The automobile industry and GM's hold on the marketing continues to grow! There's no better time to invest a new or pre-owned GMC or Buick from Orange Buick and GMC, whether it's for your business or personal use. This Q4 letter to GM shareholders shows there's a lot to look forward to from your favorite brands!
To Our Shareholders,
I would like to open this letter by thanking the entire GM team, including our dealers and suppliers, for helping deliver an outstanding 2024.
A year ago, I said that we were optimistic about 2024 given the choice we would offer customers, including industry-leading full-size pickups, new and redesigned SUVs and an expanding portfolio of EVs.
I also said that we would focus on execution and profitability, and our performance has been consistently strong:
• We grew full-year revenue 9%, once again we led the U.S. market in total, retail, and fleet deliveries, we grew our market share, and we distanced ourselves from the industry’s pricing, incentive, and inventory pressures.
• We doubled our EV market share over the course of the year as we scaled production, and our portfolio became variable profit positive in the fourth quarter.
• In China, we reported positive equity income for the fourth quarter before restructuring costs, and we’re taking steps with our partner to improve from there.
This combination of compelling vehicles in high volume and growing segments, strong execution, and discipline led directly to record EBIT-adjusted, record adjusted automotive free cash flow, and record EPS-diluted-adjusted.
Our employees and owners are all sharing in our success. I’m pleased to share that our global salaried team has earned strong performance bonuses, and our U.S. hourly employees once again earned the industry’s highest profit sharing, totaling more than $640 million. That’s a record payout of up to $14,500 per person, equal to more than two months of extra pay on average for our UAW-represented team. Investors in GM also earned a 50% total return and we ended the year with fewer than 1 billion shares outstanding, a goal we reached ahead of plan.
As we look to the year ahead, we will continue to allocate capital consistently and in a balanced manner, and our vehicle portfolio will continue to get stronger. For example, we will offer three stunning new Cadillac EVs – the ESCALADE IQ, OPTIQ and VISTIQ – and we’re targeting further improvements in EV profitability as we continue to scale.
In addition, we will see the full-year impact of the new gas-powered SUVs we launched in 2024. They include some of our highest volume nameplates like the Chevrolet Equinox, Chevrolet Traverse, and GMC Acadia, which are great examples of our strategy to pair bold design and capital efficiency to drive profitability. I look forward to sharing our progress because there’s so much opportunity ahead of us.
Of course, there is uncertainty over trade, tax, and environmental regulations and we have been proactive with Congress and the administration. In our conversations, we have stressed the importance of a strong manufacturing sector and American leadership in advanced technologies. It’s clear that we share a lot of common ground, and we appreciate the dialogue.
Whatever happens on these fronts, we have a broad and deep portfolio of ICE vehicles and EVs that are both growing market share, and we’ll be agile and execute as efficiently as possible.
Thank you for your continued confidence in the General Motors team.
Categories:
News