General Motors Co

Previous wording

Forward-looking statements in this MD&A 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 the "Forward-Looking Statements" section of this MD&A and Part I, Item 1A. Risk Factors of our 2024 Form 10-K for a discussion of these risks and uncertainties. Except for per share amounts or as otherwise specified, dollar amounts presented within tables are stated in millions. Certain columns and rows may not add due to rounding.

Current wording

Forward-looking statements in this MD&A 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 the "Forward-Looking Statements" section of this MD&A, Part I, Item 1A. Risk Factors of our 2024 Form 10-K and Part II, Item 1A. Risk Factors for a discussion of these risks and uncertainties. Except for per share amounts or as otherwise specified, dollar amounts presented within tables are stated in millions. Certain columns and rows may not add due to rounding.

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 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.

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, changes to the regulatory environment, including with respect to fuel economy standards, GHG emissions regulations, corporate taxes and EV incentives.

Previous wording

In the first quarter of 2025, the U.S. Government announced new tariffs, inclusive of vehicles and parts imported into the U.S. The tariff environment remains highly dynamic and the specific tariffs applicable to goods imported by GM and its suppliers into the U.S., including under the U.S.-Mexico-Canada Agreement, continue to evolve, as do import tariffs charged by other countries. Based on the current tariff environment, we estimate that impacts to EBIT-adjusted could range from $4.0 billion to $5.0 billion for the year ending December 31, 2025. Refer to Part II, Item 1A. Risk Factors for a full discussion of the risks associated with the U.S. tariff environment.

Current wording

In the first quarter of 2025, the U.S. Government announced new tariffs, inclusive of vehicles and parts imported into the U.S. The tariff environment continues to remain highly dynamic and the specific tariffs applicable to goods imported by GM and its suppliers into the U.S., including under the U.S.-Mexico-Canada Agreement, continue to evolve, as do import tariffs charged by other countries. Based on the current tariff environment, we estimate that impacts to EBIT-adjusted could range from $4.0 billion to $5.0 billion for the year ending December 31, 2025. Refer to Part II, Item 1A. Risk Factors for a full discussion of the risks associated with the U.S. tariff environment.

Previous wording

We face continuing market, operating and regulatory challenges in several countries across the globe due to, among other factors, competitive pressures, our product portfolio offerings, heightened emission standards, labor disruptions, foreign exchange volatility, evolving trade policy and political uncertainty. Refer to Part I, Item 1A. Risk Factors in our 2024 Form 10-K for a discussion of these challenges.

Current wording

We face continuing market, operating and regulatory challenges in several countries across the globe due to, among other factors, competitive pressures, our product portfolio offerings, heightened emission standards, labor disruptions, foreign exchange volatility, evolving trade policy and political uncertainty. Refer to Part I, Item 1A. Risk Factors in our 2024 Form 10-K and Part II, Item 1A. Risk Factors for a discussion of these challenges.

Previous 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.

Current wording

For the year ending December 31, 2025, we expect Net income attributable to stockholders of between $7.7 billion and $9.5 billion, EBIT-adjusted of between $10.0 billion and $12.5 billion, EPS-diluted of between $8.22 and $9.97 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

(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.

Current wording

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

Previous 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.

Current wording

(a)Refer to the reconciliation of diluted earnings per common share to EPS-diluted-adjusted within this 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 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.

Current wording

GMNA Industry sales in North America were 10.3 million units in the six months ended June 30, 2025, representing an increase of 4.0% compared to the corresponding period in 2024. U.S. industry sales were 8.3 million units in the six months ended June 30, 2025, representing an increase of 3.8% compared to the corresponding period in 2024.

Previous 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.

Current wording

Our total vehicle sales in the U.S., our largest market in North America, were 1.4 million units for market share of 17.3% in the six months ended June 30, 2025, representing an increase of 1.2 percentage points compared to the corresponding period in 2024.

Previous wording

We achieved strong margins in the three months ended March 31, 2025 driven by the strength of our product portfolio and ongoing cost discipline. However, the evolving tariff and policy landscape could have a material impact on our profitability going forward. We remain focused on improving our EV profitability while maintaining our focus on cost. In addition, our outlook is dependent on continued supply chain availability, the resiliency of the U.S. economy and overall economic conditions, including the imposition of tariffs or other trade restrictions by the U.S. or its trading partners.

Current wording

We achieved strong margins in the six months ended June 30, 2025 driven by the strength of our product portfolio and ongoing cost discipline. However, the evolving tariff and policy landscape could have a material impact on our profitability going forward. We remain focused on improving our EV profitability while maintaining our focus on cost. In addition, our outlook is dependent on continued supply chain availability, the resiliency of the U.S. economy and overall economic conditions, including the imposition of tariffs, less available offsets and deductions, or other trade restrictions by the U.S. or its trading partners.

Previous wording

GMIIndustry sales in China were 5.8 million units in the three months ended March 31, 2025, representing an increase of 2.9% compared to the corresponding period in 2024. Our total vehicle sales in China were 0.4 million units for market share of 7.6% in the three months ended March 31, 2025, representing a decrease of 0.2 percentage points compared to the corresponding period in 2024. Our Automotive China JVs generated insignificant equity income in the three months ended March 31, 2025. We continue to focus on executing restructuring plans which may result in additional restructuring charges and enhancing the competitiveness of our products in the Chinese market going forward.

Current wording

GMIIndustry sales in China were 12.4 million units in the six months ended June 30, 2025, representing an increase of 7.5% compared to the corresponding period in 2024. Our total vehicle sales in China were 0.9 million units for market share of 7.2% in the six months ended June 30, 2025, representing an increase of 0.1 percentage points compared to the corresponding period in 2024. Our Automotive China JVs generated equity income of $0.1 billion in the six months ended June 30, 2025. We continue to focus on enhancing the competitiveness of our products in the Chinese market and executing restructuring plans. Additional restructuring charges may be incurred going forward.

Previous 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.

Current wording

Outside of China, industry sales were 12.9 million units in the six months ended June 30, 2025, representing an increase of 3.3% compared to the corresponding period in 2024. Our total vehicle sales outside of China were 0.4 million units for market share of 3.1% in the six months ended June 30, 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 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):

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 six months ended June 30, 2025, 25.8% 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

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%.

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 35% in the six months ended June 30, 2025 and 39% 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 six months ended June 30, 2025 from 79% in the corresponding period in 2024. In the six months ended June 30, 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 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):

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 and $0.3 billion were included in GM Financial interest, operating and other expenses for the three and six months ended June 30, 2025, compared to gains of $0.2 billion and $0.4 billion in the corresponding periods in 2024. The decrease in gains is primarily due to fewer terminated leases in 2025. 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

Consolidated Results We review changes in our results of operations under five categories: Volume, Mix, Price, Cost and Other. Volume measures the impact of changes in wholesale vehicle volumes driven by industry volume, market share and changes in dealer stock levels. Mix measures the impact of changes to the regional portfolio due to product, model, trim, country and option penetration in current year wholesale vehicle volumes. Price measures the impact of changes related to Manufacturer’s Suggested Retail Price and various sales allowances. Cost primarily includes: (1) material and freight; (2) manufacturing, engineering, advertising, administrative and selling and warranty expense; and (3) non-vehicle related activity. Other primarily includes foreign exchange and non-vehicle related automotive revenues as well as equity income or loss from our nonconsolidated affiliates. Refer to the regional sections of this MD&A for additional information.

Current wording

Consolidated Results We review changes in our results of operations under five categories: Volume, Mix, Price, Cost and Other. Volume measures the impact of changes in wholesale vehicle volumes driven by industry volume, market share and changes in dealer stock levels. Mix measures the impact of changes to the regional portfolio due to product, model, trim, country and option penetration in current year wholesale vehicle volumes. Price measures the impact of changes related to Manufacturer’s Suggested Retail Price and various sales allowances. Cost primarily includes: (1) material and freight; (2) manufacturing, engineering, advertising, administrative and selling and warranty expenses; and (3) non-vehicle related activity. Other primarily includes foreign exchange and non-vehicle related automotive revenues as well as equity income or loss from our nonconsolidated affiliates. Refer to the regional sections of this MD&A for additional information.

Previous 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.

Current wording

In the six months ended June 30, 2025, increased Cost was primarily due to: (1) increased material and freight costs of $1.6 billion, including $1.3 billion due to tariffs; (2) unfavorable net realizable value inventory adjustments, primarily EV-related, of $0.5 billion in the six months ended June 30, 2025 compared to similar favorable inventory adjustments of $0.2 billion in the six months ended June 30, 2024; (3) increased campaigns and other warranty-related costs of $0.4 billion; (4) charges of $0.3 billion due to the Ultium Cells Holdings LLC strategic realignment; and (5) increased manufacturing costs of $0.3 billion; partially offset by (6) the reduction of charges related to Cruise restructuring of $0.6 billion; and (7) decreased engineering costs of $0.5 billion, driven primarily by the wind down of Cruise robotaxi operations. In the six months ended June 30, 2025, favorable Other was primarily due to net foreign currency changes in the Mexican peso, Brazilian real and other currencies.

Previous wording

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

Current wording

For the three and six months ended June 30, 2025, our effective tax rate-adjusted (ETR-adjusted) was 17.9% and 19.1%. We expect our adjusted effective tax rate to be between 17% and 19% for the year ending December 31, 2025. Refer to the "Non-GAAP Measures" section of this MD&A for additional information.

Previous 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.

Current wording

In the six months ended June 30, 2025, Total net sales and revenue increased primarily due to: (1) favorable Mix associated with decreased sales of cars and increased sales of full-size SUVs, partially offset by increased sales of crossover vehicles, including EVs, and decreased sales of full-size pickup trucks; and (2) favorable Price as a result of reduced dealer inventory levels due to strong demand for our products; partially offset by (3) decreased net wholesale volumes due to decreased sales of cars and full-size pick-up trucks due to lower planned production for product upgrades, partially offset by increased sales of crossover vehicles, including EVs, mid-size pickup trucks and vans, and full-size SUVs; 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 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.

Current wording

GMNA EBIT-Adjusted In the three months ended June 30, 2025, EBIT-adjusted decreased primarily due to: (1) unfavorable Cost primarily due to increased material and freight costs of $1.4 billion, including $1.1 billion due to tariffs, unfavorable net realizable value inventory adjustments, primarily EV-related, of $0.3 billion in the three months ended June 30, 2025 compared to similar favorable inventory adjustments of $0.3 billion in the three months ended June 30, 2024 and increased warranty-related costs of $0.3 billion, partially offset by decreased other employee-related costs of $0.3 billion; (2) decreased net wholesale volumes; and (3) unfavorable Price; partially offset by (4) favorable Mix; and (5) favorable Other due to net foreign currency changes primarily in the Mexican peso.

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 (loss)-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-adjusted above.

Previous 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.

Current wording

GMI Total Net Sales and Revenue In the three months ended June 30, 2025, Total net sales and revenue increased primarily due to: (1) favorable Mix in Brazil, Argentina and in the Middle East; and (2) favorable Price across multiple vehicle lines in Argentina and in Brazil; partially offset by (3) decreased net wholesale volumes in Brazil primarily due to decreased sales of passenger cars, partially offset by increased wholesale volumes in Argentina and Egypt; and (4) unfavorable Other primarily due to net foreign currency changes in the Brazilian real and Argentine peso.

Previous wording

GMI EBIT (Loss)-Adjusted In the three months ended March 31, 2025, EBIT-adjusted increased primarily due to: (1) favorable Price; and (2) favorable Other primarily due to increased Automotive China JVs equity income (loss); partially offset by (3) decreased net wholesale volumes.

Current wording

GMI EBIT-Adjusted In the three months ended June 30, 2025, EBIT-adjusted increased primarily due to: (1) favorable Price; (2) favorable Mix in Brazil and Argentina; and (3) favorable Other primarily due to increased Automotive China JVs equity income (loss), partially offset by net foreign currency changes in the Brazilian real and Argentine peso; partially offset by (4) decreased net wholesale volumes in Brazil; and (5) unfavorable Cost primarily due to increased material and logistics costs in Brazil.

Previous 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.

Current wording

GM Financial EBT-Adjusted In the three months ended June 30, 2025, EBT-adjusted decreased primarily due to: (1) increased provision for loan losses of $0.2 billion primarily due to increased loan origination volume; (2) increased interest expense of $0.2 billion primarily due to an increase in average debt outstanding, as well as a slight increase in the effective rate of interest on debt; and (3) increased leased vehicle expenses of $0.1 billion primarily due to increased depreciation resulting from an increase in the average balance of the leased vehicles portfolio; partially offset by (4) 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 (5) increased leased vehicle income of $0.1 billion primarily due to an increase in the average balance of the leased vehicles portfolio.

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; (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.

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 of approximately $10.0 billion to $11.0 billion in 2025; (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

Our liquidity plans are subject to a number of risks and uncertainties, including those described in the "Forward-Looking Statements" section of this MD&A and Part I, Item 1A. Risk Factors of our 2024 Form 10-K, some of which are outside of our control.

Current wording

Our liquidity plans are subject to a number of risks and uncertainties, including those described in the "Forward-Looking Statements" section of this MD&A, Part I, Item 1A. Risk Factors of our 2024 Form 10-K and Part II, Item 1A. Risk Factors, some of which are outside of our control.

Previous 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.

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. In the three months ended June 30, 2025, we received and retired 10 million additional shares upon settlement of the transactions contemplated under the ASR program. The final number of shares received was 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.

Previous 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.

Current wording

In the six months ended June 30, 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 June 30, 2025, with no expiration date.

Previous 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.

Current wording

In the six months ended June 30, 2025, we paid dividends of $0.3 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 declared in April 2025.

Previous wording

In April 2025, we entered into an agreement with Ultium Cells LLC to fund $1.8 billion as a 5-year term loan to facilitate full voluntary prepayment of loans Ultium Cells LLC received under the U.S. Department of Energy's Advanced Technology Vehicles Manufacturing program.

Current wording

In May 2025, we loaned $1.8 billion to Ultium Cells LLC to facilitate full voluntary prepayment of loans Ultium Cells LLC received under the DOE's Advanced Technology Vehicles Manufacturing program. Our loan to Ultium Cells LLC accrues interest at a rate of 5.7% per year, matures in April 2030 and is prepayable without penalties.

Previous wording

Cash flows that occur amongst our Automotive, Cruise and GM Financial operations are eliminated when we consolidate our cash flows. Such eliminations include, among other things, collections by Automotive on wholesale accounts receivables financed by dealers through GM Financial, payments between Automotive and GM Financial for accounts receivables transferred by Automotive to GM Financial, loans to Automotive and Cruise from GM Financial, dividends issued by GM Financial to Automotive, tax payments by GM Financial to Automotive and Automotive cash injections in Cruise. The presentation of Automotive liquidity, Cruise liquidity and GM Financial liquidity presented below includes the impact of cash transactions amongst the sectors that are ultimately eliminated in consolidation.

Current wording

Cash flows that occur amongst our Automotive, Cruise and GM Financial operations are eliminated when we consolidate our cash flows. Such eliminations include, among other things, collections by Automotive on wholesale accounts receivables financed by dealers through GM Financial, payments between Automotive and GM Financial for accounts receivables transferred by Automotive to GM Financial, loans to Automotive and Cruise from GM Financial, dividends issued by GM Financial to Automotive, tax payments by GM Financial to Automotive and Automotive Cruise related cash expenditures. The presentation of Automotive liquidity and GM Financial liquidity presented below includes the impact of cash transactions amongst the sectors that are ultimately eliminated in consolidation. Net cash used in operating activities by Cruise was $0.7 billion and $1.3 billion in the six months ended June 30, 2025 and 2024.

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$14.4 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.

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 June 30, 2025 and December 31, 2024, which consisted primarily of two 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 have any borrowings against our primary facilities, but had letters of credit outstanding under our sub-facility of $0.6 billion and $0.5 billion at June 30, 2025 and December 31, 2024.

Previous 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.

Current wording

If available capacity permits, GM Financial continues to have access to our automotive credit facilities. GM Financial did not have borrowings outstanding against any of these facilities at June 30, 2025 and December 31, 2024. We had intercompany loans from GM Financial of $0.3 billion at June 30, 2025 and December 31, 2024, which primarily consisted of commercial loans to dealers we consolidate. We did not have intercompany loans to GM Financial at June 30, 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 March 31, 2025 and determined we arein 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 June 30, 2025 and determined we are in compliance and expect to remain in compliance in the future.

Previous 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.

Current wording

GM Financial's Board of Directors declared and paid dividends of $0.7 billion on its common stock in the six months ended June 30, 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$0.6 billion and $0.5 billion at March 31, 2025 and December 31, 2024.

Current wording

(a)We had letters of credit outstanding under our sub-facility of $0.6 billion and $0.5 billion at June 30, 2025 and December 31, 2024.

Previous 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.

Current wording

(a)Includes $1.0 billion in dividends received from our nonconsolidated affiliates in the six months ended June 30, 2025; $0.7 billion and $0.9 billion in dividends received from GM Financial in the six months ended June 30, 2025 and 2024; and changes in other assets and liabilities in the six months ended June 30, 2025 and 2024.

Previous 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.

Current wording

(b)Includes $(2.6) billion and $4.2 billion in the six months ended June 30, 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 $0.3 billion and $0.2 billion of GM's investment in nonconsolidated affiliates in thethree months ended March 31, 2025 and 2024; and $0.7 billion funding to wind down Cruise robotaxi operations in the three months ended March 31, 2025.

Current wording

(a)Includes $(1.8) billion term loan to Ultium Cells LLC in the six months ended June 30, 2025; $(0.5) billion of GM's investment in nonconsolidated affiliates in thesix months ended June 30, 2025 and 2024; $(0.9) billion funding to wind down Cruise robotaxi operations in thesix months ended June 30, 2025; and $(1.2) billion investment in Cruise which is inclusive of $(0.9) billion convertible note issued by Cruise to us in thesix months ended June 30, 2024.

Previous wording

(b)Includes $0.7 billion funding to wind down Cruise robotaxi operations in the three months ended March 31, 2025, which is eliminated within the condensed consolidated statements of cash flows.

Current wording

(b)Includes $(0.9) billion funding to wind down Cruise robotaxi operations in thesix months ended June 30, 2025; and $(1.2) billion investment in Cruise which is inclusive of $(0.9) billion convertible note issued by Cruise to us in thesix months ended June 30, 2024, which are eliminated within the condensed consolidated statements of cash flows.