GM(US:GM)2025-05-01 20:13Financial Performance - For the year ending December 31, 2025, General Motors expects net income attributable to stockholders to be between $8.2 billion and $10.1 billion, with EBIT-adjusted between $10.0 billion and $12.5 billion[137]. - Total net sales and revenue for the three months ended March 31, 2025, increased to $44.020 billion, a 2.3% increase from $43.014 billion in the same period of 2024[158]. - GM North America (GMNA) reported total net sales and revenue of $37.388 billion, up 3.6% from $36.099 billion year-over-year, driven by increased wholesale volumes and favorable pricing[172]. - EBIT-adjusted for the three months ended March 31, 2025, decreased to $3.286 billion, a decline of 14.4% from $3.840 billion in the prior year[170]. - Net income attributable to stockholders for Q1 2025 was $2,784 million, a decrease of 6.6% from $2,980 million in Q4 2024[240]. - EBIT-adjusted for Q1 2025 was $3,490 million, down from $3,871 million in Q4 2024, reflecting a decline of 9.8%[240]. - Diluted earnings per share for Q1 2025 were $3.36, compared to $2.97 in Q1 2024, representing an increase of 13.2%[247]. - The effective tax rate for Q1 2025 was 20.1%, slightly improved from 20.5% in Q1 2024[249]. - Return on equity (ROE) for the trailing four quarters ended March 31, 2025, was 8.6%, down from 15.1% in the previous year[250]. - ROIC-adjusted for the four quarters ended March 31, 2025, was 20.7%, an increase from 16.7% in the prior year[253]. Sales and Market Share - In the first quarter of 2025, U.S. industry sales increased by 4.6% to 4.0 million units, while General Motors' total vehicle sales in the U.S. reached 0.7 million units, capturing a market share of 17.2%, up 1.8 percentage points from the previous year[141][142]. - General Motors' total vehicle sales in China were 0.4 million units, resulting in a market share of 7.6%, which is a decrease of 0.2 percentage points compared to the same period in 2024[144]. - Total vehicle sales outside of China were 0.2 million units, with a market share of 2.9%, reflecting a decrease of 0.3 percentage points compared to the previous year[145]. - General Motors' wholesale vehicle sales in North America for the three months ended March 31, 2025, were 827,000 units, representing a 4.4% increase from 792,000 units in the same period in 2024[149]. - In the three months ended March 31, 2025, wholesale vehicle sales for Automotive China JVs increased to 454,000 units from 322,000 units in the same period of 2024, representing a 41% increase[181]. - Total net sales and revenue for Automotive China JVs rose to $5.065 billion, up from $4.111 billion, marking a 23.3% increase year-over-year[181]. Costs and Expenses - Increased manufacturing costs contributed $0.4 billion to the overall cost increase, alongside $0.2 billion in material and freight costs, and $0.2 billion in warranty-related costs[162]. - Automotive and other selling, general and administrative expenses decreased to $1.985 billion, a reduction of 8.7% from $2.175 billion in the previous year[164]. - GM Financial's provision for loan losses rose by 60.8% to $328 million, reflecting increased loan origination volume and moderating credit performance[184]. Cash Flow and Liquidity - Operating cash flow for the Automotive segment was $2.4 billion, a decrease from $3.6 billion in the same period of 2024[208]. - Total Automotive available liquidity decreased to $32.8 billion as of March 31, 2025, down from $35.5 billion at the end of 2024[205]. - Net automotive cash provided by operating activities was $2.4 billion, down from $3.6 billion in the same period in 2024, reflecting a decrease of $1.2 billion[213][214]. - Capital expenditures for the three months ended March 31, 2025, were $1.8 billion, compared to $2.7 billion in the same period in 2024, indicating a reduction of $0.9 billion[213][214]. - Net cash provided by Cruise's financing activities was $0.3 billion for the three months ended March 31, 2025, compared to no cash flow in the same period in 2024[219]. - GM Financial's available liquidity increased to $36.8 billion as of March 31, 2025, up from $29.3 billion at December 31, 2024, representing a growth of $7.5 billion[221]. Strategic Initiatives - The company completed the acquisition of noncontrolling interests in Cruise in February 2025 and is focusing on developing advanced driver-assistance systems (ADAS) for personal vehicles[133][146]. - The company is prioritizing cost discipline and improving profitability in its electric vehicle (EV) portfolio while navigating challenges such as competitive pressures and regulatory changes[133][136]. - The company plans to fund substantial cash requirements through available liquidity, cash flows from operations, and potential additional liquidity measures[186]. - The company anticipates investing $1.8 billion in Ultium Cells LLC to facilitate loan prepayment under the U.S. Department of Energy's program[195]. Risk and Compliance - The company continues to face risks related to competition, supply chain disruptions, and regulatory changes impacting future performance[255]. - No significant changes in market risk exposure since December 31, 2024[259]. - Disclosure controls and procedures are designed to ensure timely reporting of required information[260]. - CEO and CFO concluded that disclosure controls and procedures were effective as of March 31, 2025[261]. - No changes in internal control over financial reporting that materially affected the reporting during the three months ended March 31, 2025[262].