the remaining cash outflows related to these activities of $325 million to be completed by the end of 2025.
Note 17. Stockholders' Equity and Noncontrolling Interests
We have 2.0 billion shares of preferred stock and 5.0 billion shares of common stock authorized for issuance. We had no shares of preferred stock issued and outstanding at March 31, 2025 and December 31, 2024. We had 966 million and 995 million shares of common stock issued and outstanding at March 31, 2025 and December 31, 2024.
Common Stock Holders of our common stock are entitled to dividends at the sole discretion of our Board of Directors. Our total dividends paid on common stock were $116 million and $139 million for the three months ended March 31, 2025 and 2024.
In February 2025, our Board of Directors increased the capacity under our existing share repurchase program by $6.0 billion to an aggregate of $6.3 billion and approved an accelerated share repurchase (ASR) program to repurchase an aggregate amount of $2.0 billion of our common stock. In February 2025, pursuant to the agreements entered into in connection with the ASR (collectively, the ASR Agreements), we advanced the $2.0 billion and received an initial delivery of approximately 33 million shares of our common stock with a value of $1.6 billion, which were immediately retired. The remaining $400 million of the prepayment of the ASR program was treated as an unsettled forward contract and was classified as a reduction to Additional paid-in capital within the condensed consolidated statement of equity at March 31, 2025. The final number of shares received under the ASR program will be based on the average of the daily volume-weighted average prices of our common stock during the term of the ASR Agreements, less a discount pursuant to the terms and conditions of the ASR Agreements, and is expected to occur no later than June 30, 2025.
In the three months ended March 31, 2025 and 2024, in addition to shares received under an ASR program, we repurchased an insignificant amount and 8 million shares of our outstanding common stock for $331 million.
Cruise Common and Preferred Shares In February 2025, we acquired all of the Cruise common shares and Cruise Class F and Class G Preferred Shares held by noncontrolling shareholders for an insignificant amount. We have completed the process
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
of compensating a majority of the former Cruise shareholders. During the three months ended March 31, 2025, the effect on the equity attributable to us for changes in our ownership interest in Cruise was insignificant for Cruise common shares.
During the three months ended March 31, 2025, net income attributable to shareholders and transfers to the noncontrolling interest in Cruise and other subsidiaries were $3.3 billion, which includes a $538 million increase in equity attributable to us, mainly due to the redemption of Cruise preferred shares.
The following table summarizes the significant components of Accumulated other comprehensive loss:
| Three Months Ended | |||||||||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | ||||||||||||||||||||||||||||
| Foreign Currency Translation Adjustments | |||||||||||||||||||||||||||||
| Balance at beginning of period | $ | (3,630) | $ | (2,457) | |||||||||||||||||||||||||
| Other comprehensive income (loss) and noncontrolling interests, net of reclassification adjustment and tax(a)(b)(c) | 148 | (293) | |||||||||||||||||||||||||||
| Balance at end of period | $ | (3,482) | $ | (2,750) | |||||||||||||||||||||||||
| Defined Benefit Plans | |||||||||||||||||||||||||||||
| Balance at beginning of period | $ | (7,669) | $ | (7,665) | |||||||||||||||||||||||||
| Other comprehensive income (loss) and noncontrolling interests before reclassification adjustment, net of tax(a)(c) | (59) | 51 | |||||||||||||||||||||||||||
| Reclassification adjustment, net of tax(c) | 22 | 25 | |||||||||||||||||||||||||||
| Other comprehensive income (loss), net of tax(c) | (37) | 76 | |||||||||||||||||||||||||||
| Balance at end of period(d) | $ | (7,706) | $ | (7,589) | |||||||||||||||||||||||||
(a)The noncontrolling interests were insignificant in the three months ended March 31, 2025 and 2024.
(b)The reclassification adjustment was insignificant in the three months ended March 31, 2025 and 2024.
(c)The income tax effect was insignificant in the three months ended March 31, 2025 and 2024.
(d)Primarily consists of unamortized actuarial loss on our defined benefit plans. Refer to Note 2. Significant Accounting Policies of our 2024 Form 10-K for additional information.
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
Note 18. Earnings Per Share
| Three Months Ended | |||||||||||||||||||||||
| March 31, 2025 | March 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 outstanding | 988 | 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 – basic | 988 | 1,155 | |||||||||||||||||||||
| Dilutive effect of awards under stock incentive plans | 14 | 7 | |||||||||||||||||||||
| Weighted-average common shares outstanding – diluted | 1,002 | 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.
Note 19. Segment Reporting
Our chief operating decision-maker, who is Chair and Chief Executive Officer, analyzes the results of our business through the following reportable segments: GMNA, GMI, Cruise and GM Financial. Our chief operating decision-maker evaluates the operating results and performance of our Automotive segments and Cruise through earnings before interest and income taxes (EBIT)-adjusted, which is presented net of noncontrolling interests. Our chief operating decision-maker evaluates GM Financial through earnings before income taxes-adjusted (EBT-adjusted) because interest income and interest expense are an integral part of its operational and financial performance. These financial metrics are used to view operating trends, perform analytical comparisons and benchmark performance between periods and among geographic regions and to monitor budget-to-actual variances on a monthly basis. To manage operations and make decisions regarding resource allocations, our chief operating decision-maker is regularly provided and reviews expense information at a consolidated, functional level for our global purchasing and supply chain, manufacturing and engineering functions. Warranty and quality metrics are also viewed on a consolidated basis. Currently, a focus is being placed on driving an efficient, consolidated fixed cost structure and managing overall global headcount. Vehicle-level profitability metrics are also reviewed during the planning stage and throughout a program's life cycle on a forecasted basis, and not on an actual basis. Each segment has a manager responsible for executing our strategic initiatives.
Substantially all of the trucks, crossovers, cars and automobile parts produced are marketed through retail dealers in North America and through distributors and dealers outside of North America, the substantial majority of which are independently owned. In addition to the products sold to dealers for consumer retail sales, trucks, crossovers and cars are also sold to fleet customers, including daily rental car companies, commercial fleet customers, leasing companies and governments. Fleet sales are completed through the dealer network and in some cases directly with fleet customers. Retail and fleet customers can obtain a wide range of after-sale vehicle services and products through the dealer network, such as maintenance, light repairs, collision repairs, vehicle accessories and extended service warranties.
GMNA meets the demands of customers in North America and GMI primarily meets the demands of customers outside North America with vehicles developed, manufactured and/or marketed under the Buick, Cadillac, Chevrolet and GMC brands. We
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
also have equity ownership stakes in entities that meet the demands of customers in other countries, primarily China, with vehicles developed, manufactured and/or marketed under the Baojun, Buick, Cadillac, Chevrolet and Wuling brands. Our Cruise business was pursuing the development and commercialization of AV technology until, in December 2024, we announced plans to refocus our autonomous driving strategy on personal vehicles and no longer fund Cruise's robotaxi development work. Cruise activity includes ongoing costs to be incurred related to the wind down of the robotaxi business. We have combined the GM and Cruise ongoing personal autonomous technical efforts in our GMNA Automotive segment. We provide automotive financing services through our GM Financial segment.
Our 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. Corporate assets primarily consist of cash and cash equivalents, marketable debt securities and intersegment balances. All intersegment balances and transactions have been eliminated in consolidation.
The following tables summarize key financial information by segment:
| At and For the Three Months Ended March 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| GMNA | GMI | Corporate | Eliminations | Total Automotive | Cruise | GM Financial | Eliminations/Reclassifications | Total | |||||||||||||||||||||||||||||||||||||||||||||
| Net sales and revenue | $ | 37,388 | $ | 2,427 | $ | 46 | $ | — | $ | 39,860 | $ | 1 | $ | 4,164 | $ | (5) | $ | 44,020 | |||||||||||||||||||||||||||||||||||
| Segment expenses and other items(a) | (34,101) | (2,397) | (306) | — | (36,804) | (274) | (3,479) | 1 | (40,556) | ||||||||||||||||||||||||||||||||||||||||||||
| Adjustments(b) | — | — | 26 | — | 26 | — | — | — | 26 | ||||||||||||||||||||||||||||||||||||||||||||
| Earnings (loss) before interest and taxes-adjusted | $ | 3,286 | $ | 30 | $ | (234) | $ | — | $ | 3,081 | $ | (273) | $ | 685 | $ | (4) | $ | 3,490 | |||||||||||||||||||||||||||||||||||
| Adjustments(b) | (26) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Automotive interest income | 191 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Automotive interest expense | (152) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to noncontrolling interests | 69 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes | 3,572 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax benefit (expense) | (719) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | 2,853 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net loss (income) attributable to noncontrolling interests | (69) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to stockholders | $ | 2,784 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity in net assets of nonconsolidated affiliates | $ | 3,970 | $ | 1,492 | $ | 190 | $ | — | $ | 5,651 | $ | — | $ | 1,226 | $ | — | $ | 6,877 | |||||||||||||||||||||||||||||||||||
| Goodwill and intangibles | $ | 2,508 | $ | 669 | $ | — | $ | — | $ | 3,177 | $ | 1 | $ | 1,342 | $ | — | $ | 4,520 | |||||||||||||||||||||||||||||||||||
| Total assets | $ | 170,812 | $ | 21,428 | $ | 40,355 | $ | (87,565) | $ | 145,030 | $ | 251 | $ | 141,056 | $ | (4,232) | $ | 282,104 | |||||||||||||||||||||||||||||||||||
| 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)(c) | $ | 242 | $ | 49 | $ | — | $ | — | $ | 291 | $ | — | $ | 12 | $ | — | $ | 303 | |||||||||||||||||||||||||||||||||||
(a)Segment expenses and other items for Automotive segments primarily include material and logistics; manufacturing; equity income; selling, general and administrative people-related costs; advertising; information technology; engineering; professional services; and policy, campaign and warranty. GM Financial items primarily consist of GM Financial interest expense; leased vehicle depreciation; people-related costs; provision for loan losses and gains and losses on termination of leased vehicles. Cruise items primarily consist of ongoing costs incurred related to the wind down of Cruise robotaxi activities.
(b)Consists of charges for strategic activities related to the headquarters relocation in Corporate.
(c)Equity earnings related to Ultium Cells Holdings LLC 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 EVs. Refer to Note 7 for additional information.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
| At and For the Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| GMNA | GMI | Corporate | Eliminations | Total Automotive | Cruise | GM Financial | Eliminations/Reclassifications | Total | |||||||||||||||||||||||||||||||||||||||||||||
| Net sales and revenue | $ | 36,099 | $ | 3,082 | $ | 32 | $ | — | $ | 39,212 | $ | 25 | $ | 3,811 | $ | (34) | $ | 43,014 | |||||||||||||||||||||||||||||||||||
| Segment expenses and other items(a) | (32,355) | (3,092) | (277) | — | (35,723) | (468) | (3,075) | 26 | (39,239) | ||||||||||||||||||||||||||||||||||||||||||||
| Adjustments(b) | 96 | — | — | — | 96 | — | — | — | 96 | ||||||||||||||||||||||||||||||||||||||||||||
| Earnings (loss) before interest and taxes-adjusted | $ | 3,840 | $ | (10) | $ | (245) | $ | — | $ | 3,585 | $ | (442) | $ | 737 | $ | (8) | $ | 3,871 | |||||||||||||||||||||||||||||||||||
| Adjustments(b) | (96) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Automotive interest income | 186 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Automotive interest expense | (219) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to noncontrolling interests | (27) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes | 3,715 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax benefit (expense) | (762) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | 2,953 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net loss (income) attributable to noncontrolling interests | 27 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to stockholders | $ | 2,980 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity in net assets of nonconsolidated affiliates | $ | 2,885 | $ | 6,184 | $ | — | $ | — | $ | 9,069 | $ | — | $ | 1,670 | $ | — | $ | 10,740 | |||||||||||||||||||||||||||||||||||
| Goodwill and intangibles | $ | 2,054 | $ | 701 | $ | — | $ | — | $ | 2,755 | $ | 715 | $ | 1,353 | $ | — | $ | 4,823 | |||||||||||||||||||||||||||||||||||
| Total assets | $ | 158,677 | $ | 25,777 | $ | 38,991 | $ | (79,334) | $ | 144,111 | $ | 3,977 | $ | 131,998 | $ | (3,496) | $ | 276,591 | |||||||||||||||||||||||||||||||||||
| 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)(c) | $ | 127 | $ | (108) | $ | — | $ | — | $ | 19 | $ | — | $ | 32 | $ | — | $ | 50 | |||||||||||||||||||||||||||||||||||
(a)Segment expenses and other items for Automotive segments primarily include material and logistics; manufacturing; equity income; selling, general and administrative people-related costs; advertising; information technology; engineering; professional services; and policy, campaign and warranty. GM Financial items primarily consist of GM Financial interest expense; leased vehicle depreciation; people-related costs; provision for loan losses and gains and losses on termination of leased vehicles. Cruise items primarily consist of people-related costs.
(b)Consists of charges for strategic activities related to Buick dealerships in GMNA.
(c)Equity earnings related to Ultium Cells Holdings LLC 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 EVs. Refer to Note 7 for additional information.
GENERAL MOTORS COMPANY AND SUBSIDIARIES
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