To Our Shareholders,
Today, GM reported full-year net income attributable to stockholders of $10.1 billion and EBIT-adjusted of $12.4 billion with very strong free cash flow, which is allowing us to return significant capital to shareholders after reinvesting in the business. In fact, almost two-thirds of the $22 billion in adjusted automotive free cash flow that we generated in 2022 and 2023 is being returned to shareholders.
As we begin 2024, I believe GM is well positioned for a year of strong financial performance that will build on everything we accomplished — and learned — in 2023.
Consensus is growing that the U.S. economy, the job market and auto sales will continue to be resilient, and at GM, we expect healthy industry sales of about 16 million units with the mix of EVs continuing to grow.
Our foundation is building vehicles that our customers love:
Our total company revenue grew 10% year over year.
In the U.S. in 2023, GM sold more vehicles than anyone else, all our brands grew their sales year over year, and we gained market share with strong margins thanks to stable pricing and incentives that were more than 20% below the industry average.
We also led the industry in initial quality for the second year in a row, according to J.D. Power.
We have now led the industry in combined pickup, full-size van and full-size SUV sales for 10 consecutive years, making us the leader in the highest ATP quadrant of the market.
We have passed Honda and Toyota in the most affordable quadrant thanks to attractive and profitable vehicles like the Chevrolet Trax, which is one of Car and Driver’s 10Best Trucks and SUVs, and the Buick Envista, which is winning with younger buyers.
As we look ahead, our priorities and commitments are clear. They are to maximize the opportunities we have with our winning ICE portfolio with new models like the 2024 Chevrolet Traverse and 2025 Chevrolet Equinox; grow our EV business profitably; deliver strong margins and cash flow; and refocus and relaunch Cruise.
In our EV business, we expect our U.S. portfolio will become variable profit positive in the second half of the year based on our current expectations for EV demand and production growth, strong interest in our vehicles, lower commodity prices and other factors.
It’s true the pace of EV growth has slowed, which has created some uncertainty. But many third-party forecasts have U.S. EV deliveries rising from about 7% of the industry in 2023 to at least 10% in 2024, which would mean another year of record EV sales.
We believe our competitive position will improve throughout the year, based on higher production of the Cadillac LYRIQ, GMC HUMMER EV, Chevrolet Blazer EV and Silverado EV Work Truck. We’re also excited to have the Chevrolet Equinox EV and Silverado EV RST, the GMC Sierra EV Denali and the Cadillac Escalade IQ arriving in showrooms over the course of the year.
At Cruise, we are committed to earning back the trust of regulators and the public through our commitments and our actions. Last week we released the results of the third-party reviews and we’ve already begun to implement significant changes because of these reviews.
To summarize, we learned a lot in 2023, and those learnings are helping us build on our strengths, address our challenges, and create an even stronger GM with a growing and profitable EV business.
Everyone on the team is focused on strong execution to sustain our momentum and create shareholder value, and we are deeply committed and accountable to do exactly that.
Thank you, as always, for your continued confidence in GM.
Cautionary Note on Forward-Looking Statements: This press release and related comments by management, may include “forward-looking statements” within the meaning of the U.S. federal securities laws. Future declarations of quarterly dividends and the establishment of future record and payment dates are at the discretion of our Board of Directors and will be based on a number of factors, including our future financial performance and other investment priorities. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements represent our current judgment about possible future events and are often identified eyd. etc.
GM Declares Quarterly Dividend
DETROIT – General Motors Co. (NYSE: GM) announced today that its Board of Directors has declared a first-quarter 2024 cash dividend on the company's outstanding common stock of $0.12 per share payable March 14, 2024, to all common shareholders of record as of the close of trading on
March 1, 2024. This represents a 33% increase over GM’s previous quarterly dividend.
General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which will power everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in safety services and connected vehicle technology, can be found at https://www.gm.com