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美國
證券交易委員會
華盛頓特區20549
表 10-Q
☑根據證券交易所法第13或15(d)條的季度報告
1934年的
截至季度結束日期的財務報告2024年9月30日
或者
☐根據證券交易所法第13或15(d)條要求的過渡報告
1934年的
過渡期從              到

委員會文件號 001-34960
gmlogo.jpg
通用汽車公司
(根據其章程規定的註冊人準確名稱)
特拉華州27-0756180
（國家或其他管轄區的
公司成立或組織）		（IRS僱主
唯一識別號碼）
300 Renaissance Center,底特律,稅號38-0593940   48265-3000
，（主要行政辦公地址）(郵政編碼)
(313) 667-1500
(註冊人電話號碼，包括區號)

在法案第12(b)條的規定下注冊的證券：
每一類的名稱交易標誌在其上註冊的交易所的名稱
普通股票，面值爲$0.01通用汽車公司請使用moomoo賬號登錄查看New York Stock Exchange
請在複選框中表示，申報人（1）在過去12個月內（或申報人需要提交此類報告的較短期限）已提交所有應按照1934年證券交易法第13或15(d)條提交的報告，和（2）在過去90天內一直受到該提交要求的限制。是  ☑沒有☐
根據規則405及第232.405章的有關規定，在過去12個月內（或註冊人需要提交該等文件的較短時期內），註冊人是否已經遞交了每個交互式數據文件。是  ☑沒有☐
請在檢查標記中表明註冊人是一個大型加速文件提交人、一個加速文件提交人、一個非加速文件提交人、一個較小的報告公司，還是一個新興成長公司。請參閱《證券交易法1934年規則120億.2》中「大型加速文件提交人」、「加速文件提交人」、「較小報告公司」和「新興成長公司」的定義。
大型加速報告人  ☑加速申報人☐ 非加速股票交易所申報人☐較小報告公司 ☐ 新興增長型公司 ☐ 
如果是新興成長型企業，請勾選此項，表示註冊者已選擇不使用根據《交易所法》第13(a)條提供的任何新的或修訂後的財務會計準則的延長過渡期進行遵守。☐
請用勾選標記指示註冊者是否是空殼公司（如交易所法規120億.2條所定義）。 是 ☐否 ☑
截至 2024年10月11日 35,075,122 1,099,595,840股普通股。


指數
  
第一部分
項目1。基本報表彙編
(9,979)
未經審計的簡化合並綜合收益表
彙編的資產負債表(未經審計)
（未經審計）簡明合併現金流量表
（未經審計）合併股東權益表
簡明合併財務報表註釋
注1。業務性質和做法的呈現
注2。營業收入
附註3.有市場和其他證券
注4。Gm財務應收款項和交易
注5。存貨
注6。經營租賃設備
注7。非合併聯營企業淨資產的股權
注8。可變利益實體
注9。債務
注10。衍生金融工具
注11。產品保修及相關責任
注12。養老金和其他離退休福利
附註13.承諾和事後約定
注意事項14。所得稅
附註15。重組和其他舉措
附註16。股東權益和非控制權益
附註17。每股收益
附註18。公司的2017年股權激勵計劃（2017計劃），於2018年2月修改，允許授予期權、限制股票獎勵、股票增值權和限制股票單位。
附註19。《修訂和重新制定的2020年The Aaron's Company, Inc.股權和激勵計劃》，（參考到2024年5月16日提交給美國證券交易委員會的S-8表格附註4.3）。
事項二分銷計劃
第3項。有關市場風險的定量和定性披露
事項4。控制和程序
第II部分
項目1。法律訴訟
項目1A。風險因素
事項二未註冊的股票股權銷售和籌款用途
項目5。其他信息
項目6。展示文件
簽名


目錄
通用汽車公司及其子公司


第一部分
項目1 簡明合併財務報表

簡明合併損益表
（以百萬美元計，每股金額除外）（未經審計）
 三個月之內結束九個月結束
 2024年9月30日2023年9月30日2024年9月30日2023年9月30日
淨銷售額和營業收入
汽車$44,735 $40,498 $128,008 $118,398 
通用金融4,021 3,633 11,732 10,465 
總淨銷售和營業收入（注2）48,757 44,131 139,740 128,863 
費用和支出
汽車及其它銷售成本 39,007 35,842 111,618 104,721 
Gm 金融利息、營運及其他費用3,353 2,933 9,568 8,313 
汽車及其他銷售、總務及管理費用2,745 2,344 7,292 7,449 
總成本和費用45,105 41,118 128,478 120,483 
業務利潤（虧損）3,651 3,013 11,262 8,380 
汽車利息費用206 229 631 689 
利息收入及其他非營運收入，淨額394 453 756 1,219 
股權收益（虧損）（注7）(122)227 (311)357 
稅前收益（虧損）3,717 3,464 11,076 9,267 
所得稅費用（收益）（注14）709 470 2,238 1,421 
3,008 2,994 8,837 7,846 
非控制權益所應歸屬的淨損益48 70 132 179 
歸屬於股東的淨利潤$3,056 $3,064 $8,969 $8,026 
歸屬於普通股股東的淨收益（損失）$3,029 $3,038 $8,914 $7,946 
每股盈利（附註17）
基本每股收益$2.71 $2.21 $7.85 $5.74 
基本加權平均流通股數1,116 1,372 1,136 1,384 
稀釋每股收益$2.68 $2.20 $7.77 $5.72 
攤薄加權平均流通股數1,131 1,378 1,147 1,390 
每股普通股宣佈的分紅派息$0.12 $0.09 $0.36 $0.27 
綜合收益簡明合併報表
（金額單位：百萬美元）（未經審計）
 三個月之內結束九個月結束
 2024年9月30日2023年9月30日2024年9月30日2023年9月30日
$3,008 $2,994 $8,837 $7,846 
其他綜合收益（損失），稅後（附註16）
外幣翻譯調整及其它434 (42)(299)(25)
確定福利計劃(69)77 52 (1)
其他綜合收益（虧損），淨額365 35 (247)(26)
綜合收益（損失）3,373 3,028 8,590 7,820 
歸屬於非控股權益的綜合損失（收益） 3 71 158 189 
歸屬於股東的綜合收益（損失）$3,376 $3,099 $8,749 $8,009 

參考簡明綜合財務報表附註。
由於四捨五入的原因，金額可能不匹配。
1

目錄
通用汽車公司及其子公司
簡明合併資產負債表
（以百萬美元計，每股金額除外）（未經審計）
2024年9月30日2023年12月31日
資產
流動資產
現金及現金等價物$23,744 $18,853 
有市場的債務證券（附註3）8,477 7,613 
資產：300 和 $298
13,782 12,378 
通用汽車金融應收賬款，扣除準備金$962 和 $906 （附註4；附註8）
44,453 39,076 
— 17,325 16,461 
其他流動資產（附註3；附註8）7,636 7,238 
總流動資產115,419 101,618 
非流動資產
通用汽車金融應收賬款，扣除準備金$1,415 和 $1,438 (附註4; 附註8)
45,928 45,043 
非合併聯營企業淨資產中的股東權益 (附註7)11,039 10,613 
資產，淨額51,505 50,321 
商譽和無形資產，淨值4,745 4,862 
經營租賃設備淨額 (附註6; 附註8)30,956 30,582 
延遲所得稅21,007 22,339 
其他資產 (附註3; 附註8)8,690 7,686 
總非流動資產173,870 171,446 
總資產$289,289 $273,064 
負債和股東權益
流動負債
應付賬款（主要包括交易）$29,629 $28,114 
短期債務和長期債務的流動部分（注9）
汽車944 428 
通用汽車金融（注8）35,218 38,540 
應計負債29,672 27,364 
流動負債合計95,463 94,445 
非流動負債
長期負債（注9）
汽車15,540 15,985 
通用金融公司（注8）76,149 66,788 
養老金以外的福利（注12）4,235 4,345 
養老金（注12）5,998 6,680 
其他負債17,742 16,515 
所有非流動負債119,664 110,312 
總負債215,127 204,757 
承諾和可能的賠償（注13）
非控股權益 - 開多股票激勵獎勵— 118 
股本（附註16）
普通股，每股面值爲 $0.0001；0.01面值
11 12 
額外實收資本19,342 19,130 
保留盈餘62,050 55,391 
累計其他綜合損失(10,468)(10,247)
股東權益總額70,935 64,286 
非控制權益3,227 3,903 
總股本74,162 68,189 
總負債和股權$289,289 $273,064 

參考簡明綜合財務報表附註。
由於四捨五入的原因，金額可能不匹配。
2

目錄
通用汽車公司及其子公司
現金流量表簡明綜合報表
（金額單位：百萬美元）（未經審計）
九個月結束
2024年9月30日2023年9月30日
經營活動現金流
$8,837 $7,846 
設備在經營租約上的折舊和減值3,633 3,697 
物業的折舊、攤銷和減值損失5,523 5,041 
外幣重新計量和交易（收益）損失(228)114 
非合併關聯公司未分配收益，淨額(287)(34)
養老金繳費和OPEb支付(815)(676)
養老金和OPEb收入，淨額50 (64)
遞延稅款準備（利益）1,396 235 
其他營運資產和負債的變動(2,120)1,114 
經營活動產生的淨現金流量15,989 17,273 
投資活動現金流量
財產支出(7,597)(7,264)
可供出售的有價證券，收購(3,467)(3,989)
可供出售的有價證券，清算2,757 6,675 
融資收款的購買(25,864)(27,180)
融資收款的本金回收23,526 21,135 
租賃車輛購買(11,243)(10,247)
租賃車輛終止收益8,627 9,860 
其他投資活動(742)(1,091)
投資活動產生的淨現金流量(14,004)(12,100)
籌資活動現金流量
短期債務淨增加(減少)85 (48)
債務發行收益（原始到期日超過三個月）38,163 37,357 
償還債務 (原始期限大於三個月)(32,012)(33,269)
購買普通股的支付(2,378)(1,119)
分紅派息(526)(493)
其他融資活動(369)(602)
籌集資金的淨現金流量2,963 1,826 
匯率變動對現金、現金等價物及受限制資金的影響(151)31 
現金，現金等價物和受限現金淨增加（減少）4,798 7,030 
期初現金、現金等價物及受限制的現金餘額21,917 21,948 
期末現金、現金等價物及受限制的現金餘額$26,715 $28,978 
重大的非現金投資和融資活動
非現金資產增加$4,767 $7,018 

應參考簡明綜合財務報表附註。 應參考簡明綜合財務報表附註。 應參考簡明綜合財務報表附註。
由於四捨五入的原因，金額可能不匹配。
3

目錄
通用汽車公司及其子公司
壓縮的合併股權聲明
（金額單位：百萬美元）（未經審計）
普通股東非控制權益總股本
（永續權益）		非控股權益
郵輪股激勵獎勵
（臨時權益）
普通股股本外溢價未分配利潤累計其他綜合損失
2023年1月1日餘額$14 $26,428 $49,251 $(7,901)$4,135 $71,927 $357 
— — 2,395 — (49)2,346 — 
其他綜合收益（損失）— — — 123 (9)113 — 
購買普通股— (168)(201)— — (369)— 
以股票爲基礎的補償— (34)(2)— — (35)7 
普通股派發的現金股利— — (126)— — (126)— 
其他— 97 — — 7 103 (93)
2023年3月31日的餘額14 26,323 51,318 (7,778)4,084 73,961 271 
— — 2,566 — (59)2,507 — 
其他綜合收益（損失）— — — (174)— (174)— 
購買普通股— (261)(239)— — (500)— 
以股票爲基礎的補償— 88 (1)— — 86 9 
普通股派發的現金股利— — (124)— — (124)— 
分紅派息給非控制權益— — — — (61)(61)— 
其他— (72)(3)— 67 (8)7 
2023年6月30日的餘額14 26,078 53,517 (7,953)4,030 75,685 287 
— — 3,064 — (70)2,994 — 
其他綜合收益（損失）— — — 35 — 35 — 
購買普通股— (118)(132)— — (250)— 
以股票爲基礎的補償— 98 (2)— — 97 5 
普通股派發的現金股利— — (123)— — (123)— 
其他— — (2)— (31)(33)32 
2023年9月30日結餘$14 $26,058 $56,322 $(7,918)$3,929 $78,404 $323 
2024年1月1日的餘額$12 $19,130 $55,391 $(10,247)$3,903 $68,189 $118 
— — 2,980 — (27)2,953 — 
其他綜合收益（損失）— — — (212)(47)(259)— 
購買普通股— 208 (539)— — (331)— 
以股票爲基礎的補償— 58 (2)— — 56 5 
普通股派發的現金股利— — (139)— — (139)— 
其他— (38)(4)— (2)(44)52 
2024年3月31日結存餘額11 19,358 57,688 (10,459)3,828 70,426 175 
— — 2,933 — (57)2,877 — 
其他綜合收益（損失）— — — (328)(25)(353)— 
購買普通股— (363)(667)— — (1,030)— 
以股票爲基礎的補償— 126 (2)— — 124 — 
普通股派發的現金股利— — (136)— — (136)— 
分紅派息給非控制權益— — — — (60)(60)— 
其他— 481 (9)— (419)52 (175)
2024年6月30日餘額11 19,602 59,807 (10,787)3,267 71,900 — 
— — 3,056 — (48)3,008 — 
其他綜合收益（損失）— — — 320 45 365 — 
購買普通股— (367)(668)— — (1,036)— 
以股票爲基礎的補償— 127 (3)— — 125 — 
普通股派發的現金股利— — (133)— — (133)— 
其他— (20)(10)— (38)(67)— 
2024年9月30日的餘額$11 $19,342 $62,050 $(10,468)$3,227 $74,162 $— 

參考簡明綜合財務報表附註。
由於四捨五入的原因，金額可能不匹配。
4

目錄
通用汽車公司及其子公司
簡明合併財務報表附註
注1經營性質和報告基礎

通用汽車公司（本季度 10-Q 表格中有時簡稱爲我們、我們的、我們，自己、公司、General Motors 或 GM）在全球設計、製造和銷售卡車、跨界車、汽車和汽車零部件，並提供軟件增強服務和訂閱服務。此外，我們還在自主車輛（AV）業務中進行投資。我們還通過通用汽車金融公司（Gm Financial）提供汽車融資服務。我們通過以下部門分析業務運營結果：Gm 北美（GMNA）、Gm 國際（GMI）、Cruise 和 Gm 金融。Cruise 是我們的全球業務部門，負責自主車輛技術的開發和商業化。企業部門包括一些中央記錄的收入和成本，如利息、所得稅、企業支出以及一些不屬於可報告部門的收入和支出。

簡明綜合財務報表是根據美國通用會計準則（GAAP）的規則和證券交易委員會（SEC）的規定準備的，用於編制中期財務信息。因此，它們不包括美國GAAP對於完整財務報表所要求的所有信息和附註。簡明綜合財務報表包括管理層認爲有必要進行的所有調整，包括正常重複調整、影響中期期間的交易或事件單獨影響的調整，以公正陳述我們的經營業績、財務狀況和現金流量。中期期間的營運業績不一定能反映出可望在任何其他中期期間或全年實現的結果。這些簡明綜合財務報表應當與包含在我們2023年第10-k表中的審計綜合財務報表和附註一起閱讀。除每股金額或其他指定金額外，表格中呈現的金額以百萬美元爲單位。由於四捨五入的原因，某些列和行可能不會加總。

在本報告中，我們以簡化的方式並集體地引用通用汽車公司及其合併子公司，使用"我們"、"我們的"、"我們"和"公司"等詞語。這種起草風格是由證券交易委員會建議的，並不意味着通用汽車公司，作爲公開交易的母公司，或母公司的任何特定子公司擁有或經營任何特定資產、業務或財產。本報告中描述的運營和業務是由通用汽車公司的不同子公司擁有和運營的。

合併原則——未經審計的中期簡明合併財務報表包括按照GAAP準備的公司及其全資子公司的帳戶。所有公司間餘額和交易均已經過整合。所有金額都是以百萬爲單位，除了股份和每股股價。 我們對由於擁有多數表決權而控制的實體進行合併，對當我們是主要受益人時的變量利益實體（VIEs）進行合併。在合併中清除所有公司間的餘額和交易。當我們能夠對聯營公司的經營和財務決策產生重大影響時，我們在我們的合併經營結果中包括非合併聯營公司的盈利或虧損，使用權益法會計。

通用金融 爲了反映Gm Financial在我們的綜合稅務申報中的影響以及爲了消除Gm Financial與綜合團隊其他成員之間的交易影響，Gm Financial的所示數額已經進行調整。因此，所呈現的數額將不同於Gm Financial單獨呈現的數額。
5

目錄
通用汽車公司及其子公司
基本報表附註 ——（續）
註釋2。營業收入

以下表格將我們的營業收入按主要來源細分：
2024年9月30日止三個月
GMNA全球製造業部門公司汽車業務總計郵輪通用金融清理/重分類總費用
車輛、零件和配件$39,817 $3,244 $37 $43,098 $— $— $(1)$43,097 
二手車368 9 — 377 — — — 377 
服務和其他971 264 24 1,259 26 — (25)1,260 
汽車淨銷售和營業收入41,157 3,517 62 44,735 26 — (26)44,735 
租賃車輛收入— — — — — 1,828 — 1,828 
融資費收入— — — — — 1,965 (8)1,956 
其他收入— — — — — 238 (2)237 
通用汽車金融淨銷售額和營業收入— — — — — 4,031 (10)4,021 
淨銷售額和營業收入$41,157 $3,517 $62 $44,735 $26 $4,031 $(36)$48,757 
2023年9月30日止三個月
GMNA全球製造業部門公司汽車總計郵輪通用金融刪除/重新分類總費用
汽車、零部件和配件$34,893 $3,913 $17 $38,823 $— $— $(5)$38,818 
二手車310 12 — 322 — — — 322 
服務和其他903 405 50 1,358 25 — (25)1,359 
汽車淨銷售和營業收入36,106 4,330 67 40,503 25 — (30)40,498 
租賃車輛收入— — — — — 1,820 — 1,820 
金融費用收入— — — — — 1,621 (5)1,616 
其他收入— — — — — 200 (3)197 
通用金融淨銷售額和營業收入— — — — — 3,641 (8)3,633 
淨銷售額和營業收入$36,106 $4,330 $67 $40,503 $25 $3,641 $(38)$44,131 
2024年9月30日止九個月
GMNA全球製造業部門公司汽車總計郵輪通用金融清除/重新分類總費用
汽車、配件和配件$114,131 $9,095 $50 $123,276 $— $— $(1)$123,275 
二手車927 21 — 948 — — — 948 
服務和其他2,923 780 80 3,783 76 — (75)3,784 
汽車淨銷售和營業收入117,981 9,897 130 128,007 76 — (76)128,008 
租賃車輛收入— — — — — 5,431 — 5,431 
金融費用收入— — — — — 5,627 (25)5,602 
其他收入— — — — — 703 (5)698 
通用金融公司的淨銷售額和營業收入— — — — — 11,761 (29)11,732 
淨銷售額和營業收入$117,981 $9,897 $130 $128,007 $76 $11,761 $(105)$139,740 
6

目錄
通用汽車公司及其子公司
基本報表附註 ——（續）
2023年9月30日止九個月
GMNA全球製造業部門公司汽車總銷售郵輪通用金融清除/重新分類總費用
車輛、零件和配件$102,868 $10,876 $67 $113,811 $— $— $(6)$113,805 
二手車741 22 — 763 — — — 763 
服務和其他2,605 1,113 110 3,828 76 — (75)3,829 
汽車淨銷售和營業收入106,214 12,011 177 118,403 76 — (81)118,398 
租賃車輛收入— — — — — 5,458 — 5,458 
財務費用收入— — — — — 4,480 (11)4,469 
其他收入— — — — — 544 (6)538 
Gm Financial淨銷售額和營業收入— — — — — 10,482 (17)10,465 
淨銷售額和營業收入$106,214 $12,011 $177 $118,403 $76 $10,482 $(98)$128,863 

營業收入是指我們預計因轉讓貨物或提供服務而預期收到的對價金額。針對先前確認的銷售激勵進行的調整使2024年和2023年9月30日結束的三個月內的收入增加了微不足道的數額。

我們汽車部門的合同責任主要包括車輛連接、客戶回饋計劃、維護、延長保修和其他合同，金額爲$6.1億美元和5.0以2024年9月30日和2023年12月31日的每月結欠和其他負債包含$456萬美元和1.4 相關合同責任我們在2024年9月30日結束的三個月和九個月中認定了$284萬美元和1.1 在2024年9月30日結束的三個月和九個月我們認定了$，我們預計在2024年12月31日結束的三個月中認定了$585 百萬美元。1.9億美元，這些義務通常作爲合併資產負債表中的應付賬款進行分類。與這些計劃有關的活動被歸類爲經營活動，計入合併現金流量表中。1.5私人股權和其他投資的金額分別爲52.27億美元和53.98億美元，截至2023年7月31日和2023年1月31日。2.1 2025年、2026年及之後截至2024年9月30日與合同責任相關的營業收入爲多達數十億美元。
7

目錄
通用汽車公司及其子公司
基本報表附註 ——（續）
注3. 有市場和其他證券

以下表格總結了等同成本的現金及市場債務證券的公允價值：
公允價值層次2024年9月30日2023年12月31日
現金及現金等價物
現金及定期存款$12,296 $8,977 
可供出售債務證券
美國政府和機構276 211 
企業債務25,160 1,439 
主權債務22,665 734 
可供出售債務證券 - 現金及現金等價物7,901 2,384 
貨幣市場基金13,547 7,491 
現金及現金等價物總額$23,744 $18,853 
有價證券
美國政府及機構2$3,477 $3,495 
公司債務及其他24,364 3,529 
抵押貸款和資產支持2636 589 
可供出售債務工具投資 - 有市場的證券$8,477 $7,613 
受限現金
現金及現金等價物 $275 $277 
貨幣市場基金12,695 2,787 
總限制現金$2,971 $3,064 
上述包括合約到期日的可供出售債務工具
一年或以下到期$9,824 
一到五年到期5,770 
合同到期後可供出售的債務證券總額$15,594 
__________
(a)排除抵押貸款和資產支持證券。f $636百萬 截至2024年9月30日，因爲這些證券不具有單一到期日。

截至2024年9月30日和2023年的三個月內，持有至到期出售的債務證券出售收益爲 $580百萬 和 $454 百萬，截至2024年9月30日和2023年的九個月內爲 $1.6十億 和 $1.5 十億。淨未實現收益 可供出售債務證券的未經實現損失爲$159 百萬美元和 微不足道 截至2024年和2023年9月30日三個月期末分別爲$160 百萬美元和 微不足道 截至2024年和2023年9月30日九個月期末分別爲$ 累計未實現損失可供出售債券餘額爲 微不足道 和 $160 2024年9月30日和2023年12月31日分別爲百萬美元。

下表提供了現金、現金等價物和受限現金在簡明合併資產負債表中報告的調節，以匹配簡明合併現金流量表中顯示的總額:
2024年9月30日
現金及現金等價物$23,744 
在其他流動資產中包含的受限現金2,495 
其他資產中包括限制性現金476 
總費用$26,715 
8

目錄
通用汽車公司及其子公司
基本報表附註 ——（續）
注意事項4：供應鏈融資計劃金融公司應收賬款和交易
2024年9月30日2023年12月31日
零售商業(名詞)總費用零售商業(名詞)總費用
Gm Financial應收款項$74,384 $18,375 $92,759 $72,729 $13,734 $86,463 
減：貸款損失準備(2,323)(54)(2,377)(2,308)(36)(2,344)
Gm Financial應收款項，淨額$72,060 $18,321 $90,382 $70,421 $13,698 $84,119 
利用二級輸入確定的Gm Financial應收款項的公允價值$18,321 $13,698 
利用三級輸入確定的Gm Financial應收款項的公允價值$73,614 $70,911 
__________
(a)商業金融應收賬款包括截至2024年9月30日和2023年12月31日的$億的經銷商融資。17.8私人股權和其他投資的金額分別爲52.27億美元和53.98億美元，截至2023年7月31日和2023年1月31日。13.3以及$百萬的其他融資。5311百萬美元和476商業金融應收賬款已減去2024年9月30日和2023年12月31日的$億的經銷商現金管理餘額。3.2私人股權和其他投資的金額分別爲52.27億美元和53.98億美元，截至2023年7月31日和2023年1月31日。2.6 根據現金管理計劃，在特定條件下，經銷商可以選擇通過提前向Gm Financial償還本金來減少其庫房信貸額度上的利息金額。
三個月之內結束九個月結束
2024年9月30日2023年9月30日2024年9月30日2023年9月30日
期初貸款損失準備$2,311 $2,202 $2,344 $2,096 
貸款損失撥備298 235 676 533 
覈銷(439)(366)(1,255)(1,012)
康復217 196 653 574 
外幣和其他貨幣的影響(10)(8)(40)67 
期末貸款準備金$2,377 $2,258 $2,377 $2,258 

截至2024年9月30日和2023年12月31日，貸款損失準備金佔融資應收款比例爲 2.6%和2.7和%

零售金融應收賬款 Gm金融的零售金融應收賬款組合包括向消費者和企業發放的貸款，用於購買個人和商用車輛。 以下表格是2024年9月30日和2023年12月31日每一批零售金融應收賬款組合的FICO評分或其等效評分的合併摘要，該評分是在原始發生時確定的。
發起年份2024年9月30日
20242023202220212020先前的 總費用百分比
優質- FICO 評分在680及以上$17,609 $17,704 $11,118 $6,255 $3,084 $544 $56,315 75.7 %
準優質- FICO 評分在620至679之間2,717 2,457 1,678 1,227 568 218 8,864 11.9 %
次級- FICO 評分低於6202,752 2,326 1,758 1,311 639 419 9,205 12.4 %
零售金融應收款項$23,078 $22,487 $14,553 $8,793 $4,291 $1,181 $74,384 100.0 %
發起年份2023年12月31日
20232022202120202019先前的總費用百分比
優質- FICO評分680及以上$23,940 $15,581 $9,039 $4,926 $1,076 $320 $54,882 75.5 %
準優質- FICO評分620至6793,234 2,281 1,746 906 350 129 8,647 11.9 %
次級- FICO評分低於6203,079 2,397 1,884 1,010 573 257 9,200 12.6 %
零售金融應收款項$30,253 $20,259 $12,670 $6,842 $2,000 $707 $72,729 100.0 %

9

目錄
通用汽車公司及其子公司
基本報表附註 ——（續）
GM Financial根據客戶的支付活動審查零售金融應收賬款的信用質量。如果零售帳戶未按照合同約定的日期收到大部分計劃付款的話，該零售帳戶將被視爲拖欠。零售金融應收賬款以車輛所有權作爲抵押，並根據當地法律規定，Gm Financial通常有權在客戶違約合同付款條件的情況下收回車輛。逾期的零售金融應收賬款累計的利息收入已在合同到期應付金額爲$時暫停。900萬美元和8092024年9月30日和2023年12月31日期間，應付款項合計約爲百萬美元。 以下表格是截至2024年9月30日和2023年12月31日期間，按組合不同時間段的零售金融應收賬款的欠款的拖欠狀態的彙總摘要，以及截至2023年9月30日的總摘要：
發起年份2024年9月30日2023年9月30日
20242023202220212020先前的 總費用百分比總費用百分比
0到30天$22,754 $21,853 $13,961 $8,328 $4,060 $1,021 $71,977 96.8 %$69,735 97.3 %
31到60天231 442 419 338 171 117 1,718 2.3 %1,424 2.0 %
超過60天81 167 155 116 55 41 616 0.8 %488 0.7 %
逾期超過30天的應收款項312 609 574 454 227 158 2,333 3.1 %1,911 2.7 %
在收回中13 25 18 11 4 2 73 0.1 %58 0.1 %
逾期超過30天或在收回中的應收款項325 634 592 465 231 160 2,407 3.2 %1,969 2.7 %
零售金融應收款項$23,078 $22,487 $14,553 $8,793 $4,291 $1,181 $74,384 100.0 %$71,704 100.0 %
發起年份2023年12月31日
20232022202120202019先前的總費用百分比
0至30天$29,816 $19,602 $12,098 $6,533 $1,825 $599 $70,472 96.9 %
31至60天318 470 415 227 130 78 1,637 2.3 %
超過60天102 168 142 76 42 29 559 0.8 %
逾期超過30天的融資應收款421 637 557 302 172 107 2,196 3.0 %
處置中17 20 14 6 3 1 61 0.1 %
逾期超過30天的融資應收款或處置中437 657 572 308 175 108 2,257 3.1 %
零售金融應收款項$30,253 $20,259 $12,670 $6,842 $2,000 $707 $72,729 100.0 %

商用車財務應收款項 Gm 金融的商業財務應收賬款包括經銷商融資，主要用於經銷商庫存購買，和其他融資，其中包括商用車增值服務商的貸款。對於經銷商融資，使用專有模型對每個經銷商進行風險評級。 Gm 金融定期進行每家經銷商的信用審查，並根據需要調整經銷商的風險評級。 其他融資所涉及的信用風險由於業務關係結構的限制而受到限制。

10

目錄
通用汽車公司及其子公司
基本報表附註 ——（續）
Gm Financial的經銷商風險模型和風險評級類別如下:
評級Description
I具有強大到可接受的財務指標，並且至少具有滿意的償還能力來滿足財務承諾。
II表現出財務指標和償還前景潛在薄弱，導致加大監測。
III未履行義務的帳戶對當前義務具有不足的支付能力，並且如果不加以糾正可能會造成損失。
IV未履行義務的帳戶對當前義務具有不足的支付能力，有其固有弱點使得全額清償的收取變得高度可疑或不太可能。

III和IV風險評級的經銷商將接受額外監控和資金限制，包括暫停信用額度和資產清算。 下表總結了2024年9月30日和2023年12月31日的經銷商風險評級的經銷商信貸風險概況：
起源年 (a)2024年9月30日
交易商風險評級旋轉20242023202220212020優先的總計百分比
I$15,542 $251 $228 $380 $256 $280 $27 $16,965 95.1 %
II453 — 4 26 3 1 — 487 2.7 %
III341 10 4 — 24 — 12 393 2.2 %
IV— — — — — — — — — %
期末餘額$16,337 $261 $237 $406 $283 $281 $39 $17,844 100.0 %
__________
(a)平面圖進展包括 99.4% 的總循環餘額。經銷商期限貸款按原始年份呈現。
創立年份(a)2023年12月31日
經銷商風險評級循環貸款20232022202120202019先前的總費用百分比
I$11,513 $279 $403 $297 $301 $75 $11 $12,879 97.1 %
II182 — 2 2 — — — 187 1.4 %
III152 1 15 12 — 11 — 192 1.4 %
IV— — — — — — — — — %
期末餘額$11,846 $281 $421 $311 $301 $86 $11 $13,257 100.0 %
__________
(a)平面圖進展包括 99.7% 的總循環餘額。經銷商期限貸款按原始年份呈現。

截至2023年7月31日，續借貸款協議下未償還的借款額爲否 2024年9月30日和2023年12月31日的商業金融應收賬款處於不計息狀態。

與Gm Financial的交易 以下表格顯示我們汽車部門、Cruise和Gm Financial之間的交易。這些金額列在Gm Financial的簡明綜合資產負債表和利潤表中。
2024年9月30日2023年12月31日
綜合資產負債表(a)
來自通用經銷商的商業融資應收款$208 $164 
來自Cruise的商業融資應收款$395 $353 
來自GM的隱性補貼應收款(b)$350 $508 
應付給GM的商業貸款資金$96 $55 
11

目錄
通用汽車公司及其子公司
基本報表附註 ——（續）
三個月之內結束九個月結束
2024年9月30日2023年9月30日2024年9月30日2023年9月30日
收入簡明合併表格
在金融應收款上賺取的利息補貼$345 $319 $1,026 $906 
賺取的租賃車輛補貼$385 $382 $1,108 $1,165 
__________
(a)所有板塊的資產負債表金額在合併時被消除。
(b)我們的汽車部門在截至2024年和2023年9月30日的三個月內向Gm Financial進行了$資金支付。1.2私人股權和其他投資的金額分別爲52.27億美元和53.98億美元，截至2023年7月31日和2023年1月31日。629在截至2024年和2023年9月30日的九個月裏，我們的汽車部門支付給Gm Financial的補貼金額爲$百萬。2.9億美元和2.3在截至2024年和2023年9月30日的九個月裏，我們的汽車部門向Gm Financial支付的補貼金額爲$十億。

GM金融的董事會宣佈並支付了截至2024年和2023年9月30日的三個月和九個月普通股分紅派息$450萬美元和1.4十億

注5. 存貨
2024年9月30日2023年12月31日
總生產物料、供應品和在製品$7,888 $7,422 
成品，包括服務零部件9,437 9,039 
總存貨$17,325 $16,461 

存貨金額已扣除總計爲$的折讓2.0私人股權和其他投資的金額分別爲52.27億美元和53.98億美元，截至2023年7月31日和2023年1月31日。2.2此外，我們與客戶合同承諾的履約義務，主要與Google Cloud相關，包括尚未確認爲營業收入的未來服務。截至2021年3月31日，這些承諾尚未確認的收入總額爲$38.22億。我們預計在接下來的24個月中會確認其中約一半，並在此後確認剩餘部分。然而，收入的金額和時間主要受客戶何時使用服務和我們是否能夠按照相關合同條款交付的影響，這可能影響我們對未確認履約義務的估計以及我們預計何時確認該收入。1.5私人股權和其他投資的金額分別爲52.27億美元和53.98億美元，截至2023年7月31日和2023年1月31日。1.9 數十億美元是與電動車（EV）相關的，以2024年9月30日和2023年12月31日期誤核現有庫存至淨可實現價值。

註釋6。經營租賃設備

經營租賃設備包括Gm Financial向零售客戶租賃的租賃設備。
2024年9月30日2023年12月31日
設備租賃$37,549 $37,921 
減：累計折舊(6,593)(7,338)
運營租賃設備淨額$30,956 $30,582 

我們租賃資產在租賃期末的預估殘值爲$23.0億美元和22.7分別爲2024年9月30日和2023年12月31日的十億美元。

與經營租賃設備相關的折舊費用淨額爲30億美元1.2在截至2024年9月30日和2023年的三個月中爲30億美元，在截至2024年9月30日和2023年的九個月中爲30億美元。3.6億美元和3.7在截至2024年9月30日和2023年的九個月中爲30億美元。

下表總結了向零售客戶的租賃付款，應交給通用金融公司。
截止日期爲12月31日的年份
20242025202620272028此後總費用
經營租賃下的租金收據$1,411 $4,746 $2,849 $842 $70 $1 $9,920 

12

目錄
通用汽車公司及其子公司
基本報表附註 ——（續）
注7。非合併聯營企業淨資產的股權

非合併附屬公司是我們持有股權的實體，由於我們能夠對其經營和財務事務做出重大影響，因此我們採用權益法覈算。我們合資公司的營業收入和支出不會納入我們的基本報表中；相反，我們對每家合資公司收益的比例份額標識爲權益收益（虧損）或汽車及其他銷售成本。
三個月之內結束九個月結束
2024年9月30日2023年9月30日2024年9月30日2023年9月30日
汽車中國合資企業的股權收益（損失）$(137)$192 $(347)$353 
Ultium Cells Holdings LLC的股權收益（損失）（a）309 101 788 191 
其他合資企業的股權收益（損失）15 35 36 4 
股權收益（損失）總額$187 $328 $477 $548 
__________
(a)與LG能源解決方案（LGES）共同擁有的Ultium Cells Holdings LLC相關的股權收益被列示在汽車業務和其他銷售成本中，因爲這個實體對我們的業務運作至關重要，爲我們的電動汽車提供電池。

已經發生了 否 自2023年12月31日以來，我們在中國汽車合資企業（中國汽車JV）或Ultium Cells Holdings LLC的重大股權變動。
三個月之內結束九個月結束
2024年9月30日2023年9月30日2024年9月30日2023年9月30日
中國汽車合資企業經營數據摘要
汽車中國合資企業銷售淨利潤$4,480 $7,858 $13,268 $21,817 
中國汽車合資企業的淨利潤（虧損）$(282)$485 $(724)$904 

未合併關聯方宣佈但未支付的分紅爲$664 百萬美元，截至2024年9月30日和2023年12月31日，我們從非合併關聯方收到的分紅微不足道，爲$190百萬美元，在截至2024年9月30日的三個月和九個月內，以及截至2023年9月30日的三個月和九個月內，我們從非合併關聯方收到的分紅微不足道，分別爲$1011百萬美元和514百萬美元，截至2024年9月30日和2023年12月31日，來自我們非合併關聯方的未分配收益爲$2.0私人股權和其他投資的金額分別爲52.27億美元和53.98億美元，截至2023年7月31日和2023年1月31日。1.7 十億美元。

註釋8.可變利益實體

合併的可變利益實體
汽車融資 – 通用金融
通用金融利用特殊目的實體（SPE）作爲被視爲VIEs，向第三方、銀行贊助的倉庫機構或資產支持證券發行變動資金票據，用於證券化交易中的投資者。這些VIEs發行的債務得到財務應收賬款和租賃相關資產的支持，這些資產已轉移給VIEs（證券化資產）。通用金融確定自身是SPEs的主要受益人，因爲對證券化資產的服務責任賦予通用金融指導VIEs績效最重要的活動的權力，並且對VIEs的變動利益賦予通用金融承擔損失和獲得或許顯著的剩餘回報的權利。這些VIEs的資產作爲這些實體發行的債務的唯一償還來源。投資於VIEs發行的票據的投資者不具有向通用金融或其其他資產追索的權利，只有一般的代表性陳述和擔保回購條款以及因通用金融作爲服務商而提供的賠償。通用金融無需向這些SPEs提供額外的財務支援。儘管這些子公司包括在通用金融的簡明合併財務報表中，它們是獨立的法律實體，由它們合法擁有的財務應收賬款、租賃相關資產和現金不會向通用金融的債權人或通用金融其他子公司的債權人提供。

13

目錄
通用汽車公司及其子公司
基本報表附註 ——（續）
以下表格總結了與Gm Financial的合併VIEs相關的資產和負債:
2024年9月30日2023年12月31日
受限現金 - 流動$2,278 $2,398 
非流動限制性現金$355 $367 
通用金融應收賬款 - 流動$25,216 $22,990 
通用金融應收賬款 - 非流動$25,135 $23,535 
通用金融經營租賃設備淨額$12,292 $15,794 
通用金融短期債務和長期債務的流動部分$14,912 $22,088 
Gm Financial長期債務$28,663 $23,210 

通用金融在資產證券化資產上確認融資費用、租賃車輛和費用收入，同時確認資產抵押債務上的利息費用，並記錄貸款損失準備金以確認預計在財務應收款剩餘期限內發生的貸款損失。

非一體化VIE
汽車
非合併的VIE主要包括汽車相關的運營實體，我們提供財務支持以確保生產的供應需求得到滿足或不受干擾。我們對這些非合併VIE的變量權益包括股權投資、應收賬款和貸款、承諾的財務支持以及其他資產負債表之外的安排。資產的賬面價值約爲$3.8私人股權和其他投資的金額分別爲52.27億美元和53.98億美元，截至2023年7月31日和2023年1月31日。2.4 十二月三十一日的時候，我們的非合併VIE相關資產約爲$十億，而相關負債微不足道。由於參與這些VIE的風險，我們可能承擔的最大損失約爲$6.1私人股權和其他投資的金額分別爲52.27億美元和53.98億美元，截至2023年7月31日和2023年1月31日。3.5十二月三十一日的時候，我們與蘋果-電芯製造業合資企業承諾的資本捐款約爲$十億，導致的最大損失約爲$2.2私人股權和其他投資的金額分別爲52.27億美元和53.98億美元，截至2023年7月31日和2023年1月31日。0.8 十二月三十一日的時候，我們與蘋果-電芯製造業合資企業承諾的資本捐款約爲$十億，導致的最大損失約爲$十億。我們可能承擔的最大損失和所需的資本捐款可能會根據我們與蘋果-電芯製造業合資企業的要求和融資途徑而變化。目前我們缺乏通過表決權或類似權利來指導這些實體的活動，這些活動將最顯著地影響它們的經濟績效。

14

目錄
通用汽車公司及其子公司
基本報表附註 ——（續）
注9。債務

汽車業務 以下表格顯示了我們汽車業務中的債務：
2024年9月30日2023年12月31日
公允價值公正價值公允價值公正價值
有擔保債務 $176 $175$134 $132
未擔保債務(a)15,916 15,86215,842 15,911
融資租賃負債391 411437 447
汽車總負債（b）$16,484 $16,448$16,413 $16,490
使用1級輸入的公允價值$15,530$15,457
使用2級輸入的公允價值$918$1,033
可在信貸協議下使用（c）$13,561$16,446
未償還的短期債務的加權平均利率（d）8.3 %16.2 %
未償還的長期債務的加權平均利率（d）5.8 %5.8 %
__________
(a)主要由高級票據組成。
(b)包括2024年9月30日和2023年12月31日的淨折扣和債務發行成本$481萬美元和527百萬美元。
(c)不包括我們的 364-天，$2.0 億美元額度專門供Gm金融公司使用。
(d)包括以各種外幣計價的債券利率和無息貸款。

2024年3月，我們更新了我們的 364-day，$2.0億美元循環信貸額度，專門用於通用金融，現在到期日爲2025年3月27日。根據利率期貨，更新後的信貸額度下的義務利率是基於期限擔保隔夜融資利率（SOFR）。

2024年3月，我們終止了未擔保的 364-日延遲到期的提款授信協議，允許公司最多借款3.0億美元，該協議於2013年11月簽訂，導致微不足道的損失。

通用金融 下表顯示了通用金融公司的債務：
2024年9月30日2023年12月31日
公允價值公正價值公允價值公正價值
有擔保債務 $43,570 $43,830 $45,243 $44,971 
無擔保債務67,796 68,354 60,084 59,651 
Gm金融債務總額$111,367 $112,183 $105,327 $104,622 
利用2級輸入計算的公允價值$110,055 $102,262 
利用3級輸入計算的公允價值$2,129 $2,360 

擔保債務包括循環信貸和證券化應付票據。大部分擔保債務由可變利實體發行，並且僅能從與基礎抵押資產相關的收益中還款。請參考《Gm Financial》基本財務報表附註8，以獲取有關Gm Financial參與可變利實體的更多信息。截至2024年9月30日的九個月中，Gm Financial與總借款額爲$24.2 億美元的循環信貸額度進行了續約，併發行了總額爲$18.0 億美元的證券化應付票據，初始加權平均利率爲5.5%，到期日從2024年到2037年不等。

未擔保債務包括優先票據、信貸額度和其他未擔保債務。截至2024年9月30日九個月結束，Gm Financial發佈了總額爲$的優先票據12.4 億美元，初始加權平均利率爲 5.4%，到期日從2027年至2034年不等。


15

目錄
通用汽車公司及其子公司
基本報表附註 ——（續）
注10。衍生金融工具

以下表格列出了Gm Financial衍生金融工具的毛公允價值金額和相關名義金額：
公允價值層次2024年9月30日2023年12月31日
名義本金所有基金類型的公允價值負債的公允價值名義本金所有基金類型的公允價值負債的公允價值
指定爲套期工具的衍生工具(a)
公允價值避險
利率掉期2$33,190 $207 $278 $18,379 $75 $238 
現金流量套期收益
利率掉期21,881 17 10 2,381 17 16 
外幣掉期交易(b)28,993 284 218 8,003 144 311 
未指定爲套期工具的衍生工具(a)
利率合約2118,346 883 1,334 134,683 1,573 1,997 
外幣合同2195 — 3 — — — 
總衍生金融工具（c）$162,605 $1,391 $1,842 $163,446 $1,809 $2,563 
__________
(a)2024年9月30日及2023年結束的三個月和九個月的簡明綜合收入表和綜合收入表中包括的收益/損失是 微不足道的， 除非另有說明，其他資產中包括淨應收款項中計提的利息支付金額。其他負債中包括淨應付款項中計提的利息支付金額。
(b)外幣現金流量套期工具的影響已被確認，包括2024年9月30日和2023年的三個月內獲得的利潤$百萬，該利潤已計入綜合收益的累積其他246百萬和虧損爲$154金額爲$百萬，2024年9月30日和2023年的三個月內外幣現金流量套期工具再分類的效應已從累積其他綜合收益調整爲收入，且在2024年9月30日和2023年的九個月內獲得了微不足道的利潤和損失。291百萬和虧損爲$226金額爲$百萬，2024年9月30日和2023年的三個月內外幣現金流量套期工具再分類的效應已經被調整爲收入，且在2024年9月30日和2023年的九個月內產生了微不足道的利潤和損失。129金額爲$百萬，2024年9月30日和2023年的九個月內外幣現金流量套期工具再分類的效應已從累積其他綜合損益中轉入損益，且2024年9月30日和2023年的九個月內獲得了微不足道的利潤和損失。
(c)Gm金融持有了 $225萬美元和457 百萬的抵押品可用於衝抵Gm金融的資產頭寸，並在2024年9月30日和2023年12月31日向交易對手提供了 $819萬美元和1.2 十億的抵押品可用於衝抵Gm金融的負債頭寸。

Level 2工具的公允價值是通過市場方法確定的，這是基於可觀察到的市場輸入，包括類似工具的報價、匯率期貨和利率遠期曲線。

以下金額已記錄在精簡綜合資產負債表中，這些金額與公允價值套期交易關係中被指定並符合套期項目。
2024年9月30日2023年12月31日
套期項目的賬面金額公允價值套期會計調整累計金額(a)套期項目的賬面金額公允價值套期會計調整累計金額(a)
短期無抵押債務$7,168 $(18)$3,508 $(8)
長期無抵押債務30,802 788 30,043 1,037 
Gm Financial無擔保債務$37,970 $771 $33,551 $1,029 
__________
(a)其中包括價值爲 752萬美元和872 2024年9月30日和2023年12月31日止，停止相關會計覈算的被套期工具留存未攤銷虧損的數額爲百萬美元。








16

目錄
通用汽車公司及其子公司
基本報表附註 ——（續）
注意事項11。產品保修及相關責任
三個月之內結束九個月結束
2024年9月30日2023年9月30日2024年9月30日2023年9月30日
產品保修及相關責任
保修期貨幣開始餘額$10,043 $8,741 $9,295 $8,530 
期內發放及承擔的保修 - 召回活動171 157 826 707 
期內發放及承擔的保修 - 產品保修1,143 693 2,699 1,748 
付款(1,152)(1,017)(3,206)(3,044)
現有保修的調整444 147 1,080 758 
外幣和其他貨幣的影響11 (22)(35)— 
期末保修餘額10,660 8,699 10,660 8,699 
期末保修餘額減：供應商收回餘額512 82 512 82 
期末淨保修餘額（扣除供應商收回）$10,147 $8,616 $10,147 $8,616 
__________
(a)供應商回收的當前部分記錄在應收賬款和應收票據帳戶中，減少準備金，而非流動部分記錄在其他資產中。
三個月之內結束九個月結束
2024年9月30日2023年9月30日2024年9月30日2023年9月30日
產品質保費用，減去實現
期內發出和承擔的保修$1,314 $850 $3,525 $2,455 
本期供應商回收款項
(78)(53)(216)636 
調整和其他455 125 1,045 759 
保修費用，減少供應商回收款項
$1,691 $922 $4,354 $3,850 

在2024年9月30日結束的三個月和九個月中，我們記錄了對供應商回收的微不足道的費用，在2023年9月30日結束的九個月中，我們記錄了對供應商回收的費用，金額爲$792百萬美元，涉及雪佛蘭Bolt召回成本的結算。關於超過召回活動已計提金額的可能損失的估計，請參閱我們的簡明合併基本報表附註13了解更多信息。

17

目錄
通用汽車公司及其子公司
基本報表附註 ——（續）
注12。養老金和其他退休福利
2024年9月30日止三個月2023年9月30日止三個月
養老金福利全球OPEb計劃養老金福利全球OPEb計劃
美國交易法案交易所非美國美國交易法案交易所非美國
服務成本$47 $40 $3 $44 $39 $3 
利息費用533 112 56 568 184 59 
計劃資產預期回報(686)(116)— (730)(192)— 
往期服務成本（貸）攤銷16 1 — (1)1 — 
攤銷淨精算（盈利）損失2 12 — — 8 (6)
淨週期性養老金和其他僱員福利計劃（收入）費用$(88)$49 $59 $(119)$40 $56 
2024年9月30日止九個月2023年9月30日止九個月
養老金福利全球貨幣OPEb計劃養老金福利全球貨幣OPEb計劃
美國交易法案交易所非美國美國交易法案交易所非美國
服務成本$141 $110 $8 $131 $123 $7 
利息費用1,599 373 170 1,704 521 177 
計劃資產預期回報(2,056)(384)— (2,190)(544)— 
往期服務成本（貸）攤銷46 3 (1)(2)2 (1)
淨激勵(獲得)損益的攤銷6 35 — — 25 (17)
淨週期性養老金和其他僱員福利計劃(收入)費用$(264)$137 $177 $(357)$127 $166 

在2024年和2023年截至9月30日的三個月內，養老金和其他離退休福利（OPEB）利息收入和其他非營運收入中的非服務成本元件微不足道149萬美元和258在2024年和2023年截至9月30日的九個月內，爲0美元

附註13.承諾和不確定事項

與訴訟相關的責任和稅務行政事項 在我們業務的正常過程中，我們不時會被指定爲各種法律訴訟，包括仲裁、集體訴訟和其他訴訟的被告。我們以下列出了我們認爲可能存在重大損失的主要個別訴訟和調查，我們會爲我們認爲可能發生損失且能夠合理估計的事項計提準備金。截至2024年9月30日和2023年12月31日，我們在應計負債和其他負債中爲此類法律訴訟計提了$***億。在許多事項中，要判斷損失是否可能或有理由相信可能，或者估計潛在損失的大小或區間都是困難的。一些事項可能涉及賠償性、懲罰性或其他三倍賠償要求、環境糾正項目或制裁措施，如果被批准，可能要求我們支付賠償金或作出無法合理估計金額的其他支出。因此，雖然我們認爲已爲可能發生損失並可以合理估計的損失建立了適當的準備金，但有可能這些訴訟的不利結果超過了已計提的金額，該金額可能對我們在任何特定報告期的經營業績或現金流量產生重大影響。1.3私人股權和其他投資的金額分別爲52.27億美元和53.98億美元，截至2023年7月31日和2023年1月31日。1.2 對於此類法律訴訟，我們在應計負債和其他負債中已準備了數十億美元的準備金。在許多事項中，判斷損失是否可能或有理由相信可能或估計潛在損失的規模或區間都是困難的。一些事宜可能涉及賠償、懲罰或其他三倍賠償要求、環保母基改項目或制裁，如果被批准，可能要求我們支付賠償金或作出無法合理估計的其他支出。因此，儘管我們認爲已爲可能發生損失且可以合理估計的損失建立了適當的準備金，但可能這些事項的不利結果超過已計提的金額，該金額可能對我們在任何特定報告期的經營業績或現金流量產生重大影響。

韓國通用汽車外包工人訴訟 韓國通用汽車公司（以下簡稱韓國通用）與現任和前任外包工人進行訴訟，因工人聲稱他們享有與全職僱員相同的工資和福利，且應被聘爲全職僱員。2018年5月和2020年9月，韓國勞動部門發佈不利的行政命令，認定韓國通用必須將某些現任外包工人聘爲全職僱員。韓國通用對2018年5月和2020年9月的裁決提出上訴。自2020年6月起，首爾高等法院（中級上訴法院）在外包工人訴求方面裁定不利於韓國通用。 八 外包工人索賠。在韓國最高法院（以下簡稱韓國最高法院）對上訴進行審理期間，韓國通用將某些外包工人聘爲全職僱員。2024年第三季度，韓國最高法院對上訴作出裁定。儘管韓國最高法院在大多數上訴中裁定不利於韓國通用，但在某些外包工人方面裁定有利於韓國通用。2024年9月30日，我們爲某些主張的索賠和我們認爲可能被提出且存在責任概率的索賠計提約$182 百萬。我們估計，
18

目錄
通用汽車公司及其子公司
基本報表附註 ——（續）
2024年9月30日時，我們無法估計針對其他目前分包工人可能提出類似索賠的合理可能超過已計提金額的損失是否微不足道。目前我們無法估計任何可能導致的重大損失或損失範圍，這可能是由前分包工人提出的額外索賠導致的。

其他訴訟相關賠償責任和稅務行政事宜 我們或相關公司或合資企業面臨各種其他法律訴訟，包括集體訴訟、政府調查、索賠和訴訟事項，其中包括但不限於聲稱產品缺陷引起的事宜; 與就業有關的事項; 產品和工作場所安全、車輛排放和燃油經濟法規; 產品保修; 金融服務; 經銷商、供應商和其他合同關係; 競爭問題; 未適用會計準則規範 740，「所得稅」規定的與稅務有關事項（間接稅務事項）; 產品設計、製造和性能; 消費者保護法; 和環境保護法，包括監管空氣排放、排水、廢物管理和環境治理方面的法律。 我們還不時收到美國聯邦、州政府和外國政府機構或其他代表就各種問題的傳票和其他詢問或信息請求。

有幾個正在美國和加拿大進行的幾起聲稱Gm違反了聯邦、州和外國排放標準的集體訴訟，涉及銷售的各種車輛，包括2011年至2016年的Duramax柴油雪佛蘭Silverado和gmc Sierra車輛。到2023年7月， 美國的假定集體訴訟案件被帶有偏見地駁回，並判決偏袒Gm。到2024年8月，第六巡迴法院在其中一起案件中撤銷了駁回裁決，我們正在尋求對該裁決的再審。第六巡迴法院尚未就原告對另一案件的上訴作出裁決。我們目前無法估計這些訴訟可能導致的任何合理可能的重大損失或損失區間。Gm在美國還面臨了一系列基於這些指控的額外訴訟，包括一起仍在進行中的股東訴訟要求訴訟。 兩個 ，假定的美國集體訴訟案件被帶有偏見地駁回，判決偏袒Gm。2024年8月，第六巡迴法院在一起案件中推翻了駁回判決，我們正在尋求對該決定的再審。第六巡迴法院尚未對另一案件的原告上訴作出裁決。目前我們無法估計可能產生的任何合理可能的重大損失或損失區間。Gm還面臨着在美國基於這些指控提起的一系列額外訴訟，包括一起仍在進行中的股東訴訟要求訴訟。

有幾起假定的集體訴訟和 二 美國正在審理針對通用汽車的經認證的集體訴訟，指控其2011-2014年車型的各種車輛因過度消耗石油而存在缺陷。儘管其中許多訴訟已被駁回或以微不足道的金額和解，但仍有一些訴訟未決。2022年10月，我們在涉及三個州的經認證的集體訴訟中收到了陪審團的不利裁決。我們認爲該判決沒有得到證據的支持，並計劃上訴。我們目前無法估計假定集體訴訟可能造成的任何合理可能的重大損失或損失範圍，並且此前已累積了與一項經認證的集體訴訟相關的非實質性金額。

該公司受這些新稅法的影響不大。 之一 涉案的集體訴訟和 之一 針對通用汽車在美國的2015年至2022年各款車型存在缺陷的認證集體訴訟案件，聲稱這些車輛配備有有缺陷的8速變速器。2023年3月，負責2015年至2019年車型的集體訴訟的法官認證了26個州份的子類別。2024年8月，第六巡迴法院確認了這一類別認證訂單。我們正在尋求第六巡迴法院裁定的再審。涉及2020年至2022年車型的推定集體訴訟案件正在另一位尚未處理類別認證的法官面前進行審理。我們在加拿大也有類似的涉案車輛訴訟。目前我們無法估計由於這些訴訟可能導致的任何合理可能或概率性的重大損失或損失區間超出已計提金額。

美國有一起針對gmc的集體訴訟案在進行中，加拿大也有一起可能的集體訴訟案，聲稱2011年至2016年的Duramax柴油Chevrolet Silverado和GMC Sierra車輛配備有易於故障的燃油泵。2023年3月，美國法院認證了七個州的子類。我們達成了一項協議，根據我們的計提和和解協議，這一事項正等待最終法院批准。

除了披露的集體訴訟之外，我們在任何時候可能還有其他幾起懸而未決的集體訴訟。在這些類型的案件中，歷史上被認證通過的類別相對較少。因此，我們通常只會在某個類別被認證通過並且我們認爲公司有合理可能承擔實質性風險時才會具體披露集體訴訟。

全球正在評估與增值稅、海關稅、關稅、銷售稅、地方稅和其他非所得稅風險相關的間接稅務事宜。某些行政訴訟是與間接稅相關的，可能要求我們將資金存入托管帳戶或提供其他形式的安全保證。對於與間接稅有關的事項，我們估計可能的損失超過已提撥金額，總計預計高達約$1.8 2024年9月30日達到約數十億美元。

Takata很重要 2020年11月，美國國家公路交通安全管理局（NHTSA）要求我們更換GMT900車輛中的Takata公司（Takata）安全氣囊充氣器，這些車輛是全尺寸皮卡和運動型多用途車（SUV），而我們決定不對抗NHTSA的決定。儘管我們已經開始執行這一過程
19

目錄
通用汽車公司及其子公司
基本報表附註 ——（續）
考慮到這一車輛數量，召回將需要數年才能完成。因此，在截至2020年12月31日的年度中，我們記錄了1美元的保修準備金。1.1十億美元，用於預計與召回方案的合規成本。截至2024年9月30日，我們對這些事項的剩餘準備金爲百萬美元，我們相信當前預提金額仍然合理。565百萬美元，我們認爲當前已預提金額仍然合理。

通用汽車已召回在美國以外銷售的特定車輛，以替換這些車輛中的Takata充氣器。在國際銷售和在美國銷售的相關車輛之間，在車輛和充氣器設計上存在重大差異。我們將繼續收集和分析有關這些充氣器的證據，並與監管機構分享我們的發現。與這些充氣器有關的任何額外召回都可能對我們的經營業績和現金流量產生影響。

有數起被提起的集體訴訟針對Gm的案件已在美國和加拿大提起，起因是 Takata 製造的氣囊充氣器存在缺陷的指控。2023年3月，美國法院主持其中一起可能的集體訴訟，就該程序涉及的八個州的所有索賠對Gm做出終審判決。2023年8月，美國法院批准了路易斯安那州的集體訴訟認證，但否定了另外七個州的認證。在這些程序的當前階段，我們無法提供可能的財務損失的金額或區間。

ARC事件很重要 2023年5月，我們啓動了一項自願召回，涵蓋了將近 之一100萬2014年至2017年款別克昂科雷、雪佛蘭特拉柏和gmc學院(SUV)配備ARC Automotive, Inc.製造的駕駛員正面安全氣囊充氣器，併爲召回的預期成本提取了微不足道的金額。作爲對ARC安全氣囊充氣器持續調查的一部分，2023年9月5日，美國國家公路交通安全管理局(NHTSA)發佈了初步決定，約 52百萬前排駕駛員和乘客安全氣囊充氣器由ARC和Delphi Automotive Systems LLC在大約 20年的 時間段內包含安全缺陷，並必須進行召回。2024年7月31日，NHTSA發佈了一項追加初步決定，重申了其2023年9月的初步決定，並重新開放行政記錄以接受額外的公衆意見。初步決定和追加初步決定主要基於涉及ARC製造的前排安全氣囊充氣器的七起領域破裂情況。我們正在繼續調查Gm車輛中破裂的原因，以配合我們現有的召回。NHTSA的調查行政記錄在2024年10月11日關閉，我們正在等待NHTSA發佈其最終決定。如GM在記錄中提交的評語所示，我們認爲目前不需要或適當進行更多的Gm車輛召回。然而，根據NHTSA和ARC之間的爭端的結果以及額外召回的可能性，其中的費用可能無法完全收回，這些事宜的成本可能是重大的，但目前我們無法提供任何此類事項的金額或範圍有合理可能導致的實質性損失的估計。

已有幾起被提出的集體訴訟對通用汽車進行起訴，包括在美國、加拿大和以色列，這是因爲據稱由ARC製造的安全氣囊充氣器存在缺陷。在這些程序的當前階段，我們無法提供損失金額或可能發生的損失區間的估計。

雪佛蘭Bolt召回 2021年7月，我們因2017-2019年款雪佛蘭Bolt EV存在潛在風險而發起自願召回。 兩個 由於同一電池電芯中存在的製造缺陷可能導致這些汽車中的某些車輛發生高壓電池火災。經過進一步調查我們的電池供應商LGES的製造過程，並分解電池包，我們確定電芯缺陷風險並不僅限於最初的召回範圍。因此，2021年8月，我們將召回擴大至包括所有2017-2022年款雪佛蘭Bolt EV和雪佛蘭Bolt Electric Utility Vehicles (EUVs)。LG Electronics, Inc.和LGES (統稱LG)同意補償通用汽車某些因召回而產生的費用和支出。與LG的商業談判還解決了我們與LGES合資創業公司Ultium Cells Holdings LLC相關的其他商業事宜。因此，截至2023年12月31日，我們已計提了總額爲$2.6 十億，並已確認應收款項總計$1.6 十億作爲這些事宜的連帶責任。截至2024年9月30日，我們對這些事宜的剩餘計提爲$0.3 十億。這些費用反映了我們對召回補救成本的當前最佳估計，其中包括通用汽車提供的非傳統召回補救措施以增強客戶滿意度。召回的實際成本可能高於或低於這些金額。

此外，在美國和加拿大，已對通用汽車提起了假定集體訴訟，聲稱召回範圍內包含的Bolt EV和EUV車輛的電池存在缺陷。 通用汽車已同意以微不足道的費用解決美國類別訴訟，並且和解協議正在等待最終法庭批准。

歐寶/沃克斯豪爾業務出售 在2017年，我們將歐寶和沃克斯豪爾業務以及歐洲的某些其他資產（歐寶/沃克斯豪爾業務）根據主協議（協議）出售給了PSA集團，現在是斯泰蘭蒂斯汽車公司（斯泰蘭蒂斯）。我們還將歐洲融資子公司和分支機構出售給了PSA銀行融資公司和巴黎銀行個人金融公司。儘管這筆交易減少了我們在歐洲的新車業務存在，但我們仍可能受到監管機構針對車輛採取的行動的影響。
20

目錄
通用汽車公司及其子公司
基本報表附註 ——（續）
在出售前已出售。通用汽車控股有限責任公司代表我們的全資子公司（賣方）同意賠償 Stellantis 因協議中包括的陳述和保證的不準確或違反、以及其他特定責任，包括與某些排放索賠、產品責任和召回相關的成本而產生的特定損失。我們無法估計可能直接或通過 Stellantis 的賠償要求而導致的任何合理可能的重大損失或損失範圍。這些賠償義務中的一些受到時間限制、閾值和/或付款金額上限的限制。

目前，在德國、英國、奧地利和荷蘭已對銷售商和Stellantis提起了各種消費者訴訟，指控銷售商銷售的Opel和Vauxhall車輛違反了適用的排放標準。此外，我們爲Stellantis因進行或將進行的某些召回支付了不重要的金額，包括Stellantis擬進行的與傳統Opel車輛中的Takata充氣器有關的某些地理區域的召回。將來，我們可能需要進一步爲Stellantis與其Takata召回相關的事宜提供賠償，但我們認爲目前這種進一步的賠償要求是遙不可及的。

歐洲委員會和英國競爭與市場管理局的事項 2022年3月，歐洲委員會和英國競爭與市場管理局（CMA）對多家在汽車領域活躍的公司和協會的辦公場所進行了檢查，併發出了正式的信息請求。調查涉及協調有關報廢汽車和貨車的回收、處理和收集等行爲。通用汽車並不是檢查的對象，但後來收到了與Opel進行的活動有關的信息請求，Opel是我們2017年出售給Stellantis的前子公司。通用汽車已回覆了歐洲委員會和CMA的信息請求。這些檢查和信息請求是初步調查步驟，不預設調查結果，截至2024年9月30日，我們已確認了與此事項相關的微不足道金額。如果針對Opel的行爲建立了違法行爲，可能會有一系列可能的後果，包括可能構成重大損失。

隱私和消費者保護事項 美國聯邦法院針對Gm進行的集體訴訟指控違反了州和聯邦的隱私和消費者保護法，涉及通過我們以前的OnStar Smart Driver產品獲取的某些消費者數據的收集和使用。2024年6月，這些集體訴訟被合併爲喬治亞州北區的多區訴訟程序。此外，許多聯邦和州機構以及檢察長已就這些所稱的消費者保護和隱私問題對我們展開調查或詢問。公司將全力配合這些機構和檢察長。在這個階段，我們無法估計可能或有可能的重大損失或可能由這些行動引起的損失區間。

產品責任 我們在2024年9月30日和2023年12月31日的預計所有已知產品責任索賠成本，以及已經發生並預期未來將提起訴訟但我們自行承擔的產品責任索賠成本，在應計負債和其他負債中記錄了603萬美元和615所有板塊的預期產品責任索賠成本，以及對已發生的並預期將來可能提出的產品責任索賠成本的估計，我們自行承擔風險。我們認爲在未來期間，根據當前可獲得的信息，我們的產品責任索賠預提可能會大幅增加，儘管我們無法根據目前的信息估計出合理的損失區間。我們相信，針對我們產品造成的實際損害的任何裁決將被我們記錄的應計負債以及適用的超額責任保險承保。

保證 我們與部分合資企業生產的產品涉及的責任索賠進入賠償協議。這些保證期限分別在2025年至2029年，或特定事件發生時終止，或持續有效。我們相信相關潛在成本已被我們記賬的應計費用充分覆蓋，金額微不足道。未來最大未折現支付主要基於迄今爲止銷售的車輛所收到的版稅，截至2024年9月30日和2023年12月31日，這些按金額爲【未編輯】億美元，其中大部分與賠償協議有關。3.9私人股權和其他投資的金額分別爲52.27億美元和53.98億美元，截至2023年7月31日和2023年1月31日。3.5 這些保證截至2024年9月30日和2023年12月31日的最大未來未折現支付金額爲【未編輯】億美元，其中大部分與賠償協議有關。

我們爲商業貸款提供與第三方（如經銷商）的在途貸款的支付擔保。在某些情況下，我們擔保的一方的某些資產或我們對其債務或履約的應付款項可能在一定程度上抵銷任何潛在未來付款的金額。我們還面臨與對租車公司的某些銷售相關的殘值擔保的風險。

我們會定期簽訂協議，在業務的正常過程中納入賠償條款。由於這些賠償或擔保的條件性質，我們無法估計我們在這些賠償中的最大風險。對於這些義務，只記錄了微不足道的金額，因爲其中大多數不可能或無法估計。
21

目錄
通用汽車公司及其子公司
基本報表附註 ——（續）
在發行時，擔保的公允價值微不足道。有關我們根據協議向Stellantis提供賠償責任的額外信息，請參閱本說明書中的Opel/Vauxhall出售部分。

供應商融資計劃 第三方金融機構爲某些供應商提供提前支付選項，通過我們建立的融資計劃。我們保留與參與供應商的義務，並根據原始發票條款於原始發票到期日直接向第三方金融提供者支付。對已承諾的支付未提供資產作爲安防-半導體或其他形式的擔保。我們供應商融資計劃下的未清償資產之餘額截至2024年9月30日和2023年12月31日分別爲$1.7私人股權和其他投資的金額分別爲52.27億美元和53.98億美元，截至2023年7月31日和2023年1月31日。1.3十二月三十一日和2024年9月30日記錄的 應付賬款 （主要是交易）。

注意事項14。 所得稅

2024年9月30日結束的三個季度內，所得稅費用爲$7091百萬美元和2.2十億美元 主要是由於包含在我們有效稅率計算中的實體的稅費

在2023年9月30日結束的三個月和九個月內，所得稅費用爲$4701百萬美元和1.410億，主要是由於收入和納稅支出的司法區域分佈及包含在我們有效稅率計算中的實體所致，低於法定稅率。

注15重組和其他舉措

我們已經執行了各種重組和其他倡議，未來如果必要的話，我們可能會執行額外的倡議，以簡化製造能力，降低其他成本，從而提高剩餘設施的利用率。在這些計劃涉及志願分離的程度，一般會在員工接受提議時記錄負債。在這些計劃根據現有協議提供分離福利的程度，一旦金額可能性和估計合理性，負債就會被記錄。如果員工被迫終止，一般會在通訊日期記錄負債。相關費用記錄在汽車和其他銷售成本以及汽車和其他銷售、總務費用中。

以下表格總結了與重組和其他倡議有關的儲備和費用情況，包括與離職福利相關的儲備和費用：
三個月之內結束九個月結束
2024年9月30日2023年9月30日2024年9月30日2023年9月30日
期初餘額$615 $1,151 $779 $520 
增加、利息累積和其他369 161 781 1,396 
付款(363)(661)(935)(1,266)
修訂估計和外匯影響(3)(2)(7)— 
期末餘額$617 $650 $617 $650 

在2024年9月30日結束的三個月和九個月內，重組和其他舉措包括與別克經銷商相關的GMNA戰略活動。我們記錄了$150萬美元和321百萬美元在2024年9月30日結束的三個月和九個月內，在上表中已經包含，並在2024年9月30日結束的九個月內產生了376$百萬的淨現金流出，由於這些經銷商重組。累計我們已經爲此舉措支付了約1.4十億美元的費用和1.2十億美元的淨現金流出。剩餘的$百萬預計將在2025年年底前支付。231

2024年4月，我們宣佈了與關閉哥倫比亞和厄瓜多爾製造業務相關的GMI重組行動。在截至2024年9月30日的三個月和九個月中，我們記錄的金額微不足道166 百萬美元，不包括主要與員工離職和供應商相關費用相關的非控股權益（美元）91 百萬，包含在上表中，以及非現金重組費用 $73百萬美元主要與加速折舊和攤銷有關，這未反映在上表中。截至 2024 年 9 月 30 日，我們已經產生了 $35 這些重組活動產生的數百萬美元現金流出。我們預計，與這些活動相關的剩餘現金流出爲美元56 到2024年底，將基本完工。

22

目錄
通用汽車公司及其子公司
基本報表附註 ——（續）
在2024年9月30日結束的三個月內，我們錄得了總計$重組費用。190主要發生在GMNA，與員工分離有關。截至2024年9月30日，我們已經發生了$現金流出，這是由這些重組行動導致的。74我們預計與這些活動相關的剩餘現金流出爲$，預計將在2025年底前基本完成。116在2025年底前，我們預計與這些活動相關的剩餘現金流出將基本完成。

2023年10月，Cruise自願暫停了其在美國的所有無人駕駛、監督和手動AV運營，同時審查其流程、系統和工具。與這些行動相結合，Cruise在2023年12月31日年結束時錄得了非控股權益前美金$529 百萬的費用，其中包括非現金重組費用$250百萬。2024年6月，Cruise無限期推遲了Cruise Origin，並認定了主要爲非現金費用，非控制權益前美金$631百萬。這些非現金重組費用並未反映在上表中。迄今爲止，我們已經因這些重組活動而支出了美金$218百萬現金流出。我們預計與這些活動相關的剩餘現金流出約爲美金$112百萬，預計將在2025年底前完成。

ASC Subtopic 280-10「分部門報告」爲關於報告關於運營部門的信息提供了標準。股東權益和非控制權益

我們有2.0 billion股優先股和 5.0 billion股普通股已獲得授權發行。截至2024年9月30日和2023年12月31日，我們已發行並流通 否 billion股優先股。截至2024年9月30日和2023年12月31日，我們已發行並流通 1.1十幾億和 1.2十幾億股普通股已發行並流通截至2024年9月30日和2023年12月31日。

普通股 我們普通股股東有權獲得董事會全權決定的分紅派息。我們普通股股息總額爲$1331百萬美元和407百萬美元，截至2024年9月30日三個月和九個月的股息爲$1231百萬美元和373百萬美元，截至2023年9月30日三個月和九個月的股息爲$

2023年11月，我們的董事會將股票回購計劃額度提高了$成交量10.0億美元，總額達到$成交量11.4億美元，並批准了加速股票回購（ASR）計劃，以回購我們普通股總額爲$成交量10.0億美元。 2023年12月，根據與ASR相關的協議（統稱ASR協議），我們愛文思控股了$成交量10.0億美元，並收到了約 215萬股我們的普通股，價值$成交量6.8億美元，這些股票立即被註銷。 2024年3月，根據ASR協議約定的交易首次結算，我們收到了約 4萬股額外股份，這些股份立即被註銷。 最終購買的股份數量將基於ASR協議期間我們普通股的每日成交量加權平均價格，減去折扣，並根據ASR協議的條款和條件進行調整。 最終結算時，我們可能會收到額外的普通股，或者在某些情況下，我們可能需要交付普通股或進行現金支付，視我們的選擇而定。 預計在截至2024年12月31日的三個月內，將完成與ASR計劃相關的ASR協議項下的交易的最終結算。

2024年6月，我們的董事會批准了一項新的股票回購授權，用於回購多達另外$6.0十億美元的普通股。

在2024年9月30日結束的九個月內，除了在ASR計劃下收到的股票外，我們大約購買了 53百萬股我們的普通股，總價爲$2.4十億美元，包括與2024年9月啓動的購買相關的微不足道的金額，該購買在2024年10月結算。在2023年9月30日結束的九個月內，我們購買了 30百萬股我們的普通股，總價爲$1.1十億美元。

遊輪普通股 在截至2024年9月30日的三個月和九個月期間，Gm遊輪控股有限責任公司（遊輪控股）發行了微不足道的B類普通股，以清算已獲授獎勵並因結算或行權而產生的應支付的法定稅款義務。這些B類普通股在我們的簡明合併財務報表中被分類爲非控股權益。

23

目錄
通用汽車公司及其子公司
基本報表附註 ——（續）
下表彙總了累計其他綜合虧損的重要組成部分：
三個月之內結束九個月結束
2024年9月30日2023年9月30日2024年9月30日2023年9月30日
外幣翻譯調整
期初餘額$(3,155)$(2,693)$(2,457)$(2,776)
其他綜合收益（損失）和非控制權益，重分類調整和稅收淨額(a)(b)(c)274 (129)(424)(47)
期末餘額$(2,881)$(2,822)$(2,881)$(2,822)
定義的利益計劃
期初餘額$(7,544)$(4,930)$(7,665)$(4,851)
重分類調整前其他綜合收益（虧損），稅後淨額(a)(c)(97)70 (24)(14)
重分類調整，稅後淨額(c)27 7 76 13 
其他綜合收益（損失），稅後淨額(c)(69)77 52 (1)
期末餘額(d)$(7,613)$(4,853)$(7,613)$(4,853)
__________
(a)在2024年和2023年截至9月30日的三個和九個月中，非控股利益微不足道。
(b)在2024年和2023年截至9月30日的三個月和九個月內，重新分類調整無關緊要。
(c)在2024年和2023年截至9月30日的三個月和九個月中，所得稅影響微不足道。
(d)主要包括我們的責任單證計劃上未攤銷的精算虧損。有關詳細信息，請參閱我們2023年10-k表格的第2款《重大會計政策》註釋。

注意事項17。 每股收益
三個月之內結束九個月結束
2024年9月30日2023年9月30日2024年9月30日2023年9月30日
基本每股收益
歸屬於股東的淨利潤$3,056 $3,064 $8,969 $8,026 
減少：子公司優先股累計股息(a)(27)(26)(55)(80)
歸屬於普通股股東的淨收益（損失）$3,029 $3,038 $8,914 $7,946 
加權平均普通股股數1,116 1,372 1,136 1,384 
基本每股收益$2.71 $2.21 $7.85 $5.74 
攤薄每股收益
普通股股東應占淨利潤（損失）–稀釋$3,029 $3,038 $8,914 $7,946 
基本加權平均流通股數1,116 1,372 1,136 1,384 
股票激勵計劃下獎勵的稀釋效應15 6 11 6 
攤薄加權平均流通股數1,131 1,378 1,147 1,390 
稀釋每股收益$2.68 $2.20 $7.77 $5.72 
可能具稀釋效應的證券（b）6 14 6 14 
__________
(a)截至2024年9月30日止九個月，包括來自子公司參與證券收入中微不足道的金額。
(b)在2024年9月30日，由於這些證券可能具有消減效應，因此將歸因於在手的期權、績效股份單位和受限股份單位（RSUs），以及在2023年9月30日的在手期權和RSUs，均被排除在稀釋每股收益（EPS）的計算範圍之外。

24

目錄
通用汽車公司及其子公司
基本報表附註 ——（續）
注18。 公司的2017年股權激勵計劃（2017計劃），於2018年2月修改，允許授予期權、限制股票獎勵、股票增值權和限制股票單位。

巡遊股票激勵獎勵 在2024年和2023年截至9月30日的九個月內，我們進行了定期要約收購併支付了$2141百萬美元和206百萬現金用於購買被要約收購的Cruise Class b普通股。最終的要約收購在2024年4月完成後，此後，幾乎所有未下達的Cruise RSU已由參與者換取了未下達的現金支付權利。剩餘的未下達的Cruise RSU數量微乎其微，並且現在列在永久股本中。與Cruise Holdings的股權激勵獎勵相關的總補償費用在2024年9月30日三個和九個月內微乎其微，爲$1991百萬美元和476百萬在截至2023年9月30日的三個和九個月內。

注19. 黑石礦產有限合夥企業及附屬企業

我們通過以下可報告的板塊來分析我們業務的結果: 北美集團北美(GMNA)、國際集團(GMI)、Cruise和通用金融(GM Financial)。首席經營決策者通過調整前利息和所得稅（EBIT）來評估我們的汽車板塊和Cruise的運營結果和表現，此數值扣除非控股權益後呈現。首席經營決策者通過調整前所得稅（EBT）來評估通用金融，因爲利息收入和利息支出在評估和衡量板塊的運營和財務表現時屬於運營結果的一部分。每個板塊都有一名負責執行我們戰略倡議的經理。雖然某些板塊的車輛並非各自盈利，但這些車輛吸引客戶到經銷商展廳，並有助於維持其他更賺錢的車輛的銷售量，並對我們致力於全電動未來、達到必需的燃油效率標準作出貢獻。由於這些和其他因素，我們不是以各個品牌或車輛爲基礎來管理我們的業務。

幾乎所有在北美生產的卡車、交叉車、汽車和汽車零部件都是通過零售經銷商銷售，而在北美以外地區則通過經銷商和分銷商銷售，其中絕大多數是獨立擁有的。除了銷售給消費者零售商的產品外，卡車、交叉車和汽車也銷售給車隊客戶，包括日租車公司、商業車隊客戶、租賃公司和政府。車隊銷售通過經銷商網絡完成，在某些情況下也直接與車隊客戶交易。零售客戶和車隊客戶可以通過經銷商網絡獲得各種售後車輛服務和產品，例如維護、輕微維修、碰撞維修、車輛配件和延長服務保修。

gmc在北美地區滿足客戶需求，gmi主要滿足北美以外地區客戶需求，提供在Buick、Cadillac、Chevrolet和gmc品牌下開發、生產和/或營銷的車輛。我們還持有其他國家客戶需求的企業的股權，主要是在中國，提供在Baojun、Buick、Cadillac、Chevrolet和五菱品牌下開發、生產和/或營銷的車輛。全球貨幣是我們的全球部門，負責AV技術的開發和商業化，包括AV相關的工程和其他成本。我們通過我們的Gm Financial部門提供汽車融資服務。

我們的汽車業務利息收入和利息支出、Opel/Vauxhall業務的遺留成本（主要是養老金成本）、公司支出以及某些與報告板塊無關的收入和支出被集中記錄在公司部門。 公司資產主要包括現金及現金等價物、有市場的債務證券和板塊間的結算餘額。 所有板塊之間的結算餘額和交易在合併中已經被消除。

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目錄
通用汽車公司及其子公司
基本報表附註 ——（續）
以下表格總結了各分部門的關鍵財務信息：
截至2024年9月30日的三個月內
GMNA全球製造業部門公司剔除項汽車總銷售郵輪通用金融清除/重新分類總費用
淨銷售額和營業收入$41,157 $3,517 $62 $44,735 $26 $4,031 $(36)$48,757 
Earnings (loss) before interest and taxes-adjusted$3,982 $42 $(204)$3,819 $(383)$687 $(8)$4,115 
調整（a）$(340)$(43)$(34)$(417)$— $— $— (417)
Automotive interest income274 
汽車利息費用(206)
歸屬於非控制權益的淨收益（虧損）(48)
稅前收益（虧損）3,717 
所得稅效益(費用)(709)
3,008 
非控制權益所應歸屬的淨損益48 
歸屬於股東的淨利潤$3,056 
非合併聯營子公司淨資產中的股權$3,894 $5,575 $— $— $9,469 $— $1,570 $— $11,039 
商譽和無形資產$1,996 $686 $— $— $2,682 $717 $1,346 $— $4,745 
總資產$169,036 $25,767 $45,160 $(86,689)$153,275 $3,552 $135,918 $(3,457)$289,289 
折舊和攤銷$1,491 $131 $27 $— $1,650 $6 $1,217 $— $2,873 
減值損失$— $— $— $— $— $— $— $— $— 
股權收益（損失）(b)$309 $(132)$— $— $177 $— $10 $— $187 
__________
(a) 包括GMNA領域重組行動和別克經銷商相關戰略活動的費用，GMI製造業務停滯相關費用以及企業總部遷址的費用。
(b) 與Ultium Cells Holdings LLC相關的權益收益在汽車及其他銷售成本中呈現，因爲該實體對我們的業務至關重要，爲我們的電動汽車提供電池單元。詳情請參閱o 注7對 我們的簡明綜合財務報表以獲取更多信息。
截至2023年9月30日的三個月
GMNA全球製造業部門公司剔除項汽車總銷售郵輪通用金融清除/重新分類總費用
淨銷售額和營業收入$36,106 $4,330 $67 $40,503 $25 $3,641 $(38)$44,131 
利息和稅前調整後盈利（虧損）$3,526 $357 $(322)$3,561 $(732)$741 $(7)$3,564 
調整（a）$(123)$— $— $(123)$— $— $— (123)
汽車利息收入322 
汽車利息費用(229)
歸屬於非控制權益的淨收益（虧損）(70)
稅前收益（虧損）3,464 
所得稅效益(費用)(470)
2,994 
非控制權益所應歸屬的淨損益70 
歸屬於股東的淨利潤$3,064 
非合併聯營子公司淨資產中的股權$2,603 $6,256 $— $— $8,859 $— $1,691 $— $10,549 
商譽和無形資產$2,112 $716 $4 $— $2,832 $723 $1,352 $— $4,907 
總資產$155,556 $24,444 $47,964 $(77,461)$150,504 $4,888 $128,962 $(2,649)$281,705 
折舊和攤銷$1,585 $158 $5 $— $1,749 $12 $1,231 $— $2,992 
減值損失$— $— $— $— $— $— $— $— $— 
股權收益（損失）(b)$105 $190 $— $— $295 $— $33 $— $328 
__________
(a)    Consists of charges for strategic activities related to Buick dealerships and charges related to the voluntary separation program (VSP) in GMNA.
(b)    Equity earnings related to Ultium Cells Holdings LLC are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our EVs. Refer to Note 7 to our condensed consolidated financial statements for additional information.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
At and For the Nine Months Ended September 30, 2024
GMNAGMICorporateEliminationsTotal AutomotiveCruiseGM FinancialEliminations/ReclassificationsTotal
Net sales and revenue$117,981 $9,897 $130 $128,007 $76 $11,761 $(105)$139,740 
Earnings (loss) before interest and taxes-adjusted$12,254 $82 $(850)$11,486 $(1,284)$2,246 $(25)$12,424 
Adjustments(a)$(511)$(146)$(34)$(691)$(583)$— $— (1,274)
Automotive interest income688 
Automotive interest expense(631)
Net income (loss) attributable to noncontrolling interests(132)
Income (loss) before income taxes11,076 
Income tax benefit (expense)(2,238)
Net income (loss)8,837 
Net loss (income) attributable to noncontrolling interests132 
Net income (loss) attributable to stockholders$8,969 
Depreciation and amortization$4,415 $403 $53 $— $4,871 $18 $3,662 $— $8,551 
Impairment charges$— $— $— $— $— $605 $— $— $605 
Equity income (loss)(b)$766 $(343)$— $— $423 $— $55 $— $477 
__________
(a)    Consists of charges for strategic activities related to restructuring actions and Buick dealerships in GMNA, charges related to manufacturing operations wind down in GMI, headquarters relocation in Corporate and charges related to Cruise restructuring.
(b)    Equity earnings related to Ultium Cells Holdings LLC are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our EVs. Refer to Note 7 to our condensed consolidated financial statements for additional information.
At and For the Nine Months Ended September 30, 2023
GMNAGMICorporateEliminationsTotal AutomotiveCruiseGM FinancialEliminations/ReclassificationsTotal
Net sales and revenue$106,214 $12,011 $177 $118,403 $76 $10,482 $(98)$128,863 
Earnings (loss) before interest and taxes-adjusted$10,295 $940 $(996)$10,240 $(1,904)$2,278 $(13)$10,601 
Adjustments(a)$(1,343)$76 $— $(1,267)$— $— $— (1,267)
Automotive interest income801 
Automotive interest expense(689)
Net income (loss) attributable to noncontrolling interests(179)
Income (loss) before income taxes9,267 
Income tax benefit (expense)(1,421)
Net income (loss)7,846 
Net loss (income) attributable to noncontrolling interests179 
Net income (loss) attributable to stockholders$8,026 
Depreciation and amortization$4,544 $424 $15 $— $4,984 $27 $3,727 $— $8,738 
Impairment charges$— $— $— $— $— $— $— $— $— 
Equity income (loss)(b)$89 $348 $— $— $437 $— $111 $— $548 
__________
(a)    Consists of charges for strategic activities related to Buick dealerships and charges related to the VSP in GMNA and the partial resolution of Korean subcontractor matters in GMI.
(b)    Equity earnings related to Ultium Cells Holdings LLC are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our EVs. Refer to Note 7 to our condensed consolidated financial statements for additional information.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Basis of Presentation This Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) should be read in conjunction with the accompanying condensed consolidated financial statements and the notes thereto, and the audited consolidated financial statements and notes thereto included in our 2023 Form 10-K.

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 1, Item 1A. Risk Factors of our 2023 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.

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.

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.

As we continue to assess our performance and the needs of our evolving business, additional restructuring and rationalization actions could be required. These actions could give rise to future asset impairments or other charges, which may have a material impact on our operating results. Refer to the Consolidated Results and regional sections of this MD&A for additional information.

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 2023 Form 10-K for a discussion of these challenges.

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 of between $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.

The following table reconciles expected Net income attributable to stockholders under U.S. GAAP to expected EBIT-adjusted (dollars in billions):
Year Ending December 31, 2024
Net income attributable to stockholders$ 10.4-11.1
Income tax expense 2.4-2.7
Automotive interest income, net(0.1)
Adjustments(a)1.3
EBIT-adjusted$ 14.0-15.0
__________
(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.

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The following table reconciles expected EPS-diluted under U.S. GAAP to expected EPS-diluted-adjusted:
Year Ending December 31, 2024
Diluted earnings per common share$ 9.14-9.64
Adjustments(a)0.86
EPS-diluted-adjusted$ 10.00-10.50
__________
(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.

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.

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.

We expect to sustain relatively strong EBIT-adjusted margins in 2024 on the continued strength of our product portfolio, improved EV margins and ongoing fixed cost reduction efforts, partially offset by pricing moderation with increased incentives. While we expect EV margins to improve in 2024, it is possible that we will continue to recognize losses to adjust inventory to net realizable value. Our outlook is dependent on the resiliency of the U.S. economy, continuing improvement of supply chain availability, EV-related cost reduction and overall economic conditions.

GMI Industry sales in China were 18.1 million units in the nine months ended September 30, 2024, representing an increase of 2.3% compared to the corresponding period in 2023. Our total vehicle sales in China were 1.2 million units for market share of 6.8% in the nine months ended September 30, 2024, representing a decrease of 1.8 percentage points compared to the corresponding period in 2023. Our Automotive China JVs generated an equity loss of $0.3 billion in the nine months ended September 30, 2024, driven primarily by a decline in wholesale volumes amid intense competition in a market with significant excess capacity from both new market entrants and established competitors offering vehicles at lower prices. This intense price competition and an increasingly challenging regulatory environment related to emissions, fuel consumption and new energy vehicles continue to negatively impact the profitability of our operations in China. Additionally, we believe independent, Chinese automakers are expanding market share and prioritizing production volumes over profitability, with the ability to produce vehicles at costs well below foreign automakers, including our Automotive China JVs. These factors are impacting our China JVs’ ability to grow vehicle sales in China and our ability to generate sustainable equity income from our China JVs. As a result, we are working closely with our JV partners to restructure our operations in China and expect an updated business plan in the fourth quarter. We believe a material loss in value may exist on our interests in certain China JVs and the updated business plan will inform us as to whether any loss in value is other than temporary. If we conclude that the loss in value is other than temporary, we would be required to record a material, non-cash impairment charge in the fourth quarter of this year. The carrying amounts of our investments in the Automotive China JVs and GM Financial China JVs subject to the restructuring actions are $4.4 billion and $1.6 billion as of September 30, 2024.

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.

Cruise Cruise Holdings, our majority-owned subsidiary, is pursuing the development and commercialization of AV technology. In April 2024, Cruise AVs returned to public roads for manual driving operations following a voluntary pause that resulted from an October 2023 accident. Subsequently, Cruise has resumed limited driverless testing in Houston, Texas and supervised operations and manual driving in Houston and Dallas, Texas, and Phoenix, Arizona. We expect Cruise to return to driverless commercial AV operations based on safety and other criteria, but we have not yet determined the timing of such return.

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We also continue to engage with certain federal and state agencies, including the California Department of Motor Vehicles, the California Public Utilities Commission, NHTSA, the U.S. Department of Justice and the SEC, who have opened investigations or made inquiries to us and Cruise in connection with the October 2023 incident and are actively cooperating with all government regulators and agencies in connection with these matters. In September 2024, Cruise and NHTSA executed a Consent Order, which imposed a $1.5 million fine on Cruise and requires enhanced reporting and engagement with NHTSA for two years (with an optional third year at NHTSA’s discretion). GM is neither a party nor a signatory to the agreement. Refer to Part I, Item 1A. Risk Factors of our 2023 Form 10-K for a further discussion of the risks associated with our AV strategy.

Vehicle Sales The principal factors that determine consumer vehicle preferences in the markets in which we operate include overall vehicle design, price, quality, available options, safety, reliability, fuel economy or range and functionality. Market leadership in individual countries in which we compete varies widely.

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):
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
GMNA893 86.4 %810 82.5 %2,588 87.1 %2,365 83.7 %
GMI140 13.6 %171 17.5 %383 12.9 %459 16.3 %
Total1,033 100.0 %981 100.0 %2,971 100.0 %2,824 100.0 %

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.

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The following table summarizes industry and GM total vehicle sales and our related competitive position by geographic region (vehicles in thousands):
 Three Months EndedNine Months Ended
 September 30, 2024September 30, 2023September 30, 2024September 30, 2023
 IndustryGMMarket ShareIndustryGMMarket ShareIndustryGMMarket ShareIndustryGMMarket Share
North America
United States3,993 660 16.5 %4,091 674 16.5 %12,039 1,950 16.2 %12,001 1,970 16.4 %
Other987 130 13.2 %933 122 13.0 %2,887 376 13.0 %2,647 338 12.8 %
Total North America4,981 790 15.9 %5,025 796 15.8 %14,925 2,326 15.6 %14,648 2,308 15.8 %
Asia/Pacific, Middle East and Africa
China(a)6,602 426 6.5 %6,489 542 8.3 %18,141 1,240 6.8 %17,740 1,530 8.6 %
Other5,486 150 2.7 %5,547 159 2.9 %16,168 382 2.4 %16,363 410 2.5 %
Total Asia/Pacific, Middle East and Africa12,088 576 4.8 %12,036 701 5.8 %34,309 1,622 4.7 %34,103 1,940 5.7 %
South America
Brazil715 82 11.4 %631 87 13.8 %1,858 223 12.0 %1,628 236 14.5 %
Other363 28 7.7 %354 33 9.3 %989 82 8.3 %1,081 98 9.1 %
Total South America1,078 110 10.2 %985 120 12.2 %2,847 305 10.7 %2,709 334 12.3 %
Total in GM markets18,146 1,475 8.1 %18,046 1,617 9.0 %52,081 4,253 8.2 %51,460 4,582 8.9 %
Total Europe3,770 1 — %4,012 1 — %12,623 2 — %12,414 2 — %
Total Worldwide(b)21,916 1,476 6.7 %22,057 1,618 7.3 %64,704 4,255 6.6 %63,874 4,584 7.2 %
United States
Cars723 38 5.3 %791 55 7.0 %2,205 141 6.4 %2,334 183 7.9 %
Trucks1,099 337 30.7 %1,083 343 31.7 %3,152 987 31.3 %3,212 982 30.6 %
Crossovers2,172 284 13.1 %2,217 276 12.4 %6,682 822 12.3 %6,455 804 12.5 %
Total United States3,993 660 16.5 %4,091 674 16.5 %12,039 1,950 16.2 %12,001 1,970 16.4 %
China(a)
SGMS98 246 372 659 
SGMW329 296 868 871 
Total China6,602 426 6.5 %6,489 542 8.3 %18,141 1,240 6.8 %17,740 1,530 8.6 %
__________
(a)Includes sales by the Automotive China JVs: SAIC General Motors Sales Co., Ltd. (SGMS) and SAIC GM Wuling Automobile Co., Ltd. (SGMW).
(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.

As discussed above, total vehicle sales and market share data provided in the table above includes fleet vehicles. Certain fleet transactions, particularly sales to daily rental car companies, are generally less profitable than retail sales to end customers. The following table summarizes estimated fleet sales and those sales as a percentage of total vehicle sales (vehicles in thousands):
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
GMNA127 165 447 538 
GMI109 130 275 338 
Total fleet sales236 295 722 876 
Fleet sales as a percentage of total vehicle sales16.0 %18.2 %17.0 %19.1 %

31

目錄
通用汽車公司及其子公司


通用金融 我們相信提供一套全面的融資產品將能夠增加我們車輛的銷售量，增加通用金融的收益，並有助於在不同經濟週期中支持我們的銷售。截至2024年9月30日的九個月內，通用金融在美國零售銷售中的滲透率爲39%，與2023年同期的43%相比。滲透率的水平取決於市場上可用的激勵融資計劃以及競爭對手的第三方融資產品。截至2024年9月30日的九個月內，通用金融在北美的總貸款額中，優質貸款的佔比從2023年同期的82%下降至80%。截至2024年9月30日的九個月內，通用金融的營業收入主要由租賃車輛收入佔46%，零售融資費收入佔40%，商業融資費收入佔8%組成。

通用汽車金融的租賃計劃暴露於殘值，其在很大程度上取決於二手車價格。截至2024年9月30日三個月和九個月結束時，通用汽車金融利息、營運和其他費用中包括的出租車輛終止收益分別爲20億美元和6億元，而對應期間的收益分別爲2億美元和7億美元。 2023下表總結了基於通用汽車金融最新估計的殘值以及通用汽車設備在運營租賃中包括的單位數（以千計單位）的車輛類型。
2024年9月30日2023年12月31日
殘值單位百分比殘值單位百分比
汽車越野運動$12,937 625 67.2 %$12,830 648 67.5 %
卡車7,303 220 23.6 %6,793 210 21.9 %
SUV。2,162 53 5.7 %2,304 58 6.0 %
汽車599 32 3.5 %734 44 4.6 %
總費用$23,001 930 100.0 %$22,661 960 100.0 %

綜合成果 我們從五個方面審視運營結果的變化：成交量、混合、價格、成本和其他。成交量衡量由行業成交量、市場份額以及經銷商庫存水平變化推動的批發車輛數量變化的影響。混合衡量由於當前年度批發車輛數量中產品、型號、修剪、國家和選項滲透引起的區域組合變化的影響。價格衡量與製造商建議零售價及各種銷售折讓相關的變化影響。成本主要包括：（1）材料和運費；（2）製造、工程、廣告、管理、銷售和保修費用；以及（3）非車輛相關活動。其他主要包括匯率期貨和非車輛相關汽車收入以及來自我們非合併關聯公司的股權收入或虧損。有關更多信息，請參閱本MD&A報告的區域部分。

Total Net Sales and Revenue
Three Months EndedFavorable/ (Unfavorable)%Variance Due To
September 30, 2024September 30, 2023VolumeMixPriceOther
(Dollars in billions)
GMNA$41,157 $36,106 $5,051 14.0 %$3.3 $1.1 $0.9 $(0.3)
GMI3,517 4,330 (813)(18.8)%$(0.7)$0.1 $0.1 $(0.4)
Corporate62 67 (5)(7.5)%$— $— 
Automotive44,735 40,503 4,232 10.4 %$2.7 $1.2 $1.0 $(0.6)
Cruise26 25 1 4.0 %$— $— 
GM Financial4,031 3,641 390 10.7 %$0.4 
Eliminations/reclassifications(36)(38)2 5.3 %$— $— 
Total net sales and revenue$48,757 $44,131 $4,626 10.5 %$2.7 $1.2 $1.0 $(0.3)


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Nine Months EndedFavorable/ (Unfavorable)%Variance Due To
September 30, 2024September 30, 2023VolumeMixPriceOther
(Dollars in billions)
GMNA$117,981 $106,214 $11,767 11.1 %$9.0 $1.8 $1.0 $— 
GMI9,897 12,011 (2,114)(17.6)%$(1.6)$0.1 $0.1 $(0.7)
Corporate 130 177 (47)(26.6)%$— $— 
Automotive128,007 118,403 9,604 8.1 %$7.3 $1.8 $1.1 $(0.7)
Cruise76 76 — — %$— $— 
GM Financial11,761 10,482 1,279 12.2 %$1.3 
Eliminations/reclassifications(105)(98)(7)(7.1)%$— $— 
Total net sales and revenue$139,740 $128,863 $10,877 8.4 %$7.3 $1.8 $1.1 $0.6 

Refer to the regional sections of this MD&A for additional information on Volume, Mix, Price and Other.

Automotive and Other Cost of Sales
三個月之內結束有利的/（不利的）%由於方差
2024年9月30日2023年9月30日成交量Mix成本其他

（以十億美元計）
GMNA$35,541 $31,045 $(4,496)(14.5)%$(2.3)$(1.7)$(0.6)$0.1 
全球製造業部門3,173 3,966 793 20.0 %$0.5 $(0.1)$0.1 $0.2 
公司55 130 75 57.7 %$— $0.1 $— 
郵輪240 706 466 66.0 %$— $0.5 
剔除項(1)(5)(4)(80.0)%$— $— 
汽車及其他銷售成本合計$39,007 $35,842 $(3,165)(8.8)%$(1.8)$(1.8)$0.1 $0.3 
九個月結束有利的/（不利的）%方差由於
2024年9月30日2023年9月30日成交量Mix成本其他
（以十億美元計）
GMNA$100,858 $91,889 $(8,969)(9.8)%$(6.2)$(3.5)$0.9 $(0.2)
全球製造業部門8,996 10,704 1,708 16.0 %$1.3 $— $0.1 $0.3 
公司103 325 222 68.3 %$— $0.3 $— 
郵輪1,662 1,811 149 8.2 %$— $0.1 
剔除項(2)(7)(5)(71.4)%$— $— 
汽車及其他銷售成本總額$111,618 $104,721 $(6,897)(6.6)%$(5.0)$(3.5)$1.4 $0.1 

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.

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In the nine months ended September 30, 2024, decreased Cost was primarily due to: (1) decreased inventory adjustments of $1.0 billion, primarily EV-related, to reflect the net realizable value at period end; (2) the absence of charges related to the VSP of $0.7 billion; (3) increased equity earnings related to Ultium Cells Holdings LLC of $0.6 billion; (4) decreased engineering costs of $0.3 billion, driven primarily by $0.7 billion decrease in AV engineering costs offset by $0.4 billion increase in Automotive engineering costs; and (5) decreased material and freight costs of $0.2 billion; partially offset by (6) charges related to Cruise restructuring of $0.6 billion; (7) increased information technology and manufacturing costs of $0.4 billion; and (8) charges related to restructuring actions in GMI and GMNA of $0.2 billion. In the nine months ended September 30, 2024, favorable Other was primarily due to net foreign currency changes in the Mexican peso and the Brazilian real.

Refer to the regional sections of this MD&A for additional information on Volume and Mix.

Automotive and Other Selling, General and Administrative Expense
Three Months EndedFavorable/ (Unfavorable)Nine Months EndedFavorable/ (Unfavorable)
September 30, 2024September 30, 2023%September 30, 2024September 30, 2023%
Automotive and other selling, general and administrative expense$2,745 $2,344 $(401)(17.1)%$7,292 $7,449 $157 2.1 %

In the three months ended September 30, 2024, Automotive and other selling, general and administrative expense increased primarily due to: (1) increased advertising, selling and administrative costs of $0.2 billion; and (2) charges related to restructuring actions primarily in GMNA of $0.1 billion.

In the nine months ended September 30, 2024, Automotive and other selling, general and administrative expense decreased primarily due to the absence of charges related to the VSP of $0.2 billion.

Interest Income and Other Non-operating Income, net
Three Months EndedFavorable/ (Unfavorable)Nine Months EndedFavorable/ (Unfavorable)
September 30, 2024September 30, 2023%September 30, 2024September 30, 2023%
Interest income and other non-operating income, net$394 $453 $(59)(13.0)%$756 $1,219 $(463)(38.0)%

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

In the nine months ended September 30, 2024, Interest income and other non-operating income, net decreased primarily due to: (1) $0.2 billion in losses related to revaluation of investments; (2) $0.1 billion decrease in non-service pension and OPEB income; and (3) $0.1 billion decrease in interest income.

Income Tax Expense
Three Months EndedFavorable/ (Unfavorable)Nine Months EndedFavorable/ (Unfavorable)
September 30, 2024September 30, 2023%September 30, 2024September 30, 2023%
Income tax expense$709 $470 $(239)(50.9)%$2,238 $1,421 $(817)(57.5)%

In the three months ended September 30, 2024, Income tax expense increased primarily due to a higher effective tax rate.

In the nine months ended September 30, 2024, Income tax expense increased primarily due to a higher effective tax rate and higher pre-tax income.

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.

Refer to Note 14 to our condensed consolidated financial statements for additional information related to Income tax expense.
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GM North America
Three Months Ended Favorable/ (Unfavorable)%Variance Due To
September 30, 2024September 30, 2023VolumeMixPriceCostOther
(Dollars in billions)
Total net sales and revenue$41,157 $36,106 $5,051 14.0 %$3.3 $1.1 $0.9 $(0.3)
EBIT-adjusted$3,982 $3,526 $456 12.9 %$1.0 $(0.6)$0.9 $(0.7)$(0.1)
EBIT-adjusted margin9.7 %9.8 %(0.1)%
(Vehicles in thousands)
Wholesale vehicle sales893 810 83 10.2 %
Nine Months EndedFavorable/ (Unfavorable)%Variance Due To
September 30, 2024September 30, 2023VolumeMixPriceCostOther
(Dollars in billions)
Total net sales and revenue
$117,981 $106,214 $11,767 11.1 %$9.0 $1.8 $1.0 $— 
EBIT-adjusted$12,254 $10,295 $1,959 19.0 %$2.7 $(1.7)$1.0 $0.4 $(0.4)
EBIT-adjusted margin10.4 %9.7 %0.7 %
(Vehicles in thousands)
Wholesale vehicle sales2,588 2,365 223 9.4 %

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.

2024年9月30日截止的九個月內，總淨銷售額和營業收入主要由於：（1）全尺寸皮卡、中型皮卡、跨界車和其他車輛銷量增加而增加，部分抵消了乘用車銷量下降；（2）由於全尺寸皮卡和全尺寸SUV銷量增加，部分抵消了跨界車銷量增加的有利組合；和（3）有利價格，這是由於經銷商庫存水平穩定以及我們產品需求強勁而導致的。

GMNA EBIt-調整後利潤 在2024年9月30日結束的三個月中，EBIt調整後的增長主要是由於：(1) 淨批發量增加；和 (2) 有利價格；部分抵消了 (3) 不利成本，主要是由於增加了活動和其他保修相關成本7億美元以及增加的製造、工程、廣告、銷售和行政成本7億美元，部分抵銷了減少的庫存調整5億美元，主要是與電動汽車相關，以反映期末淨可變現價值以及增加的與Ultium Cells Holdings LLC相關的股權收益2億美元；和 (4) 不利混合，由於電動汽車銷量增加。

In the nine months ended September 30, 2024, EBIT-adjusted increased primarily due to: (1) increased net wholesale volumes; (2) favorable Price; and (3) favorable Cost primarily due to decreased inventory adjustments of $0.9 billion, primarily EV-related, to reflect the net realizable value at period end, increased equity earnings related to Ultium Cells Holdings LLC of $0.6 billion and decreased material and freight costs of $0.3 billion, partially offset by increased engineering costs of $0.4 billion, increased manufacturing costs of $0.4 billion, increased information technology costs of $0.2 billion and other cost of sales and several insignificant items of $0.5 billion; partially offset by (4) unfavorable Mix due to increased sales of crossover vehicles and mid-size pickup trucks; and (5) unfavorable Other due to net foreign currency changes primarily in the Mexican peso.

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GM International
Three Months Ended Favorable/ (Unfavorable)Variance Due To
September 30, 2024September 30, 2023%VolumeMixPriceCostOther
(Dollars in billions)
Total net sales and revenue$3,517 $4,330 $(813)(18.8)%$(0.7)$0.1 $0.1 $(0.4)
EBIT-adjusted$42 $357 $(315)(88.2)%$(0.1)$— $0.1 $— $(0.4)
EBIT-adjusted margin1.2 %8.2 %(7.0)%
Equity income (loss) — Automotive China$(137)$192 $(329)n.m.
EBIT-adjusted — excluding Equity income (loss)$179 $165 $14 8.5 %
(Vehicles in thousands)
Wholesale vehicle sales140 171 (31)(18.1)%
__________
n.m. = not meaningful
Nine Months EndedFavorable/ (Unfavorable)Variance Due To
September 30, 2024September 30, 2023%VolumeMixPriceCostOther
(Dollars in billions)
Total net sales and revenue$9,897 $12,011 $(2,114)(17.6)%$(1.6)$0.1 $0.1 $(0.7)
EBIT-adjusted$82 $940 $(858)(91.3)%$(0.4)$— $0.1 $— $(0.7)
EBIT-adjusted margin0.8 %7.8 %(7.0)%
Equity income (loss) — Automotive China$(347)$353 $(700)n.m.
EBIT-adjusted — excluding Equity income (loss)$429 $588 $(159)(27.0)%
(Vehicles in thousands)
Wholesale vehicle sales383 459 (76)(16.6)%
__________
n.m. = not meaningful

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.

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.

In the nine months ended September 30, 2024, Total net sales and revenue decreased primarily due to: (1) decreased net wholesale volumes in South America, in Asia/Pacific and in the Middle East primarily due to decreased sales of crossover vehicles and passenger cars; 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 and Egypt; and (4) favorable Mix primarily in Brazil.

GMI EBIT-Adjusted In the three months ended September 30, 2024, EBIT-adjusted decreased primarily due to: (1) unfavorable Other primarily due to decreased Automotive China equity income (loss); and (2) decreased net wholesale volumes; partially offset by (3) favorable Price.

In the nine months ended September 30, 2024, EBIT-adjusted decreased primarily due to: (1) unfavorable Other primarily due to decreased Automotive China equity income (loss); and (2) decreased net wholesale volumes; partially offset by (3) favorable Price.

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The following table summarizes certain key operational and financial data for the Automotive China JVs (vehicles in thousands):
三個月之內結束九個月結束
2024年9月30日2023年9月30日2024年9月30日2023年9月30日
包括出口到中國市場以外的車輛的批發車輛銷售372 590 1,117 1,582 
總淨銷售額和營業收入$4,480 $7,858 $13,268 $21,817 
$(282)$485 $(724)$904 

郵輪
截至三個月結束有利的/（不利的）%九個月結束有利的/（不利的）%
2024年9月30日2023年9月30日2024年9月30日2023年9月30日
總淨銷售額和營業收入(a)$26 $25 $1 4.0 %$76 $76 $— — %
調整後的EBIT（虧損）$(383)$(732)$349 47.7 %$(1,284)$(1,904)$620 32.6 %
__________
(a)在截至2024年和2023年9月30日的三個月和九個月的簡明合併利潤表中，主要重新分類爲利息收入和其他非營運收入。

郵輪EBIt（虧損）已調整 在2024年9月30日結束的三個月和九個月內，EBIt（虧損）已調整主要由於在2023年12月31日結束的三個月內採取的重組行動導致了與郵輪重新聚焦運營策略有關的開發成本減少。

通用金融
三個月之內結束增長/（減少）%九個月結束增長/（減少）%
2024年9月30日2023年9月30日2024年9月30日2023年9月30日
總收入$4,031 $3,641 $390 10.7 %$11,761 $10,482 $1,279 12.2 %
貸款損失撥備$298 $235 $63 26.8 %$676 $533 $143 26.8 %
EBIT調整$687 $741 $(54)(7.3)%$2,246 $2,278 $(32)(1.4)%
平均未償債務（以十億美元計）$110.4 $101.9 $8.5 8.3 %$107.8 $99.5 $8.3 8.3 %
實際支付利息率5.6 %4.8 %0.8 %5.5 %4.5 %1.0 %

GM Financial Revenue In the three months ended September 30, 2024, total revenue increased primarily due to increased finance charge income of $0.3 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.

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.

GM Financial EBT-Adjusted In the three months ended September 30, 2024, EBT-adjusted decreased primarily due to: (1) increased interest expense of $0.3 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; partially offset by (3) increased finance charge income of $0.3 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.

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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.

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.
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.

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.

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 2023 Form 10-K, some of which are outside of our control.

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.

In June 2024, our Board of Directors approved a new share repurchase authorization to repurchase up to an additional $6.0 billion of our outstanding common stock.

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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 billion in capacity remaining under our share repurchase program as of September 30, 2024, with no expiration date.

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

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.

Automotive Liquidity Total available liquidity includes cash, cash equivalents, marketable debt securities and funds available under credit facilities. The amount of available liquidity is subject to seasonal fluctuations and includes balances held by various business units and subsidiaries worldwide that are needed to fund their operations. We have not significantly changed the management of our liquidity, including our allocation of available liquidity, our portfolio composition and our investment guidelines since December 31, 2023. Refer to Part II, Item 7. MD&A of our 2023 Form 10-K.

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.

In March 2024, we terminated our unsecured 364-day delayed draw term loan credit agreement that permitted the Company to borrow up to $3.0 billion executed in November 2023, resulting in an insignificant loss.

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 of three 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 $0.5 billion and $0.7 billion at September 30, 2024 and December 31, 2023.

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 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 not have 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.

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.

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.

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The following table summarizes our Automotive available liquidity (dollars in billions):
September 30, 2024December 31, 2023
Automotive cash and cash equivalents$18.2 $12.2 
Marketable debt securities8.5 7.6 
Automotive cash, cash equivalents and marketable debt securities26.6 19.8 
Available under credit facilities(a)13.6 16.4 
Total Automotive available liquidity$40.2 $36.3 
__________
(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.

The following table summarizes the changes in our Automotive available liquidity (dollars in billions):
Nine Months Ended September 30, 2024
Operating cash flow$19.2 
Capital expenditures(7.5)
Dividends paid and payments to purchase common stock(2.8)
GM investment in Cruise (1.3)
Investment in Ultium Cells Holdings LLC(0.7)
Decrease in available credit facilities(2.9)
Other non-operating(0.2)
Total change in automotive available liquidity$3.9 

Automotive Cash Flow (dollars in billions)
Nine Months EndedChange
September 30, 2024September 30, 2023
Operating Activities
Net income$8.9 $7.5 $1.4 
Depreciation, amortization and impairment charges4.9 5.0 (0.1)
Pension and OPEB activities(0.8)(0.7)(0.1)
Working capital1.0 (1.2)2.2 
Accrued and other liabilities and income taxes4.2 4.4 (0.2)
Other(a)0.9 1.2 (0.3)
Net automotive cash provided by (used in) operating activities(b)$19.2 $16.1 $3.1 
__________
(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 the nine months ended September 30, 2024 and 2023.
(b)Includes $6.7 billion and $2.4 billion in the nine months ended September 30, 2024 and 2023, which are eliminated within the condensed consolidated statements of cash flows. Amounts eliminated primarily relate to purchases of, and collections on, wholesale finance receivables provided by GM Financial to our dealers and dividends issued by GM Financial to us.
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Nine Months EndedChange
September 30, 2024September 30, 2023
Investing Activities
Capital expenditures$(7.5)$(7.1)$(0.4)
Acquisitions and liquidations of marketable securities, net(0.7)1.5 (2.2)
Other(a)(2.0)(1.5)(0.5)
Net automotive cash provided by (used in) investing activities(b)$(10.2)$(7.1)$(3.1)
__________
(a)Includes $1.3 billion investment in Cruise which is inclusive of a $0.9 billion convertible note issued by Cruise to us in the nine months ended September 30, 2024 and $0.4 billion investment in Cruise in the nine months ended September 30, 2023; $0.7 billion of GM's investment in Ultium Cells Holdings LLC in the nine months ended September 30, 2024 and 2023; and a $0.3 billion investment in Lithium Americas in the nine months ended September 30, 2023.
(b)Includes $1.3 billion investment in Cruise which is inclusive of a $0.9 billion convertible note issued by Cruise to us in the nine months ended September 30, 2024 and $0.4 billion investment in Cruise in the nine months ended September 30, 2023 which are eliminated within the condensed consolidated statements of cash flows.
Nine Months EndedChange
September 30, 2024September 30, 2023
Financing Activities
Net proceeds (payments) from short-term debt$— $(1.3)$1.3 
Other(a) (3.0)(1.9)(1.1)
Net automotive cash provided by (used in) financing activities(b)$(2.9)$(3.1)$0.2 
__________
(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.
(b)Includes $0.3 billion of intercompany loans due to GM Financial in the nine months ended September 30, 2023 which are eliminated within the condensed consolidated statements of cash flows.

Adjusted Automotive Free Cash Flow We measure adjusted automotive free cash flow as automotive operating cash flow from operations less capital expenditures adjusted for management actions. In the nine months ended September 30, 2024, net automotive cash provided by operating activities under U.S. GAAP was $19.2 billion, capital expenditures were $7.5 billion and adjustments for management actions were $0.5 billion.

In the nine months ended September 30, 2023, net automotive cash provided by operating activities under U.S. GAAP was $16.1 billion, capital expenditures were $7.1 billion and adjustments for management actions related to Buick dealer strategy and employee separation costs were $1.3 billion.

Status of Credit Ratings We receive ratings from four independent credit rating agencies: DBRS Limited, Fitch Ratings, Moody's Investors Service and Standard & Poor's. All four credit rating agencies currently rate our corporate credit at investment grade. As of October 15, 2024, all credit ratings remained unchanged since December 31, 2023.
Cruise Liquidity Cruise available liquidity of $0.7 billion and $1.3 billion at September 30, 2024 and December 31, 2023 consists primarily of cash and cash equivalents. In June 2024, Cruise issued to us a convertible note in the amount of $0.9 billion. This note is convertible into certain Cruise equity interests. Cruise available liquidity excludes a multi-year credit agreement with GM Financial whereby Cruise may borrow a remaining aggregate amount of $3.4 billion through 2024 to fund the purchase of AVs from GM. At September 30, 2024, Cruise had total borrowings of $0.4 billion with GM Financial under this credit agreement. This also excludes a multi-year framework agreement with us whereby Cruise can defer payments until June 2028 on up to $0.8 billion of invoices, which are related to engineering and capital spending incurred by us on behalf of Cruise, and an agreement with us whereby Cruise can defer reimbursing us for amounts we paid related to its restructuring actions that commenced in October 2023. Refer to Note 15 to our condensed consolidated financial statements for additional information related to Cruise's restructuring actions. At September 30, 2024, Cruise deferred $1.2 billion under these agreements.

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The following table summarizes the changes in Cruise's available liquidity (dollars in billions):
Nine Months Ended September 30, 2024
Operating cash flow$(1.8)
GM investment in GM Cruise1.3 
Other non-operating(0.1)
Total change in Cruise available liquidity$(0.6)

Cruise Cash Flow (dollars in billions)
Nine Months EndedChange
September 30, 2024September 30, 2023
Net cash provided by (used in) operating activities$(1.8)$(1.4)$(0.3)
Net cash provided by (used in) investing activities$— $1.2 $(1.2)
Net cash provided by (used in) financing activities(a)$1.1 $0.3 $0.8 
__________
(a)Includes $1.3 billion investment in Cruise which is inclusive of a $0.9 billion convertible note issued by Cruise to us in the nine months ended September 30, 2024 and $0.4 billion investment in Cruise in the nine months ended September 30, 2023 which are eliminated within the condensed consolidated statements of cash flows.

We expect Cruise will require additional liquidity in order to support the continued development of AV technology.

Automotive Financing – GM Financial Liquidity GM Financial's primary sources of cash are finance charge income, leasing income and proceeds from the sale of terminated leased vehicles, net proceeds from credit facilities, securitizations, secured and unsecured borrowings and collections and recoveries on finance receivables. GM Financial's primary uses of cash are purchases and funding of finance receivables and leased vehicles, repayment or repurchases of secured and unsecured debt, funding credit enhancement requirements in connection with securitizations and secured credit facilities, interest costs, operating expenses, income taxes and dividend payments. GM Financial continues to monitor and evaluate opportunities to optimize its liquidity position and the mix of its debt between secured and unsecured debt.

The following table summarizes GM Financial's available liquidity (dollars in billions):
September 30, 2024December 31, 2023
Cash and cash equivalents$4.9 $5.3 
Borrowing capacity on unpledged eligible assets25.7 21.9 
Borrowing capacity on committed unsecured lines of credit0.7 0.7 
Borrowing capacity on revolving credit facility, exclusive to GM Financial2.0 2.0 
Total GM Financial available liquidity$33.3 $29.9 

GM Financial structures liquidity to support at least six months of GM Financial's expected net cash flows, including new originations, without access to new debt financing transactions or other capital markets activity. At September 30, 2024, available liquidity exceeded GM Financial's liquidity targets.

GM Financial did not have any borrowings outstanding against our credit facility designated for their exclusive use or the remainder of our revolving credit facilities at September 30, 2024 and December 31, 2023. Refer to the "Automotive Liquidity" section of this MD&A for additional details.

Credit Facilities In the normal course of business, in addition to using its available cash, GM Financial utilizes borrowings under its credit facilities, which may be secured or unsecured, and GM Financial repays these borrowings as appropriate under its cash management strategy. At September 30, 2024, secured, committed unsecured and uncommitted unsecured credit facilities totaled $27.2 billion, $0.7 billion and $2.0 billion with advances outstanding of $1.3 billion, an insignificant amount and $2.0 billion.

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GM Financial Cash Flow (dollars in billions)
Nine Months EndedChange
September 30, 2024September 30, 2023
Net cash provided by (used in) operating activities$5.1 $4.9 $0.2 
Net cash provided by (used in) investing activities(a)$(10.3)$(7.9)$(2.4)
Net cash provided by (used in) financing activities(b)$4.7 $4.1 $0.6 
__________
(a)Includes $5.3 billion and $1.0 billion in the nine months ended September 30, 2024 and 2023 primarily driven by purchases of, and collections on, wholesale finance receivables and $0.3 billion of intercompany loans due from GM in the nine months ended September 30, 2023 which are eliminated within the condensed consolidated statements of cash flows.
(b)Includes $1.4 billion in the nine months ended September 30, 2024 and 2023 for dividends to GM which are eliminated within the condensed consolidated statements of cash flows.

In the nine months ended September 30, 2024, Net cash provided by operating activities increased primarily due to an increase in finance charge income and a net decrease in cash used by counterparty derivative collateral posting activities, partially offset by an increase in interest paid.

Critical Accounting Estimates The condensed consolidated financial statements are prepared in conformity with U.S. GAAP, which requires the use of estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses in the periods presented. We believe the accounting estimates employed are appropriate and the resulting balances are reasonable; however, due to the inherent uncertainties in developing estimates, actual results could differ from the original estimates, requiring adjustments to these balances in future periods. The critical accounting estimates that affect the condensed consolidated financial statements and the judgments and assumptions used are consistent with those described in the MD&A in our 2023 Form 10-K.

Non-GAAP Measures We use both GAAP and non-GAAP financial measures for operational and financial decision making, and to assess Company and segment business performance. Our non-GAAP measures include: EBIT-adjusted, presented net of noncontrolling interests; EBT-adjusted for our GM Financial segment; EPS-diluted-adjusted; ETR-adjusted; ROIC-adjusted and adjusted automotive free cash flow. Our calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures.

These non-GAAP measures allow management and investors to view operating trends, perform analytical comparisons and benchmark performance between periods and among geographic regions to understand operating performance without regard to items we do not consider a component of our core operating performance. Furthermore, these non-GAAP measures allow investors the opportunity to measure and monitor our performance against our externally communicated targets and evaluate the investment decisions being made by management to improve ROIC-adjusted. Management uses these measures in its financial, investment and operational decision-making processes, for internal reporting and as part of its forecasting and budgeting processes. Further, our Board of Directors uses certain of these, and other measures, as key metrics to determine management performance under our performance-based compensation plans. For these reasons, we believe these non-GAAP measures are useful for our investors.

EBIT-adjusted (Most comparable GAAP measure: Net income attributable to stockholders) EBIT-adjusted is presented net of noncontrolling interests and is used by management and can be used by investors to review our consolidated operating results because it excludes automotive interest income, automotive interest expense and income taxes as well as certain additional adjustments that are not considered part of our core operations. Examples of adjustments to EBIT include, but are not limited to, impairment charges on long-lived assets and other exit costs resulting from strategic shifts in our operations or discrete market and business conditions, and certain costs arising from legal matters. For EBIT-adjusted and our other non-GAAP measures, once we have made an adjustment in the current period for an item, we will also adjust the related non-GAAP measure in any future periods in which there is an impact from the item. Our corresponding measure for our GM Financial segment is EBT-adjusted because interest income and interest expense are part of operating results when assessing and measuring the operational and financial performance of the segment.

EPS-diluted-adjusted (Most comparable GAAP measure: Diluted earnings per common share) EPS-diluted-adjusted is used by management and can be used by investors to review our consolidated diluted EPS results on a consistent basis. EPS-diluted-
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adjusted is calculated as net income attributable to common stockholders-diluted less adjustments noted above for EBIT-adjusted and certain income tax adjustments divided by weighted-average common shares outstanding-diluted. Examples of income tax adjustments include the establishment or release of significant deferred tax asset valuation allowances.

ETR-adjusted (Most comparable GAAP measure: Effective tax rate) ETR-adjusted is used by management and can be used by investors to review the consolidated effective tax rate for our core operations on a consistent basis. ETR-adjusted is calculated as Income tax expense less the income tax related to the adjustments noted above for EBIT-adjusted and the income tax adjustments noted above for EPS-diluted-adjusted divided by Income before income taxes less adjustments. When we provide an expected adjusted effective tax rate, we do not provide an expected effective tax rate because the U.S. GAAP measure may include significant adjustments that are difficult to predict.

ROIC-adjusted (Most comparable GAAP measure: Return on equity) ROIC-adjusted is used by management and can be used by investors to review our investment and capital allocation decisions. We define ROIC-adjusted as EBIT-adjusted for the trailing four quarters divided by ROIC-adjusted average net assets, which is considered to be the average equity balances adjusted for average automotive debt and interest liabilities, exclusive of finance leases; average automotive net pension and OPEB liabilities; and average automotive net income tax assets during the same period.

Adjusted automotive free cash flow (Most comparable GAAP measure: Net automotive cash provided by operating activities) Adjusted automotive free cash flow is used by management and can be used by investors to review the liquidity of our automotive operations and to measure and monitor our performance against our capital allocation program and evaluate our automotive liquidity against the substantial cash requirements of our automotive operations. We measure adjusted automotive free cash flow as automotive operating cash flow from operations less capital expenditures adjusted for management actions. Management actions can include voluntary events such as discretionary contributions to employee benefit plans or nonrecurring specific events such as a closure of a facility that are considered special for EBIT-adjusted purposes. Refer to the "Liquidity and Capital Resources" section of this MD&A for additional information.

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The following table reconciles Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted:
Three Months Ended
September 30,June 30,March 31,December 31,
20242023202420232024202320232022
Net income attributable to stockholders$3,056 $3,064 $2,933 $2,566 $2,980 $2,395 $2,102 $1,999 
Income tax expense (benefit)709 470 767 522 762 428 (857)580 
Automotive interest expense206 229 206 226 219 234 222 267 
Automotive interest income(274)(322)(229)(251)(186)(229)(308)(215)
Adjustments
   Restructuring actions(a)190 — — — — — — — 
   Buick dealer strategy(b)150 93 75 246 96 99 131 511 
   GMI plant wind down(c)43 — 103 — — — — — 
   Headquarters relocation(d)34 — — — — — — — 
   Cruise restructuring(e)— — 583 — — — 478 — 
   Voluntary separation program(f)— 30 — — — 875 130 — 
   GM Korea wage litigation(g)— — — (76)— — (30)— 
   India asset sales(h)— — — — — — (111)— 
   Russia exit(i)— — — — — — — 657 
Total adjustments417 123 761 170 96 974 598 1,168 
EBIT-adjusted$4,115 $3,564 $4,438 $3,234 $3,871 $3,803 $1,757 $3,799 
__________
(a)These adjustments were excluded because they relate to employee separation charges primarily in North America.
(b)These adjustments were excluded because they relate to strategic activities to transition certain Buick dealers out of our dealer network as part of Buick’s EV strategy.
(c)These adjustments were excluded because they relate to the wind down of our manufacturing operations in Colombia and Ecuador.
(d)These adjustments were excluded because they relate to the GM headquarters relocation, primarily consisting of accelerated depreciation.
(e)These adjustments were excluded because they relate to restructuring costs resulting from Cruise voluntarily pausing its driverless, supervised and manual AV operations in the U.S. and the indefinite delay of the Cruise Origin. The adjustments primarily consist of non-cash restructuring charges, supplier related charges and employee separation charges.
(f)These adjustments were excluded because they relate to the acceleration of attrition as part of the cost reduction program announced in January 2023, primarily in the U.S.
(g)These adjustments were excluded because they relate to the partial resolution of subcontractor matters in Korea.
(h)These adjustments were excluded because they relate to an asset sale resulting from our strategic decision in 2020 to exit India.
(i)This adjustment was excluded because it relates to the shutdown of our Russia business including the write off of our net investment and release of accumulated translation losses into earnings.

The following table reconciles diluted earnings per common share under U.S. GAAP to EPS-diluted-adjusted:
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
AmountPer ShareAmountPer ShareAmountPer ShareAmountPer Share
Diluted earnings per common share$3,029 $2.68 $3,038 $2.20 $8,914 $7.77 $7,946 $5.72 
Adjustments(a)417 0.37 123 0.09 1,274 1.11 1,267 0.91 
Tax effect on adjustments(b)(96)(0.08)(25)(0.02)(290)(0.25)(324)(0.23)
EPS-diluted-adjusted$3,350 $2.96 $3,136 $2.28 $9,898 $8.63 $8,889 $6.40 
__________
(a)Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted within this section of MD&A for the details of each individual adjustment.
(b)The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.

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The following table reconciles our effective tax rate under U.S. GAAP to ETR-adjusted:
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Income before income taxesIncome tax expense (benefit)Effective tax rateIncome before income taxesIncome tax expense (benefit)Effective tax rateIncome before income taxesIncome tax expense (benefit)Effective tax rateIncome before income taxesIncome tax expense (benefit)Effective tax rate
Effective tax rate$3,717 $709 19.1 %$3,464 $470 13.6 %$11,076 $2,238 20.2 %$9,267 $1,421 15.3 %
Adjustments(a)418 96 123 25 1,342 290 1,267 324 
ETR-adjusted$4,135 $805 19.5 %$3,587 $495 13.8 %$12,418 $2,528 20.4 %$10,534 $1,745 16.6 %
__________
(a)Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted within this section of MD&A for adjustment details. These adjustments include Net income attributable to noncontrolling interests where applicable. The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.

We define return on equity (ROE) as Net income attributable to stockholders for the trailing four quarters divided by average equity for the same period. Management uses average equity to provide comparable amounts in the calculation of ROE. The following table summarizes the calculation of ROE (dollars in billions):
Four Quarters Ended
September 30, 2024September 30, 2023
Net income attributable to stockholders$11.1 $10.0 
Average equity(a)$69.5 $72.8 
ROE15.9 %13.8 %
__________
(a)Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in Net income attributable to stockholders.

The following table summarizes the calculation of ROIC-adjusted (dollars in billions):
Four Quarters Ended
September 30, 2024September 30, 2023
EBIT-adjusted(a)$14.2 $14.4 
Average equity(b)$69.5 $72.8 
Add: Average automotive debt and interest liabilities (excluding finance leases)16.3 16.6 
Add: Average automotive net pension & OPEB liability9.8 7.5 
Less: Average automotive and other net income tax asset(22.7)(20.5)
ROIC-adjusted average net assets$73.0 $76.4 
ROIC-adjusted19.4 %18.9 %
__________
(a)Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted within this section of MD&A.
(b)Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in EBIT-adjusted.

Forward-Looking Statements This report and the other reports filed by us with the SEC from time to time, as well as statements incorporated by reference herein and related comments by our management, may include "forward-looking statements" within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements represent our current judgment about possible future events and are often identified by words like “aim,” “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “priorities,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,” or the negative of any of those words or similar expressions. In making these statements, we rely on assumptions and analysis based on our experience and perception of historical trends, current conditions and expected future developments as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of important factors, many of which are beyond our control. These factors, which may be revised or supplemented in subsequent reports we file with the SEC, include, among others, the following: (1) our ability to deliver new products, services, technologies and customer
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experiences in response to increased competition and changing consumer needs and preferences; (2) our ability to timely fund and introduce new and improved vehicle models, including EVs, that are able to attract a sufficient number of consumers; (3) our ability to profitably deliver a strategic portfolio of EVs that will help drive consumer adoption; (4) the success of our current line of ICE vehicles, particularly our full-size SUVs and full-size pickup trucks; (5) our highly competitive industry, which has been historically characterized by excess manufacturing capacity and the use of incentives, and the introduction of new and improved vehicle models by our competitors; (6) the unique technological, operational, regulatory and competitive risks related to the timing and commercialization of AVs, including the various regulatory approvals and permits required for operating driverless AVs in multiple markets; (7) risks associated with climate change, including increased regulation of greenhouse gas emissions, our transition to EVs and the potential increased impacts of severe weather events; (8) global automobile market sales volume, which can be volatile; (9) inflationary pressures and persistently high prices and uncertain availability of raw materials and commodities used by us and our suppliers, and instability in logistics and related costs; (10) our business in China, which is subject to unique operational, competitive, regulatory and economic risks; (11) the success of our ongoing strategic business relationships, particularly with respect to facilitating access to raw materials necessary for the production of EVs, and of our joint ventures, which we cannot operate solely for our benefit and over which we may have limited control; (12) the international scale and footprint of our operations, which exposes us to a variety of unique political, economic, competitive and regulatory risks, including the risk of changes in government leadership and laws (including labor, trade, tax and other laws), political uncertainty or instability and economic tensions between governments and changes in international trade policies, new barriers to entry and changes to or withdrawals from free trade agreements, changes in foreign exchange rates and interest rates, economic downturns in the countries in which we operate, differing local product preferences and product requirements, changes to and compliance with U.S. and foreign countries' export controls and economic sanctions, differing labor regulations, requirements and union relationships, differing dealer and franchise regulations and relationships, difficulties in obtaining financing in foreign countries, and public health crises, including the occurrence of a contagious disease or illness; (13) any significant disruption, including any work stoppages, at any of our manufacturing facilities; (14) the ability of our suppliers to deliver parts, systems and components without disruption and at such times to allow us to meet production schedules; (15) pandemics, epidemics, disease outbreaks and other public health crises; (16) the possibility that competitors may independently develop products and services similar to ours, or that our intellectual property rights are not sufficient to prevent competitors from developing or selling those products or services; (17) our ability to manage risks related to security breaches, cyberattacks and other disruptions to our information technology systems and networked products, including connected vehicles and in-vehicle systems; (18) our ability to comply with increasingly complex, restrictive and punitive regulations relating to our enterprise data practices, including the collection, use, sharing and security of the personal information of our customers, employees or suppliers; (19) our ability to comply with extensive laws, regulations and policies applicable to our operations and products, including those relating to fuel economy, emissions and AVs; (20) costs and risks associated with litigation and government investigations; (21) the costs and effect on our reputation of product safety recalls and alleged defects in products and services; (22) any additional tax expense or exposure or failure to fully realize available tax incentives; (23) our continued ability to develop captive financing capability through GM Financial; and (24) any significant increase in our pension funding requirements. A further list and description of these risks, uncertainties and other factors can be found in our 2023 Form 10-K and our subsequent filings with the SEC.

We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events or other factors, except where we are expressly required to do so by law.

*  *  *  *  *  *  *

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There have been no significant changes in our exposure to market risk since December 31, 2023. For further discussion on market risk, refer to Part II, Item 7A. of our 2023 Form 10-K.

*  *  *  *  *  *  *

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Item 4. Controls and Procedures

Disclosure Controls and Procedures We maintain disclosure controls and procedures designed to provide reasonable assurance that information required to be disclosed in reports filed under the Securities Exchange Act of 1934, as amended (Exchange Act), is recorded, processed, summarized and reported within the specified time periods and accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures.

Our management, with the participation of our CEO and CFO, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) promulgated under the Exchange Act) as of September 30, 2024 as required by paragraph (b) of Rules 13a-15 or 15d-15. Based on this evaluation, our CEO and CFO concluded that our disclosure controls and procedures were effective as of September 30, 2024.

Changes in Internal Control over Financial Reporting There have not been any changes in our internal control over financial reporting during the three months ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II
Item 1. Legal Proceedings

SEC regulations require us to disclose certain information about environmental proceedings if a governmental authority is a party to such proceedings and such proceedings involve potential monetary sanctions that we reasonably believe will exceed a stated threshold. Pursuant to the SEC regulations, the Company will use a threshold of $1 million for purposes of determining whether disclosure of any such proceedings is required.

The discussion under Note 13 to our condensed consolidated financial statements is incorporated by reference into this Part II, Item 1.

*  *  *  *  *  *  *

Item 1A. Risk Factors

We face a number of significant risks and uncertainties in connection with our operations. Our business and the results of our operations and financial condition could be materially adversely affected by these risk factors. There have been no material changes to the Risk Factors disclosed in our 2023 Form 10-K.

*  *  *  *  *  *  *

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Purchases of Equity Securities The following table summarizes our purchases of common stock in the three months ended September 30, 2024:
Total Number of Shares Purchased(a)(b)Weighted Average Price Paid per Share
(b)(c)		Total Number of Shares
Purchased Under Announced Programs(b)(d)		Approximate Dollar Value of Shares That
May Yet be Purchased Under Announced Programs(b)(d)
July 1, 2024 through July 31, 20244,300,237 $44.81 4,270,694  $5.8 billion
August 1, 2024 through August 31, 202412,572,293 $44.37 12,572,163  $5.3 billion
September 1, 2024 through September 30, 20246,046,252 $47.33 6,046,252  $5.0 billion
Total22,918,782 $45.24 22,889,109 
__________
(a)Shares purchased include shares delivered by employees or directors to us for the payment of taxes resulting from the issuance of common stock upon the vesting of RSUs relating to compensation plans. Refer to our 2023 Form 10-K for additional details on employee stock incentive plans.
(b)During the three months ended December 31, 2023, we entered into the ASR Agreements to repurchase an aggregate $10.0 billion of common stock, and we received and immediately retired approximately 215 million shares of our common stock (68% of the $10.0 billion aggregate purchase price calculated on the basis of a price of $31.60 per share, the closing share price of our common stock on November 29, 2023). In March 2024, upon the first settlement of the transactions contemplated under the ASR Agreements, we received approximately 4 million additional shares of our common stock, which were immediately retired. There were no settlements under the ASR Agreements in the three months ended June 30, 2024 or September 30, 2024. The final number of shares ultimately to be purchased, and the average price paid per share, will be determined at the final settlement of the ASR Agreements and 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. The final settlement of the transactions contemplated under the ASR Agreements in connection with the ASR program is expected to occur in the three months ending December 31, 2024.
(c)The weighted-average price paid per share excludes broker commissions.
(d)In November 2023, our Board of Directors increased the capacity under the share repurchase program by $10.0 billion to an aggregate of $11.4 billion and approved the $10.0 billion ASR program. In June 2024, our Board of Directors approved a new share repurchase authorization to repurchase up to an additional $6.0 billion of our outstanding common stock. At September 30, 2024, we had $5.0 billion in capacity remaining under the share repurchase program, with no expiration date.

*  *  *  *  *  *  *

Item 5. Other Information

During the three months ended September 30, 2024, Craig Glidden, Executive Vice President and Strategic Advisor, adopted a "Rule 10b5-1 trading arrangement" as such term is defined in Item 408(a) of Regulation S-K, on August 19, 2024, to sell up to 141,005 shares of GM common stock and up to 331,561 shares of GM common stock issuable upon exercise of vested options between November 18, 2024 and February 14, 2025, subject to certain conditions.

*  *  *  *  *  *  *
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Item 6. Exhibits
Exhibit NumberExhibit Name 
3.1Incorporated by Reference
3.2Incorporated by Reference
10.1*Filed Herewith
31.1Filed Herewith
31.2Filed Herewith
32Furnished with this Report
101The following financial information from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, formatted in Inline Extensible Business Reporting Language (iXBRL) includes: (i) the Condensed Consolidated Income Statements, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows, (v) the Condensed Consolidated Statements of Equity and (vi) Notes to the Condensed Consolidated Financial StatementsFiled Herewith
104The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, formatted as Inline XBRL and contained in Exhibit 101Filed Herewith
__________
* Management contracts or compensatory plans and arrangements.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

GENERAL MOTORS COMPANY (Registrant)


By:/s/ CHRISTOPHER T. HATTO
Christopher T. Hatto, Vice President, Global Business Solutions and Chief Accounting Officer
Date:October 22, 2024
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