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General Motors Company (GM-0.37%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total net sales and revenue of $187.4 billion for 2024, up from $171.8 billion in 2023, driven by increased net wholesale volumes and favorable pricing in North America.
Automotive and other cost of sales increased to $151.1 billion in 2024 from $141.3 billion in 2023, primarily due to increased material and freight costs and other employee-related costs.
GM North America reported an EBIT-adjusted of $14.5 billion, up from $12.3 billion in 2023, with a margin of 9.2%, driven by increased sales of full-size pickup trucks and SUVs.
GM International's EBIT-adjusted decreased to $303 million from $1.2 billion in 2023, impacted by intense competition and restructuring charges in China.
Cruise, GM's autonomous vehicle segment, reported an EBIT loss-adjusted of $1.7 billion, an improvement from a loss of $2.7 billion in 2023, due to restructuring actions and a refocus on personal vehicle technology.
GM Financial reported total revenue of $15.9 billion, up from $14.2 billion in 2023, with an EBT-adjusted of $3.0 billion, slightly down from $3.0 billion in 2023, due to increased interest expenses.
The company ended the year with $35.5 billion in automotive available liquidity, a slight decrease from $36.3 billion in 2023, after significant capital expenditures and share repurchases.
GM's total automotive debt was $15.5 billion at the end of 2024, with a weighted-average interest rate of 5.8%.
The company reported significant restructuring charges related to its operations in China and its autonomous vehicle strategy, totaling $6.5 billion in adjustments to EBIT.
General Motors plans to continue its investment in electric vehicles, software-enabled services, and autonomous vehicle technology, while maintaining a strong lineup of internal combustion engine vehicles.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the General Motors Company annual 10-K report dated January 28, 2025. To report an error, please email earnings@qz.com.