General Motors Co

Previous wording

Overview Our vision for the future is a world with zero crashes, zero emissions and zero congestion. We will adapt to customer preferences while executing our growth-focused strategy to invest in EVs, hybrids, AVs, software-enabled services and other new business opportunities. To support strong margins and cash flow during this transition, we are strengthening our market position in profitable internal combustion engine (ICE) vehicles, such as trucks and SUVs. We plan to execute our strategy with a steadfast commitment to good corporate citizenship through more sustainable operations and a leading health and safety culture.

Current wording

Overview Our vision for the future is a world with zero crashes, zero emissions and zero congestion. We will adapt to customer preferences while executing our growth-focused strategy to invest in EVs, hybrids, personal AV technology, software-enabled services and other new business opportunities. To support strong margins and cash flow during this transition, we continue to strengthen our market position in profitable ICE vehicles, such as trucks and SUVs. We plan to execute our strategy with a steadfast commitment to good corporate citizenship through more sustainable operations and a leading health and safety culture.

Previous wording

Our financial performance continues to be driven by the strength of our vehicle portfolio including high margin full-size pickup trucks and SUVs, strong consumer demand for our products and the execution of our core business strategy. We remain focused on reducing fixed costs and maintaining pricing discipline. We are monitoring industry pricing pressures, changing interest rates, inflation, warranty claims and consumer demand trends. We continue to prioritize driving down costs and building scale in our EV portfolio to improve profitability. Cruise has also resumed certain on-road operations with a focused and more capital efficient operating plan.

Current wording

Our financial performance continues to be driven by the strength of our vehicle portfolio including high margin full-size pickup trucks and SUVs, strong consumer demand for our products and the execution of our core business strategy. We remain focused on maintaining an efficient cost structure and pricing discipline. We continue to prioritize driving down costs and building scale in our EV portfolio to improve profitability. In February 2025, we completed the acquisition of the noncontrolling interests in Cruise and are prioritizing the development of ADAS on a path to fully autonomous personal vehicles. We are monitoring industry pricing pressures, changing interest rates, inflation, warranty claims, consumer demand trends, potential changes to the regulatory environment, including with respect to fuel economy standards, GHG emissions regulations, corporate taxes and EV incentives.

Previous wording

For the year ending December 31, 2024, we expect Net income attributable to stockholders of between $10.4 billion and$11.1 billion, EBIT-adjusted of between $14.0 billion and $15.0 billion, EPS-diluted ofbetween $9.14 and $9.64 and EPS-diluted-adjusted of between $10.00 and $10.50. Refer to the "Non-GAAP Measures" section of this MD&A for additional information.

Current wording

For the year ending December 31, 2025, we expect Net income attributable to stockholders of between $8.2 billion and $10.1 billion, EBIT-adjusted of between $10.0 billion and $12.5 billion, EPS-diluted of between $8.82 and $10.57 and EPS-diluted-adjusted of between $8.25 and $10.00. Refer to the "Non-GAAP Measures" section of this MD&A for additional information.

Previous wording

The following table reconciles expected Net income attributable to stockholders under U.S. GAAP to expected EBIT-adjusted (dollars in billions):

Current wording

The following table reconciles expected Net income attributable to stockholders to expected EBIT-adjusted (dollars in billions):

Previous wording

(a)Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted within the MD&A for adjustment details. These expected financial results do not include the potential impact of future adjustments related to special items.

Current wording

(a)Refer to the reconciliation of Net income (loss) attributable to stockholders to EBIT-adjusted within the MD&A for adjustment details. These expected financial results do not include the potential impact of future adjustments related to special items.

Previous wording

The following table reconciles expected EPS-diluted under U.S. GAAP to expected EPS-diluted-adjusted:

Current wording

The following table reconciles expected EPS-diluted to expected EPS-diluted-adjusted:

Previous wording

(a)Refer to the reconciliation of diluted earnings per common share under U.S. GAAP to EPS-diluted-adjusted within the MD&A for adjustment details. These expected financial results do not include the potential impact of future adjustments related to special items.

Current wording

(a)Refer to the reconciliation of diluted earnings per common share to EPS-diluted-adjusted within the MD&A for adjustment details. These expected financial results do not include the potential impact of future adjustments related to special items.

Previous wording

GMNA Industry sales in North America were 14.9 million units in the nine months ended September 30, 2024, representing an increase of 1.9% compared to the corresponding period in 2023. U.S. industry sales were 12.0 million units in the nine months ended September 30, 2024, representing an increase of 0.3% compared to the corresponding period in 2023.

Current wording

GMNA Industry sales in North America were 5.0 million units in the three months ended March 31, 2025, representing an increase of 4.7% compared to the corresponding period in 2024. U.S. industry sales were 4.0 million units in the three months ended March 31, 2025, representing an increase of 4.6% compared to the corresponding period in 2024.

Previous wording

Our total vehicle sales in the U.S., our largest market in North America, were 1.9 million units for market share of 16.2% in the nine months ended September 30, 2024, representing a decrease of 0.2 percentage points compared to the corresponding period in 2023.

Current wording

Our total vehicle sales in the U.S., our largest market in North America, were 0.7 million units for market share of 17.2% in the three months ended March 31, 2025, representing an increase of 1.8 percentage points compared to the corresponding period in 2024.

Previous wording

Outside of China, industry sales were 19.0 million units in the nine months ended September 30, 2024, representing a decrease of 0.3% compared to the corresponding period in 2023. Our total vehicle sales outside of China were 0.7 million units for market share of 3.6% in the nine months ended September 30, 2024, representing a decrease of 0.3 percentage points compared to the corresponding period in 2023.

Current wording

Outside of China, industry sales were 6.5 million units in the three months ended March 31, 2025, representing an increase of 3.6% compared to the corresponding period in 2024. Our total vehicle sales outside of China were 0.2 million units for market share of 2.9% in the three months ended March 31, 2025, representing a decrease of 0.3 percentage points compared to the corresponding period in 2024.

Previous wording

We present both wholesale and total vehicle sales data to assist in the analysis of our revenue and market share. Wholesale vehicle sales data consists of sales to GM's dealers and distributors as well as sales to the U.S. government and excludes vehicles sold by our joint ventures. Wholesale vehicle sales data correlates to our revenue recognized from the sale of vehicles, which is the largest component of Automotive net sales and revenue. In the nine months ended September 30, 2024, 27.0% of our wholesale vehicle sales volume was generated outside the U.S. The following table summarizes wholesale vehicle sales by automotive segment (vehicles in thousands):

Current wording

We present both wholesale and total vehicle sales data to assist in the analysis of our revenue and market share. Wholesale vehicle sales data consists of sales to GM's dealers and distributors as well as sales to the U.S. government, and excludes vehicles sold by our joint ventures. Wholesale vehicle sales data correlates to our revenue recognized from the sale of vehicles, which is the largest component of Automotive net sales and revenue. In the three months ended March 31, 2025, 24.5% of our wholesale vehicle sales volume was generated outside the U.S. The following table summarizes wholesale vehicle sales by our Automotive segments (vehicles in thousands):

Previous wording

Total vehicle sales data represents: (1) retail sales (i.e., sales to consumers who purchase new vehicles from dealers or distributors); (2) fleet sales (i.e., sales to large and small businesses, governments and daily rental car companies); and (3) certain vehicles used by dealers in their business. Total vehicle sales data includes all sales by joint ventures on a total vehicle basis, not based on our percentage ownership interest in the joint venture. Certain joint venture agreements in China allow for the contractual right to report vehicle sales of non-GM trademarked vehicles by those joint ventures, which are included in the total vehicle sales we report for China. While total vehicle sales data does not correlate directly to the revenue we recognize during a particular period, we believe it is indicative of the underlying demand for our vehicles. Total vehicle sales data represents management's good faith estimate based on sales reported by our dealers, distributors and joint ventures; commercially available data sources such as registration and insurance data; and internal estimates and forecasts when other data is not available.

Current wording

Total vehicle sales data represents: (1) retail sales (i.e., sales to consumers who purchase new vehicles from dealers or distributors); (2) fleet sales (i.e., sales to large and small businesses, governments and daily rental car companies); and (3) sales of courtesy transportation vehicles (i.e., vehicles previously used by dealers that were sold to the end consumer). Total vehicle sales data includes all sales by joint ventures on a total vehicle basis, not based on our percentage ownership interest in the joint venture. Certain joint venture agreements in China allow for the contractual right to report vehicle sales of non-GM trademarked vehicles by those joint ventures, which are included in the total vehicle sales we report for China. While total vehicle sales data does not correlate directly to the revenue we recognize during a particular period, we believe it is indicative of the underlying demand for our vehicles. Total vehicle sales data represents management's good faith estimate based on sales reported by our dealers, distributors and joint ventures; commercially available data sources such as registration and insurance data; and internal estimates and forecasts when other data is not available.

Previous wording

(b)Cuba, Iran, North Korea, Sudan and Syria are subject to broad economic sanctions. Accordingly, these countries are excluded from industry sales data and corresponding calculation of market share.

Current wording

(b)Cuba, Iran, North Korea, Syria and certain regions of Ukraine are subject to broad economic sanctions. Accordingly, these countries are excluded from industry sales data and corresponding calculation of market share.

Previous wording

GM Financial We believe that offering a comprehensive suite of financing products will generate incremental sales of our vehicles, drive incremental GM Financial earnings and help support our sales throughout various economic cycles. GM Financial's penetration of our retail sales in the U.S. was 39% in the nine months ended September 30, 2024 and 43% in the corresponding period in 2023. Penetration levels vary depending on incentive financing programs available and competing third-party financing products in the market. GM Financial's prime loan originations as a percentage of total loan originations in North America decreased to 80% in the nine months ended September 30, 2024 from 82% in the corresponding period in 2023. In the nine months ended September 30, 2024, GM Financial's revenue consisted of leased vehicle income of 46%, retail finance charge income of 40% and commercial finance charge income of 8%.

Current wording

GM Financial We believe that offering a comprehensive suite of financing products will generate incremental sales of our vehicles, drive incremental GM Financial earnings and help support our sales throughout various economic cycles. GM Financial's penetration of our retail sales in the U.S. was 36% in the three months ended March 31, 2025 and 40% in the corresponding period in 2024. Penetration levels vary depending on incentive financing programs available and competing third-party financing products in the market. GM Financial's prime loan originations as a percentage of total loan originations in North America increased to 81% in the three months ended March 31, 2025 from 79% in the corresponding period in 2024. In the three months ended March 31, 2025, GM Financial's revenue consisted of leased vehicle income of 46%, retail finance charge income of 41% and commercial finance charge income of 8%.

Previous wording

GM Financial's leasing program is exposed to residual values, which are heavily dependent on used vehicle prices. Gains on terminations of leased vehicles of $0.2 billion and $0.6 billion were included in GM Financial interest, operating and other expenses for the three and nine months ended September 30, 2024, compared to gains of $0.2 billion and $0.7 billion in the corresponding periods in 2023. The following table summarizes the estimated residual value based on GM Financial's most recent estimates and the number of units included in GM Financial Equipment on operating leases, net by vehicle type (units in thousands):

Current wording

GM Financial's leasing program is exposed to residual values, which are heavily dependent on used vehicle prices. Gains on terminations of leased vehicles of $0.2 billion were included in GM Financial interest, operating and other expenses for the three months ended March 31, 2025 and 2024. The following table summarizes the estimated residual value based on GM Financial's most recent estimates and the number of units included in GM Financial Equipment on operating leases, net by vehicle type (units in thousands):

Previous wording

In the three months ended September 30, 2024, decreased Cost was primarily due to: (1) decreased inventory adjustments of $0.6 billion, primarily EV-related, to reflect the net realizable value at period end; (2) decreased engineering costs of $0.3 billion, driven primarily by lower AV engineering costs; and (3) increased equity earnings related to Ultium Cells Holdings LLC of $0.2 billion; partially offset by (4) increased campaigns and other warranty-related costs of $0.7 billion; and (5) increased manufacturing costs of $0.2 billion. In the three months ended September 30, 2024, favorable Other was primarily due to net foreign currency changes in the Brazilian real and other currencies.

Current wording

In the three months ended March 31, 2025, increased Cost was primarily due to: (1) increased manufacturing costs of $0.4 billion; (2) increased material and freight costs of $0.2 billion; and (3) increased warranty-related costs of $0.2 billion; partially offset by (4) decreased engineering costs of $0.2 billion, driven primarily by the wind down of Cruise robotaxi operations. In the three months ended March 31, 2025, favorable Other was primarily due to net foreign currency changes in the Mexican peso, Brazilian real and other currencies.

Previous wording

In the three months ended September 30, 2024, Interest income and other non-operating income, netdecreased primarily due to several insignificant items.

Current wording

In the three months ended March 31, 2025, Automotive and other selling, general and administrative expense decreased primarily due to several insignificant items.

Previous wording

For the three and nine months ended September 30, 2024, our effective tax rate-adjusted (ETR-adjusted) was 19.5% and 20.4%. We expect our adjusted effective tax rate to be between 19% and 20%for the year ending December 31, 2024.

Current wording

For the three months ended March 31, 2025, our effective tax rate-adjusted (ETR-adjusted) was 20.1%.

Previous wording

GMNA Total Net Sales and Revenue In the three months ended September 30, 2024, Total net sales and revenue increased primarily due to: (1) increased net wholesale volumes due to increased sales of full-size pickup trucks, mid-size pickup trucks and other vehicles; (2) favorable Mix due to increased sales of full-size SUVs, full-size pickup trucks and decreased sales of passenger cars; and (3) favorable Price as a result of stable dealer inventory levels and strong demand for our products; partially offset by (4) unfavorable Other due to net foreign currency changes primarily in the Mexican peso.

Current wording

GMNA Total Net Sales and Revenue In the three months ended March 31, 2025, Total net sales and revenue increased primarily due to: (1) increased net wholesale volumes due to increased sales of crossover vehicles, including EVs, mid-size pickup trucks and vans, and full-size SUVs, partially offset by decreased sales of full-size pickup trucks, due to lower planned production for product upgrades, and cars; and (2) favorable Price as a result of stable dealer inventory levels and strong demand for our products; partially offset by (3) unfavorable Mix associated with increased sales of crossover vehicles, including EVs, and decreased sales of full-size pickup trucks, partially offset by increased sales of full-size SUVs and decreased sales of cars; and (4) unfavorable Other due to net foreign currency changes primarily in the Mexican peso.

Previous wording

GMNA EBIT-Adjusted In the three months ended September 30, 2024, EBIT-adjusted increased primarily due to: (1) increased net wholesale volumes; and (2) favorable Price; partially offset by (3) unfavorable Cost primarily due to increased campaigns and other warranty-related costs of $0.7 billion and increased manufacturing, engineering, advertising, selling and administrative costs of $0.7 billion, partially offset by decreased inventory adjustments of $0.5 billion, primarily EV-related, to reflect the net realizable value at period end and increased equity earnings related to Ultium Cells Holdings LLC of $0.2 billion; and (4) unfavorable Mix due to increased sales of EVs.

Current wording

GMNA EBIT-Adjusted In the three months ended March 31, 2025, EBIT-adjusted decreased primarily due to: (1) unfavorable Mix; (2) unfavorable Cost primarily due to increased manufacturing costs of $0.4 billion, increased warranty-related costs of $0.2 billion and increased material and freight costs of $0.2 billion; and (3) unfavorable Other due to net foreign currency changes primarily in the Mexican peso; partially offset by (4) favorable Price; and (5) increased net wholesale volumes.

Previous wording

The vehicle sales of our Automotive China JVs are not recorded in Total net sales and revenue. The results of our joint ventures are recorded in Equity income (loss), which is included in EBIT-adjusted above.

Current wording

The vehicle sales of our Automotive China JVs are not recorded in Total net sales and revenue. The results of our joint ventures are recorded in Equity income (loss), which is included in EBIT (loss)-adjusted above.

Previous wording

GMI Total Net Sales and Revenue In the three months ended September 30, 2024, Total net sales and revenue decreased primarily due to: (1) decreased net wholesale volumes in South America and in Asia/Pacific primarily due to decreased sales of passenger cars and crossover vehicles; and (2) unfavorable Other primarily due to decreased components sales and the net foreign currency change in the Brazilian real and Egyptian pound; partially offset by (3) favorable pricing across multiple vehicle lines in Brazil, Argentina and Egypt; and (4) favorable Mix primarily in Brazil.

Current wording

GMI Total Net Sales and Revenue In the three months ended March 31, 2025, Total net sales and revenue decreased primarily due to: (1) decreased net wholesale volumes in Brazil and in the Middle East primarily due to decreased passenger cars, crossover vehicles and trucks, partially offset by increased volumes in Argentina primarily due to increased sales of crossover vehicles; and (2) unfavorable Other primarily due to the net foreign currency change in the Brazilian real, Argentine peso and Egyptian pound; partially offset by (3) favorable Price across multiple vehicle lines in Argentina.

Previous wording

(a)Primarily reclassified to Interest income and other non-operating income, net in our condensed consolidated income statements in the three and nine months ended September 30, 2024 and 2023.

Current wording

(a)Primarily reclassified to Interest income and other non-operating income, net in our condensed consolidated income statements in the three months ended March 31, 2024.

Previous wording

In the nine months ended September 30, 2024, total revenue increased primarily due to: (1) increased finance charge income of $1.1 billion primarily due to an increase in the effective yield resulting from higher average interest rates on new loans and growth in the size of the portfolio; and (2) increased investment income of $0.1 billion primarily due to an increase in the average investment balance.

Current wording

GM Financial Revenue In the three months ended March 31, 2025, total revenue increased primarily due to: (1) increased finance charge income of $0.2 billion primarily due to growth in the size of the portfolio and an increase in the retail effective yield resulting from higher average interest rates on new loan originations; and (2) increased leased vehicle income of $0.1 billion primarily due to an increase in the average balance of the leased vehicles portfolio.

Previous wording

In the nine months ended September 30, 2024, EBT-adjusted decreased primarily due to: (1) increased interest expense of $1.1 billion primarily due to an increased effective rate of interest on debt, resulting from higher benchmark interest rates on new issuances relative to maturing debt, as well as an increase in average debt outstanding; and (2) increased provision for loan losses of $0.1 billion primarily due to moderating credit performance and recovery rates; partially offset by (3) increased finance charge income of $1.1 billion primarily due to an increase in the effective yield resulting from higher average interest rates on new loans and growth in the size of the portfolio; and (4) increased investment income of $0.1 billion primarily due to an increase in the average investment balance.

Current wording

GM Financial EBT-Adjusted In the three months ended March 31, 2025, EBT-adjusted decreased primarily due to: (1) increased interest expense of $0.2 billion primarily due to an increase in average debt outstanding, as well as an increase in the effective rate of interest on debt, resulting from higher benchmark interest rates on new issuances relative to maturing debt; (2) increased provision for loan losses of $0.1 billion primarily due to increased loan origination volume and moderating credit performance; partially offset by (3) increased finance charge income of $0.2 billion primarily due to growth in the size of the portfolio and an increase in the retail effective yield resulting from higher average interest rates on new loan originations; and (4) increased leased vehicle income of $0.1 billion primarily due to an increase in the average balance of the leased vehicles portfolio.

Previous wording

Liquidity and Capital Resources We believe our current levels of cash, cash equivalents, marketable debt securities, available borrowing capacity under our credit facilities and other liquidity actions currently available to us are sufficient to meet our liquidity requirements. We also maintain access to the capital markets and may issue debt or equity securities, which may provide an additional source of liquidity. We have substantial cash requirements going forward, which we plan to fund through our total available liquidity, cash flows from operating activities and additional liquidity measures, if determined to be necessary.

Current wording

Liquidity and Capital Resources We believe our current levels of cash, cash equivalents, marketable debt securities, available borrowing capacity under our credit facilities and other available liquidity actions are sufficient to meet our liquidity requirements in the short- and long-term. We also maintain access to the capital markets and may issue debt or equity securities, which may provide an additional source of liquidity. We have substantial cash requirements going forward, which we plan to fund through our total available liquidity, cash flows from operating activities and additional liquidity measures, if determined to be necessary.

Previous wording

Our known current material uses of cash include, among other possible demands:(1) capital spending and our investments in our battery cell manufacturing joint ventures of approximately$10.5 billion to $11.5 billion in 2024; (2) payments for engineering and product development activities, including investing in the development and commercialization of AV technology by Cruise; (3) payments associated with previously announced vehicle recalls and any other recall-related contingencies; (4) payments to service debt and other long-term obligations, including discretionary and mandatory contributions to our pension plans; (5) dividend payments on our common stock that are declared by our Board of Directors; (6) payments to purchase shares of our common stock authorized by our Board of Directors; and (7) payments of emissions-related compliance costs. Our material future uses of cash, which may vary from time to time based on market conditions and other factors, are focused on the three objectives of our capital allocation program: (1) grow our business at an average target return on invested capital-adjusted (ROIC-adjusted) rate of 20% or greater; (2) maintain a strong investment-grade balance sheet, including a target average automotive cash balance of $18.0 billion; and (3) after the first two objectives are met, return available cash to shareholders. Our senior management evaluates our capital allocation program on an ongoing basis and recommends any modifications to the program to our Board of Directors not less than once annually.

Current wording

Our known current material uses of cash include, among other possible demands:(1) capital spending and our investments in our battery cell manufacturing joint ventures; (2) payments for engineering and product development activities, including the development of AV technology and software-enabled services; (3) payments associated with previously announced warranty claims, vehicle recalls and any other recall-related contingencies; (4) payments to service debt and other long-term obligations, including discretionary and mandatory contributions to our pension plans; (5) dividend payments on our common stock that are declared by our Board of Directors; (6) payments to purchase shares of our common stock authorized by our Board of Directors; and (7) payments of emissions-related regulatory compliance costs. Our material future uses of cash, which may vary from time to time based on market conditions and other factors, are focused on the three objectives of our capital allocation program: (1) grow our business at an average target return on invested capital-adjusted (ROIC-adjusted) rate of 20% or greater; (2) maintain a strong investment-grade balance sheet, including a target average automotive cash balance of $18.0 billion; and (3) after the first two objectives are met, return available cash to shareholders. Our senior management evaluates our capital allocation program on an ongoing basis and recommends any modifications to the program to our Board of Directors not less than once annually.

Previous wording

We continue to monitor and evaluate opportunities to strengthen our competitive position over the long term while maintaining a strong investment-grade balance sheet. These actions may include opportunistic payments to reduce our long-term obligations, as well as the possibility of acquisitions, dispositions and investments with joint venture partners, as well as strategic alliances that we believe would generate significant advantages and substantially strengthen our business. To support our transition to EVs, we anticipate making investments in suppliers or providing funding towards the execution of strategic, multi-year supply agreements to secure critical materials. In addition, we have entered, and plan to continue to enter, into offtake agreements that generally obligate us to purchase defined quantities of output. These arrangements could have a short-term adverse impact on our cash and increase our inventory.

Current wording

We continue to monitor and evaluate opportunities to strengthen our competitive position over the long term while maintaining a strong investment-grade balance sheet. These actions may include opportunistic payments to reduce our long-term obligations, and the possibility of acquisitions, dispositions and investments with joint venture partners, as well as strategic alliances that we believe would generate significant advantages and substantially strengthen our business. To support our transition to EVs, we anticipate making investments in suppliers or providing funding towards the execution of strategic, multi-year supply agreements to secure critical materials. In addition, we have entered, and plan to continue to enter, into offtake agreements that generally obligate us to purchase defined quantities of output. These arrangements could have a short-term adverse impact on our cash and increase our inventory.

Previous wording

In November 2023, our Board of Directors increased the capacity under our previously announced share repurchase program by $10.0 billion to an aggregate of $11.4 billion and approved a $10.0 billion ASR program. In December 2023, pursuant to the agreements entered into in connection with the ASR, we advanced $10.0 billion and received approximately 215 million shares of common stock with a value of $6.8 billion, which were immediately retired. In March 2024, upon the first settlement of the transactions contemplated under the ASR Agreements, we received approximately 4 million additional shares, which were immediately retired. The final number of shares ultimately to be purchased 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 and subject to adjustments pursuant to the terms and conditions of the ASR Agreements. Upon final settlement, we may receive additional shares of common stock, or, under certain circumstances, we may be required to deliver shares of common stock or to make a cash payment, at our election. The final settlement of the transactions contemplated under the ASR Agreements is expected to occur in the three months ending December 31, 2024.

Current wording

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 ASR program to repurchase an aggregate amount of $2.0 billion of our common stock. In February 2025, pursuant to 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 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.

Previous wording

In the nine months ended September 30, 2024, in addition to shares received under the ASR program, we purchased approximately 53 million shares of our outstanding common stock for $2.4 billion, including an insignificant amount related to purchases initiated in September 2024 that settled in October 2024. We have $5.0 billionin capacity remaining under our share repurchase program as of September 30, 2024, with no expiration date.

Current wording

In the three months ended March 31, 2025, in addition to shares received under the ASR program, we repurchased an insignificant amount of our outstanding common stock. We have $4.3 billion in capacity remaining under our share repurchase program as of March 31, 2025, with no expiration date.

Previous wording

In the nine months ended September 30, 2024, we paid dividends of$0.4 billion to holders of our common stock.

Current wording

In the three months ended March 31, 2025, we paid dividends of $0.1 billion to holders of our common stock. In February 2025, our Board of Directors approved an increase in the quarterly common stock dividend of $0.03 to $0.15 per share beginning with the quarterly dividend declaredin April 2025.

Previous wording

In March 2024, we renewed our 364-day, $2.0 billion revolving credit facility allocated for the exclusive use of GM Financial, which now matures March 27, 2025. Interest rates on obligations under the renewed credit facility are based on Term SOFR.

Current wording

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.

Previous wording

We use credit facilities as a mechanism to provide additional flexibility in managing our global liquidity. Our Automotive borrowing capacity under credit facilities totaled $14.1 billion at September 30, 2024, which consisted of two credit facilities, and $17.1 billion at December 31, 2023, which consisted ofthree credit facilities. Total Automotive borrowing capacity under our credit facilities does not include our 364-day, $2.0 billion facility allocated for exclusive use of GM Financial. We did not haveany borrowings against our primary facilities, but had letters of credit outstanding under our sub-facility of $0.5 billion and $0.7 billion at September 30, 2024 and December 31, 2023.

Current wording

We use credit facilities as a mechanism to provide additional flexibility in managing our global liquidity. Our Automotive borrowing capacity under credit facilities totaled$14.4 billion and $14.3 billion at March 31, 2025 and December 31, 2024, which consisted primarily oftwo credit facilities. Total Automotive borrowing capacity under our credit facilities does not include our 364-day, $2.0 billion facility allocated for exclusive use of GM Financial. Wedid not haveany borrowings against our primary facilities, but had letters of credit outstanding under our sub-facility of$0.6 billionand $0.5 billion at March 31, 2025 and December 31, 2024.

Previous wording

If available capacity permits, GM Financial continues to have access to our automotive credit facilities. GM Financial did nothave borrowings outstanding against any of these facilities at September 30, 2024 and December 31, 2023. We had intercompany loans from GM Financial of $0.2 billion at September 30, 2024 and December 31, 2023, which primarily consisted of commercial loans to dealers we consolidate. We did nothave intercompany loans to GM Financial at September 30, 2024 and December 31, 2023. Refer to Note 4 to our condensed consolidated financial statements for additional information.

Current wording

If available capacity permits, GM Financial continues to have access to our automotive credit facilities. GM Financialdid not have borrowings outstanding against any of these facilities at March 31, 2025 and December 31, 2024. We had intercompany loans from GM Financial of $0.3 billion at March 31, 2025 and December 31, 2024, which primarily consisted of commercial loans to dealers we consolidate. Wedid not have intercompany loans to GM Financial at March 31, 2025 and December 31, 2024. Refer to Note 4 to our condensed consolidated financial statements for additional information.

Previous wording

Several of our loan facilities, including our revolving credit facilities, require compliance with certain financial and operational covenants as well as regular reporting to lenders. We have reviewed our covenants in effect as of September 30, 2024 and determined we are in compliance and expect to remain in compliance in the future.

Current wording

Several of our loan facilities, including our revolving credit facilities, require compliance with certain financial and operational covenants as well as regular reporting to lenders. We have reviewed our covenants in effect as of March 31, 2025 and determined we arein compliance and expect to remain in compliance in the future.

Previous wording

GM Financial's Board of Directors declared and paid dividends of $1.4 billion on its common stock in the nine months ended September 30, 2024. Future dividends from GM Financial will depend on several factors including business and economic conditions, its financial condition, earnings, liquidity requirements and leverage ratio.

Current wording

GM Financial's Board of Directors declared and paid dividends of$0.4 billion on its common stock in the three months ended March 31, 2025. Future dividends from GM Financial will depend on several factors including business and economic conditions, its financial condition, earnings, liquidity requirements and leverage ratio.

Previous wording

(a)We had letters of credit outstanding under our sub-facility of $0.5 billion and $0.7 billion at September 30, 2024 and December 31, 2023.

Current wording

(a)We had letters of credit outstanding under our sub-facility of$0.6 billion and $0.5 billion at March 31, 2025 and December 31, 2024.

Previous wording

(a)Includes $1.4 billion in dividends received from GM Financial in the nine months ended September 30, 2024 and 2023; partially offset by changes in other assets and liabilities in thenine months ended September 30, 2024 and 2023.

Current wording

(a)Includes $0.8 billion in dividends received from our nonconsolidated affiliates in the three months ended March 31, 2025; $0.4 billion and $0.5 billion in dividends received from GM Financial in the three months ended March 31, 2025 and 2024; and changes in other assets and liabilities in the three months ended March 31, 2025 and 2024.

Previous wording

(b)Includes $6.7 billion and $2.4 billion in the nine months ended September 30, 2024 and 2023, which are eliminated within the condensed consolidated statements of cash flows. Amounts eliminated primarily relate to purchases of, and collections on, wholesale finance receivables provided by GM Financial to our dealers and dividends issued by GM Financial to us.

Current wording

(b)Includes $2.3 billion and $1.3 billion in the three months ended March 31, 2025 and 2024, which are eliminated within the condensed consolidated statements of cash flows. Amounts eliminated primarily relate to purchases of, and collections on, wholesale finance receivables provided by GM Financial to our dealers and dividends issued by GM Financial to us.

Previous wording

(a)Includes $2.4 billion and $1.1 billion for payments to purchase common stock in the nine months ended September 30, 2024 and 2023; and $0.4 billion for dividends paid in the nine months ended September 30, 2024 and 2023.

Current wording

(a)Includes $2.0 billion in payments related to the ASR in the three months ended March 31, 2025 and $0.3 billion for payments to purchase common stock in the three months ended March 31, 2024; and $0.1 billion for dividends paid in the three months ended March 31, 2025 and 2024.