General Motors Files 2024 10-K

TL;DR

GM's 2024 10-K is in! Full financials for auto & finance arms out now.

AI Summary

General Motors Co. filed its 2024 10-K on January 28, 2025, reporting on its fiscal year ending December 31, 2024. The filing covers the company's financial performance and operations, including its automotive and GM Financial segments. Key financial data and operational metrics for the fiscal years 2022, 2023, and 2024 are detailed within the report.

Why It Matters

This 10-K filing provides investors and analysts with a comprehensive overview of General Motors' financial health and strategic positioning for the 2024 fiscal year, crucial for understanding the company's performance and future outlook.

Risk Assessment

Risk Level: medium — This is a standard annual financial filing providing historical data and forward-looking statements, typical for a large public company.

Key Numbers

• 2024 — Fiscal Year (Reporting period for the 10-K)
• 2023 — Fiscal Year (Comparative reporting period)
• 2022 — Fiscal Year (Comparative reporting period)

Key Players & Entities

• General Motors Co. (company) — Filer of the 10-K
• 2024-12-31 (date) — Fiscal year end
• 2025-01-28 (date) — Filing date
• 300 RENAISSANCE CENTER (address) — Company headquarters
• DETROIT (location) — Company headquarters city
• MI (location) — Company headquarters state
• 48265-3000 (zip_code) — Company headquarters zip code
• 313.667.1500 (phone_number) — Company business phone

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value GM New York Stock Exchange
• $112,500 — agreement with the CPUC that imposed a $112,500 fine on Cruise and various reporting ob
• $1.5 million — ecuted a Consent Order, which imposed a $1.5 million fine on Cruise and requires enhanced re
• $500,000 m — e report to a federal agency and paid a $500,000 monetary penalty. The government will not
• $9.2 b — Research and development expenses were $9.2 billion, $9.9 billion and $9.8 billion in
• $9.9 billion — development expenses were $9.2 billion, $9.9 billion and $9.8 billion in the years ended Dec
• $9.8 billion — ses were $9.2 billion, $9.9 billion and $9.8 billion in the years ended December 31, 2024, 2

Filing Documents

• gm-20241231.htm (10-K) — 4056KB
• ex-41x12312024.htm (EX-4.1) — 24KB
• ex-21xsignificantsubsidiar.htm (EX-21) — 87KB
• ex-23x12312024.htm (EX-23) — 5KB
• ex-24x12312024.htm (EX-24) — 105KB
• ex-311x12312024.htm (EX-31.1) — 9KB
• ex-312x12312024.htm (EX-31.2) — 9KB
• ex-32x12312024.htm (EX-32) — 7KB
• gm-20241231_g1.jpg (GRAPHIC) — 12KB
• gm-20241231_g2.jpg (GRAPHIC) — 84KB
• gm-20241231_g3.jpg (GRAPHIC) — 113KB
• 0001467858-25-000032.txt ( ) — 22612KB
• gm-20241231.xsd (EX-101.SCH) — 111KB
• gm-20241231_cal.xml (EX-101.CAL) — 152KB
• gm-20241231_def.xml (EX-101.DEF) — 740KB
• gm-20241231_lab.xml (EX-101.LAB) — 1367KB
• gm-20241231_pre.xml (EX-101.PRE) — 1016KB
• gm-20241231_htm.xml (XML) — 4772KB

Risk Factors 11

Item 1A. Risk Factors 11

Unresolved Staff Comments 22

Item 1B. Unresolved Staff Comments 22

Cybersecurity 22

Item 1C. Cybersecurity 22

Properties 23

Item 2. Properties 23

Legal Proceedings 24

Item 3. Legal Proceedings 24

Mine Safety Disclosures 24

Item 4. Mine Safety Disclosures 24 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 24

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 24

[Reserved] 26

Item 6. [Reserved] 26

Management's Discussion and Analysis of Financial Condition and Results of Operations 26

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 26

Quantitative and Qualitative Disclosures About Market Risk 47

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 47

Financial Statements and Supplementary Data 54

Item 8. Financial Statements and Supplementary Data 54 Consolidated Income Statements 54 Consolidated Statements of Comprehensive Income 54 Consolidated Balance Sheets 55 Consolidated Statements of Cash Flows 56 Consolidated Statements of Equity 57

Notes to Consolidated Financial Statements 58

Notes to Consolidated Financial Statements 58 Note 1. Nature of Operations and Basis of Presentation 58 Note 2. Significant Accounting Policies 58 Note 3. Revenue 65 Note 4. Marketable and Other Securities 67 Note 5. GM Financial Receivables and Transactions 68 Note 6. Inventories 71 Note 7. Operating Leases 71 Note 8. Equity in Net Assets of Nonconsolidated Affiliates 72 Note 9. Property 75 Note 10. Goodwill and Intangible Assets 75 Note 11. Variable Interest Entities 76 Note 12. Accrued and Other Liabilities 77 Note 13. Debt 78 Note 14. Derivative Financial Instruments 80 Note 15. Pensions and Other Postretirement Benefits 81 Note 16. Commitments and Contingencies 87 Note 17. Income Taxes 92 Note 18. Restructuring and Other Initiatives 94 Note 19. Interest Income and Other Non-Operating Income 95 Note 20. Stockholders' Equity and Noncontrolling Interests 95 Note 21. Earnings Per Share 98 Note 22. Stock Incentive Plans 98 Note 23. Segment Reporting 100 Note 24. Supplemental Information for the Consolidated Statements of Cash Flows 104 Page

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 105

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 105

Controls and Procedures 105

Item 9A. Controls and Procedures 105

Other Information 106

Item 9B. Other Information 106

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 106

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 106 PART III

Directors, Executive Officers and Corporate Governance 106

Item 10. Directors, Executive Officers and Corporate Governance 106

Executive Compensation 106

Item 11. Executive Compensation 106

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 106

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 106

Certain Relationships and Related Transactions, and Director Independence 106

Item 13. Certain Relationships and Related Transactions, and Director Independence 106

Principal Accountant Fees and Services 106

Item 14. Principal Accountant Fees and Services 106 PART IV

Exhibit and Financial Statement Schedules 107

Item 15. Exhibit and Financial Statement Schedules 107

Form 10-K Summary 110

Item 16. Form 10-K Summary 110 Signatures 111 Table of Contents GENERAL MOTORS COMPANY AND SUBSIDIARIES PART I

Business

Item 1. Business General Motors Company (sometimes referred to as we, our, us, ourselves, the Company, General Motors or GM) was incorporated as a Delaware corporation in 2009. We design, build and sell trucks, crossovers, cars and automobile parts and provide software-enabled services and subscriptions worldwide. Our automotive operations meet the demands of our customers through our automotive segments: GM North America (GMNA) and GM International (GMI) with vehicles developed, manufactured and/or marketed under the Buick, Cadillac, Chevrolet and GMC brands. We also have equity ownership stakes in entities that meet the demands of customers in other countries, primarily in China, with vehicles developed, manufactured and/or marketed under the Baojun, Buick, Cadillac, Chevrolet and Wuling brands. Cruise is our global segment responsible for the development of autonomous vehicle (AV) technology. We provide automotive financing services through our General Motors Financial Company, Inc. (GM Financial) segment. Refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) and Note 23 to our consolidated financial statements for financial information about our segments. 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. Forward-looking statements in this Business section are not guarantees of future performance and may involve risks and uncertainties that could cause actual results to differ materially from those projected. Refer to Item 1A. Risk Factors and the "Forward-Looking Statements" section of Part II, Item 7. MD&A for a discussion of these risks and uncertainties. Our vision for the future is a world with zero crashes, zero emissions and zero congestion, which guides our growth-focused strategy to invest in electric vehicles (EVs) and AVs, software-enabled services and subscriptions and

View Full Filing

View this 10-K filing on SEC EDGAR