General Motors Company (GM) Investor Day 2024 summary

Strategic direction and future plans

• Focus on maintaining strong ICE vehicle profitability while accelerating EV growth, with disciplined capital allocation and cost management.

• Eight new or redesigned ICE SUVs launching in North America in 2025, targeting higher margins and volume, with one-third of product capital invested in key ICE refreshes.

• Ongoing transformation in China with joint venture partner SAIC to ensure profitability and sustainability.

• Commitment to reducing common shares outstanding to below one billion by early 2025, enhancing shareholder returns.

• Continued investment in battery technology, software, and manufacturing flexibility to support both ICE and EV portfolios.

Financial guidance and performance

• 2025 EBIT expected to be in a similar range as 2024, supported by cost reductions, improved EV profitability, and new product launches.

• 2024 EBIT-adjusted guidance raised to $13.0–$15.0B, with H1 2024 EBIT-adjusted at $8.3B and $6.4B in adjusted automotive free cash flow.

• $2 billion net fixed cost reduction by end of 2024, with ongoing discipline to keep costs flat excluding depreciation.

• Robust cash generation and continued share buybacks, with a target of less than one billion shares outstanding by early 2025.

• GMNA EBIT-adjusted margins have remained at or above 8–10% from 2021 through H1 2024.

Electric vehicle (EV) strategy and profitability

• Targeting production and wholesale of ~200K EVs in North America in 2024, with 120K through Q3.

• On track to achieve positive EV variable profit in Q4 2024, with a $2–4B EV EBIT tailwind projected for 2025.

• EV EBIT margin improvement of ~55 percentage points expected by end of 2024, driven by scale, mix, and cost reductions.

• Battery pack costs targeted to drop by ~$60/kWh in 2024, with further improvements from chemistry and manufacturing scale.

• Expansion of prismatic cells and multi-chemistry strategy to improve supply, cost, and manufacturing efficiency.