What changed in this filing

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Item 1. Business

2025-01-28 compared with 2024-01-30 · 129 added, 146 removed, 248 unchanged (53% of the section changed)

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We also have equity ownership stakes in entities that meet the demands of customers in other countries, primarily in China, with vehicles developed, manufactured and/or marketed under the Baojun, Buick, Cadillac, Chevrolet and Wuling brands.

Cruise is our global segment responsible for the development and commercialization of autonomous vehicle (AV) technology.

Cruise is our global segment responsible for the development of autonomous vehicle (AV) technology.

We provide automotive financing services through our General Motors Financial Company, Inc.

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Our vision for the future is a world with zero crashes, zero emissions and zero congestion, which guides our growth-focused strategy to invest in electric vehicles (EVs) and AVs, software-enabled services and subscriptions and new business opportunities, while strengthening our market position in profitable internal combustion engine (ICE) vehicles, such as trucks and sport utility vehicles (SUVs).

We have an opportunity to grow our vehicle and financing revenue by continuing to capitalize on the strength of our established vehicle franchises and customer base and scaling our EV production through this decade.

We also have the potential of growing our revenue through our software-enabled services and subscriptions, including OnStar, our advanced driver-assistance systems (ADAS), including Super Cruise driver assistance technology, and our end-to-end software platform.

Additionally, we are incubating several new businesses that we believe will enable us to attract new customers and generate revenues in new areas, like GM Defense which is helping global defense and government customers transition to a more electric, autonomous and connected future.

Electric Vehicles We plan to have annual EV capacity of one million units in North America as we exit 2025.

A key element in our EV strategy is Ultium, our dedicated EV propulsion architecture.

This platform is flexible and will be deployed across multiple brands and vehicle sizes, styles and drive configurations, allowing for quick response to customer preferences and a shorter design and development lead time compared to our ICE vehicles.

We plan to leverage Ultium to expand our EV portfolio over a wide variety of segments and price points with multiple launches planned in 2024 and additional EV entries planned for 2025 and beyond.

In 2021, we began production at GM’s Factory ZERO Detroit-Hamtramck Assembly Center (Factory ZERO), which was re-tooled into a fully dedicated EV facility to produce a variety of vehicles, including the GMC HUMMER EV Pickup and SUV, the Chevrolet Silverado EV and the upcoming Cadillac ESCALADE IQ.

In January 2022, we announced that we will convert Orion Assembly in Orion Township, Michigan to build electric pickups, with the plant slated to begin production in 2025.

Electric Vehicles We are offering customers choice with our diverse EV lineup.

A key element in our EV strategy is our dedicated EV propulsion architecture.

Our current-generation, flexible EV platform is being deployed across multiple brands and vehicle sizes, styles and drive configurations, leveraging our technology to expand our EV portfolio over a wide and growing variety of segments and price points.

With our next-generation battery technology, we intend to expand to multiple chemistries, multiple form factors and multiple cell suppliers as we continue to deliver even more EV choices for our customers.

To support our expanding portfolio of EVs, we have made significant investments in our plants across North America.

GM’s Factory ZERO Detroit-Hamtramck Assembly Center is a fully dedicated EV facility which produces a variety of vehicles, including the GMC HUMMER EV Pickup and SUV, the Chevrolet Silverado EV and the recently launched Cadillac ESCALADE IQ, with globally sourced parts.

GM's CAMI Assembly is Canada's first full-scale EV manufacturing facility.

We plan to convert Orion Assembly in Orion Township, Michigan to build electric pickups, with the plant slated to begin production in 2026.

GM is also investing in our propulsion, stamping and components plants to support EV production.

GM’s CAMI Assembly – Canada’s first full-scale EV manufacturing facility – is the global production home of BrightDrop's Zevo 600 and Zevo 400.

Additionally, we have announced plans to mass-produce battery cells for these and other future EVs through Ultium Cells Holdings LLC (an equally owned joint venture with LG Energy Solution) in Warren, Ohio;

Spring Hill, Tennessee;

and Lansing, Michigan.

GM’s commitment to an all-electric future is focused not only on delivering a world-class portfolio of EVs, but investing in an ecosystem that will help enable mass EV adoption, including the development of turn-key charging solutions as well as fleet and facility energy management services.

To support this goal, we are working to help ensure that our customers will have access to comprehensive energy management and fast, reliable charging solutions at home, at the workplace and in public locations.

Currently, GM has integration relationships with 12 EV charging networks and GM EV drivers have access to over 174,000 chargers throughout the U.S.

Beginning in early 2024, GM’s EV drivers will gain access to 15,000 Tesla Superchargers, and growing, throughout North America.

The first GM EVs will be built with the North American Charging

GENERAL MOTORS COMPANY AND SUBSIDIARIES

Standard (NACS) hardware on the vehicles beginning in 2025.

In July 2023, GM also announced that it is collaborating with six other major automakers as part of a joint venture that will seek to create a high-powered charging network with a targeted installation of at least 30,000 chargers in urban and highway locations throughout North America.

We are mass-producing battery cells for these and other future EVs through Ultium Cells Holdings LLC (an equally owned joint venture with LG Energy Solution) in plants in Warren, Ohio and Spring Hill, Tennessee, with plans to expand our battery cell manufacturing footprint, including in Indiana through a joint venture with Samsung SDI.

GM's all-electric future is guided by customer choice and focused on delivering a world-class portfolio of EVs and an ecosystem to support them, while maintaining a compelling lineup of gas-powered vehicles.

GM EV drivers have access to more than 231,000 chargers across North America.

This includes access to more than 20,000 Tesla Superchargers with the use of a GM-approved North American Charging Standard adapter.

In 2024, GM also announced that it will enhance its collaboration with EVgo to build 2,850 DC fast charging stalls, including 400 fast chargers at flagship destinations in major metropolitan areas across the U.S.

GM is also a founding member of IONNA, a joint venture with seven other automakers aiming to create a high-powered charging network with a targeted installation of at least 30,000 chargers in urban and highway locations throughout North America.

The joint venture broke ground on its first charging station in October 2024.

Software-Enabled Services and Subscriptions Our vehicles are equipped with a suite of software-enabled services, including OnStar services, Super Cruise and others.

With more than 25 years of experience, OnStar is a global leader in safety and digital services.

With nearly three decades of experience, OnStar is a global leader in enabling automotive services.

OnStar is currently available in 20 markets globally and growing.

As GM introduces more software-defined vehicles, OnStar is playing a key role as an enabler of active safety, infotainment, connectivity and driver assistance features.

OnStar provides one ecosystem for retail and fleet customers to use, engage and shop through a broader set of digital technology offerings available at and after vehicle purchase.

Our end-to-end software platform provides customers with software-defined features, apps and services over-the-air and will empower customers to update their ownership experiences with desirable features, software services, vehicle performance and Super Cruise.

Super Cruise enables drivers of properly equipped vehicles to travel hands-free on more than 400,000 miles of compatible roads in the U.S.

Additional software-enabled features will be available later including security features, climate and comfort options, personal themes and EV ownership experience elements.

Select vehicles, including the 2024 Cadillac LYRIQ and Chevrolet Silverado EV, are already employing this software platform as it begins its rollout across most products in the coming years.

Cruise GM Cruise Holdings LLC (Cruise Holdings), 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 investigation, regulators perceived that Cruise representatives were not explicit about a secondary movement of the Cruise AV and, as a result, the California Department of Motor Vehicles (DMV) suspended Cruise’s permits to operate AVs in California without a safety driver.

Shortly thereafter, Cruise voluntarily paused all of its driverless, supervised and manual AV operations in the U.S.

while it examines its processes, systems and tools.

This orderly pause is designed to rebuild public trust while Cruise undertakes a comprehensive safety review.

OnStar provides one ecosystem for retail and fleet customers to use, engage and shop through a broader set of service offerings available at and after vehicle purchase.

Our end-to-end software platform provides customers with

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software-defined features, apps and services over-the-air and will empower customers to update their ownership experiences with desirable features, software services, vehicle performance and Super Cruise.

Super Cruise enables drivers of properly equipped vehicles to travel hands-free on more than 530,000 miles of compatible roads, and soon to be approximately 750,000 miles, in the U.S.

Additional software-enabled features are expected to be available in the near future including security features, climate and comfort options, personal themes and EV ownership experience elements.

Many of GM's latest electric and internal combustion vehicles are employing this software platform as it rolls out across most products in the coming years.

Cruise GM Cruise Holdings LLC (Cruise Holdings), our majority-owned subsidiary, has been pursuing the development and commercialization of AV technology for deployment in a robotaxi application.

In December 2024, we announced plans to refocus our autonomous driving strategy on personal vehicles and that we would no longer fund Cruise's robotaxi development work.

We are pursuing the acquisition of the noncontrolling interests in Cruise, and as of December 31, 2024, we owned approximately 97% of Cruise.

Following the acquisition of the noncontrolling interests and subject to approval of the Cruise Board of Directors, we expect to work with the Cruise leadership team to restructure Cruise's operations and combine the GM and Cruise technical efforts to build on the success of Super Cruise and prioritize the development of advanced driver-assistance systems (ADAS) on a path to fully autonomous personal vehicles.

Refer to Item 1A.

Risk Factors for a further discussion of the risks associated with our AV strategy.

Over the last year, we have engaged and actively cooperated with certain federal and state agencies who opened investigations or made inquiries to us and Cruise in connection with an accident involving a Cruise robotaxi in October 2023.

We and Cruise have resolved the investigations and inquiries by the National Highway Traffic Safety Administration (NHTSA), the U.S.

Department of Justice and the California Public Utilities Commission (CPUC).

Specifically, in July 2024, Cruise entered into a settlement agreement with the CPUC that imposed a $112,500 fine on Cruise and various reporting obligations.

In September 2024, Cruise and NHTSA executed a Consent Order, which imposed a $1.5 million fine on Cruise and requires enhanced reporting and engagement with NHTSA for two years (with an optional third year at NHTSA's discretion).

In November 2024, Cruise entered into a Deferred Prosecution Agreement (DPA) with the U.S.

Attorney's Office for the Northern District of California relating to the October 2023 accident.

Under the terms of the DPA, Cruise admitted to one count of submitting a false report to a federal agency and paid a $500,000 monetary penalty.

The government will not pursue an indictment or prosecution so long as Cruise complies with the terms of the DPA over the next three years by undertaking certain remedial measures, maintaining a safety compliance program and submitting reports to the government no less than annually.

GM is neither a party nor a signatory to these agreements.

Competitive Position and Vehicle Sales The principal factors that determine consumer vehicle preferences in the markets in which we operate include overall vehicle design, price, quality, available options, safety, reliability, fuel economy or range and functionality.

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(2) fleet sales (i.e., sales to large and small businesses, governments and daily rental car companies);

and (3) certain vehicles used by dealers in their business.

Total vehicle sales data for periods presented prior to 2022 reflect courtesy transportation vehicles used by U.S.

dealers in their business.

Beginning in 2022, we stopped including such dealership courtesy transportation vehicles in total vehicle sales until such time as those vehicles were sold to the end customer.

and (3) sales of courtesy transportation vehicles (i.e., vehicles previously used by dealers that were sold to the end consumer).

Total vehicle sales data includes all sales by joint ventures on a total vehicle basis, not based on our percentage ownership interest in the joint venture.

Certain joint venture agreements in China allow for the contractual right to report vehicle sales of non-GM trademarked vehicles by those joint ventures, which are included in the total vehicle sales we report for China.

While total vehicle sales data does not correlate directly to the revenue we recognize during a particular period, we believe it is indicative of the underlying demand for our vehicles.

While total vehicle sales data does not correlate directly to the revenue we recognize during a particular period, we believe it is indicative

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of the underlying demand for our vehicles.

Total vehicle sales data represents management's good faith estimate based on sales reported by our dealers, distributors and joint ventures;

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and internal estimates and forecasts when other data is not available.

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The following table summarizes industry and GM total vehicle sales and our related competitive position by geographic region (vehicles in thousands):

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Product Development The Global Product Development organization is responsible for designing, developing, validating and integrating all global products, services and their components while aiming to maximize part sharing across multiple vehicle segments.

Our global vehicle architecture development is headquartered at our Global Technical Center in Warren, Michigan, where our global teams in Design, Program Management & Execution, Hardware, Systems & Integration, Product Safety, Systems & Certification, Software Defined Vehicle Embedded Platforms, Electrification & Battery Systems, Technology Acceleration & Commercialization and Purchasing & Supply Chain collaborate to meet customer requirements and maximize global economies of scale.

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Our global vehicle architecture development is headquartered at our Global Technical Center in Warren, Michigan, where our global teams in Design, Program Management & Execution, Hardware, Systems & Integration, Product Safety, Systems & Certification, Electrification & Battery Systems, Technology Acceleration & Commercialization and Purchasing & Supply Chain collaborate to meet customer requirements and maximize global economies of scale.

We continue to invest in key ICE segments, which are critical to fund our all-electric future.

Cross-segment part sharing is an essential enabler to optimize our vehicle portfolio profitability, with more than 75% of our global internal combustion vehicle sales volume expected to come from five internal combustion vehicle architectures through this decade.

Cross-segment part sharing is an essential enabler to optimize our vehicle portfolio profitability, with more than 75% of our global internal combustion vehicle

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sales volume expected to come from five internal combustion vehicle architectures through this decade.

We will continue to leverage our ICE portfolio to accommodate our customers around the world while achieving our financial goals.

Software & Services The newly created Software & Services organization, with a presence in Silicon Valley, California and globally, is bringing together all of GM's software capabilities and assets under one team for the first time at GM.

Software and Services The Software & Services organization, with a presence in Mountain View, California and globally, is bringing together all of GM's software capabilities and assets under one team for the first time at GM.

The team is developing and implementing an integrated strategy, working closely with the Global Product Development organization and others across the enterprise to deliver an end-to-end integrated software and services strategy that will make the driver experience even more compelling and seamless.

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The raw materials primarily include steel, aluminum, resins, copper, lead, precious metals and raw materials used in EVs.

We do not normally carry substantial inventories of these raw materials in excess of levels reasonably required to meet our production requirements, and while we have not experienced any significant shortages of raw materials, we have recently experienced supply disruptions resulting in temporary production stoppages.

Processing of certain EV raw materials required for production of EVs are currently concentrated in China and may be subject to import or export restrictions.

We do not normally carry substantial inventories of these raw materials in excess of levels reasonably required to meet our production requirements, and while we have not experienced any significant shortages of raw materials, supply disruptions may occur as a result of geopolitical and/or policy actions.

Processing and extraction of certain EV battery raw materials is currently concentrated in China and may be subject to import or export restrictions, or tariffs.

In addition, our transition to EVs will require developing a more resilient, scalable and sustainable North America-focused EV supply chain, which includes advancing our strategic sourcing initiatives to secure supply through investments in raw materials suppliers and the execution of strategic, multi-year supply agreements with suppliers throughout the value chain.

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These EV-related agreements may require us to hold higher than normal levels of EV raw materials inventory and to make long-term commitments to purchase raw materials.

Expected demand for these raw materials currently exceeds the capacity of the existing supply chain and our raw material sourcing strategy aims to secure raw material supply to support our EV transition.

Commodity costs are reflecting greater variability and are expected to remain elevated due to the macro-economic environment and the continuing existence of government policies.

Expected demand for these raw materials currently exceeds the North American capacity of the existing supply chain and our raw material sourcing strategy aims to secure raw material supply to support our EV transition.

Commodity costs are reflecting greater variability due to the macroeconomic environment and the continuing existence of government policies.

Furthermore, an increased demand for EV critical minerals is increasing scrutiny of the sustainability and human rights implications of these supply chains.

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The inability or unwillingness of these sources to provide us with parts and supplies could have a material adverse effect on our production.

Combined purchases from our two largest suppliers were approximately 11% of our total purchases in each of the years ended December 31, 2023 and 2022, and approximately 12% of our total purchases in the year ended December 31, 2021.

Combined purchases from our two largest suppliers were approximately 11% of our total purchases in each of the years ended December 31, 2024, 2023 and 2022.

Refer to Item 1A.

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GM Financial primarily finances its loan, lease and commercial origination volume through the use of secured and unsecured credit facilities, securitization transactions and the issuance of unsecured debt in the capital markets.

Human Capital

The foundation of GM’s business is our Purpose:

Human Capital The foundation of GM’s business is our Purpose:

We pioneer the innovations that move and connect people to what matters.

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Our people are our most valuable asset, and we must continue to attract and retain the best talent in the world in order to achieve this vision.

As a result, we strive to create a Workplace of Choice to attract, retain and develop top talent by adhering to a responsible employer philosophy, which includes, among other things, commitments to create job opportunities, pay workers fairly, ensure safety and well-being and promote diversity, equity and inclusion (DEI).

As a result, we strive to create a Workplace of Choice to attract, retain, motivate and develop top talent by adhering to a responsible employer philosophy, which includes, among other things, commitments to create job opportunities, pay workers fairly, ensure safety and well-being and foster an inclusive work environment in which all employees can perform at their best.

Fundamental to these commitments are our company values.

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Our eight GM behaviors are the foundation of our culture;

and how we behave encompasses key measures of our performance, including the ways we conduct ourselves as we work with one another.

Diversity, Equity and Inclusion At GM, we are committed to fostering a culture of diversity, equity and inclusion for our workforce, business partners, customers and communities as we aspire to be the most inclusive company in the world.

We believe these strengths will allow us to not only lead the industry but to impact communities around the world as we transition to an all-electric future.

This unwavering commitment includes taking steps to ensure that all areas of our business are supportive of a world-class inclusive, equitable and diverse organization.

Our ability to meet the needs of a diverse and global customer base is tied closely to the behaviors of the people within our Company, which is why we are committed to fostering a culture that celebrates our differences.

This commitment is embraced at all levels of the organization, including our diverse Board of Directors, which is currently made up of almost 50% women (6 out of 13 members) and is more than 30% racially or ethnically diverse (4 out of 13 members).

Based on these longstanding values, we have a number of programs and partnerships aimed at enhancing our culture of inclusion throughout the Company.

For example, we have 12 voluntary, employee-led resource groups that provide a forum for diverse employees and allies from a variety of different backgrounds to share experiences and contribute to our collective cultural intelligence and growth.

Each group also works to attract and retain new talent and offers employees opportunities to support our Company’s diversity initiatives within the community.

GM continues to align DEI efforts with business objectives, including investing in talent pipelines to support current and future workforce needs, bolstering inclusive and accessible solutions across all key stakeholders and fostering meaningful community partnerships to enable GM’s all-electric future.

These investments are designed to help increase overall DEI maturity throughout our enterprise, increasing pathways for talent entry and development in the Company and foster partnerships that improve equity inside and outside of GM.

Develop and Retain Talented People Today, we compete for talent against other automotive companies and against businesses in other sectors, such as technology.

To win and keep top talent, we must provide a workplace culture that encourages employee behaviors aligned with our values, fulfills employees' long-term individual aspirations and provides experiences that make individuals feel valued, included and engaged.

In furtherance of this goal, we invest significant resources to retain and develop our talent.

In addition to mentoring and networking opportunities, we offer a vast array of career development resources to help develop, grow and enable employees to make the most of their careers at GM.

Formal resources include, among other things, the Technical Education Program, which offers our employees an opportunity to complete corporate strategically aligned degrees and certificate programs at leading universities, and our Degreed Learning Platform, which brings forth a variety of external and in-house content in learning pathways and other micro learnings.

It is also tied to our GM competency and skills model.

Employees in some of our technical roles also have the opportunity to participate in the

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GM Technical Learning University — a training and upskilling program designed to expand and update the technical prowess of our workforce.

Building a Stronger Future Together Attracting and retaining talent to build great vehicles is critical to thriving in an increasingly competitive landscape.

Our company initiatives for inclusivity are created to further our main business objective – to build and sell the best vehicles on the market to everyone, everywhere.

Our current Board of Directors includes six women and seven men of different backgrounds who contribute their own unique perspective, industry insights, experiences and expertise.

We bring together best-in-class talent to innovate in an inclusive work environment, and our guiding principle is performance.

We have a talent management system that underscores our commitment to high standards.

We extend outside of GM to reduce barriers and improve access to our products and services by aligning to GM's focus on STEAM education and road safety.

This includes our investments in communities through many partnerships and volunteerism.

Develop and Retain Talented People Today, we compete for talent not only against other automotive companies, but with businesses in sectors such as technology.

To win and retain that talent, we must encourage employee behaviors that align with our values, fulfill employees' long-term aspirations and provide experiences that make them feel valued, included and engaged.

We have introduced various tools to outline expectations of our employees at each stage of our career ladder in terms of role scope, skills and behaviors.

Along with providing mentoring and networking opportunities, we offer a vast array of career development resources to employees to make the most of their careers at GM.

We have established curricula for each of our functional areas aimed at ensuring that our employees have the skills they need to perform their jobs.

We also offer continuing education programs from leading colleges and universities.

For example, the Technical Education Program provides employees an opportunity to complete corporate strategically aligned degrees and certificate programs.

Employees in some of our technical roles can participate in the GM Technical Learning University — a training and upskilling program designed to expand and update the technical abilities of our workforce.

GM recognizes that leadership effectiveness is a critical business need.

All new managers in the Company are entered into a three-month immersive learning program and all new executives come together for an upskilling and targeted development program designed around the GM leadership profile.

We continue to expand our leadership development programs, which are designed to deliver skills and behaviors for each level of leadership to effectively lead their teams.

Focus areas range from delivering constructive feedback to effectively leading large scale change initiatives.

Safety and Well-Being The safety and well-being of our employees is also a critical component of our ability to transform the future of personal mobility.

At GM, we pride ourselves on our commitment to live values that return people home safely — Every Person, Every Site, Every Day.

At GM, we pride ourselves on our commitment to live values that return people home safely —

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Every Person, Every Site, Every Day.

Our unwavering commitment to safety is manifested through empowering employees to “Speak Up for Safety” and the Employee Safety Concern Process.

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We provide a comprehensive, competitive offering that includes compensation, a 401(k) company contribution and matching program, paid time off for holidays and vacations, a high-quality health care plan, and GM Family First savings on GM vehicles, parts and services.

We are committed to creating spaces where people can show up and thrive as their authentic selves at work as well as at home.

We are committed to creating safe spaces where people can perform and thrive at work.

GM encourages and supports healthy behaviors, attitudes and actions in our workplaces to improve health outcomes for team members and their families and to contribute to the success of our business.

Employees At December 31, 2024, we employed approximately 90,000 (55%) hourly employees and approximately 72,000 (45%) salaried employees.

At December 31, 2023, approximately 46,000 (46%) of our U.S.

employees were represented by unions, a majority of which were represented by the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (UAW).

At December 31, 2024, substantially all of our hourly U.S.

employees (approximately 47,000) were represented by unions, a majority of which were represented by the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (UAW).

The following table summarizes worldwide employment (in thousands):

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(a) Includes Cruise.

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Information About our Executive Officers As of January 30, 2024, the names and ages of our executive officers and their positions with GM are as follows:

Information About our Executive Officers As of January 28, 2025, the names and ages of our executive officers, their positions with GM and their business experiences during the past five years are as follows:

Name (Age) Present GM Position (Effective Date) Positions Held During the Past Five Years (Effective Date)

Michael Abbott (51) Executive Vice President, Software (2023) Apple, Vice President of Engineering, Cloud Services Division (2018)

Barra (63) Chair and Chief Executive Officer (2016)

Julian Blissett (57) Executive Vice President and President, GM China (2020) Senior Vice President, International Operations (2019)

Vice President, Executive Shanghai GM (2014)

Glidden (66) Executive Vice President, Legal, Policy, Cybersecurity, and Corporate Secretary (2021)

Executive Vice President and General Counsel (2015)

Grant Dixton (51) Executive Vice President, Chief Legal, Public Policy Officer and Corporate Secretary (2024) Activision Blizzard, Chief Legal Officer (2021)

Boeing, Senior Vice President, General Counsel and Corporate Secretary (2020)

Harvey (57) Executive Vice President and President, Global Markets (2024) Executive Vice President and President, North America (2023) Vice President, Global Cadillac (2020)

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Hatto (54) Vice President, Global Business Solutions and Chief Accounting Officer (2020) Vice President, Controller and Chief Accounting Officer (2018)

Jacobson (52) Executive Vice President and Chief Financial Officer (2020) Delta Air Lines, Executive Vice President — Chief Financial Officer (2013)

Gerald Johnson (61) Executive Vice President, Global Manufacturing and Sustainability (2019) Vice President, North America Manufacturing and Labor Relations (2017)

Reuss (60) President (2019) Executive Vice President and President, Global Product Development Group and Cadillac (2018)

Jacobson (53) Executive Vice President and Chief Financial Officer (2020) Delta Air Lines, Executive Vice President and Chief Financial Officer (2013)

Reuss (61) President (2019)

There are no family relationships between any of the officers named above and there is no arrangement or understanding between any of the officers named above and any other person pursuant to which he or she was selected as an officer.

Each of the officers named above was elected by the Board of Directors to hold office until his or her successor is elected and qualified or until his or her earlier resignation or removal.

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Environmental and Regulatory Matters

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jurisdictions could adopt California emission standards in the future.

The EPA has issued a proposal for its Tier 4 Multipollutant Rule that will begin with the 2027 model year.

The EPA has finalized its Tier 4 Multipollutant Rule that will begin with the 2027 model year.

The historically stringent proposal calls for ever-increasing volumes of zero emission vehicles (ZEVs) in order to maintain compliance.

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federal requirements.

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In 2019, certain areas within China began implementation of the China 6 emission standard (China 6) requirements.

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Nationwide implementation of China 6a for new registrations occurred in January 2021, and the more stringent China 6b was implemented in July 2023.

In 2022, China began studies regarding the next generation of vehicle emission standards (China 7), which will likely be influenced by the European (Euro 7) standards.

In 2022, China began studies regarding the next generation of vehicle emission standards (China 7), with the final standard expected in 2026.

While largely based on Euro 7, some divergence and unique requirements are expected.

Brazil has approved a set of national emission standards referred to as L7, implemented in 2022, and L8, to be implemented from 2025 onward.

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In Europe, increased scrutiny of emission standards compliance may result in changes to these standards, as well as stricter interpretations or redefinition of these standards and more rigorous enforcement.

Beyond this, as a part of the EU's desire to accelerate the shift to sustainable mobility, the EU is looking to develop stricter emission standards (Euro 7) for all vehicles (including cars, vans, lorries and buses), as it moves to end the sale of ICE vehicles past 2035, and place requirements on batteries to be used in EVs.

Beyond this, as part of the EU's desire to accelerate the shift to sustainable mobility, the EU has recently rolled out new regulations which will impose more stringent emissions standards on ICE vehicles (Euro 7), before phasing them out in 2035.

New regulations that are already in place and for which technical requirements are currently being shaped will also impact EV battery design, use and recyclability/recycling.

For additional information, refer to Note 16 to our consolidated financial statements.

Automotive Fuel Economy and GHG Emissions In the U.S., the National Highway Traffic Safety Administration (NHTSA) promulgates and enforces Corporate Average Fuel Economy (CAFE) standards for three separate fleets:

Automotive Fuel Economy and GHG Emissions In the U.S., NHTSA promulgates and enforces Corporate Average Fuel Economy (CAFE) standards for three separate fleets:

domestic cars, import cars and light-duty trucks.

Manufacturers may use one or a combination of the following to resolve fleet deficits:

Manufacturers may use one or a combination of the following to resolve CAFE fleet deficits:

credits from the five prior model years, expected credits for the next three model years, credits obtained from other manufacturers or payment of civil penalties.

Manufacturers that do not resolve deficits for a model year may be subject to substantial civil penalties.

Manufacturers that do not resolve deficits for a model year may be subject to substantial CAFE civil penalties to bring their fleets into compliance.

In addition to federal CAFE standards, the EPA promulgates and enforces GHG emission standards.

NHTSA and the EPA have separately finalized standards with differing stringency levels and affected model years, with the CAFE standards addressing the 2024–2026 model years and the GHG standards addressing the 2023–2026 model years and both standards have been challenged through litigation.

NHTSA has also proposed CAFE standards for the 2027–2031 model years and the EPA has proposed standards for the 2027–2032 model years that are not yet final.

NHTSA and the EPA have also proposed on-going fuel efficiency and GHG emissions requirements for medium- and heavy-duty vehicles.

Manufacturers may use one or a combination of the following to resolve EPA GHG fleet deficits:

credits from the five prior model years, expected credits for the next three model years and credits obtained from other manufacturers.

NHTSA and the EPA have previously finalized separate standards with differing stringency levels and affected model years, with the CAFE standards addressing the 2024–

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2026 model years and the GHG standards addressing the 2023–2026 model years and both standards have been challenged through litigation.

In 2024, NHTSA finalized CAFE standards for the 2027–2031 model years and the EPA finalized GHG standards for the 2027–2032 model years.

NHTSA and the EPA have also finalized on-going fuel efficiency and GHG emissions requirements for medium- and heavy-duty vehicles.

These requirements also increase in stringency over time.

In addition, CARB has asserted the right to promulgate and enforce its own state GHG standards for motor vehicles, and other states have asserted the right to adopt CARB's standards.

CARB regulations previously stated that compliance with the light-duty EPA GHG program is deemed compliance with CARB standards.

However, in December 2018, CARB amended this regulation to state that, in the event the EPA were to alter federal GHG stringency, which it now has, compliance with the EPA's GHG emission standards will no longer be deemed compliance with CARB's separate requirements.

While NHTSA and the EPA previously took actions to preempt California’s GHG standards, NHTSA repealed its assertion of preemption and the EPA rescinded its withdrawal of California’s preemption waiver, enabling CARB to enforce GHG standards from the Advanced Clean Cars (ACC) program for the 2021–2025 model years.

As a result, GM is required to meet state GHG standards in California and the states that have adopted California’s GHG standards.

The EPA’s rescission of its withdrawal of California’s waiver has been challenged through litigation.

CARB has not proposed separate GHG standards for the 2026 or later model years, but may do so in the future.

CARB has also imposed a requirement that increases percentages of ZEVs that must be sold in California.

While NHTSA and the EPA previously took actions to preempt California’s ZEV standards, NHTSA repealed its assertion of preemption and the EPA rescinded its withdrawal of California’s waiver, enabling CARB and the other adopting states to enforce ZEV standards from the ACC program.

The EPA’s rescission of its withdrawal of California’s waiver has been challenged through litigation.

Further, in August 2022, CARB finalized its Advanced Clean Cars II (ACC II) program, including ZEV standards requiring increasing percentages of ZEVs for the 2026–2035 model years, ending with a 100% sales target in the 2035 model year.

CARB must obtain a waiver from the EPA to implement its ACC II program.

In addition, CARB has promulgated and enforces its own light-duty vehicle GHG standards with increasing stringency through model year 2025, and other states have adopted CARB's GHG standards under the Federal Clean Air Act.

GM is required to meet state GHG standards in California and the states that have adopted California’s GHG standards.

CARB has not proposed increases to its GHG standards for the 2026 or later model years, but may do so in the future.

CARB has also imposed requirements to sell increasing percentages of ZEVs in California, ending with a 100% sales target in the 2035 model year.

This includes CARB's Advanced Clean Cars II (ACC II) program, which requires the sale of increasing percentages of light-duty ZEVs for the 2026–2035 model years, and has been adopted by numerous states.

CARB received a waiver from the EPA for it and the other adopting states to implement and enforce the ACC II program and that waiver action has been challenged through litigation.

Additional U.S.

jurisdictions could adopt CARB’s ACC and ACC II requirements in the future.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

In Canada, federal light- and heavy-duty GHG regulations are currently patterned after the U.S.

EPA GHG emission standards given the integrated nature of the auto sector between Canada and the U.S.

The Canadian light-duty GHG standards continue to largely align with the U.S.

EPA GHG standards for the 2023–2026 model years.

Additionally, in 2022, the Canadian federal government issued the 2030 Emissions Reduction Plan requiring the implementation of increasingly stringent ZEV supply regulations for the 2026–2035 model years starting with 20% ZEVs in the 2026 model year and ending with 100% in the 2035 model year.

The Canadian federal government recently published the ZEV Availability Standard outlining the regulatory requirements for ZEV supply in Canada, with non-compliance resulting in enforcement action up to and including criminal charges.

Additionally, both Quebec and British Columbia have ZEV sales requirements in place where non-compliance results in monetary penalties.

Quebec’s ZEV requirements regulating the 2018–2025 model years are largely based on California program requirements.

Quebec recently passed new light-duty ZEV regulations for the 2025–2035 model years that are more stringent than the California program requirements.

The province of British Columbia’s light-duty ZEV regulations were completed in July 2020 and cover the 2020–2039 model years.

British Columbia has proposed revised and very aggressive regulatory ZEV sales targets for the 2026–2035 model years, including a stringent 90% ZEV by the 2030 model year leading up to a 100% in the 2035 model year, making it the most stringent ZEV regulation of any jurisdiction in North America.

China has two fuel consumption requirements for passenger vehicles enforced by the Ministry of Industry and Information Technology (MIIT):

jurisdictions could adopt CARB’s ACC II requirements in the future.

CARB has also imposed a ZEV requirement for medium- and heavy-duty vehicles in its Advanced Clean Trucks (ACT) program, requiring increasing percentages of ZEVs for the 2024–2026 model years, ending with a 100% ZEV sales requirement in the 2036 model year.

CARB has a waiver from the EPA to enforce ACT.

In Canada, federal light- and heavy-duty GHG regulations contain emission standards that are modeled on existing U.S.

EPA light- and heavy-duty GHG emission standards for the 2023–2026 model years.

In December 2023, the Canadian federal government announced the ZEV Availability Standard as a new requirement within the existing light-duty GHG emission standard, which requires a specified percentage of manufacturer's new light-duty vehicles offered for sale in Canada to be ZEV, beginning with model year 2026 and increasing each year to 100% by model year 2035, and potential enforcement actions for non-compliance in accordance with the existing GHG standards.

At the provincial level, Quebec and British Columbia have enacted ZEV sales requirements, which include potential monetary penalties for non-compliance.

In 2023, Quebec amended its light-duty ZEV regulations applicable to 2025–2035 model years, requiring ZEVs to comprise 100% of all new light-duty vehicle sales by model year 2035.

In December 2024, the Quebec government adopted regulations that prohibit the sale or lease of certain internal combustion engines by December 31, 2035.

In October 2024, the British Columbia government announced amendments to British Columbia's existing ZEV sales requirements, which would require ZEVs to comprise 100% of new light-duty sales in British Columbia by model year 2035.

China has two fuel consumption requirements for passenger vehicles enforced by the Ministry of Industry and Information Technology:

an individual vehicle pass-fail type approval requirement and a corporate average fuel consumption (CAFC) requirement.

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The number of NEV credits per car is based on the electric range, energy efficiency and battery energy density with the goal of increasing NEV volume penetrations and improving technological sophistication over time.

Uncommitted NEV credits may be used to assist compliance with the corporate average fuel consumption requirement.

Uncommitted NEV credits may be used to assist compliance with the CAFC requirement.

China previously issued NEV credit targets between 2019 and 2023 and has set new NEV credit targets aimed at further increasing NEV volumes for 2024 and 2025.

In 2022, China began to study the CAFC requirement and NEV credit mandates for 2026–2030 (referred to as Phase 6).

In 2022, China began to study the CAFC requirement and NEV credit mandates for 2026–2030 (referred to as Phase 6) with the final standard expected in 2025.

These standards are anticipated to be more stringent, aligned with the trend observed in other key global markets.

In Brazil, the Secretary of Industry and Development promulgates and enforces CAFE standards and has enforced a new CAFE program for the period October 2020–September 2026 for light-duty and mid-size trucks and SUVs, including diesel vehicles.

The next phases of the program are yet to be finalized and are expected to gradually become more stringent.

In Brazil, the Secretary of Industry and Development promulgates and enforces CAFE standards and has enforced a CAFE program for the period October 2020–September 2026 for light-duty and mid-size trucks and SUVs, including diesel vehicles.

The second phase of the program was finalized in May 2024 and introduces more stringent requirements from 2027 through 2031.

We have several options to comply with existing and potential new regulations that we have utilized and may continue to utilize, including increasing production and sale of certain vehicles, such as EVs, and curtailing production of others, which could include profitable ICE vehicles;

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We regularly evaluate our current and future product plans and strategies for compliance with fuel economy and GHG regulations.

GM remains committed to an all-electric future.

The Company has approved science-based targets for scope 1, 2 and 3 (Category 11) emissions and has announced plans to become carbon neutral in its global products and operations by 2040.

In addition, the Company plans to eliminate tailpipe emissions from new light-duty vehicles in the U.S.

These targets align with our growth and transformation plan, including our commitment to an all-electric future.

In the years ended December 31, 2024, 2023 and 2022, we paid $2.0 billion, $0.5 billion and $1.0 billion to purchase credits to facilitate our compliance with regulations.

Compliance-related costs of $1.0 billion, $0.7 billion and $0.5 billion were recorded in Automotive and other cost of sales in the years ended December 31, 2024, 2023 and 2022.

Refer to Item 1A.

Risk Factors for additional information.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

Industrial Environmental Control Our operations are subject to a wide range of environmental protection laws including those regulating air emissions, water discharge, waste management and environmental cleanup.

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Under certain circumstances, these laws impose joint and several liability as well as liability for related damages to natural resources.

To further mitigate the impacts of our worldwide operations on the environment, including climate change, we are supplementing our compliance programs with sustainability efforts focused on reducing operational GHG emissions, water consumption and discharge and operational waste.

We have surpassed our goal of diverting more than 90% of our operational waste from landfills, incinerators and energy recovery facilities by 2025, compared to our 2018 baseline, and are now building upon our strategies and ambitions.

We also continue our efforts to increase our use of renewable energy, improve our energy efficiency and work to drive growth and scale of renewables.

We have finalized the energy sourcing agreements required to secure 100% of the energy needed to power all

GENERAL MOTORS COMPANY AND SUBSIDIARIES

facilities with renewable energy by the end of 2025.

This is in line with the accelerated target announced in September 2021 and 25 years ahead of the initial target of 2050, set in 2016.

We are on target to meet the remaining needs of our global operations with 100% renewable energy by 2035.

Chemical Regulations We continually monitor the implementation of chemical regulations to maintain compliance and evaluate their effect on our business, suppliers and the automotive industry.

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These initiatives give broad regulatory authority to ban or restrict the use of certain chemical substances and potentially affect automobile manufacturers' responsibilities for vehicle components at the end of a vehicle's life, as well as chemical selection for product development and manufacturing.

Global treaties and initiatives such as the Basel, Rotterdam and Stockholm Conventions on Chemicals and Waste, the Minamata Convention on Mercury and EU Registration, Evaluation, Authorization and Restriction of Chemicals (REACH), are driving chemical regulations across signatory countries.

Global treaties and initiatives such as the Basel, Rotterdam and Stockholm Conventions on Chemicals and Waste, the Minamata Convention on Mercury and EU Registration, Evaluation, Authorization and Restriction of Chemicals, are driving chemical regulations across signatory countries.

Increases in the use of circuit boards and other electronics may require additional assessment under the Restriction of Hazardous Substances and Waste from Electrical and Electronic Equipment directives.

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states have chemical management regulations that can affect vehicle design and manufacturing such as chemical restriction and use requirements.

For example, Maine and Minnesota will require the reporting of PFAS in 2025 and 2026 and the elimination of PFAS in 2030 and 2032, except for unavoidable uses.

For example, Minnesota has adopted PFAS reporting and elimination requirements beginning as early as 2026, except for unavoidable uses.

Chemical restrictions and export controls in Canada continue to steadily progress under the Environment and Climate Change Canada's Chemical Management Plan to assess existing substances and implement risk management controls on any chemical deemed toxic.

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In addition to the information about us and our subsidiaries contained in this 2024 Form 10-K, information about us can be found on our website including information on our corporate governance principles and practices.

Our Investor Relations website at https://investor.gm.com contains a significant amount of information about us, including financial and other information for investors.

We encourage investors to visit our website, as we frequently update and post new information about our company on our website and it is possible that this information could be deemed to be material information.

Our website and information included in or linked to our website are not part of this 2023 Form 10-K.

Our Investor Relations website at https://investor.gm.com, which contains a link to our Sustainability Report, and our News website at https://news.gm.com contain a significant amount of information about us, including financial and other information for investors.

We encourage investors to visit both websites, as we frequently update and post new information about our company on these websites and it is possible that this information could be deemed to be material information.

Our Investor Relations website and News website and information included in or linked to these websites are not part of this 2024 Form 10-K.

Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (Exchange Act), are available free of charge through our website as soon as reasonably practicable after they are electronically filed with or furnished to the U.S.

3 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business