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1、UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington,DC 20549Form 10-QQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended March 31,2024orTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For th

2、e transition period from toCommission File Number 001-34960GENERAL MOTORS COMPANY(Exact name of registrant as specified in its charter)Delaware27-0756180(State or other jurisdiction of incorporation or organization)(I.R.S.Employer Identification No.)300 Renaissance Center,Detroit,Michigan 48265-3000

3、(Address of principal executive offices)(Zip Code)(313)667-1500(Registrants telephone number,including area code)Securities registered pursuant to Section 12(b)of the Act:Title of each classTrading Symbol(s)Name of each exchange on which registeredCommon Stock,$0.01 par valueGMNew York Stock Exchang

4、eIndicate by check mark whether the registrant(1)has filed all reports required to be filed by Section 13 or 15(d)of the Securities Exchange Act of 1934 duringthe preceding 12 months(or for such shorter period that the registrant was required to file such reports),and(2)has been subject to such fili

5、ng requirements forthe past 90 days.Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T(232.405 of this chapter)during the preceding 12 months(or for such shorter period that the

6、registrant was required to submit suchfiles).Yes No Indicate by check mark whether the registrant is a large accelerated filer,an accelerated filer,a non-accelerated filer,a smaller reporting company,or an emerginggrowth company.See the definitions of“large accelerated filer,”“accelerated filer,”“sm

7、aller reporting company,”and emerging growth company in Rule 12b-2of the Exchange Act.Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company If an emerging growth company,indicate by check mark if the registrant has elected not to use the ex

8、tended transition period for complying with any new orrevised financial accounting standards provided pursuant to Section 13(a)of the Exchange Act.Indicate by check mark whether the registrant is a shell company(as defined in Rule 12b-2 of the Exchange Act).Yes No As of April 12,2024 there were 1,14

9、0,958,039 shares of common stock outstanding.INDEX PagePART IItem 1.Condensed Consolidated Financial Statements1Condensed Consolidated Income Statements(Unaudited)1Condensed Consolidated Statements of Comprehensive Income(Unaudited)1Condensed Consolidated Balance Sheets(Unaudited)2Condensed Consolid

10、ated Statements of Cash Flows(Unaudited)3Condensed Consolidated Statements of Equity(Unaudited)4Notes to Condensed Consolidated Financial Statements5Note 1.Nature of Operations and Basis of Presentation5Note 2.Revenue6Note 3.Marketable and Other Securities7Note 4.GM Financial Receivables and Transac

11、tions8Note 5.Inventories11Note 6.Equipment on Operating Leases11Note 7.Equity in Net Assets of Nonconsolidated Affiliates12Note 8.Variable Interest Entities12Note 9.Debt14Note 10.Derivative Financial Instruments15Note 11.Product Warranty and Related Liabilities16Note 12.Pensions and Other Postretire

12、ment Benefits16Note 13.Commitments and Contingencies17Note 14.Income Taxes20Note 15.Restructuring and Other Initiatives20Note 16.Stockholders Equity and Noncontrolling Interests21Note 17.Earnings Per Share22Note 18.Segment Reporting22Item 2.Managements Discussion and Analysis of Financial Condition

13、and Results of Operations25Item 3.Quantitative and Qualitative Disclosures About Market Risk41Item 4.Controls and Procedures42PART IIItem 1.Legal Proceedings43Item 1A.Risk Factors43Item 2.Unregistered Sales of Equity Securities and Use of Proceeds44Item 5.Other Information44Item 6.Exhibits45Signatur

14、e46Table of ContentsGENERAL MOTORS COMPANY AND SUBSIDIARIESPART IItem 1.Condensed Consolidated Financial StatementsCONDENSED CONSOLIDATED INCOME STATEMENTS(In millions,except per share amounts)(Unaudited)Three Months Ended March 31,2024March 31,2023Net sales and revenueAutomotive$39,212$36,646 GM Fi

15、nancial3,802 3,339 Total net sales and revenue(Note 2)43,014 39,985 Costs and expensesAutomotive and other cost of sales33,996 32,247 GM Financial interest,operating and other expenses3,106 2,612 Automotive and other selling,general and administrative expense2,175 2,547 Total costs and expenses39,27

16、7 37,407 Operating income(loss)3,738 2,578 Automotive interest expense219 234 Interest income and other non-operating income,net302 409 Equity income(loss)(Note 7)(105)21 Income(loss)before income taxes3,715 2,775 Income tax expense(benefit)(Note 14)762 428 Net income(loss)2,953 2,346 Net loss(incom

17、e)attributable to noncontrolling interests27 49 Net income(loss)attributable to stockholders$2,980$2,395 Net income(loss)attributable to common stockholders$2,970$2,369 Earnings per share(Note 17)Basic earnings per common share$2.57$1.70 Weighted-average common shares outstanding basic1,155 1,396 Di

18、luted earnings per common share$2.56$1.69 Weighted-average common shares outstanding diluted1,162 1,402 Dividends declared per common share$0.12$0.09 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(In millions)(Unaudited)Three Months Ended March 31,2024March 31,2023Net income(loss)$2,953$2

19、,346 Other comprehensive income(loss),net of tax(Note 16)Foreign currency translation adjustments and other(335)148 Defined benefit plans76(35)Other comprehensive income(loss),net of tax(259)113 Comprehensive income(loss)2,694 2,460 Comprehensive loss(income)attributable to noncontrolling interests7

20、3 58 Comprehensive income(loss)attributable to stockholders$2,768$2,518 Reference should be made to the notes to condensed consolidated financial statements.Amounts may not add due to rounding.1Table of ContentsGENERAL MOTORS COMPANY AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(In millions,

21、except per share amounts)(Unaudited)March 31,2024December 31,2023ASSETSCurrent AssetsCash and cash equivalents$17,635$18,853 Marketable debt securities(Note 3)7,845 7,613 Accounts and notes receivable,net of allowance of$270 and$29813,774 12,378 GM Financial receivables,net of allowance of$913 and$9

22、06(Note 4;Note 8 at VIEs)41,682 39,076 Inventories(Note 5)17,533 16,461 Other current assets(Note 3;Note 8 at VIEs)8,001 7,238 Total current assets106,470 101,618 Non-current AssetsGM Financial receivables,net of allowance of$1,442 and$1,438(Note 4;Note 8 at VIEs)43,511 45,043 Equity in net assets o

23、f nonconsolidated affiliates(Note 7)10,740 10,613 Property,net51,423 50,321 Goodwill and intangible assets,net4,823 4,862 Equipment on operating leases,net(Note 6;Note 8 at VIEs)30,106 30,582 Deferred income taxes21,704 22,339 Other assets(Note 3;Note 8 at VIEs)7,815 7,686 Total non-current assets17

24、0,121 171,446 Total Assets$276,591$273,064 LIABILITIES AND EQUITYCurrent LiabilitiesAccounts payable(principally trade)$29,393$28,114 Short-term debt and current portion of long-term debt(Note 9)Automotive378 428 GM Financial(Note 8 at VIEs)35,598 38,540 Accrued liabilities26,409 27,364 Total curren

25、t liabilities91,777 94,445 Non-current LiabilitiesLong-term debt(Note 9)Automotive15,949 15,985 GM Financial(Note 8 at VIEs)70,312 66,788 Postretirement benefits other than pensions(Note 12)4,292 4,345 Pensions(Note 12)6,384 6,680 Other liabilities17,275 16,515 Total non-current liabilities114,213 1

26、10,312 Total Liabilities205,990 204,757 Commitments and contingencies(Note 13)Noncontrolling interest-Cruise stock incentive awards175 118 Equity(Note 16)Common stock,$0.01 par value11 12 Additional paid-in capital19,358 19,130 Retained earnings57,688 55,391 Accumulated other comprehensive loss(10,4

27、59)(10,247)Total stockholders equity66,598 64,286 Noncontrolling interests3,828 3,903 Total Equity70,426 68,189 Total Liabilities and Equity$276,591$273,064 Reference should be made to the notes to condensed consolidated financial statements.Amounts may not add due to rounding.2Table of ContentsGENE

28、RAL MOTORS COMPANY AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In millions)(Unaudited)Three Months EndedMarch 31,2024March 31,2023Cash flows from operating activitiesNet income(loss)$2,953$2,346 Depreciation and impairment of Equipment on operating leases,net1,243 1,241 Depreciat

29、ion,amortization and impairment charges on Property,net1,555 1,571 Foreign currency remeasurement and transaction(gains)losses(36)135 Undistributed earnings of nonconsolidated affiliates,net32(61)Pension contributions and OPEB payments(242)(236)Pension and OPEB income,net15(20)Provision(benefit)for

30、deferred taxes655 46 Change in other operating assets and liabilities(3,022)(1,936)Net cash provided by(used in)operating activities3,152 3,086 Cash flows from investing activitiesExpenditures for property(2,783)(2,431)Available-for-sale marketable securities,acquisitions(995)(643)Available-for-sale

31、 marketable securities,liquidations745 2,947 Purchases of finance receivables(7,932)(8,963)Principal collections and recoveries on finance receivables7,651 7,282 Purchases of leased vehicles(3,436)(3,154)Proceeds from termination of leased vehicles3,085 3,264 Other investing activities(249)(563)Net

32、cash provided by(used in)investing activities(3,914)(2,262)Cash flows from financing activitiesNet increase(decrease)in short-term debt(249)(167)Proceeds from issuance of debt(original maturities greater than three months)14,307 11,487 Payments on debt(original maturities greater than three months)(

33、13,140)(12,127)Payments to purchase common stock(280)(369)Dividends paid(198)(185)Other financing activities(139)(324)Net cash provided by(used in)financing activities300(1,685)Effect of exchange rate changes on cash,cash equivalents and restricted cash(78)54 Net increase(decrease)in cash,cash equiv

34、alents and restricted cash(539)(807)Cash,cash equivalents and restricted cash at beginning of period21,917 21,948 Cash,cash equivalents and restricted cash at end of period$21,378$21,141 Significant Non-cash Investing and Financing ActivityNon-cash property additions$2,756$3,041 Reference should be

35、made to the notes to condensed consolidated financial statements.Amounts may not add due to rounding.3Table of ContentsGENERAL MOTORS COMPANY AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF EQUITY(In millions)(Unaudited)Common StockholdersNoncontrollingInterestsTotal Equity(PermanentEquity)Nonc

36、ontrollingInterest Cruise Stock IncentiveAwards(Temporary Equity)CommonStockAdditionalPaid-inCapitalRetainedEarningsAccumulated OtherComprehensiveLossBalance at January 1,2023$14$26,428$49,251$(7,901)$4,135$71,927$357 Net income(loss)2,395 (49)2,346 Other comprehensive income(loss)123(9)113 Purchase

37、 of common stock(168)(201)(369)Stock based compensation(34)(2)(35)7 Cash dividends paid on common stock (126)(126)Other 97 7 103(93)Balance at March 31,2023$14$26,323$51,318$(7,778)$4,084$73,961$271 Balance at January 1,2024$12$19,130$55,391$(10,247)$3,903$68,189$118 Net income(loss)2,980 (27)2,953

38、Other comprehensive income(loss)(212)(47)(259)Purchase of common stock 208(539)(331)Stock based compensation 58(2)56 5 Cash dividends paid on common stock (139)(139)Other(38)(4)(2)(44)52 Balance at March 31,2024$11$19,358$57,688$(10,459)$3,828$70,426$175 Reference should be made to the notes to cond

39、ensed consolidated financial statements.Amounts may not add due to rounding.4Table of ContentsGENERAL MOTORS COMPANY AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTSNote 1.Nature of Operations and Basis of PresentationGeneral Motors Company(sometimes referred to in this Quarterly

40、 Report on Form 10-Q as we,our,us,ourselves,the Company,General Motors or GM)designs,builds and sells trucks,crossovers,cars and automobile parts and provides software-enabled services and subscriptions worldwide.Additionally,weare investing in an autonomous vehicle(AV)business.We also provide autom

41、otive financing services through General Motors Financial Company,Inc.(GM Financial).We analyze the results of our operations through the following segments:GM North America(GMNA),GM International(GMI),Cruiseand GM Financial.Cruise is our global segment responsible for the development and commercial

42、ization of AV technology.Corporate includes certaincentrally recorded income and costs such as interest,income taxes,corporate expenditures and certain revenues and expenses that are not part of areportable segment.The condensed consolidated financial statements are prepared in conformity with U.S.g

43、enerally accepted accounting principles(GAAP)pursuant to therules and regulations of the Securities and Exchange Commission(SEC)for interim financial information.Accordingly,they do not include all of theinformation and notes required by U.S.GAAP for complete financial statements.The condensed conso

44、lidated financial statements include all adjustments,which consist of normal recurring adjustments and transactions or events discretely impacting the interim periods,considered necessary by management tofairly state our results of operations,financial position and cash flows.The operating results f

45、or interim periods are not necessarily indicative of results thatmay be expected for any other interim period or for the full year.These condensed consolidated financial statements should be read in conjunction with theaudited consolidated financial statements and notes thereto included in our 2023

46、Form 10-K.Except for per share amounts or as otherwise specified,amounts presented within tables are stated in millions.Certain columns and rows may not add due to rounding.Throughout this report,we refer to General Motors Company and its consolidated subsidiaries in a simplified manner and on a col

47、lective basis,usingwords like we,our,us and the Company.This drafting style is suggested by the SEC and is not meant to indicate that General Motors Company,thepublicly traded parent company,or any particular subsidiary of the parent company,owns or operates any particular asset,business or property

48、.Theoperations and businesses described in this report are owned and operated by distinct subsidiaries of General Motors Company.Principles of Consolidation We consolidate entities that we control due to ownership of a majority voting interest and we consolidate variable interestentities(VIEs)when w

49、e are the primary beneficiary.All intercompany balances and transactions are eliminated in consolidation.Our share of earnings orlosses of nonconsolidated affiliates is included in our consolidated operating results using the equity method of accounting when we are able to exercisesignificant influe

50、nce over the operating and financial decisions of the affiliate.GM Financial The amounts presented for GM Financial are adjusted to reflect the impact on GM Financials deferred tax positions and provision forincome taxes resulting from the inclusion of GM Financial in our consolidated tax returns an

51、d to eliminate the effect of transactions between GM Financialand the other members of the consolidated group.Accordingly,the amounts presented will differ from those presented by GM Financial on a stand-alonebasis.5Table of ContentsGENERAL MOTORS COMPANY AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDA

52、TED FINANCIAL STATEMENTS (Continued)Note 2.RevenueThe following table disaggregates our revenue by major source:Three Months Ended March 31,2024GMNAGMICorporateTotalAutomotiveCruiseGMFinancialEliminations/ReclassificationsTotalVehicle,parts and accessories$34,898$2,760$5$37,663$37,663 Used vehicles2

53、29 5 234 234 Services and other972 316 27 1,315 25 (25)1,316 Automotive net sales and revenue36,099 3,082 32 39,212 25 (25)39,212 Leased vehicle income 1,800 1,800 Finance charge income 1,786(8)1,778 Other income 225(1)224 GM Financial net sales and revenue 3,811(9)3,802 Net sales and revenue$36,099

54、$3,082$32$39,212$25$3,811$(34)$43,014 Three Months Ended March 31,2023GMNAGMICorporateTotalAutomotiveCruiseGMFinancialEliminations/ReclassificationsTotalVehicle,parts and accessories$31,876$3,342$9$35,227$35,227 Used vehicles175 5 180 180 Services and other837 380 22 1,239 25 (25)1,239 Automotive ne

55、t sales and revenue32,889 3,727 31 36,646 25 (25)36,646 Leased vehicle income 1,818 1,818 Finance charge income 1,368(3)1,366 Other income 156(1)155 GM Financial net sales and revenue 3,343(4)3,339 Net sales and revenue$32,889$3,727$31$36,646$25$3,343$(29)$39,985 Revenue is measured as the amount of

56、 consideration we expect to receive in exchange for transferring goods or providing services.Adjustments to salesincentives for previously recognized sales increased revenue by an insignificant amount in the three months ended March 31,2024 and 2023.Contract liabilities in our Automotive segments pr

57、imarily consist of vehicle connectivity,customer rewards programs,maintenance,extended warrantyand other contracts of$5.4 billion and$5.0 billion at March 31,2024 and December 31,2023,which are included in Accrued liabilities and Other liabilities.We recognized revenue of$490 million and$408 million

58、 related to contract liabilities in the three months ended March 31,2024 and 2023.We expect torecognize revenue of$1.4 billion in the nine months ending December 31,2024 and$1.5 billion,$1.2 billion and$1.3 billion in the years ending December31,2025,2026 and thereafter related to contract liabiliti

59、es at March 31,2024.6Table of ContentsGENERAL MOTORS COMPANY AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)Note 3.Marketable and Other SecuritiesThe following table summarizes the fair value of cash equivalents and marketable debt securities,which approximates cost:

60、Fair ValueLevelMarch 31,2024December 31,2023Cash and cash equivalentsCash and time deposits$10,105$8,977 Available-for-sale debt securitiesU.S.government and agencies2849 211 Corporate debt22,997 1,439 Sovereign debt2840 734 Total available-for-sale debt securities cash equivalents4,685 2,384 Money

61、market funds12,844 7,491 Total cash and cash equivalents$17,635$18,853 Marketable debt securitiesU.S.government and agencies2$3,459$3,495 Corporate debt and other23,808 3,529 Mortgage and asset-backed2578 589 Total available-for-sale debt securities marketable securities$7,845$7,613 Restricted cashC

62、ash and cash equivalents$293$277 Money market funds13,450 2,787 Total restricted cash$3,743$3,064 Available-for-sale debt securities included above with contractual maturities(a)Due in one year or less$6,137 Due between one and five years5,641 Total available-for-sale debt securities with contractua

63、l maturities$11,778 _(a)Excludes mortgage and asset-backed securities of$578 million at March 31,2024 as these securities are not due at a single maturity date.Proceeds from the sale of available-for-sale debt securities sold prior to maturity were$470 million and$380 million in the three months end

64、ed March 31,2024 and 2023.Net unrealized losses and gains on available-for-sale debt securities were insignificant in the three months ended March 31,2024 and 2023.Cumulative unrealized losses on available-for-sale debt securities were$158 million and$160 million at March 31,2024 and December 31,202

65、3.The following table provides a reconciliation of cash,cash equivalents and restricted cash reported within the condensed consolidated balance sheet to thetotal shown in the condensed consolidated statement of cash flows:March 31,2024Cash and cash equivalents$17,635 Restricted cash included in Othe

66、r current assets3,260 Restricted cash included in Other assets483 Total$21,378 7Table of ContentsGENERAL MOTORS COMPANY AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)Note 4.GM Financial Receivables and TransactionsMarch 31,2024December 31,2023RetailCommercial(a)Tota

67、lRetailCommercial(a)TotalGM Financial receivables$73,230$14,317$87,547$72,729$13,734$86,463 Less:allowance for loan losses(2,320)(35)(2,355)(2,308)(36)(2,344)GM Financial receivables,net$70,911$14,282$85,193$70,421$13,698$84,119 Fair value of GM Financial receivables utilizing Level 2inputs$14,282$1

68、3,698 Fair value of GM Financial receivables utilizing Level 3inputs$71,427$70,911 _(a)Commercial finance receivables include dealer financing of$13.9 billion and$13.3 billion,and other financing of$378 million and$476 million at March 31,2024 andDecember 31,2023.Commercial finance receivables are p

69、resented net of dealer cash management balances of$2.8 billion and$2.6 billion at March 31,2024 andDecember 31,2023.Under the cash management program,subject to certain conditions,a dealer may choose to reduce the amount of interest on its floorplan line bymaking principal payments to GM Financial i

70、n advance.Three Months EndedMarch 31,2024March 31,2023Allowance for loan losses at beginning of period$2,344$2,096 Provision for loan losses204 131 Charge-offs(405)(322)Recoveries213 187 Effect of foreign currency and other(1)61 Allowance for loan losses at end of period$2,355$2,152 The allowance fo

71、r loan losses as a percentage of finance receivables was 2.7%at March 31,2024 and December 31,2023.Retail Finance Receivables GM Financials retail finance receivable portfolio includes loans made to consumers and businesses to finance the purchaseof vehicles for personal and commercial use.The follo

72、wing tables are consolidated summaries of the retail finance receivables by FICO score or itsequivalent,determined at origination,for each vintage of the retail finance receivables portfolio at March 31,2024 and December 31,2023:Year of OriginationMarch 31,202420242023202220212020PriorTotalPercentPr

73、ime FICO score 680 and greater$6,124$21,739$14,060$8,080$4,274$1,055$55,332 75.6%Near-prime FICO score 620 to 679902 2,981 2,076 1,566 787 380 8,692 11.9%Sub-prime FICO score less than 620967 2,821 2,172 1,682 878 685 9,206 12.6%Retail finance receivables$7,993$27,542$18,308$11,329$5,938$2,120$73,23

74、0 100.0%Year of OriginationDecember 31,202320232022202120202019PriorTotalPercentPrime FICO score 680 and greater$23,940$15,581$9,039$4,926$1,076$320$54,882 75.5%Near-prime FICO score 620 to 6793,234 2,281 1,746 906 350 129 8,647 11.9%Sub-prime FICO score less than 6203,079 2,397 1,884 1,010 573 257

75、9,200 12.6%Retail finance receivables$30,253$20,259$12,670$6,842$2,000$707$72,729 100.0%8Table of ContentsGENERAL MOTORS COMPANY AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)GM Financial reviews the ongoing credit quality of retail finance receivables based on cust

76、omer payment activity.A retail account is considereddelinquent if a substantial portion of a scheduled payment has not been received by the date the payment was contractually due.Retail finance receivablesare collateralized by vehicle titles and,subject to local laws,GM Financial generally has the r

77、ight to repossess the vehicle in the event the customer defaultson the payment terms of the contract.The accrual of finance charge income had been suspended on delinquent retail finance receivables with contractualamounts due of$721 million and$809 million at March 31,2024 and December 31,2023.The f

78、ollowing tables are consolidated summaries of thedelinquency status of the outstanding amortized cost of retail finance receivables for each vintage of the portfolio at March 31,2024 and December 31,2023,as well as summary totals for March 31,2023:Year of OriginationMarch 31,2024March 31,20232024202

79、3202220212020PriorTotalPercentTotalPercent0-to-30 days$7,973$27,054$17,743$10,856$5,689$1,911$71,225 97.3%$66,109 97.6%31-to-60 days19 342 406 352 188 156 1,463 2.0%1,188 1.8%Greater-than-60 days1 125 140 109 56 50 482 0.7%363 0.5%Finance receivables morethan 30 days delinquent20 467 547 461 245 206

80、 1,945 2.7%1,551 2.3%In repossession 21 19 12 4 3 60 0.1%44 0.1%Finance receivables morethan 30 days delinquent orin repossession20 488 566 473 249 209 2,005 2.7%1,595 2.4%Retail finance receivables$7,993$27,542$18,308$11,329$5,938$2,120$73,230 100.0%$67,704 100.0%Year of OriginationDecember 31,2023

81、20232022202120202019PriorTotalPercent0-to-30 days$29,816$19,602$12,098$6,533$1,825$599$70,472 96.9%31-to-60 days318 470 415 227 130 78 1,637 2.3%Greater-than-60 days102 168 142 76 42 29 559 0.8%Finance receivables more than30 days delinquent421 637 557 302 172 107 2,196 3.0%In repossession17 20 14 6

82、 3 1 61 0.1%Finance receivables more than30 days delinquent or inrepossession437 657 572 308 175 108 2,257 3.1%Retail finance receivables$30,253$20,259$12,670$6,842$2,000$707$72,729 100.0%Commercial Finance Receivables GM Financials commercial finance receivables consist of dealer financing,primaril

83、y for dealer inventory purchases,and other financing,which includes loans to commercial vehicle upfitters.For dealer financing,proprietary models are used to assign a risk rating to eachdealer.GM Financial performs periodic credit reviews of each dealership and adjusts the dealerships risk rating,if

84、 necessary.The credit risk associated withother financing is limited due to the structure of the business relationships.9Table of ContentsGENERAL MOTORS COMPANY AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)GM Financials dealer risk model and risk rating categories

85、are as follows:RatingDescriptionIPerforming accounts with strong to acceptable financial metrics with at least satisfactory capacity to meet financial commitments.IIPerforming accounts experiencing potential weakness in financial metrics and repayment prospects resulting in increased monitoring.IIIN

86、on-Performing accounts with inadequate paying capacity for current obligations and have the distinct possibility of creating a loss ifdeficiencies are not corrected.IVNon-Performing accounts with inadequate paying capacity for current obligations and inherent weaknesses that make collection ofliquid

87、ation in full highly questionable or improbable.Dealers with III and IV risk ratings are subject to additional monitoring and restrictions on funding,including suspension of lines of credit and liquidationof assets.The following tables summarize the dealer credit risk profile by dealer risk rating a

88、t March 31,2024 and December 31,2023:Year of Origination(a)March 31,2024Dealer Risk RatingRevolving20242023202220212020PriorTotalPercentI$12,056$56$248$389$289$294$62$13,395 96.1%II274 3 7 284 2.0%III217 4 5 15 12 7 261 1.9%IV%Balance at end of period$12,547$60$256$411$302$294$69$13,939 100.0%_(a)Fl

89、oorplan advances comprise 99.1%of the total revolving balance.Dealer term loans are presented by year of origination.Year of Origination(a)December 31,2023Dealer Risk RatingRevolving20232022202120202019PriorTotalPercentI$11,513$279$403$297$301$75$11$12,879 97.1%II182 2 2 187 1.4%III152 1 15 12 11 19

90、2 1.4%IV%Balance at end of period$11,846$281$421$311$301$86$11$13,257 100.0%_(a)Floorplan advances comprise 99.7%of the total revolving balance.Dealer term loans are presented by year of origination.There were no commercial finance receivables on nonaccrual status at March 31,2024 and December 31,20

91、23.Transactions with GM Financial The following tables show transactions between our Automotive segments,Cruise and GM Financial.These amountsare presented in GM Financials condensed consolidated balance sheets and statements of income.March 31,2024December 31,2023Condensed Consolidated Balance Shee

92、ts(a)Commercial finance receivables due from GM consolidated dealers$183$164 Commercial finance receivables due from Cruise$395$353 Subvention receivable from GM(b)$600$508 Commercial loan funding payable to GM$179$55 10Table of ContentsGENERAL MOTORS COMPANY AND SUBSIDIARIESNOTES TO CONDENSED CONSO

93、LIDATED FINANCIAL STATEMENTS (Continued)Three Months EndedMarch 31,2024March 31,2023Condensed Consolidated Statements of IncomeInterest subvention earned on finance receivables$335$279 Leased vehicle subvention earned$364$393 _(a)All balance sheet amounts are eliminated upon consolidation.(b)Our Aut

94、omotive segments made cash payments to GM Financial for subvention of$777 million and$749 million in the three months ended March 31,2024 and 2023.GM Financials Board of Directors declared and paid dividends of$450 million on its common stock in the three months ended March 31,2024 and 2023.Note 5.I

95、nventoriesMarch 31,2024December 31,2023Total productive material,supplies and work in process$7,384$7,422 Finished product,including service parts10,149 9,039 Total inventories$17,533$16,461 Inventories are reflected net of allowances totaling$2.4 billion and$2.2 billion,of which$2.0 billion and$1.9

96、 billion are electric vehicle(EV)-related,toremeasure inventory on-hand to net realizable value at March 31,2024 and December 31,2023.Note 6.Equipment on Operating LeasesEquipment on operating leases consists of leases to retail customers of GM Financial.March 31,2024December 31,2023Equipment on ope

97、rating leases$37,119$37,921 Less:accumulated depreciation(7,013)(7,338)Equipment on operating leases,net$30,106$30,582 The estimated residual value of our leased assets at the end of the lease term was$22.4 billion and$22.7 billion at March 31,2024 and December 31,2023.Depreciation expense related t

98、o Equipment on operating leases,net was$1.2 billion in the three months ended March 31,2024 and 2023.The following table summarizes lease payments due to GM Financial on leases to retail customers:Year Ending December 31,20242025202620272028ThereafterTotalLease receipts under operating leases$3,793$

99、3,651$1,758$253$9$1$9,464 11Table of ContentsGENERAL MOTORS COMPANY AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)Note 7.Equity in Net Assets of Nonconsolidated AffiliatesNonconsolidated affiliates are entities in which we maintain an equity ownership interest and f

100、or which we use the equity method of accounting due toour ability to exert significant influence over decisions relating to their operating and financial affairs.Revenue and expenses of our joint ventures are notconsolidated into our financial statements;rather,our proportionate share of the earning

101、s of each joint venture is reflected as Equity income(loss)orAutomotive and other cost of sales.Three Months EndedMarch 31,2024March 31,2023Automotive China joint ventures equity income(loss)$(106)$83 Ultium Cells Holding LLC and other joint ventures equity income(loss)(a)156(8)Total Equity income(l

102、oss)$50$75 _(a)Equity earnings related to Ultium Cells Holdings LLC,an equally owned joint venture with LG Energy Solution(LGES),are presented in Automotive and other cost ofsales as this entity is integral to the operations of our business by providing battery cells for our EVs.Equity earnings rela

103、ted to Ultium Cells Holdings LLC were$156 million and insignificant in the three months ended March 31,2024 and 2023.There have been no significant ownership changes in our Automotive China joint ventures(Automotive China JVs)or Ultium Cells Holdings LLC sinceDecember 31,2023.Three Months EndedMarch

104、 31,2024March 31,2023Summarized Operating Data of Automotive China JVsAutomotive China JVs net sales$4,111$5,833 Automotive China JVs net income(loss)$(228)$123 Dividends declared but not paid from our nonconsolidated affiliates were an insignificant amount at March 31,2024 and December 31,2023.Divi

105、dendsreceived from our nonconsolidated affiliates were insignificant in the three months ended March 31,2024 and 2023.Undistributed earnings from ournonconsolidated affiliates were$1.7 billion at March 31,2024 and December 31,2023.Note 8.Variable Interest EntitiesConsolidated VIEsAutomotive Financin

106、g GM FinancialGM Financial uses special purpose entities(SPEs)that are considered VIEs to issue variable funding notes to third party,bank-sponsored warehousefacilities or asset-backed securities to investors in securitization transactions.The debt issued by these VIEs is backed by finance receivabl

107、es and leasing-related assets transferred to the VIEs(Securitized Assets).GM Financial determined that it is the primary beneficiary of the SPEs because the servicingresponsibilities for the Securitized Assets give GM Financial the power to direct the activities that most significantly impact the pe

108、rformance of the VIEsand the variable interests in the VIEs give GM Financial the obligation to absorb losses and the right to receive residual returns that could potentially besignificant.The assets of the VIEs serve as the sole source of repayment for the debt issued by these entities.Investors in

109、 the notes issued by the VIEs donot have recourse to GM Financial or its other assets,with the exception of customary representation and warranty repurchase provisions and indemnitiesthat GM Financial provides as the servicer.GM Financial is not required to provide additional financial support to th

110、ese SPEs.While these subsidiaries areincluded in GM Financials condensed consolidated financial statements,they are separate legal entities and the finance receivables,lease-related assets andcash held by them are legally owned by them and are not available to GM Financials creditors or creditors of

111、 GM Financials other subsidiaries.12Table of ContentsGENERAL MOTORS COMPANY AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)The following table summarizes the assets and liabilities related to GM Financials consolidated VIEs:March 31,2024December 31,2023Restricted cas

112、h current$3,041$2,398 Restricted cash non-current$382$367 GM Financial receivables current$22,098$22,990 GM Financial receivables non-current$22,341$23,535 GM Financial equipment on operating leases,net$15,639$15,794 GM Financial short-term debt and current portion of long-term debt$17,953$22,088 GM

113、 Financial long-term debt$26,319$23,210 GM Financial recognizes finance charge,leased vehicle and fee income on the Securitized Assets and interest expense on the secured debt issued in asecuritization transaction and records a provision for loan losses to recognize loan losses expected over the rem

114、aining life of the finance receivables.Nonconsolidated VIEsAutomotiveNonconsolidated VIEs principally include automotive related operating entities to which we provided financial support to ensure that our supply needs forproduction are met or are not disrupted.Our variable interests in these noncon

115、solidated VIEs include equity investments,accounts and loans receivable,committed financial support and other off-balance sheet arrangements.The carrying amounts of assets were approximately$2.7 billion and$2.4 billion andliabilities were insignificant related to our nonconsolidated VIEs at March 31

116、,2024 and December 31,2023.Our maximum exposure to loss as a result ofour involvement with these VIEs was approximately$3.5 billion,inclusive of approximately$0.6 billion and$0.8 billion in committed capital contributionsto Ultium Cells Holdings LLC,at March 31,2024 and December 31,2023.Our maximum

117、exposure to loss,and required capital contributions,could varydepending on Ultium Cells Holdings LLCs requirements and access to capital.We currently lack the power through voting or similar rights to direct theactivities of these entities that most significantly affect their economic performance.13

118、Table of ContentsGENERAL MOTORS COMPANY AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)Note 9.DebtAutomotive The following table presents debt in our automotive operations:March 31,2024December 31,2023Carrying AmountFair ValueCarrying AmountFair ValueSecured debt$116

119、$116$134$132Unsecured debt(a)15,778 15,75715,842 15,911Finance lease liabilities433 442437 447Total automotive debt(b)$16,327$16,315$16,413$16,490Fair value utilizing Level 1 inputs$15,357$15,457Fair value utilizing Level 2 inputs$957$1,033Available under credit facility agreements(c)$13,536$16,446W

120、eighted-average interest rate on outstanding short-term debt(d)16.9%16.2%Weighted-average interest rate on outstanding long-term debt(d)5.8%5.8%_(a)Primarily consists of senior notes.(b)Includes net discount and debt issuance costs of$505 million and$527 million at March 31,2024 and December 31,2023

121、.(c)Excludes our 364-day,$2.0 billion facility allocated for exclusive use by GM Financial.(d)Includes coupon rates on debt denominated in various foreign currencies and interest free loans.In March 2024,we renewed our 364-day,$2.0 billion revolving credit facility allocated for the exclusive use of

122、 GM Financial,which now matures March27,2025.Interest rates on obligations under the renewed credit facility are based on Term Secured Overnight Financing Rate(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

123、.0 billionexecuted in November 2023,resulting in an insignificant loss.GM Financial The following table presents debt of GM Financial:March 31,2024December 31,2023Carrying AmountFair ValueCarrying AmountFair ValueSecured debt$44,212$43,892$45,243$44,971 Unsecured debt61,698 61,430 60,084 59,651 Tota

124、l GM Financial debt$105,910$105,322$105,327$104,622 Fair value utilizing Level 2 inputs$103,049$102,262 Fair value utilizing Level 3 inputs$2,274$2,360 Secured debt consists of revolving credit facilities and securitization notes payable.Most of the secured debt was issued by VIEs and is repayable o

125、nlyfrom proceeds related to the underlying pledged assets.Refer to Note 8 to our condensed consolidated financial statements for additional information onGM Financials involvement with VIEs.In the three months ended March 31,2024,GM Financial renewed revolving credit facilities with total borrowingc

126、apacity of$2.4 billion and issued$7.3 billion in aggregate principal amount of securitization notes payable with an initial weighted-average interest rateof 5.4%and maturity dates ranging from 2024 to 2036.Unsecured debt consists of senior notes,credit facilities and other unsecured debt.In the thre

127、e months ended March 31,2024,GM Financial issued$4.4billion in aggregate principal amount of senior notes with an initial weighted-average interest rate of 5.3%and maturity dates ranging from 2027 to 2031.14Table of ContentsGENERAL MOTORS COMPANY AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINAN

128、CIAL STATEMENTS (Continued)Note 10.Derivative Financial InstrumentsThe following table presents the gross fair value amounts of GM Financials derivative financial instruments and the associated notional amounts:Fair ValueLevelMarch 31,2024December 31,2023NotionalFair Value ofAssetsFair Value ofLiabi

129、litiesNotionalFair Value ofAssetsFair Value ofLiabilitiesDerivatives designated as hedges(a)Fair value hedgesInterest rate swaps2$21,991$9$352$18,379$75$238 Cash flow hedgesInterest rate swaps22,447 16 10 2,381 17 16 Foreign currency swaps(b)29,208 88 428 8,003 144 311 Derivatives not designated as

130、hedges(a)Interest rate contracts2123,103 1,576 2,024 134,683 1,573 1,997 Foreign currency contracts2940 2 Total derivative financial instruments(c)$157,689$1,691$2,815$163,446$1,809$2,563 _(a)The gains/losses included in our condensed consolidated income statements and statements of comprehensive in

131、come for the three months ended March 31,2024 and2023 were insignificant,unless otherwise noted.Amounts accrued for interest payments in a net receivable position are included in Other assets.Amounts accrued forinterest payments in a net payable position are included in Other liabilities.(b)The effe

132、ct of foreign currency cash flow hedges in the condensed consolidated statements of comprehensive income includes losses of$141 million and an insignificantgain recognized in Accumulated other comprehensive loss,and losses of$163 million and an insignificant gain reclassified from Accumulated other

133、comprehensive lossinto income for the three months ended March 31,2024 and 2023.(c)GM Financial held$447 million and$457 million of collateral from counterparties available for netting against GM Financials asset positions and posted$1.2 billion ofcollateral to counterparties available for netting a

134、gainst GM Financials liability positions at March 31,2024 and December 31,2023.The fair value for Level 2 instruments was derived using the market approach based on observable market inputs including quoted prices of similarinstruments and foreign exchange and interest rate forward curves.The follow

135、ing amounts were recorded in the condensed consolidated balance sheets related to items designated and qualifying as hedged items in fairvalue hedging relationships:March 31,2024December 31,2023Carrying Amount of HedgedItemsCumulative Amount of Fair ValueHedging Adjustments(a)Carrying Amount of Hedg

136、edItemsCumulative Amount of Fair ValueHedging Adjustments(a)Short-term unsecured debt$4,283$(33)$3,508$(8)Long-term unsecured debt30,150 1,191 30,043 1,037 GM Financial unsecured debt$34,433$1,158$33,551$1,029 _(a)Includes$865 million and$872 million of unamortized losses remaining on hedged items f

137、or which hedge accounting has been discontinued at March 31,2024 andDecember 31,2023.15Table of ContentsGENERAL MOTORS COMPANY AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)Note 11.Product Warranty and Related LiabilitiesThree Months EndedMarch 31,2024March 31,2023P

138、roduct Warranty and Related LiabilitiesWarranty balance at beginning of period$9,295$8,530 Warranties issued and assumed in period recall campaigns266 236 Warranties issued and assumed in period product warranty668 490 Payments(1,024)(1,058)Adjustments to pre-existing warranties174 279 Effect of for

139、eign currency and other(24)5 Warranty balance at end of period9,356 8,482 Less:Supplier recoveries balance at end of period(a)630 1,157 Warranty balance,net of supplier recoveries at end of period$8,726$7,325 _(a)The current portion of supplier recoveries is recorded in Accounts and notes receivable

140、,net of allowance and the non-current portion is recorded in Other assets.Three Months EndedMarch 31,2024March 31,2023Product Warranty Expense,Net of RecoveriesWarranties issued and assumed in period$934$726 Supplier recoveries accrued in period(58)(44)Adjustments and other150 284 Warranty expense,n

141、et of supplier recoveries$1,026$966 We estimate our reasonably possible loss in excess of amounts accrued for recall campaigns to be insignificant at March 31,2024.Refer to Note 13 to ourcondensed consolidated financial statements for additional information.Note 12.Pensions and Other Postretirement

142、BenefitsThree Months Ended March 31,2024Three Months Ended March 31,2023Pension BenefitsGlobal OPEBPlansPension BenefitsGlobal OPEBPlansU.S.Non-U.S.U.S.Non-U.S.Service cost$47$34$3$44$42$2 Interest cost533 128 56 568 161 59 Expected return on plan assets(685)(131)(730)(168)Amortization of prior serv

143、ice cost(credit)15 1 (1)1 Amortization of net actuarial(gains)losses2 12 8(6)Net periodic pension and OPEB(income)expense$(88)$44$59$(119)$44$55 The non-service cost components of net periodic pension and other postretirement benefits(OPEB)income of$49 million and$86 million in the threemonths ended

144、 March 31,2024 and 2023 are presented in Interest income and other non-operating income,net.16Table of ContentsGENERAL MOTORS COMPANY AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)Note 13.Commitments and ContingenciesLitigation-Related Liability and Tax Administrati

145、ve Matters In the normal course of our business,we are named from time to time as a defendant invarious legal actions,including arbitrations,class actions and other litigation.We identify below the material individual proceedings and investigationswhere we believe a material loss is reasonably possi

146、ble or probable.We accrue for matters when we believe that losses are probable and can be reasonablyestimated.At March 31,2024 and December 31,2023,we had accruals of$1.1 billion and$1.2 billion in Accrued liabilities and Other liabilities.In manymatters,it is inherently difficult to determine wheth

147、er a loss is probable or reasonably possible or to estimate the size or range of the potential loss.Somematters may involve compensatory,punitive or other treble damage claims,environmental remediation programs or sanctions that,if granted,could requireus to pay damages or make other expenditures in

148、 amounts that cannot be reasonably estimated.Accordingly,while we believe that appropriate accruals havebeen established for losses that are probable and can be reasonably estimated,it is possible that adverse outcomes from such proceedings could exceed theamounts accrued by an amount that could be

149、material to our results of operations or cash flows in any particular reporting period.GM Korea Subcontract Workers Litigation GM Korea Company(GM Korea)is party to litigation with current and former subcontract workers overallegations that they are entitled to the same wages and benefits provided t

150、o full-time employees,and to be hired as full-time employees.In May 2018 andSeptember 2020,the Korean labor authorities issued adverse administrative orders finding that GM Korea must hire certain current subcontract workers asfull-time employees.GM Korea appealed the May 2018 and September 2020 ord

151、ers.Since June 2020,the Seoul High Court(an intermediate-level appellatecourt)ruled against GM Korea in eight subcontract worker claims.Although GM Korea has appealed these decisions to the Supreme Court of the Republicof Korea,GM Korea has since hired certain of its subcontract workers as full-time

152、 employees.At March 31,2024,our accrual covering certain assertedclaims and claims that we believe are probable of assertion and for which liability is probable was approximately$133 million.We estimate the reasonablypossible loss in excess of amounts accrued for other current subcontract workers wh

153、o may assert similar claims to be approximately$66 million at March31,2024.We are currently unable to estimate any reasonably possible material loss or range of loss that may result from additional claims that may beasserted by former subcontract workers.Other Litigation-Related Liability and Tax Ad

154、ministrative Matters Various other legal actions,including class actions,governmental investigations,claims and proceedings are pending against us or our related companies or joint ventures,including,but not limited to,matters arising out of alleged productdefects;employment-related matters;product

155、and workplace safety,vehicle emissions and fuel economy regulations;product warranties;financial services;dealer,supplier and other contractual relationships;competition issues;tax-related matters not subject to the provision of Accounting Standards Codification740,Income Taxes(indirect tax-related

156、matters);product design,manufacture and performance;consumer protection laws;and environmental protectionlaws,including laws regulating air emissions,water discharges,waste management and environmental remediation from stationary sources.We also fromtime to time receive subpoenas and other inquiries

157、 or requests for information from agencies or other representatives of U.S.federal,state and foreigngovernments on a variety of issues.There are several putative class actions pending against GM in the U.S.and Canada alleging that various vehicles sold,including model year 20112016Duramax Diesel Che

158、vrolet Silverado and GMC Sierra vehicles,violate federal,state and foreign emission standards.In July 2023,the putative class actionspending in the U.S.were dismissed with prejudice and judgment entered in favor of GM,and plaintiffs appealed the dismissal.We are currently unable toestimate any reaso

159、nably possible material loss or range of loss that may result from these actions.GM has also faced a series of additional lawsuits in theU.S.based on these allegations,including a shareholder demand lawsuit that remains pending.There are several putative class actions and three certified class actio

160、ns pending against GM in the U.S.alleging that various 20112014 model yearvehicles are defective because they excessively consume oil.While many of these proceedings have been dismissed or have been settled for insignificantamounts,several remain outstanding,and in October 2022,we received an advers

161、e jury verdict in the certified class action proceeding involving threestates.We do not believe that the verdict is supported by the evidence and plan to appeal.We are currently unable to estimate any reasonably possiblematerial loss or range of loss that may result from the putative class action pr

162、oceedings and have previously accrued an immaterial amount related to one ofthe certified class action proceedings.There is one putative class action and one certified class action pending against GM in the U.S.alleging that various 20152022 model year vehicles aredefective because they are equipped

163、 with faulty 8-speed transmissions.In March 2023,the judge overseeing the class action concerning 20152019 modelyear vehicles certified 26 state subclasses.The Sixth Circuit has agreed to hear our appeal of this class certification order.The putative class actionconcerning 20202022 model year vehicl

164、es17Table of ContentsGENERAL MOTORS COMPANY AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)is pending in front of a different judge that has not yet addressed class certification.We have similar cases pending in Canada concerning these vehicles.Weare currently unable

165、 to estimate any reasonably possible or probable material loss or range of loss that may result from these proceedings in excess ofamounts accrued.There is a class action pending against GM in the U.S.,and a putative class action in Canada,alleging that 20112016 model year Duramax DieselChevrolet Si

166、lverado and GMC Sierra vehicles are equipped with defective fuel pumps that are prone to failure.In March 2023,the U.S.court certified sevenstate subclasses.In the three months ended March 31,2024,we reached an agreement in principle to settle this matter on terms consistent with our accrual.Beyond

167、the class action litigations disclosed,we have several other class action litigations pending at any given time.Historically,relatively few classeshave been certified in these types of cases.Therefore,we will generally only disclose specific class actions if a class is certified and we believe there

168、 is areasonably possible material exposure to the Company.We are currently in discussions with the Environmental Protection Agency(EPA)and other regulators regarding potential adjustments to certain prioryear greenhouse gas(GHG)and Corporate Average Fuel Economy(CAFE)accounting balances.Based on pro

169、gress made in these discussions,in the threemonths ended March 31,2024,we accrued an insignificant amount,which brought the total costs expensed in connection with these matters toapproximately$490 million through March 31,2024.We currently expect to resolve these matters on terms generally consiste

170、nt with our accrual.Indirect tax-related matters are being evaluated globally pertaining to value added taxes,customs,duties,sales tax,property taxes and other non-incometax-related tax exposures.Certain administrative proceedings are indirect tax-related and may require that we deposit funds in esc

171、row or provide analternative form of security.For indirect tax-related matters,we estimate our reasonably possible loss in excess of amounts accrued to be up toapproximately$2.1 billion at March 31,2024.Takata Matters In November 2020,the National Highway Traffic Safety Administration(NHTSA)directed

172、 that we replace the Takata Corporation(Takata)airbag inflators in our GMT900 vehicles,which are full-size pickup trucks and sport utility vehicles(SUVs),and we decided not to contestNHTSAs decision.While we have already begun the process of executing the recall,given the number of vehicles in this

173、population,the recall will takeseveral years to be completed.Accordingly,in the year ended December 31,2020,we recorded a warranty accrual of$1.1 billion for the expected costs ofcomplying with the recall remedy.At March 31,2024,our remaining accrual for these matters was$594 million,and we believe

174、the currently accruedamount remains reasonable.GM has recalled certain vehicles sold outside of the U.S.to replace Takata inflators in those vehicles.There are significant differences in vehicle andinflator design between the relevant vehicles sold internationally and those sold in the U.S.We contin

175、ue to gather and analyze evidence about these inflatorsand to share our findings with regulators.Any additional recalls relating to these inflators could be material to our results of operations and cash flows.There are several putative class actions that have been filed against GM,including in the

176、U.S.and Canada,arising out of allegations that airbag inflatorsmanufactured by Takata are defective.In March 2023,a U.S.court overseeing one of the putative class actions issued a final judgment in favor of GM on allclaims in eight states at issue in that proceeding.Plaintiffs have appealed this dec

177、ision.In August 2023,the U.S.court granted class certification as to aLouisiana claim,but denied certification as to seven other states.At this stage of these proceedings,we are unable to provide an estimate of the amounts orrange of reasonably possible material loss.ARC Matters In May 2023,we initi

178、ated a voluntary recall covering nearly one million 20142017 model year Buick Enclave,Chevrolet Traverse andGMC Acadia SUVs equipped with driver front airbag inflators manufactured by ARC Automotive,Inc.(ARC),and accrued an insignificant amount for theexpected costs of the recall.As part of its ongo

179、ing investigation into ARC airbag inflators,on September 5,2023,NHTSA issued an initial decision thatapproximately 52 million frontal driver and passenger airbag inflators manufactured by ARC and Delphi Automotive Systems LLC over a roughly 20-yearperiod contain a safety-related defect and must be r

180、ecalled.NHTSAs initial decision is based on the occurrence of seven field ruptures involving ARC-manufactured frontal airbag inflators.We are continuing to investigate the cause of the ruptures in GM vehicles in connection with our existing recalls.Theadministrative record for NHTSAs investigation c

181、losed on December 18,2023,and we are waiting for NHTSA to issue its final decision.As indicated inGMs filed comment in the record,we do not believe that further GM vehicle recalls are necessary or appropriate at this time.However,depending on theoutcome of the dispute between NHTSA and ARC,and the p

182、ossibility of additional recalls,the cost of which may not be fully recoverable,it is reasonablypossible that the costs associated with these matters in excess of amounts accrued could be material,but we are unable to provide an estimate of the amountsor range of reasonably possible material loss at

183、 this time.18Table of ContentsGENERAL MOTORS COMPANY AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)There are several putative class actions that have been filed against GM,including in the U.S.,Canada and Israel,arising out of allegations that airbaginflators manufa

184、ctured by ARC are defective.At this stage of these proceedings,we are unable to provide an estimate of the amounts or range of reasonablypossible material loss.Chevrolet Bolt Recall In July 2021,we initiated a voluntary recall for certain 20172019 model year Chevrolet Bolt EVs due to the risk that t

185、womanufacturing defects present in the same battery cell could cause a high voltage battery fire in certain of these vehicles.After further investigation into themanufacturing processes at our battery supplier,LGES,and disassembling battery packs,we determined that the risk of battery cell defects w

186、as not confinedto the initial recall population.As a result,in August 2021,we expanded the recall to include all 20172022 model year Chevrolet Bolt EV and ChevroletBolt Electric Utility Vehicles(EUVs).LG Electronics,Inc.(LGE)and LGES(collectively,LG),have agreed to reimburse GM for certain costs and

187、expenses associated with the recall.The commercial negotiations with LG also resolved other commercial matters associated with our Ultium CellsHoldings LLC joint venture with LGES.Accordingly,as of December 31,2023,we had accrued a total of$2.6 billion and recognized receivables totaling$1.6 billion

188、 in connection with these matters.At March 31,2024,our remaining accrual for these matters was$0.5 billion.These charges reflect our currentbest estimate for the cost of the recall remedy,which includes non-traditional recall remedies provided by GM to enhance customer satisfaction.The actualcosts o

189、f the recall could be materially higher or lower.In addition,putative class actions have been filed against GM in the U.S.and Canada alleging that the batteries contained in the Bolt EVs and EUVsincluded in the recall population are defective.GM has reached an agreement in principle to settle the U.

190、S.class actions for an immaterial amount.Opel/Vauxhall Sale In 2017,we sold the Opel and Vauxhall businesses and certain other assets in Europe(the Opel/Vauxhall Business)to PSA Group,nowStellantis N.V.(Stellantis),under a Master Agreement(the Agreement).We also sold the European financing subsidiar

191、ies and branches to Banque PSAFinance S.A.and BNP Paribas Personal Finance S.A.Although the sale reduced our new vehicle presence in Europe,we may still be impacted by actionstaken by regulators related to vehicles sold before the sale.General Motors Holdings LLC agreed,on behalf of our wholly owned

192、 subsidiary(the Seller),toindemnify Stellantis for certain losses resulting from any inaccuracy of the representations and warranties or breaches of our covenants included in theAgreement and for certain other liabilities,including costs related to certain emissions claims,product liabilities and re

193、calls.We are unable to estimate anyreasonably possible material loss or range of loss that may result from these actions either directly or through an indemnification claim from Stellantis.Certain of these indemnification obligations are subject to time limitations,thresholds and/or caps as to the a

194、mount of required payments.Currently,various consumer lawsuits have been filed against the Seller and Stellantis in Germany,the United Kingdom(UK),Austria and the Netherlandsalleging that Opel and Vauxhall vehicles sold by the Seller violated applicable emissions standards.In addition,we indemnified

195、 Stellantis for an immaterialamount for certain recalls that Stellantis has conducted or will conduct,including recalls in certain geographic locations that Stellantis intends to conductrelated to Takata inflators in legacy Opel vehicles.We may in the future be required to further indemnify Stellant

196、is relating to its Takata recalls,but webelieve such further indemnification to be remote at this time.European Commission and UK Competition and Markets Authority Matter In March 2022,the European Commission and UK Competition andMarkets Authority(CMA)conducted inspections at the premises of,and se

197、nt out formal requests for information to several companies and associationsactive in the automotive sector.The investigations concern conduct related to coordination regarding the collection,treatment and recovery of end-of-lifecars and vans(ELVs),which are considered waste.GM was not the subject o

198、f the inspections but has since received requests for information related toactivities conducted by Opel,a former subsidiary business we sold to Stellantis in 2017.GM has replied to the European Commissions and CMAs requestsfor information.The inspections and requests for information are preliminary

199、 investigatory steps and do not prejudge the outcome of the investigations.Ifan infringement is established as to Opels conduct,there are a range of possible outcomes,including a fine,which could be material.We cannot currentlypredict the outcome or what remedies,if any,may be required.Product Liabi

200、lity We recorded liabilities of$636 million and$615 million in Accrued liabilities and Other liabilities at March 31,2024 and December 31,2023,for the expected cost of all known product liability claims,plus an estimate of the expected cost for product liability claims that have already beenincurred

201、 and are expected to be filed in the future for which we are self-insured.It is reasonably possible that our accruals for product liability claims mayincrease in future periods in material amounts,although we cannot estimate a reasonable range of incremental loss based on currently available informa

202、tion.We believe that any judgment against us involving our products for actual damages will be adequately covered by our recorded accruals and,whereapplicable,excess liability insurance coverage.19Table of ContentsGENERAL MOTORS COMPANY AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATE

203、MENTS (Continued)Guarantees We enter into indemnification agreements for liability claims involving products manufactured primarily by certain joint ventures.Theseguarantees terminate in years ranging from 2024 to 2029,or upon the occurrence of specific events or are ongoing.We believe that the rela

204、ted potentialcosts incurred are adequately covered by our recorded accruals,which are insignificant.The maximum future undiscounted payments mainly based onroyalties received associated with vehicles sold to date were$3.5 billion for these guarantees at March 31,2024 and December 31,2023,the majorit

205、y ofwhich relates to the indemnification agreements.We provide payment guarantees on commercial loans outstanding with third parties such as dealers.In some instances,certain assets of the party or ourpayables to the party whose debt or performance we have guaranteed may offset,to some degree,the am

206、ount of any potential future payments.We are alsoexposed to residual value guarantees associated with certain sales to rental car companies.We periodically enter into agreements that incorporate indemnification provisions in the normal course of business.It is not possible to estimate ourmaximum exp

207、osure under these indemnifications or guarantees due to the conditional nature of these obligations.Insignificant amounts have been recordedfor such obligations as the majority of them are not probable or estimable at this time and the fair value of the guarantees at issuance was insignificant.Refer

208、 to the Opel/Vauxhall Sale section of this note for additional information on our indemnification obligations to Stellantis under the Agreement.Supplier Finance Programs Third-party finance providers offer certain suppliers the option for payment in advance of their invoice due date throughfinancing

209、 programs that we established.We retain our obligation to the participating suppliers,and we make payments directly to the third-party financeproviders on the original invoice due date pursuant to the original invoice terms.There are no assets pledged as security or other forms of guaranteesprovided

210、 for committed payments.Our outstanding eligible balances under our supplier finance programs were$1.3 billion at March 31,2024 andDecember 31,2023,which are recorded in Accounts payable(principally trade).Note 14.Income TaxesIn the three months ended March 31,2024 and 2023,Income tax expense of$762

211、 million and$428 million was primarily due to tax expense attributableto entities included in our effective tax rate calculation.Note 15.Restructuring and Other InitiativesWe have executed various restructuring and other initiatives and we may execute additional initiatives in the future,if necessar

212、y,to streamlinemanufacturing capacity and reduce other costs to improve the utilization of remaining facilities.To the extent these programs involve voluntary separations,a liability is generally recorded at the time offers to employees are accepted.To the extent these programs provide separation be

213、nefits in accordance withpre-existing agreements,a liability is recorded once the amount is probable and reasonably estimable.If employees are involuntarily terminated,a liabilityis generally recorded at the communication date.Related charges are recorded in Automotive and other cost of sales and Au

214、tomotive and other selling,general and administrative expense.The following table summarizes the reserves and charges related to restructuring and other initiatives,including postemployment benefit reserves andcharges:Three Months EndedMarch 31,2024March 31,2023Balance at beginning of period$779$520

215、 Additions,interest accretion and other114 980 Payments(325)(51)Revisions to estimates and effect of foreign currency(3)Balance at end of period$565$1,450 In the three months ended March 31,2024,restructuring and other initiatives included strategic activities in GMNA related to Buick dealerships.We

216、recorded charges of$96 million in the three months ended March 31,2024,which are included in the table above,and incurred$162 million in net cashoutflows resulting from these dealer restructurings.Cumulatively,we have20Table of ContentsGENERAL MOTORS COMPANY AND SUBSIDIARIESNOTES TO CONDENSED CONSOL

217、IDATED FINANCIAL STATEMENTS (Continued)incurred charges of approximately$1.2 billion and net cash outflows of$956 million related to this initiative.The remaining$220 million is expected to bepaid by the end of 2024.In March 2023,we announced a voluntary separation program(VSP)to accelerate attritio

218、n related to the cost reduction program announced in January2023.We recorded charges in GMNA of$1.0 billion in the year ended December 31,2023,primarily related to employee separation charges of$905million,which are reflected in the table above,and non-cash pension curtailment and settlement charges

219、 of approximately$130 million,not reflected in thetable above.As of March 31,2024,we have incurred$878 million of cash outflows resulting from the VSP.This program was substantially complete atMarch 31,2024.In October 2023,Cruise voluntarily paused all of its driverless,supervised and manual AV oper

220、ations in the U.S.while it examines its processes,systemsand tools.In conjunction with these actions,Cruise recorded charges before noncontrolling interest of$529 million in the year ended December 31,2023,primarily related to supplier related charges of$212 million and employee separation charges o

221、f$67 million,both of which are included in the table above.Additionally,Cruise recorded non-cash restructuring charges of$250 million primarily related to impairments,which are not reflected in the table above.Asof March 31,2024,we have incurred$70 million of cash outflows resulting from these restr

222、ucturing activities.We expect the remaining cash outflowsrelated to these activities of approximately$209 million to be complete by the end of 2024.Note 16.Stockholders Equity and Noncontrolling InterestsWe have 2.0 billion shares of preferred stock and 5.0 billion shares of common stock authorized

223、for issuance.We had no shares of preferred stock issuedand outstanding at March 31,2024 and December 31,2023.We had 1.1 billion and 1.2 billion shares of common stock issued and outstanding at March 31,2024 and December 31,2023.Common Stock Holders of our common stock are entitled to dividends at th

224、e sole discretion of our Board of Directors.Our total dividends paid oncommon stock were$139 million and$126 million for the three months ended March 31,2024 and 2023.In November 2023,our Board of Directors increased the capacity under the share repurchase program by$10.0 billion to an aggregate of$

225、11.4 billionand approved an accelerated share repurchase(ASR)program to repurchase an aggregate amount of$10.0 billion of our common stock.In December 2023,pursuant to the agreements entered into in connection with the ASR(collectively,the ASR Agreements),we advanced$10.0 billion and receivedapproxi

226、mately 215 million shares of our common stock with a value of$6.8 billion,which were immediately retired.In March 2024,upon the firstsettlement of the transactions contemplated under the ASR Agreements,we received approximately 4 million additional shares,which were immediatelyretired.The final numb

227、er of shares ultimately to be purchased will be based on the average of the daily volume-weighted average prices of our commonstock 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

228、 receive additional shares of common stock,or,under certain circumstances,we may be required to deliver shares of commonstock or to make a cash payment,at our election.The final settlement of the transactions contemplated under the ASR Agreements in connection with theASR program is expected to occu

229、r no later than the three months ending December 31,2024.In the three months ended March 31,2024,in addition to shares received under the ASR program,we purchased approximately 8 million shares of ouroutstanding common stock for$331 million,including an insignificant amount related to purchases init

230、iated in March 2024 that settled in April 2024,aspart of the share repurchase program.In the three months ended March 31,2023,we purchased 9 million shares of our outstanding common stock for$369 million.Cruise Common Shares During the three months ended March 31,2024 and 2023,GM Cruise Holdings LLC

231、(Cruise Holdings)issued an insignificantamount of Class B Common Shares to net settle vested awards under Cruises 2018 Employee Incentive Plan and to fund the payment of statutory taxwithholding obligations resulting from the settlement or exercise of vested awards.The Class B Common Shares are clas

232、sified as noncontrolling interests inour condensed consolidated financial statements except for certain shares that are liability classified that have an insignificant recorded value at March 31,2024 and December 31,2023.21Table of ContentsGENERAL MOTORS COMPANY AND SUBSIDIARIESNOTES TO CONDENSED CO

233、NSOLIDATED FINANCIAL STATEMENTS (Continued)The following table summarizes the significant components of Accumulated other comprehensive loss:Three Months EndedMarch 31,2024March 31,2023Foreign Currency Translation AdjustmentsBalance at beginning of period$(2,457)$(2,776)Other comprehensive income(lo

234、ss)and noncontrolling interests,net of reclassification adjustment andtax(a)(b)(c)(293)164 Balance at end of period$(2,750)$(2,611)Defined Benefit PlansBalance at beginning of period$(7,665)$(4,851)Other comprehensive income(loss)before reclassification adjustment,net of tax(c)51(39)Reclassification

235、 adjustment,net of tax(c)25 4 Other comprehensive income(loss),net of tax(c)76(35)Balance at end of period(d)$(7,589)$(4,886)_(a)The noncontrolling interests were insignificant in the three months ended March 31,2024 and 2023.(b)The reclassification adjustment was insignificant in the three months e

236、nded March 31,2024 and 2023.(c)The income tax effect was insignificant in the three months ended March 31,2024 and 2023.(d)Primarily consists of unamortized actuarial loss on our defined benefit plans.Refer to Note 2.Significant Accounting Policies of our 2023 Form 10-K for additionalinformation.Not

237、e 17.Earnings Per ShareThree Months EndedMarch 31,2024March 31,2023Basic earnings per shareNet income(loss)attributable to stockholders$2,980$2,395 Less:cumulative dividends on subsidiary preferred stock(a)(9)(27)Net income(loss)attributable to common stockholders$2,970$2,369 Weighted-average common

238、 shares outstanding1,155 1,396 Basic earnings per common share$2.57$1.70 Diluted earnings per shareNet income(loss)attributable to common stockholders diluted$2,970$2,369 Weighted-average common shares outstanding basic1,155 1,396 Dilutive effect of awards under stock incentive plans7 6 Weighted-ave

239、rage common shares outstanding diluted1,162 1,402 Diluted earnings per common share$2.56$1.69 Potentially dilutive securities(b)17 22 _(a)Includes an insignificant amount in participating securities income from a subsidiary for the three months ended March 31,2024.(b)Potentially dilutive securities

240、attributable to outstanding stock options,Restricted Stock Units(RSUs)and Performance Stock Units(PSUs)at March 31,2024 and 2023were excluded from the computation of diluted earnings per share(EPS)because the securities would have had an antidilutive effect.Note 18.Segment ReportingWe analyze the re

241、sults of our business through the following reportable segments:GMNA,GMI,Cruise and GM Financial.The chief operating decision-maker evaluates the operating results and performance of our automotive segments and Cruise22Table of ContentsGENERAL MOTORS COMPANY AND SUBSIDIARIESNOTES TO CONDENSED CONSOL

242、IDATED FINANCIAL STATEMENTS (Continued)through earnings before interest and income taxes(EBIT)-adjusted,which is presented net of noncontrolling interests.The chief operating decision-makerevaluates GM Financial through earnings before income taxes(EBT)-adjusted because interest income and interest

243、expense are part of operating resultswhen assessing and measuring the operational and financial performance of the segment.Each segment has a manager responsible for executing ourstrategic initiatives.While not all vehicles within a segment are individually profitable,those vehicles attract customer

244、s to dealer showrooms and helpmaintain sales volumes for other,more profitable vehicles and contribute towards our commitment to an all-electric future and meeting required fuelefficiency standards.As a result of these and other factors,we do not manage our business on an individual brand or vehicle

245、 basis.Substantially all of the trucks,crossovers,cars and automobile parts produced are marketed through retail dealers in North America and throughdistributors and dealers outside of North America,the substantial majority of which are independently owned.In addition to the products sold to dealers

246、 forconsumer retail sales,trucks,crossovers and cars are also sold to fleet customers,including daily rental car companies,commercial fleet customers,leasingcompanies and governments.Fleet sales are completed through the dealer network and in some cases directly with fleet customers.Retail and fleet

247、customers can obtain a wide range of after-sale vehicle services and products through the dealer network,such as maintenance,light repairs,collisionrepairs,vehicle accessories and extended service warranties.GMNA meets the demands of customers in North America and GMI primarily meets the demands of

248、customers outside North America with vehiclesdeveloped,manufactured and/or marketed under the Buick,Cadillac,Chevrolet and GMC brands.We also have equity ownership stakes in entities that meetthe demands of customers in other countries,primarily China,with vehicles developed,manufactured and/or mark

249、eted under the Baojun,Buick,Cadillac,Chevrolet and Wuling brands.Cruise is our global segment responsible for the development and commercialization of AV technology,and includes AV-related engineering and other costs.We provide automotive financing services through our GM Financial segment.Our autom

250、otive interest income and interest expense,legacy costs from the Opel/Vauxhall Business(primarily pension costs),corporate expenditures andcertain revenues and expenses that are not part of a reportable segment are recorded centrally in Corporate.Corporate assets primarily consist of cash andcash eq

251、uivalents,marketable debt securities and intersegment balances.All intersegment balances and transactions have been eliminated in consolidation.The following tables summarize key financial information by segment:At and For the Three Months Ended March 31,2024GMNAGMICorporateEliminationsTotalAutomoti

252、veCruiseGMFinancialEliminations/ReclassificationsTotalNet sales and revenue$36,099$3,082$32$39,212$25$3,811$(34)$43,014 Earnings(loss)before interest and taxes-adjusted$3,840$(10)$(245)$3,585$(442)$737$(8)$3,871 Adjustments(a)$(96)$(96)$(96)Automotive interest income186 Automotive interest expense(2

253、19)Net income(loss)attributable tononcontrolling interests(27)Income(loss)before income taxes3,715 Income tax benefit(expense)(762)Net income(loss)2,953 Net loss(income)attributable tononcontrolling interests27 Net income(loss)attributable tostockholders$2,980 Equity in net assets of nonconsolidated

254、affiliates$2,885$6,184$9,069$1,670$10,740 Goodwill and intangibles$2,054$701$2,755$715$1,353$4,823 Total assets$158,677$25,777$38,991$(79,334)$144,111$3,977$131,998$(3,496)$276,591 Depreciation and amortization$1,409$125$5$1,540$5$1,253$2,798 Impairment charges$Equity income(loss)(b)$127$(108)$19$32

255、$50 _(a)Consists of charges for strategic activities related to Buick dealerships 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.In

256、 the threemonths ended March 31,2024,equity earnings related to Ultium Cells Holdings LLC were$156 million.23Table of ContentsGENERAL MOTORS COMPANY AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)At and For the Three Months Ended March 31,2023GMNAGMICorporateEliminat

257、ionsTotalAutomotiveCruiseGMFinancialEliminations/ReclassificationsTotalNet sales and revenue$32,889$3,727$31$36,646$25$3,343$(29)$39,985 Earnings(loss)before interest and taxes-adjusted$3,576$347$(327)$3,596$(561)$771$(3)$3,803 Adjustments(a)$(974)$(974)$(974)Automotive interest income229 Automotive

258、 interest expense(234)Net income(loss)attributable tononcontrolling interests(49)Income(loss)before income taxes2,775 Income tax benefit(expense)(428)Net income(loss)2,346 Net loss(income)attributable tononcontrolling interests49 Net income(loss)attributable tostockholders$2,395 Equity in net assets

259、 of nonconsolidatedaffiliates$2,000$6,817$8,818$1,725$10,542 Goodwill and intangibles$2,154$732$4$2,890$728$1,350$4,968 Total assets$144,903$24,992$40,880$(69,676)$141,098$5,217$122,789$(2,099)$267,004 Depreciation and amortization$1,428$122$5$1,555$4$1,251$2,810 Impairment charges$Equity income(los

260、s)(b)$(46)$81$34$41$75 _(a)Consists of charges for strategic activities related to Buick dealerships and charges related to the 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

261、business by providing battery cells for our EVs.In the threemonths ended March 31,2023,equity earnings related to Ultium Cells Holdings LLC were insignificant.24Table of ContentsGENERAL MOTORS COMPANY AND SUBSIDIARIESItem 2.Managements Discussion and Analysis of Financial Condition and Results of Op

262、erationsBasis of Presentation This Managements Discussion and Analysis of Financial Condition and Results of Operations(MD&A)should be read inconjunction with the accompanying condensed consolidated financial statements and the notes thereto,and the audited consolidated financial statements andnotes

263、 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 actualresults to differ materially from those projected.Refer to the Forward-Looking Statements section of this MD&A and P

264、art 1,Item 1A.Risk Factors of our2023 Form 10-K for a discussion of these risks and uncertainties.Except for per share amounts or as otherwise specified,dollar amounts presented withintables are stated in millions.Certain columns and rows may not add due to rounding.Overview Our vision for the futur

265、e is a world with zero crashes,zero emissions and zero congestion.We will adapt to customer preferences while executingour growth-focused strategy to invest in EVs,hybrids,AVs,software-enabled services and other new business opportunities.To support strong margins andcash flow during this transition

266、,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 andsafety culture.Our financial p

267、erformance continues to be driven by the strength of our vehicle portfolio including high margin full-size pickup trucks and SUVs,strongconsumer demand for our products and the execution of our core business strategy.We remain focused on reducing fixed costs and maintaining pricingdiscipline.We are

268、monitoring industry pricing pressures,higher interest rates,inflation and consumer demand trends.We continue to prioritize driving downcosts and building scale in our EV portfolio to improve profitability.Cruise has also resumed operations with a focused and more capital efficient operatingplan.As w

269、e 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 theConsolid

270、ated 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 disrupti

271、ons,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$10.1 billion and$11.5 bill

272、ion,EBIT-adjusted ofbetween$12.5 billion and$14.5 billion,EPS-diluted of between$8.94 and$9.94 and EPS-diluted-adjusted of between$9.00 and$10.00.Refer to the Non-GAAP Measures section of this MD&A for additional information.The following table reconciles expected Net income attributable to stockhol

273、ders under U.S.GAAP to expected EBIT-adjusted(dollars in billions):Year Ending December 31,2024Net income attributable to stockholders$10.1-11.5Income tax expense2.2-2.8Automotive interest expense,net0.1Adjustments(a)0.1EBIT-adjusted$12.5-14.5_(a)Refer to the reconciliation of Net income attributabl

274、e to stockholders under U.S.GAAP to EBIT-adjusted within the MD&A for adjustment details.These expectedfinancial results do not include the potential impact of future adjustments related to special items.25Table of ContentsGENERAL MOTORS COMPANY AND SUBSIDIARIESThe following table reconciles expecte

275、d EPS-diluted under U.S.GAAP to expected EPS-diluted-adjusted:Year Ending December 31,2024Diluted earnings per common share$8.94-9.94Adjustments(a)0.06EPS-diluted-adjusted$9.00-10.00_(a)Refer to the reconciliation of diluted earnings per common share under U.S.GAAP to EPS-diluted-adjusted within the

276、 MD&A for adjustment details.These expectedfinancial results do not include the potential impact of future adjustments related to special items.GMNA Industry sales in North America were 4.8 million units in the three months ended March 31,2024,representing an increase of 6.2%compared tothe correspon

277、ding period in 2023.U.S.industry sales were 3.9 million units in the three months ended March 31,2024,representing an increase of 4.8%compared to the corresponding period in 2023.Our total vehicle sales in the U.S.,our largest market in North America,were 0.6 million units for market share of 15.4%i

278、n the three months endedMarch 31,2024,representing a decrease of 1.0 percentage point 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 andongoing fixed cost reducti

279、on efforts,partially offset by pricing moderation with increased incentives.While we expect EV margins to improve in 2024,it ispossible 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 impro

280、vement of supply chain availability,EV-related cost reduction and overall economic conditions.GMI Industry sales in China were 5.6 million units in the three months ended March 31,2024,representing an increase of 10.1%compared to thecorresponding period in 2023.Our total vehicle sales in China were

281、0.4 million units for a market share of 7.9%in the three months ended March 31,2024,representing a decrease of 1.2 percentage points compared to the corresponding period in 2023.The domestic macro-economic environment and ongoinggeopolitical tensions continue to place pressure on Chinas automotive i

282、ndustry and our vehicle sales in China.Our Automotive China JVs generated anequity loss of$0.1 billion in the three months ended March 31,2024,driven primarily by reduced production in an effort to balance dealer inventory levels.Price competition,growing customer acceptance of domestic brands and d

283、emand for New Energy Vehicles(NEVs),and a more challenging regulatoryenvironment related to emissions,fuel consumption and NEVs continue to place pressure on our operations in China.Outside of China,industry sales were 6.3 million units in the three months ended March 31,2024,representing a decrease

284、 of 1.2%compared to thecorresponding period in 2023.Our total vehicle sales outside of China were 0.2 million units for market share of 3.1%in the three months ended March 31,2024,which represents a decrease of 0.2 percentage points compared to the corresponding period in 2023.Cruise Cruise Holdings

285、,our majority-owned subsidiary,is pursuing the development and commercialization of AV technology.In October 2023,a hit-and-run accident involving a pedestrian and a third-party vehicle occurred,which resulted in the pedestrian being thrown into the path of a Cruise AV.During the resulting investiga

286、tion,regulators perceived that Cruise representatives were not explicit about a secondary movement of the Cruise AV and,as aresult,the California Department of Motor Vehicles(DMV)suspended Cruises permits to operate AVs in California without a safety driver.Shortlythereafter,Cruise voluntarily pause

287、d all of its driverless,supervised and manual AV operations in the U.S.while it examines its processes,systems andtools.This orderly pause is designed to rebuild public trust while Cruise undertakes a comprehensive safety review.In addition,certain federal and stateagencies,including the California

288、DMV,the California Public Utilities Commission,NHTSA,the U.S.Department of Justice and the SEC,have openedinvestigations or made inquiries to us and Cruise in connection with the incident.We and Cruise are investigating these matters internally and are activelycooperating with all government regulat

289、ors and agencies in connection with these matters.In April 2024,Cruise announced plans to resume manual drivingto create maps and gather road information,starting in Phoenix,Arizona.At this time,we are not able to predict when Cruise will resume driverlessoperations or commercial AV operations.Refer

290、 to Part I,Item 1A.Risk Factors of our 2023 Form 10-K for a further discussion of the risks associated withour 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

291、,safety,reliability,fuel economy or range and functionality.Market leadership in individual countries in which we compete varieswidely.26Table of ContentsGENERAL MOTORS COMPANY AND SUBSIDIARIESWe present both wholesale and total vehicle sales data to assist in the analysis of our revenue and market

292、share.Wholesale vehicle sales data consists ofsales to GMs dealers and distributors as well as sales to the U.S.government and excludes vehicles sold by our joint ventures.Wholesale vehicle sales datacorrelates to our revenue recognized from the sale of vehicles,which is the largest component of Aut

293、omotive net sales and revenue.In the three monthsended March 31,2024,26.0%of our wholesale vehicle sales volume was generated outside the U.S.The following table summarizes wholesale vehiclesales by automotive segment(vehicles in thousands):Three Months EndedMarch 31,2024March 31,2023GMNA792 88.4%72

294、3 83.7%GMI104 11.6%141 16.3%Total895 100.0%864 100.0%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 v

295、ehicles used by dealers in their business.Total vehiclesales data includes all sales by joint ventures on a total vehicle basis,not based on our percentage ownership interest in the joint venture.Certain jointventure agreements in China allow for the contractual right to report vehicle sales of non-

296、GM trademarked vehicles by those joint ventures,which areincluded in the total vehicle sales we report for China.While total vehicle sales data does not correlate directly to the revenue we recognize during aparticular period,we believe it is indicative of the underlying demand for our vehicles.Tota

297、l vehicle sales data represents managements good faith estimatebased on sales reported by our dealers,distributors and joint ventures;commercially available data sources such as registration and insurance data;andinternal estimates and forecasts when other data is not available.27Table of ContentsGE

298、NERAL MOTORS COMPANY AND SUBSIDIARIESThe following table summarizes industry and GM total vehicle sales and our related competitive position by geographic region(vehicles in thousands):Three Months Ended March 31,2024March 31,2023 IndustryGMMarket ShareIndustryGMMarket ShareNorth AmericaUnited State

299、s3,860 594 15.4%3,682 603 16.4%Other892 115 12.9%793 103 13.0%Total North America4,752 709 14.9%4,475 707 15.8%Asia/Pacific,Middle East and AfricaChina(a)5,617 441 7.9%5,103 462 9.1%Other5,500 113 2.0%5,543 108 1.9%Total Asia/Pacific,Middle East and Africa11,117 554 5.0%10,646 570 5.4%South AmericaB

300、razil514 57 11.1%471 71 15.1%Other308 27 8.8%382 35 9.1%Total South America823 84 10.2%854 106 12.4%Total in GM markets16,692 1,347 8.1%15,974 1,382 8.7%Total Europe4,294%4,089%Total Worldwide(b)20,986 1,348 6.4%20,063 1,383 6.9%United StatesCars728 50 6.8%707 61 8.6%Trucks936 291 31.1%996 297 29.8%

301、Crossovers2,196 253 11.5%1,979 246 12.4%Total United States3,860 594 15.4%3,682 603 16.4%China(a)SGMS155 173 SGMW287 289 Total China5,617 441 7.9%5,103 462 9.1%_(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,

302、Iran,North Korea,Sudan and Syria are subject to broad economic sanctions.Accordingly,these countries are excluded from industry sales data andcorresponding calculation of market share.As discussed above,total vehicle sales and market share data provided in the table above includes fleet vehicles.Cer

303、tain fleet transactions,particularlysales to daily rental car companies,are generally less profitable than retail sales to end customers.The following table summarizes estimated fleet sales andthose sales as a percentage of total vehicle sales(vehicles in thousands):Three Months EndedMarch 31,2024Ma

304、rch 31,2023GMNA141 177 GMI68 90 Total fleet sales209 267 Fleet sales as a percentage of total vehicle sales15.5%19.3%28Table of ContentsGENERAL MOTORS COMPANY AND SUBSIDIARIESGM Financial We believe that offering a comprehensive suite of financing products will generate incremental sales of our vehi

305、cles,drive incrementalGM Financial earnings and help support our sales throughout various economic cycles.GM Financials penetration of our retail sales in the U.S.was 40%inthe three months ended March 31,2024 and 46%in the corresponding period in 2023.Penetration levels vary depending on incentive f

306、inancing programsavailable and competing third-party financing products in the market.GM Financials prime loan originations as a percentage of total loan originations inNorth America decreased to 79%in the three months ended March 31,2024 from 83%in the corresponding period in 2023.In the three mont

307、hs endedMarch 31,2024,GM Financials revenue consisted of leased vehicle income of 47%,retail finance charge income of 39%and commercial finance chargeincome of 7%.GM Financials leasing program is exposed to residual values,which are heavily dependent on used vehicle prices.Gains on terminations of l

308、easedvehicles of$0.2 billion were included in GM Financial interest,operating and other expenses for the three months ended March 31,2024 and 2023.Thefollowing table summarizes the estimated residual value based on GM Financials most recent estimates and the number of units included in GM FinancialE

309、quipment on operating leases,net by vehicle type(units in thousands):March 31,2024December 31,2023Residual ValueUnitsPercentageResidual ValueUnitsPercentageCrossovers$12,659 632 67.6%$12,830 648 67.5%Trucks6,885 209 22.3%6,793 210 21.9%SUVs2,189 55 5.9%2,304 58 6.0%Cars671 39 4.2%734 44 4.6%Total$22

310、,404 934 100.0%$22,661 960 100.0%Consolidated Results We review changes in our results of operations under five categories:Volume,Mix,Price,Cost and Other.Volume measures theimpact of changes in wholesale vehicle volumes driven by industry volume,market share and changes in dealer stock levels.Mix m

311、easures the impact ofchanges to the regional portfolio due to product,model,trim,country and option penetration in current year wholesale vehicle volumes.Price measures theimpact of changes related to Manufacturers Suggested Retail Price and various sales allowances.Cost primarily includes:(1)materi

312、al and freight;(2)manufacturing,engineering,advertising,administrative and selling and warranty expense;and(3)non-vehicle related activity.Other primarily includesforeign exchange and non-vehicle related automotive revenues as well as equity income or loss from our nonconsolidated affiliates.Refer t

313、o the regionalsections of this MD&A for additional information.Total Net Sales and RevenueThree Months EndedFavorable/(Unfavorable)%Variance Due ToMarch 31,2024March 31,2023VolumeMixPriceOther(Dollars in billions)GMNA$36,099$32,889$3,210 9.8%$2.8$0.2$(0.2)$0.4 GMI3,082 3,727(645)(17.3)%$(0.8)$0.2$Co

314、rporate32 31 1 3.2%$Automotive39,212 36,646 2,566 7.0%$2.0$0.4$(0.2)$0.3 Cruise25 25%$GM Financial3,811 3,343 468 14.0%$0.5 Eliminations/reclassifications(34)(29)(5)(17.2)%$Total net sales and revenue$43,014$39,985$3,029 7.6%$2.0$0.4$(0.2)$0.8 Refer to the regional sections of this MD&A for addition

315、al information on Volume,Mix,Price and Other.29Table of ContentsGENERAL MOTORS COMPANY AND SUBSIDIARIESAutomotive and Other Cost of SalesThree Months EndedFavorable/(Unfavorable)%Variance Due ToMarch 31,2024March 31,2023VolumeMixCostOther(Dollars in billions)GMNA$30,766$28,421$(2,345)(8.3)%$(1.9)$(0

316、.8)$0.4$GMI2,803 3,235 432 13.4%$0.6$(0.1)$Corporate28 60 32 53.3%$Cruise400 532 132 24.8%$0.1 Eliminations(1)(1)n.m.$Total automotive and other cost ofsales$33,996$32,247$(1,749)(5.4)%$(1.3)$(1.0)$0.5$_n.m.=not meaningfulIn the three months ended March 31,2024,decreased Cost was primarily due to:(1

317、)the absence of charges of$0.7 billion related to the VSP;(2)decreased engineering costs of$0.2 billion;and(3)decreased material and freight costs of$0.2 billion;partially offset by(4)increased manufacturing laborcosts of$0.2 billion;(5)increased campaigns and other warranty-related costs of$0.1 bil

318、lion;and(6)increased costs of$0.3 billion due to otherindividually insignificant items.Refer to the regional sections of this MD&A for additional information on Volume and Mix.Automotive and Other Selling,General and Administrative ExpenseThree Months EndedFavorable/(Unfavorable)March 31,2024March 3

319、1,2023%Automotive and other selling,general and administrative expense$2,175$2,547$372 14.6%In the three months ended March 31,2024,Automotive and other selling,general and administrative expense decreased primarily due to decreasedadvertising costs of$0.2 billion and the absence of charges of$0.2 b

320、illion related to the VSP.Interest Income and Other Non-operating Income,netThree Months EndedFavorable/(Unfavorable)March 31,2024March 31,2023%Interest income and other non-operating income,net$302$409$(107)(26.2)%Income Tax ExpenseThree Months EndedFavorable/(Unfavorable)March 31,2024March 31,2023

321、%Income tax expense$762$428$(334)(78.0)%In the three months ended March 31,2024,Income tax expense increased primarily due to a higher effective tax rate and higher pre-tax income.For the three months ended March 31,2024,our effective tax rate-adjusted(ETR-adjusted)was 20.6%.We expect our adjusted e

322、ffective tax rate to bebetween 18%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.30Table of ContentsGENERAL MOTORS COMPANY AND SUBSIDIARIESGM North AmericaThree Months EndedFavor

323、able/(Unfavorable)%Variance Due ToMarch 31,2024March 31,2023VolumeMixPriceCostOther(Dollars in billions)Total net sales and revenue$36,099$32,889$3,210 9.8%$2.8$0.2$(0.2)$0.4 EBIT-adjusted$3,840$3,576$264 7.4%$0.9$(0.6)$(0.2)$0.1$0.1 EBIT-adjusted margin10.6%10.9%(0.3)%(Vehicles in thousands)Wholesa

324、le vehicle sales792 723 69 9.5%GMNA Total Net Sales and Revenue In the three months ended March 31,2024,Total net sales and revenue increased primarily due to:(1)increased netwholesale volumes primarily due to increased sales of mid-size pickup trucks and full-size pickup trucks,partially offset by

325、decreased sales of crossovervehicles;(2)favorable Other due to increased sales of parts and accessories;and(3)favorable Mix due to increased sales of full-size pickup trucks and full-size SUVs,partially offset by decreased sales of crossover vehicles and increased sales of mid-size pickup trucks and

326、 passenger cars;partially offset by(4)unfavorable pricing for carryover vehicles.GMNA EBIT-Adjusted In the three months ended March 31,2024,EBIT-adjusted increased primarily due to:(1)increased net wholesale volumesprimarily due to increased sales of full-size pickup trucks and mid-size pickup truck

327、s,partially offset by decreased sales of crossover vehicles;and(2)favorable Cost primarily due to decreased material and freight costs of$0.3 billion and decreased advertising,selling and administrative costs of$0.2billion,partially offset by increased manufacturing labor costs of$0.2 billion and in

328、creased campaigns and other warranty-related costs of$0.1 billion;partially offset by(3)unfavorable Mix due to decreased sales of crossover vehicles and increased sales of mid-size pickup trucks,partially offset byincreased sales of full-size pickup trucks;and(4)unfavorable pricing for carryover veh

329、icles.GM InternationalThree Months EndedFavorable/(Unfavorable)Variance Due ToMarch 31,2024March 31,2023%VolumeMixPriceCostOther(Dollars in billions)Total net sales and revenue$3,082$3,727$(645)(17.3)%$(0.8)$0.2$EBIT(loss)-adjusted$(10)$347$(357)n.m.$(0.2)$0.1$(0.1)$(0.2)EBIT(loss)-adjusted margin(0

330、.3)%9.3%(9.6)%Equity income(loss)Automotive China$(106)$83$(189)n.m.EBIT-adjusted excludingEquity income(loss)$96$264$(168)(63.6)%(Vehicles in thousands)Wholesale vehicle sales104 141(37)(26.2)%_n.m.=not meaningfulThe vehicle sales of our Automotive China JVs are not recorded in Total net sales and

331、revenue.The results of our joint ventures are recorded in Equityincome(loss),which is included in EBIT(loss)-adjusted above.GMI Total Net Sales and Revenue In the three months ended March 31,2024,Total net sales and revenue decreased primarily due to:(1)decreased netwholesale volumes in Brazil prima

332、rily due to decreased Fleet sales,Argentina and Colombia due to industry downturn;partially offset by(2)favorable Mixin Brazil.GMI EBIT-Adjusted In the three months ended March 31,2024,EBIT(loss)-adjusted decreased primarily due to:(1)decreased net wholesale volumes;(2)unfavorable variable Cost;and(

333、3)unfavorable Other primarily due to decreased Automotive China equity income.31Table of ContentsGENERAL MOTORS COMPANY AND SUBSIDIARIESWe view the Chinese market as important to our global growth strategy and are employing a multi-brand approach.In the coming years,we plan toleverage our global architectures to introduce a number of new products under the Buick,Chevrolet and Cadillac brands in Ch