Analysis of Reportable Segments
General Motors Co. operates in 4 segments: GM North America (GMNA); GM International (GMI); Cruise; and GM Financial.
Segment Profit Margin
General Motors Co., profit margin by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| GM North America (GMNA) | 9.22% | 8.70% | 10.12% | 10.18% | 9.38% |
| GM International (GMI) | 2.18% | 7.59% | 7.41% | 6.79% | -4.56% |
| Cruise | -661.87% | -2,642.16% | -1,852.94% | -1,128.30% | -861.17% |
| GM Financial | 18.68% | 20.98% | 31.93% | 37.53% | 19.54% |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- GM North America (GMNA)
- The profit margin for the North American segment exhibits moderate fluctuations over the observed period. Starting at 9.38% in 2020, there was an increase to 10.18% in 2021, followed by a slight decline to 10.12% in 2022. Subsequently, a more pronounced decrease occurred in 2023, reducing the margin to 8.7%, before rebounding to 9.22% in 2024. Overall, the segment maintains a relatively stable margin range around 9-10%, with a noticeable dip in 2023.
- GM International (GMI)
- This segment's profit margin shows significant improvement from a negative margin in 2020 (-4.56%) to positive figures starting in 2021. The margin rose sharply to 6.79% in 2021, slightly increased to 7.41% in 2022, and remained stable at 7.59% in 2023. However, in 2024, the margin dropped to 2.18%, indicating a decline in profitability but still remaining positive. The overall trend from 2020 through 2023 reflects recovery and growth, with a notable setback in 2024.
- Cruise
- The Cruise segment consistently reports significant negative profit margins throughout the period, indicating substantial losses. The margin deteriorated progressively from -861.17% in 2020 to -2642.16% in 2023, representing increasing losses each year. In 2024, the loss margin improved but remained highly negative at -661.87%. This pattern suggests that while this segment is experiencing ongoing financial challenges, the most extreme losses peak in 2023, followed by a partial recovery.
- GM Financial
- The financial services segment exhibits strong profitability, with margins consistently above 18%. The margin increased markedly from 19.54% in 2020 to a peak of 37.53% in 2021. Subsequently, it decreased to 31.93% in 2022 and continued to decline in 2023 and 2024, reaching 20.98% and 18.68%, respectively. Despite the downward trend after 2021, the segment maintains a solid profit margin, indicating resilient performance.
Segment Profit Margin: GM North America (GMNA)
General Motors Co.; GM North America (GMNA); segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings (loss) before interest and taxes, adjusted | 14,528) | 12,306) | 12,988) | 10,318) | 9,071) |
| Net sales and revenue | 157,509) | 141,445) | 128,378) | 101,308) | 96,733) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 9.22% | 8.70% | 10.12% | 10.18% | 9.38% |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment profit margin = 100 × Earnings (loss) before interest and taxes, adjusted ÷ Net sales and revenue
= 100 × 14,528 ÷ 157,509 = 9.22%
- Earnings Before Interest and Taxes (Adjusted)
- The adjusted earnings before interest and taxes demonstrate an overall upward trend from 2020 to 2024. Starting at 9,071 million US dollars in 2020, the figure increased to 10,318 million in 2021 and further to 12,988 million in 2022. Although there was a slight decrease in 2023 to 12,306 million, the earnings rebounded to reach a peak of 14,528 million in 2024. This pattern indicates strong operational performance with a minor setback in 2023 followed by a significant recovery.
- Net Sales and Revenue
- The net sales and revenue exhibit consistent growth throughout the period. Beginning at 96,733 million US dollars in 2020, the revenue rose steadily each year, reaching 101,308 million in 2021, 128,378 million in 2022, 141,445 million in 2023, and culminating at 157,509 million in 2024. This continuous increase suggests an expanding market presence or greater sales volume contributing to revenue growth.
- Segment Profit Margin
- The segment profit margin fluctuates over the years, starting at 9.38% in 2020 and rising slightly to 10.18% in 2021. It then stabilizes around 10.12% in 2022 before experiencing a decline to 8.7% in 2023. A partial recovery occurs in 2024 with the margin increasing to 9.22%. This pattern reflects varying profitability efficiency within the segment, with a decline in margin during 2023 potentially indicating increased costs or pricing pressures, partially alleviated in the following year.
Segment Profit Margin: GM International (GMI)
General Motors Co.; GM International (GMI); segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings (loss) before interest and taxes, adjusted | 303) | 1,210) | 1,143) | 827) | (528) |
| Net sales and revenue | 13,890) | 15,949) | 15,420) | 12,172) | 11,586) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 2.18% | 7.59% | 7.41% | 6.79% | -4.56% |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment profit margin = 100 × Earnings (loss) before interest and taxes, adjusted ÷ Net sales and revenue
= 100 × 303 ÷ 13,890 = 2.18%
The segment exhibited a variable performance over the observed years, with noticeable fluctuations in earnings and revenue metrics.
- Earnings (loss) before interest and taxes, adjusted
- The adjusted EBIT showed substantial improvement from a loss of $528 million in 2020 to a positive $1,210 million in 2023, indicating a strong recovery and operational enhancement over four years. However, there was a significant decline in 2024, with EBIT falling to $303 million, which suggests emerging challenges or increased costs impacting profitability in the latest year.
- Net sales and revenue
- Net sales and revenue followed an overall upward trend from $11,586 million in 2020 to a peak of $15,949 million in 2023. This consistent growth over multiple years indicates expanding sales or higher pricing power. Nonetheless, a decline to $13,890 million in 2024 suggests some contraction in sales volume or pricing in that year, potentially linked to market conditions or competitive pressures.
- Segment profit margin
- Profit margin transitioned from a negative -4.56% in 2020 to a peak of 7.59% in 2023, reflecting improved cost control or favorable sales mix contributing positively to profitability. The sharp decrease to 2.18% margin in 2024, despite relatively strong revenue, points to narrower margins likely due to cost increases, pricing pressures, or other operational inefficiencies affecting profitability.
Overall, the segment's performance depicted significant operational recovery and improved profitability through 2023, followed by a notable downturn in earnings and margin in 2024, signaling the need for attention to profitability drivers and cost management moving forward.
Segment Profit Margin: Cruise
General Motors Co.; Cruise; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings (loss) before interest and taxes, adjusted | (1,701) | (2,695) | (1,890) | (1,196) | (887) |
| Net sales and revenue | 257) | 102) | 102) | 106) | 103) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | -661.87% | -2,642.16% | -1,852.94% | -1,128.30% | -861.17% |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment profit margin = 100 × Earnings (loss) before interest and taxes, adjusted ÷ Net sales and revenue
= 100 × -1,701 ÷ 257 = -661.87%
- Net Sales and Revenue
- The net sales and revenue figures demonstrate a relatively stable trend from 2020 through 2023, fluctuating narrowly between 102 million and 106 million US dollars. A significant increase is observed in 2024, with net sales and revenue reaching 257 million US dollars, more than doubling the amount from previous years.
- Earnings (Loss) Before Interest and Taxes, Adjusted
- The adjusted earnings before interest and taxes reveal a persistent and growing loss over the period from 2020 to 2023. Starting at a loss of 887 million US dollars in 2020, the losses deepen year over year, reaching a peak loss of 2695 million US dollars in 2023. Interestingly, in 2024, while still significantly negative, the loss decreases to 1701 million US dollars, indicating a partial recovery relative to the prior year's peak loss.
- Segment Profit Margin
- The segment profit margin shows an extremely negative trend throughout the analyzed period, corresponding closely with the earnings losses. Starting at -861.17% in 2020, the margin deteriorates significantly, reaching its lowest point of -2642.16% in 2023. In 2024, there is an improvement, although the margin remains highly negative at -661.87%, mirroring the partial reduction in loss seen in adjusted earnings.
- Overall Trends and Insights
- The data indicates that the segment has faced substantial financial challenges, with escalating losses from 2020 through 2023 despite stable revenue levels. The spike in revenue in 2024 corresponds with a marked improvement in both adjusted earnings and profit margin, suggesting initial signs of operational improvement or changes impacting financial performance. However, the segment remains significantly unprofitable, and careful focus on cost management or revenue growth drivers would be necessary to achieve sustainable profitability.
Segment Profit Margin: GM Financial
General Motors Co.; GM Financial; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings (loss) before interest and taxes, adjusted | 2,965) | 2,985) | 4,076) | 5,036) | 2,702) |
| Net sales and revenue | 15,875) | 14,225) | 12,766) | 13,419) | 13,831) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 18.68% | 20.98% | 31.93% | 37.53% | 19.54% |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment profit margin = 100 × Earnings (loss) before interest and taxes, adjusted ÷ Net sales and revenue
= 100 × 2,965 ÷ 15,875 = 18.68%
- Earnings (loss) before interest and taxes, adjusted
- The adjusted earnings before interest and taxes exhibited a notable increase from 2,702 million US dollars in 2020 to a peak of 5,036 million US dollars in 2021. Following this peak, there was a decline over the subsequent years, dropping to 4,076 million in 2022, further down to 2,985 million in 2023, and then stabilizing slightly at 2,965 million in 2024. This indicates a strong performance in 2021, followed by a retracement towards levels closer to those in 2020.
- Net sales and revenue
- Net sales and revenue demonstrated a somewhat volatile trend over the period. Starting at 13,831 million US dollars in 2020, revenue slightly decreased to 13,419 million in 2021 and continued to decrease to 12,766 million in 2022. However, a rebound occurred in the latter years, with sales increasing to 14,225 million in 2023 and further to 15,875 million in 2024. This suggests recovery and growth momentum in recent years following the earlier declines.
- Segment profit margin
- The segment profit margin showed considerable variation throughout the given timespan. There was a significant jump from 19.54% in 2020 to a high of 37.53% in 2021, reflecting strong profitability during that year. After 2021, the margin declined progressively to 31.93% in 2022, then sharply down to 20.98% in 2023, and further decreased to 18.68% in 2024. This downward trend in profit margin suggests increasing costs or pricing pressures affecting profitability despite rising revenue in the later years.
- Overall Insights
- Overall, the segment experienced a peak performance in 2021 across earnings and profitability metrics, followed by a period of decline and stabilization. The net sales, although initially decreasing, showed a recovery trend starting in 2023, which was not fully mirrored by profit margins and EBIT, indicating potential margin compression or other operational challenges. The decline in profit margin despite growing sales during the last two years warrants further investigation into cost structure or market conditions impacting profitability.
Segment Return on Assets (Segment ROA)
General Motors Co., ROA by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| GM North America (GMNA) | 8.76% | 7.89% | 8.26% | 8.48% | 7.95% |
| GM International (GMI) | 1.39% | 4.61% | 4.61% | 3.62% | -2.29% |
| Cruise | -57.70% | -59.17% | -34.30% | -26.64% | -24.47% |
| GM Financial | 2.13% | 2.28% | 3.35% | 4.45% | 2.38% |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
The analysis of the annual reportable segment Return on Assets (ROA) for General Motors Co. reveals distinct patterns and trends across its various segments over the five-year period from 2020 to 2024.
- GM North America (GMNA)
- The GM North America segment demonstrates a relatively stable and consistently positive ROA throughout the period. Starting at 7.95% in 2020, the ROA increased slightly in 2021 to 8.48%, followed by a mild decline to 8.26% in 2022 and further to 7.89% in 2023. However, in 2024, the ROA rebounded to 8.76%, indicating a recovery and potential improved asset utilization or profitability. Overall, the trend reflects resilience with minor fluctuations, maintaining ROA close to or above 8% in most years.
- GM International (GMI)
- This segment shows a more volatile and less consistent pattern. Beginning with a negative ROA of -2.29% in 2020, it experienced a notable turnaround to positive figures in subsequent years, with 3.62% in 2021 and further improvement to 4.61% in both 2022 and 2023. However, 2024 marks a decline to 1.39%, suggesting challenges or reduced efficiency in asset use in the most recent year. Despite the dip, the overall movement from negative values in 2020 to generally positive returns indicates progress in international operations, albeit with recent softness.
- Cruise
- The Cruise segment exhibits persistently negative ROA values with a worsening trend over the period. Starting with -24.47% in 2020, the ROA deteriorates to -26.64% in 2021 and further to -34.3% in 2022. The most significant declines occur from 2023 to 2024, with ROAs of -59.17% and -57.7%, respectively. This deepening negative ROA indicates substantial ongoing losses and potentially increasing asset investment without corresponding returns, reflecting the segment's high-risk profile or developmental stage.
- GM Financial
- The financial segment shows generally positive but fluctuating ROA results. It rose from 2.38% in 2020 to 4.45% in 2021, suggesting improved profitability or asset efficiency. Subsequently, the ROA declined to 3.35% in 2022, then further decreased to 2.28% in 2023 and 2.13% in 2024. This downward trend indicates a gradual reduction in asset returns, possibly related to changes in market conditions or operational dynamics within the financial services segment.
In summary, the data reveals strong and stable performance in the GM North America segment, recovery and later softness in GM International, persistent and deep losses in the Cruise segment, and fluctuating but declining returns in GM Financial. These patterns underscore differing stages of maturity and operational challenges across segments, with some areas demonstrating growth and relative stability while others face ongoing profitability difficulties.
Segment ROA: GM North America (GMNA)
General Motors Co.; GM North America (GMNA); segment ROA calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings (loss) before interest and taxes, adjusted | 14,528) | 12,306) | 12,988) | 10,318) | 9,071) |
| Total assets | 165,905) | 155,908) | 157,250) | 121,735) | 114,137) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 8.76% | 7.89% | 8.26% | 8.48% | 7.95% |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment ROA = 100 × Earnings (loss) before interest and taxes, adjusted ÷ Total assets
= 100 × 14,528 ÷ 165,905 = 8.76%
- Earnings Before Interest and Taxes (EBIT), Adjusted
- There is a general upward trend in adjusted EBIT over the five-year period. Starting from $9,071 million in 2020, EBIT increased substantially to $14,528 million by 2024. The largest year-over-year growth occurred between 2023 and 2024, indicating improved operational performance or profitability in the most recent period despite a slight dip in 2023 compared to 2022.
- Total Assets
- Total assets show a growth trajectory with notable expansion from $114,137 million in 2020 to $165,905 million in 2024. The most significant increase happened between 2021 and 2022, rising by over $35 billion, which suggests substantial asset accumulation or investment during that time frame. A minor decrease is observed in 2023 before assets again rise in 2024.
- Segment Return on Assets (ROA)
- Segment ROA remains relatively stable, fluctuating moderately between 7.89% and 8.76% throughout the period. While there is a slight decline from 2021 to 2023, the ROA improves again in 2024, reaching the highest rate of 8.76%. This consistency implies steady profitability relative to asset base, with some variability possibly due to changes in operational efficiency or asset utilization.
- Summary
- The financial data indicates overall positive growth in operating results and asset base over the analyzed period. Increasing EBIT alongside expanding total assets suggests ongoing investments that might underpin future earnings potential. The stable ROA reflects consistent efficiency in using assets to generate returns, with a modest rebound in recent years signifying improved performance efficiency.
Segment ROA: GM International (GMI)
General Motors Co.; GM International (GMI); segment ROA calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings (loss) before interest and taxes, adjusted | 303) | 1,210) | 1,143) | 827) | (528) |
| Total assets | 21,769) | 26,225) | 24,808) | 22,876) | 23,019) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 1.39% | 4.61% | 4.61% | 3.62% | -2.29% |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment ROA = 100 × Earnings (loss) before interest and taxes, adjusted ÷ Total assets
= 100 × 303 ÷ 21,769 = 1.39%
The analysis of the annual data for the segment indicates notable fluctuations and trends in earnings, assets, and return on assets (ROA) over the five-year period.
- Earnings (loss) before interest and taxes, adjusted
- The segment experienced a significant turnaround in earnings from a substantial loss of 528 million US dollars in 2020 to positive earnings in the subsequent years. Earnings rose sharply to 827 million US dollars in 2021, followed by a continued upward trend reaching a peak of 1,210 million US dollars in 2023. However, there was a marked decline in 2024, where earnings dropped to 303 million US dollars, indicating a sharp contraction after several years of growth.
- Total assets
- Total assets showed relative stability with an initial slight decrease from 23,019 million US dollars in 2020 to 22,876 million in 2021. This was followed by growth reaching a peak of 26,225 million US dollars in 2023. In 2024, assets contracted noticeably to 21,769 million US dollars, suggesting either divestitures, asset write-downs, or other factors leading to a reduction in asset base.
- Segment Return on Assets (ROA)
- The segment's ROA exhibited a strong recovery after a negative return of -2.29% in 2020. It improved significantly to 3.62% in 2021 and further increased to 4.61% in both 2022 and 2023, maintaining a stable high level of profitability relative to assets. In 2024, there was a pronounced decline to 1.39%, reflecting reduced efficiency or profitability of assets during that year, consistent with the drop observed in earnings.
Overall, the segment demonstrated a recovery and growth phase from 2020 through 2023, characterized by improving earnings, asset growth, and higher profitability. However, the year 2024 shows a clear reversal with decreases in earnings, assets, and ROA, pointing to potential challenges impacting financial performance and asset utilization efficiency during that period.
Segment ROA: Cruise
General Motors Co.; Cruise; segment ROA calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings (loss) before interest and taxes, adjusted | (1,701) | (2,695) | (1,890) | (1,196) | (887) |
| Total assets | 2,948) | 4,555) | 5,510) | 4,489) | 3,625) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | -57.70% | -59.17% | -34.30% | -26.64% | -24.47% |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment ROA = 100 × Earnings (loss) before interest and taxes, adjusted ÷ Total assets
= 100 × -1,701 ÷ 2,948 = -57.70%
- Earnings (loss) before interest and taxes, adjusted
- The segment's adjusted earnings before interest and taxes have shown a persistent decline over the five-year period. Starting from a loss of $887 million in 2020, the losses deepened substantially to $1,196 million in 2021 and further increased to $1,890 million in 2022. The segment reached its largest loss of $2,695 million in 2023, before improving slightly to a loss of $1,701 million in 2024. Despite the recent reduction in losses, the overall negative trend highlights significant financial challenges within the segment.
- Total assets
- Total assets increased steadily from $3,625 million in 2020 to a peak of $5,510 million in 2022. This growth was followed by a notable decline, with assets decreasing to $4,555 million in 2023 and further dropping to $2,948 million in 2024. The asset base contraction in the last two years may suggest divestitures, impairments, or strategic downsizing efforts within the segment.
- Segment ROA (Return on Assets)
- The segment's Return on Assets has been negative throughout the entire period, indicating unprofitable utilization of assets. The ROA worsened from -24.47% in 2020 to -26.64% in 2021, and deteriorated significantly to -34.3% in 2022. The decline accelerated sharply in 2023 to -59.17% and remained severely negative at -57.7% in 2024. This trajectory reflects the compounding effect of increasing losses relative to the asset base and underlines poor operational efficiency within the segment.
Segment ROA: GM Financial
General Motors Co.; GM Financial; segment ROA calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings (loss) before interest and taxes, adjusted | 2,965) | 2,985) | 4,076) | 5,036) | 2,702) |
| Total assets | 139,156) | 130,780) | 121,544) | 113,207) | 113,410) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 2.13% | 2.28% | 3.35% | 4.45% | 2.38% |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment ROA = 100 × Earnings (loss) before interest and taxes, adjusted ÷ Total assets
= 100 × 2,965 ÷ 139,156 = 2.13%
The GM Financial segment demonstrated varied financial performance and asset growth over the five-year period under review. Several critical metrics reveal notable trends related to profitability and asset base expansion.
- Earnings (loss) before interest and taxes, adjusted
- Earnings before interest and taxes (EBIT), adjusted, showed a substantial increase from 2,702 million USD in 2020 to a peak of 5,036 million USD in 2021. However, this upward trajectory was not sustained as EBIT decreased to 4,076 million USD in 2022, followed by further declines to 2,985 million USD in 2023 and slightly lower to 2,965 million USD by the end of 2024. This pattern indicates heightened profitability in 2021, with subsequent reversion to lower earnings levels, nearly returning to the 2020 baseline by 2024.
- Total assets
- The total assets of the segment consistently increased each year, starting at 113,410 million USD in 2020 and rising to 139,156 million USD in 2024. The growth was relatively steady, with annual increments ranging approximately from 1% to 7%. This progressive expansion of the asset base suggests ongoing investment or accumulation of financial resources, potentially positioning the segment for future growth or operational capacity expansion.
- Segment ROA (Return on Assets)
- The segment’s return on assets exhibited a trend closely aligned with earnings performance but with a declining tendency after 2021. Initially, ROA rose sharply from 2.38% in 2020 to 4.45% in 2021, reflecting the sharp increase in adjusted EBIT. Following this peak, ROA decreased to 3.35% in 2022, then declined further to 2.28% in 2023 and 2.13% in 2024. The downward trend in ROA indicates a reduction in asset profitability over the latter part of the period, likely influenced by the simultaneous growth in total assets and diminishing EBIT levels.
Overall, the segment experienced a peak in operational profitability in 2021, which was not maintained in subsequent years. Concurrently, the asset base expanded steadily, resulting in lower returns on those assets due to declining earnings relative to asset size. This suggests increasing asset utilization challenges or market conditions affecting earnings capacity after 2021.
Segment Asset Turnover
General Motors Co., asset turnover by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| GM North America (GMNA) | 0.95 | 0.91 | 0.82 | 0.83 | 0.85 |
| GM International (GMI) | 0.64 | 0.61 | 0.62 | 0.53 | 0.50 |
| Cruise | 0.09 | 0.02 | 0.02 | 0.02 | 0.03 |
| GM Financial | 0.11 | 0.11 | 0.11 | 0.12 | 0.12 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- GM North America (GMNA)
- The asset turnover ratio for GM North America showed a gradual decline from 0.85 in 2020 to 0.82 in 2022, indicating a slight decrease in efficiency in utilizing assets for generating revenue during this period. However, from 2023 onward, there was a notable improvement, with the ratio increasing to 0.91 and further to 0.95 by 2024. This upward trend suggests a positive reversal in asset utilization efficiency in the most recent years.
- GM International (GMI)
- The international segment exhibited an overall upward trend in asset turnover ratios from 0.50 in 2020 to 0.64 in 2024. The most significant increase occurred between 2021 and 2022, where the ratio rose from 0.53 to 0.62. Although there was a slight decline in 2023 to 0.61, the ratio rebounded again in 2024. This pattern indicates improving asset utilization abroad, with occasional minor fluctuations.
- Cruise
- The Cruise segment displayed consistently low asset turnover ratios throughout the period from 2020 to 2023, remaining around 0.02 to 0.03, reflecting limited revenue generation relative to assets invested. However, there is a marked increase in 2024 to 0.09, which, despite being low in absolute terms, represents a substantial relative improvement and may indicate early-stage growth or enhanced operational efficiency within this segment.
- GM Financial
- The GM Financial segment's asset turnover ratios remained stable and low over the five-year period, ranging narrowly from 0.11 to 0.12. This stability suggests a consistent level of asset utilization without significant changes in operational efficiency or revenue generation relative to assets.
Segment Asset Turnover: GM North America (GMNA)
General Motors Co.; GM North America (GMNA); segment asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales and revenue | 157,509) | 141,445) | 128,378) | 101,308) | 96,733) |
| Total assets | 165,905) | 155,908) | 157,250) | 121,735) | 114,137) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.95 | 0.91 | 0.82 | 0.83 | 0.85 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment asset turnover = Net sales and revenue ÷ Total assets
= 157,509 ÷ 165,905 = 0.95
The data reveals consistent growth in net sales and revenue for the segment over the five-year period. Starting from US$96,733 million in 2020, net sales increased steadily each year, reaching US$157,509 million by 2024. This indicates a strong upward trend in revenue generation, reflecting potentially increased sales volume, pricing power, or market expansion within the segment.
Total assets also show a general upward trajectory from US$114,137 million in 2020 to US$165,905 million in 2024. There was a notable increase between 2021 and 2022, where total assets jumped by approximately US$35 billion. After a slight decrease in 2023, assets increased again in 2024, suggesting continued investment or acquisition of resources to support operations and growth.
Segment asset turnover, which measures the efficiency of asset use in generating revenue, starts at 0.85 in 2020 and slightly declines to 0.82 in 2022. However, from 2022 onward, this ratio improves significantly, reaching 0.95 by 2024. This improvement implies that the segment has become more effective in utilizing its assets to produce sales, especially in the latter years, despite the increase in total assets.
- Net Sales and Revenue
- Demonstrates steady and substantial growth, indicating successful revenue expansion strategies.
- Total Assets
- Exhibits overall growth with a notable increase in 2022 followed by stabilization and further growth in 2024, reflecting ongoing investment in the segment.
- Segment Asset Turnover
- Declines slightly in the early period but improves markedly from 2022 to 2024, signaling enhanced asset utilization efficiency over time.
In summary, the segment shows positive growth in both revenue and asset base, accompanied by increasing efficiency in asset use in the later years. These patterns suggest effective management efforts to leverage resources to support higher sales, indicating a healthy operational trend within the segment.
Segment Asset Turnover: GM International (GMI)
General Motors Co.; GM International (GMI); segment asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales and revenue | 13,890) | 15,949) | 15,420) | 12,172) | 11,586) |
| Total assets | 21,769) | 26,225) | 24,808) | 22,876) | 23,019) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.64 | 0.61 | 0.62 | 0.53 | 0.50 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment asset turnover = Net sales and revenue ÷ Total assets
= 13,890 ÷ 21,769 = 0.64
The analysis of the annual data for the segment reveals several notable trends across the observed periods.
- Net Sales and Revenue
- The net sales and revenue exhibited a general upward trend from 2020 through 2023, increasing from $11,586 million in 2020 to $15,949 million in 2023. This represents significant growth over the four-year span. However, in 2024, there was a decline to $13,890 million, indicating a decrease of approximately 13% compared to the prior year. This suggests possible challenges impacting revenue towards the end of the period.
- Total Assets
- Total assets remained relatively stable between 2020 and 2021, with a slight dip from $23,019 million to $22,876 million. Afterwards, assets increased notably in 2022 and 2023 to $24,808 million and $26,225 million respectively, highlighting an expansion phase. In 2024, total assets decreased sharply to $21,769 million, the lowest in the five-year span, which may reflect asset disposals, impairments, or restructuring efforts.
- Segment Asset Turnover
- The segment asset turnover ratio showed a consistent upward trajectory, starting at 0.50 in 2020 and increasing incrementally each year to reach 0.64 in 2024. This improvement indicates enhanced efficiency in utilizing assets to generate sales, with the highest turnover observed in the most recent year. The increase in asset turnover despite the reduction in total assets and revenue in 2024 suggests more effective asset management or a shift in operational focus.
Overall, the segment demonstrated growth in sales, assets, and operational efficiency up to 2023, followed by contractions in both net sales and assets in 2024. The continuous improvement in asset turnover highlights a positive efficiency trend, even as the segment faced declining revenues and asset base in the final year.
Segment Asset Turnover: Cruise
General Motors Co.; Cruise; segment asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales and revenue | 257) | 102) | 102) | 106) | 103) |
| Total assets | 2,948) | 4,555) | 5,510) | 4,489) | 3,625) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.09 | 0.02 | 0.02 | 0.02 | 0.03 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment asset turnover = Net sales and revenue ÷ Total assets
= 257 ÷ 2,948 = 0.09
The Cruise segment exhibited notable fluctuations in its financial performance over the analyzed period. Net sales and revenue remained relatively stable from 2020 through 2023, hovering around the range of 102 to 106 million US dollars, but experienced a significant increase in 2024, more than doubling to 257 million US dollars. This sharp rise suggests a considerable enhancement in revenue-generating activities during the last reported year.
In terms of total assets, the segment demonstrated growth from 3,625 million US dollars in 2020 to a peak of 5,510 million US dollars in 2022. However, following this peak, assets declined notably to 4,555 million in 2023 and further to 2,948 million in 2024. This downward trend in assets after 2022 may indicate asset disposals, restructuring, or other adjustments leading to a leaner asset base.
The segment asset turnover ratio, which measures the efficiency of asset use in generating sales, showed a relatively low and stable level of around 0.02 to 0.03 between 2020 and 2023. In 2024, however, the ratio increased markedly to 0.09, aligning with the surge in net sales despite the reduction in total assets. This improvement in asset turnover suggests enhanced efficiency in utilizing assets to drive revenue growth in the latest period.
- Net Sales and Revenue
- Stable around 102-106 million US dollars from 2020 to 2023; significant increase to 257 million US dollars in 2024.
- Total Assets
- Growth from 3,625 million in 2020 to 5,510 million in 2022, followed by a decline to 2,948 million in 2024.
- Segment Asset Turnover
- Consistently low around 0.02-0.03 from 2020 to 2023; sharp increase to 0.09 in 2024, indicating improved asset utilization.
Overall, the data indicates a transition phase for the segment, characterized by a strategic reduction in asset base coupled with stronger revenue performance and improved operational efficiency as reflected in 2024. This could be indicative of a shift towards a more focused or scalable business model within the segment.
Segment Asset Turnover: GM Financial
General Motors Co.; GM Financial; segment asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales and revenue | 15,875) | 14,225) | 12,766) | 13,419) | 13,831) |
| Total assets | 139,156) | 130,780) | 121,544) | 113,207) | 113,410) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.11 | 0.11 | 0.11 | 0.12 | 0.12 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment asset turnover = Net sales and revenue ÷ Total assets
= 15,875 ÷ 139,156 = 0.11
- Net Sales and Revenue
- Net sales and revenue showed a fluctuating trend over the five-year period. Initially, there was a slight decline from 13,831 million USD in 2020 to 13,419 million USD in 2021, followed by a further decrease to 12,766 million USD in 2022. However, from 2022 onwards, revenue rebounded, increasing to 14,225 million USD in 2023 and continuing upward to reach 15,875 million USD in 2024. This indicates a recovery and growth phase in the latter part of the timeline.
- Total Assets
- Total assets increased steadily throughout the period. Starting at 113,410 million USD in 2020, assets remained relatively stable in 2021 at 113,207 million USD. From 2021 onward, there was consistent growth each year, reaching 121,544 million USD in 2022, 130,780 million USD in 2023, and 139,156 million USD in 2024. This continuous asset expansion suggests ongoing investment or accumulation of resources within the segment.
- Segment Asset Turnover
- The segment asset turnover ratio remained relatively stable but showed a slight decrease. It held steady at 0.12 in both 2020 and 2021 but declined to 0.11 in 2022, maintaining that level through 2023 and 2024. This level indicates that despite the growth in net sales and total assets, the efficiency with which the assets generate sales has marginally decreased over time.
Segment Capital Expenditures to Depreciation
General Motors Co., capital expenditures to depreciation by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| GM North America (GMNA) | 1.72 | 1.65 | 1.43 | 1.24 | 0.95 |
| GM International (GMI) | 0.82 | 0.89 | 1.38 | 1.44 | 1.17 |
| Cruise | 0.28 | 1.66 | 3.72 | 1.71 | 0.35 |
| GM Financial | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
The analysis of the annual reportable segment capital expenditures to depreciation ratios reveals distinct trends across the business units over the five-year period from 2020 to 2024.
- GM North America (GMNA)
- The capital expenditures to depreciation ratio for GM North America exhibits a steady upward trend throughout the period. Starting from 0.95 in 2020, the ratio consistently increases each year, reaching 1.72 in 2024. This suggests a growing investment in capital assets relative to the depreciation expense, indicating an expansion or enhancement of the asset base within the North American operations. The continuous rise reflects sustained capital expenditure that outpaces asset depreciation over time.
- GM International (GMI)
- GM International shows a different pattern. The ratio increased from 1.17 in 2020 to a peak of 1.44 in 2021, followed by a slight decline to 1.38 in 2022. After that, there is a marked decrease in the ratio for 2023 and 2024, down to 0.89 and subsequently 0.82. This declining trend in the latter years suggests reduced capital investment relative to depreciation, possibly indicating a contraction, asset rationalization, or a period of lower reinvestment in international operations during the most recent years.
- Cruise
- The Cruise segment displays considerable volatility over the years. Beginning with a low ratio of 0.35 in 2020, it sharply rises to 1.71 in 2021 and more than doubles to 3.72 in 2022, signaling a period of very high capital expenditure relative to depreciation, likely reflecting significant investment and growth initiatives. However, the ratio then declines to 1.66 in 2023 and sharply drops to 0.28 in 2024, indicating a substantial reduction in capital spending or an increase in depreciation, which might suggest a scaling back of capital-intensive activities or a reassessment of investment strategy within this segment.
- GM Financial
- The GM Financial segment consistently reports negligible capital expenditures relative to depreciation, with values at or near zero across all periods. This indicates minimal capital asset investment within this financial segment or a structure that does not require significant capital expenditure relative to depreciation expense.
Overall, the data indicates a clear divergence in capital investment strategies across segments. GM North America maintains steady growth in capital investment, GM International faces declining investment intensity in recent years, Cruise experiences large fluctuations associated with rapid investment phases and subsequent contractions, and GM Financial shows negligible capital expenditure relative to depreciation, consistent with its financial services nature.
Segment Capital Expenditures to Depreciation: GM North America (GMNA)
General Motors Co.; GM North America (GMNA); segment capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Expenditures for property | 10,266) | 10,147) | 8,280) | 6,576) | 4,501) |
| Depreciation and amortization | 5,963) | 6,146) | 5,800) | 5,298) | 4,739) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.72 | 1.65 | 1.43 | 1.24 | 0.95 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment capital expenditures to depreciation = Expenditures for property ÷ Depreciation and amortization
= 10,266 ÷ 5,963 = 1.72
- Expenditures for property
- There has been a consistent and significant increase in property expenditures from 2020 to 2024. The expenditures rose from 4,501 million US dollars in 2020 to 10,266 million US dollars in 2024, indicating a steady upward trend in investment. This shows a substantial expansion or upgrading of property assets over the five-year period.
- Depreciation and amortization
- Depreciation and amortization expenses have increased from 4,739 million US dollars in 2020 to a peak of 6,146 million US dollars in 2023, followed by a slight decline to 5,963 million US dollars in 2024. This indicates growing leverage of fixed assets until 2023, with a small reduction in the amortization charge in the last year, possibly due to changes in asset composition or depreciation methods.
- Segment capital expenditures to depreciation ratio
- The ratio of capital expenditures to depreciation has shown a continuous upward trend, increasing from 0.95 in 2020 to 1.72 in 2024. This implies that capital investments are increasingly outpacing the asset consumption recorded through depreciation, suggesting aggressive asset base expansion or enhancement strategy within the segment.
Segment Capital Expenditures to Depreciation: GM International (GMI)
General Motors Co.; GM International (GMI); segment capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Expenditures for property | 415) | 522) | 706) | 783) | 729) |
| Depreciation and amortization | 506) | 589) | 513) | 542) | 624) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.82 | 0.89 | 1.38 | 1.44 | 1.17 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment capital expenditures to depreciation = Expenditures for property ÷ Depreciation and amortization
= 415 ÷ 506 = 0.82
- Expenditures for Property
- There is a clear downward trend in expenditures for property over the five-year period. The amount decreased consistently from 729 million US dollars in 2020 to 415 million US dollars in 2024, representing a significant reduction of over 40%. This suggests a continued scaling back of investments in property or possibly a shift in capital allocation strategy within the segment.
- Depreciation and Amortization
- Depreciation and amortization expenses have fluctuated slightly but show an overall declining trend from 624 million US dollars in 2020 to 506 million US dollars in 2024. The value dipped to its lowest point in 2022 at 513 million but increased again in 2023 before declining in 2024. This pattern may indicate changes in the asset base, asset lifespan, or amortization methods applied over the years.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation shows variability with an initial increase from 1.17 in 2020 to a peak of 1.44 in 2021, followed by a slight decline to 1.38 in 2022. After this, there is a marked decrease to 0.89 in 2023 and further to 0.82 in 2024. This declining ratio in the latter years reflects that capital expenditures are becoming lower relative to depreciation charges, indicating potential underinvestment in renewing or expanding the asset base compared to asset consumption.
- Overall Interpretation
- Over the analyzed period, the segment demonstrates a consistent reduction in expenditures for property alongside declining depreciation and amortization expenses. The decreasing capital expenditures relative to depreciation suggest a diminishing reinvestment rate in the segment’s property assets. This trend may impact the segment's long-term operational capacity and efficiency if the reduction in investment persists. It is important to monitor whether this pattern is strategic or driven by external constraints.
Segment Capital Expenditures to Depreciation: Cruise
General Motors Co.; Cruise; segment capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Expenditures for property | 7) | 63) | 197) | 89) | 15) |
| Depreciation and amortization | 25) | 38) | 53) | 52) | 43) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.28 | 1.66 | 3.72 | 1.71 | 0.35 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment capital expenditures to depreciation = Expenditures for property ÷ Depreciation and amortization
= 7 ÷ 25 = 0.28
- Expenditures for Property
- The expenditures for property display a fluctuating trend over the five-year period. Starting at 15 million US dollars in 2020, there was a significant increase in 2021 to 89 million, followed by a further rise to 197 million in 2022. However, this upward trend was not sustained, with expenditures declining sharply to 63 million in 2023 and then plummeting to just 7 million by 2024.
- Depreciation and Amortization
- Depreciation and amortization values show a milder variation compared to property expenditures. They increased steadily from 43 million in 2020 to a peak of 53 million in 2022. After reaching this peak, the amounts decreased to 38 million in 2023 and further to 25 million in 2024.
- Segment Capital Expenditures to Depreciation Ratio
- This ratio exhibits substantial volatility throughout the period. Starting at 0.35 in 2020, it rose considerably to 1.71 in 2021 and then more than doubled to 3.72 in 2022, reflecting a period of intensified investment relative to depreciation. This was followed by a decline to 1.66 in 2023 and a sharp drop to 0.28 by 2024, indicating a period of reduced capital expenditure relative to asset depreciation.
Segment Capital Expenditures to Depreciation: GM Financial
General Motors Co.; GM Financial; segment capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Expenditures for property | 24) | 24) | 44) | 26) | 34) |
| Depreciation and amortization | 4,883) | 4,944) | 4,888) | 6,134) | 7,245) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment capital expenditures to depreciation = Expenditures for property ÷ Depreciation and amortization
= 24 ÷ 4,883 = 0.00
The analysis of the GM Financial segment data over the five-year span from 2020 to 2024 reveals several notable trends related to expenditures and depreciation.
- Expenditures for Property
- The expenditures for property indicate fluctuations throughout the period. Starting at $34 million in 2020, there was a decline to $26 million in 2021, followed by an increase to $44 million in 2022. Subsequently, the expenditures decreased again, stabilizing at $24 million for both 2023 and 2024. This pattern suggests a non-consistent investment approach in property, with a peak in 2022 and reduced activity thereafter.
- Depreciation and Amortization
- Depreciation and amortization expenses exhibit a clear downward trend over the years analyzed. Beginning at $7,245 million in 2020, these costs steadily decreased each year to reach $4,883 million by 2024. This continuous decline may reflect a reduction in the asset base subject to depreciation or potential changes in asset composition or useful life assumptions.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of segment capital expenditures to depreciation remains very low throughout the period, hovering around zero, with only a minor indication of 0.01 in 2022. This suggests that capital expenditures in the segment are minimal relative to depreciation, implying limited reinvestment or asset replacement activity during these years.
Overall, the segment appears to have reduced its asset-related expenses over time, with declining depreciation and low capital expenditures relative to asset wear and tear. The intermittent peaks and troughs in property expenditures do not align with a consistent capital investment strategy, potentially signaling tactical investments rather than sustained growth or expansion initiatives.
Net sales and revenue
General Motors Co., net sales and revenue by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| GM North America (GMNA) | 157,509) | 141,445) | 128,378) | 101,308) | 96,733) |
| GM International (GMI) | 13,890) | 15,949) | 15,420) | 12,172) | 11,586) |
| Corporate | 206) | 273) | 176) | 104) | 350) |
| Automotive | 171,605) | 157,667) | 143,974) | 113,584) | 108,669) |
| Cruise | 257) | 102) | 102) | 106) | 103) |
| GM Financial | 15,875) | 14,225) | 12,766) | 13,419) | 13,831) |
| Eliminations/Reclassifications | (295) | (152) | (107) | (105) | (118) |
| Total | 187,442) | 171,842) | 156,735) | 127,004) | 122,485) |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
The data reveals a general upward trend in net sales and revenue for most reportable segments over the observed periods.
- GM North America (GMNA)
- This segment shows consistent growth year over year, increasing from 96,733 million US dollars in 2020 to 157,509 million US dollars in 2024. The increase is steady, with notable acceleration between 2021 and 2022, and continued positive momentum through 2024.
- GM International (GMI)
- GMI experiences growth from 11,586 million US dollars in 2020 to a peak at 15,949 million in 2023, followed by a decline to 13,890 million in 2024. This indicates some volatility, with a decrease in the latest period suggesting possible challenges or market adjustments internationally.
- Corporate
- The Corporate segment has relatively low values compared to others but shows variability, with revenues fluctuating between 104 and 350 million US dollars. After a decrease from 350 million in 2020 to 104 million in 2021, it rises steadily through 2023 before falling to 206 million in 2024.
- Automotive
- Automotive revenue increases significantly from 108,669 million US dollars in 2020 to 171,605 million US dollars in 2024. This segment reflects strong expansion, mirroring the growth seen in the GMNA segment, suggesting core automotive business improvements.
- Cruise
- The Cruise segment remains relatively flat with small fluctuations between 102 and 106 million US dollars over the first four years. However, it shows a substantial rise to 257 million US dollars in 2024, indicating growing investment or revenue generation in this area.
- GM Financial
- GM Financial experience some decrease in revenue from 13,831 million US dollars in 2020 to 12,766 million in 2022, followed by recovery and growth up to 15,875 million in 2024. This suggests a cycle of contraction followed by expansion within financial services.
- Eliminations/Reclassifications
- Values in this category are negative throughout, increasing in magnitude from -118 million in 2020 to -295 million in 2024. This reflects adjustments that reduce consolidated totals, which have intensified over time.
- Total
- Total net sales and revenue demonstrate consistent upward progression, growing from 122,485 million US dollars in 2020 to 187,442 million US dollars in 2024. This indicates sustained overall business growth despite fluctuations in certain segments.
Earnings (loss) before interest and taxes, adjusted
General Motors Co., earnings (loss) before interest and taxes, adjusted by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| GM North America (GMNA) | 14,528) | 12,306) | 12,988) | 10,318) | 9,071) |
| GM International (GMI) | 303) | 1,210) | 1,143) | 827) | (528) |
| Corporate | (1,128) | (1,413) | (1,845) | (680) | (634) |
| Automotive | 13,703) | 12,103) | 12,286) | 10,465) | 7,909) |
| Cruise | (1,701) | (2,695) | (1,890) | (1,196) | (887) |
| GM Financial | 2,965) | 2,985) | 4,076) | 5,036) | 2,702) |
| Eliminations/Reclassifications | (33) | (36) | 2) | (10) | (14) |
| Total | 14,934) | 12,357) | 14,474) | 14,295) | 9,710) |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
The annual reportable segment earnings (loss) before interest and taxes, adjusted data, reveal several trends over the five-year period analyzed.
- GM North America (GMNA)
- There is a generally upward trend in earnings, starting at $9,071 million in 2020 and reaching $14,528 million by 2024. A noticeable dip occurred in 2023, where earnings decreased to $12,306 million from a peak of $12,988 million in 2022, followed by a significant recovery in 2024.
- GM International (GMI)
- This segment showed considerable improvement from a loss of $528 million in 2020 to positive earnings of $827 million in 2021, continuing to increase through 2023 to $1,210 million. However, in 2024, there was a sharp decline to $303 million, indicating potential challenges or a downturn in this region.
- Corporate
- Corporate segment earnings were consistently negative throughout the period. The losses deepened significantly in 2022 to -$1,845 million, the largest loss in the timeframe, before improving moderately in 2023 and 2024 to -$1,413 million and -$1,128 million, respectively.
- Automotive
- Automotive earnings exhibit growth from $7,909 million in 2020 to $13,703 million in 2024, although a temporary dip was observed in 2023 ($12,103 million) compared to 2022 levels. The overall trend is positive, suggesting strengthening core automotive operations over the period.
- Cruise
- The Cruise segment consistently incurred losses across all years. Losses deepened substantially from -$887 million in 2020 to a peak loss of -$2,695 million in 2023, before partially recovering to -$1,701 million in 2024. This pattern indicates high investment and volatility, with recent signs of improved performance.
- GM Financial
- GM Financial experienced a remarkable increase in earnings from $2,702 million in 2020 to $5,036 million in 2021, followed by a decline in subsequent years, stabilizing around $2,965 million in 2024. The initial surge was not maintained, indicating possible market or operational adjustments.
- Eliminations/Reclassifications
- Values in this category fluctuate minimally around zero, indicating that these adjustments had a negligible net impact on earnings before interest and taxes.
- Total
- Total earnings reflect the aggregate effects of the segmented performance, rising sharply from $9,710 million in 2020 to $14,474 million in 2022, declining to $12,357 million in 2023, and rebounding to $14,934 million in 2024. This trajectory suggests overall growth despite some volatility in intermediate years, primarily influenced by performance variations within corporate, Cruise, and GM International segments.
Total assets
General Motors Co., total assets by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| GM North America (GMNA) | 165,905) | 155,908) | 157,250) | 121,735) | 114,137) |
| GM International (GMI) | 21,769) | 26,225) | 24,808) | 22,876) | 23,019) |
| Corporate | 38,817) | 41,271) | 60,518) | 40,492) | 39,933) |
| Eliminations | (85,117) | (82,858) | (104,157) | (56,936) | (57,464) |
| Automotive | 141,374) | 140,546) | 138,419) | 128,167) | 119,625) |
| Cruise | 2,948) | 4,555) | 5,510) | 4,489) | 3,625) |
| GM Financial | 139,156) | 130,780) | 121,544) | 113,207) | 113,410) |
| Eliminations/Reclassifications | (3,717) | (2,817) | (1,436) | (1,145) | (1,466) |
| Total | 279,761) | 273,064) | 264,037) | 244,718) | 235,194) |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
The analysis of annual reportable segment total assets reveals distinct trends across different business segments over the five-year period from 2020 to 2024.
- GM North America (GMNA)
- This segment exhibits a general upward trend in total assets, starting at $114,137 million in 2020 and increasing to $165,905 million by 2024. Asset growth is particularly notable between 2021 and 2022, with a substantial increase from $121,735 million to $157,250 million. Despite a slight dip in 2023, the segment resumes growth in 2024.
- GM International (GMI)
- Assets within the international segment show relative stability with minor fluctuations. Beginning at $23,019 million in 2020, assets slightly decline to $21,769 million by 2024, after reaching a peak of $26,225 million in 2023. This reflects some volatility but no significant long-term growth.
- Corporate
- The corporate segment experiences notable variability, with total assets rising moderately from $39,933 million in 2020 to $60,518 million in 2022, followed by a sharp decrease to $38,817 million by 2024. This suggests a possible restructuring or reallocation of corporate-level assets during the period.
- Eliminations
- The eliminations category shows increasing negative values, growing from -$57,464 million in 2020 to -$104,157 million in 2022, before reducing slightly to around -$85,117 million in the subsequent years. The spike in 2022 indicates a significant adjustment in inter-segment eliminations which partially recede later.
- Automotive
- This segment exhibits a steady rise in total assets, from $119,625 million in 2020 to $141,374 million in 2024. Growth appears consistent though gradual, reflecting ongoing asset accumulation within automotive operations.
- Cruise
- The Cruise segment shows an initial increase in assets from $3,625 million in 2020 to $5,510 million in 2022, followed by a decline to $2,948 million in 2024. The data suggest a peak in investment or asset accumulation by 2022, with subsequent downsizing or asset divestiture.
- GM Financial
- This financial services segment demonstrates continuous asset growth, rising steadily from $113,410 million in 2020 to $139,156 million in 2024. The trend indicates expanded financial operations or portfolio growth over the examined period.
- Eliminations/Reclassifications
- Negative asset values increase slightly, from -$1,466 million in 2020 to -$3,717 million in 2024, suggesting growing adjustments related to reclassifications or internal eliminations.
- Total Assets
- The overall total assets of the entity increase steadily from $235,194 million in 2020 to $279,761 million in 2024. The growth is gradual and reflects the combined effects of growth in core segments such as GMNA, Automotive, and GM Financial, partially offset by significant intersegment eliminations.
Expenditures for property
General Motors Co., expenditures for property by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| GM North America (GMNA) | 10,266) | 10,147) | 8,280) | 6,576) | 4,501) |
| GM International (GMI) | 415) | 522) | 706) | 783) | 729) |
| Corporate | 30) | 15) | 21) | 30) | 21) |
| Automotive | 10,711) | 10,684) | 9,007) | 7,389) | 5,251) |
| Cruise | 7) | 63) | 197) | 89) | 15) |
| GM Financial | 24) | 24) | 44) | 26) | 34) |
| Eliminations/Reclassifications | 88) | 199) | (10) | 5) | —) |
| Total | 10,830) | 10,970) | 9,238) | 7,509) | 5,300) |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- GM North America (GMNA) Expenditures
- The expenditures for GM North America show a consistent upward trend over the five-year period. The amount increased steadily from 4,501 million USD in 2020 to 10,266 million USD in 2024, more than doubling. The largest annual increase occurred between 2020 and 2021, followed by substantial but slightly smaller increases in subsequent years, indicating a continuous and considerable investment in this segment.
- GM International (GMI) Expenditures
- The expenditures for GM International exhibit a declining trend overall. Starting from 729 million USD in 2020, the amount fluctuates slightly in 2021 with an increase to 783 million USD, but then consistently decreases over the following years, reaching 415 million USD in 2024. This represents a significant reduction of nearly 43% from 2020 to 2024, suggesting a strategic pullback or reduced investment focus in international operations.
- Corporate Expenditures
- Corporate expenditures remain relatively flat and low in comparison to other segments. The figures oscillate slightly between 15 million USD and 30 million USD without a clear upward or downward trend. The consistency implies stable administrative or central overhead costs over the period.
- Automotive Segment Expenditures
- The automotive segment overall shows strong growth in expenditures from 5,251 million USD in 2020 to 10,711 million USD in 2024. This nearly doubles the amount, reflecting a robust and sustained increase in investment. The growth pattern mirrors that of GM North America closely, indicating that the majority of automotive expenditure growth is likely driven by North American operations.
- Cruise Segment Expenditures
- The Cruise segment displays a highly volatile expenditure pattern. Starting at 15 million USD in 2020, expenditures spike sharply to 197 million USD in 2022 before falling drastically to 7 million USD by 2024. This volatility may indicate fluctuating project activity, shifting strategic priorities, or variable development costs within this emerging business area.
- GM Financial Expenditures
- GM Financial expenditures remain relatively low and stable, fluctuating between 24 million USD and 44 million USD across the period. The lack of significant trend suggests minimal changes or incremental adjustments in expenditure levels for this segment.
- Eliminations/Reclassifications
- Expenditures related to Eliminations/Reclassifications fluctuate considerably, starting with no value in 2020, increasing to 199 million USD in 2023, then decreasing to 88 million USD in 2024. These significant movements likely reflect accounting adjustments and reclassifications rather than operational spending changes.
- Total Expenditures
- Total annual expenditures rise steadily from 5,300 million USD in 2020 to a peak of 10,970 million USD in 2023, followed by a slight decline to 10,830 million USD in 2024. This overall increase indicates a substantial growth in capital outlays related to property and related assets.
Depreciation and amortization
General Motors Co., depreciation and amortization by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| GM North America (GMNA) | 5,963) | 6,146) | 5,800) | 5,298) | 4,739) |
| GM International (GMI) | 506) | 589) | 513) | 542) | 624) |
| Corporate | 80) | 21) | 22) | 21) | 25) |
| Eliminations | (1) | (1) | —) | —) | —) |
| Automotive | 6,548) | 6,755) | 6,335) | 5,861) | 5,388) |
| Cruise | 25) | 38) | 53) | 52) | 43) |
| GM Financial | 4,883) | 4,944) | 4,888) | 6,134) | 7,245) |
| Total | 11,456) | 11,737) | 11,276) | 12,047) | 12,676) |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Depreciation and Amortization Analysis
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The data reveals distinct trends across various segments over the five-year period.
GM North America (GMNA) exhibits a steady increase in depreciation and amortization from 4,739 million USD in 2020 to a peak of 6,146 million USD in 2023, followed by a slight decline to 5,963 million USD in 2024. This reflects ongoing capital investments with a moderate tapering in the latest year.
The GM International (GMI) segment shows a fluctuating pattern. It decreases from 624 million USD in 2020 to 513 million USD in 2022, then rises to 589 million USD in 2023, before declining again to 506 million USD in 2024. This volatility may indicate variable capital expenditure or changes in asset base across international operations.
Corporate depreciation and amortization remain relatively stable in most years, ranging between 21 and 25 million USD from 2020 through 2023, but sharply increases to 80 million USD in 2024. This significant jump could suggest new corporate-level investments or restructuring affecting asset amortization.
Eliminations present minimal impact, with minor negative amounts (-1 million USD) only in 2023 and 2024, likely reflecting intersegment eliminations in consolidation.
The Automotive segment, aggregating GMNA, GMI, and eliminations, demonstrates a growth trend from 5,388 million USD in 2020 to 6,755 million USD in 2023, then experiences a slight contraction to 6,548 million USD in 2024. This aligns with observed segment-level fluctuations and overall asset growth within automotive operations.
The Cruise segment shows decline, starting at 43 million USD in 2020, peaking slightly at 53 million USD in 2022, then steadily decreasing to 25 million USD in 2024. This trend may reflect scaling down of assets or reduced investments in this area.
GM Financial reports a consistent reduction in depreciation and amortization, dropping from 7,245 million USD in 2020 to 4,883 million USD in 2024. The continuous decline suggests asset base reductions, disposals, or changes in accounting estimates affecting financial assets.
Total depreciation and amortization across all segments decreases from 12,676 million USD in 2020 to a low of 11,276 million USD in 2022, recovers to 11,737 million USD in 2023, then slightly declines again to 11,456 million USD in 2024. This overall pattern indicates moderate volatility, with a general downward tendency over the five-year span.
In summary, the data reveals differentiated trends among segments with GMNA and Automotive largely growing in depreciation and amortization indicative of increased capital investment, contrasted by declines in GM Financial and Cruise segments that suggest asset contraction. Corporate expenses exhibit an unusual increase in the final year, warranting further review.