General Motors Company (GM) Q2 2024 earnings summary

Executive summary

• Achieved record Q2 and first-half 2024 revenue, with Q2 revenue up 7.2% to $48.0B, driven by strong ICE truck/SUV sales and growing EV momentum.

• U.S. EV deliveries grew 40% year-over-year in Q2, with a 2.2 ppt market share increase and 54% of EV customers new to the brand.

• Net income attributable to stockholders increased 14.3% to $2.93B for Q2, reflecting improved margins and cost controls.

• Maintained stable pricing with incentives over 100 basis points below industry average for four consecutive quarters.

• Continued focus on cost reduction, capital efficiency, and disciplined execution across all segments.

Financial highlights

• Q2 2024 revenue: $48.0B, up 7.2% year-over-year; net income: $2.93B, up from $2.57B; diluted EPS-adjusted: $3.06, up 60% year-over-year.

• Q2 EBIT-adjusted: $4.4B (margin 9.3%); GMNA EBIT-adjusted margin: 10.9%.

• Adjusted automotive free cash flow for Q2: $5.3B; six-month total: $6.4B.

• GM Financial Q2 EBIT/EBT-adjusted: $800M–$822M, up year-over-year.

• Automotive liquidity: $35.8B at June 30, 2024; total automotive debt: $16.3B.

Outlook and guidance

• Raised 2024 guidance: net income $10.0–$11.4B, EBIT-adjusted $13.0–$15.0B, adjusted EPS $9.50–$10.50, and adjusted automotive free cash flow $9.5–$11.5B.

• Second half EBIT-adjusted expected to be ~$2.5B lower at midpoint due to pricing headwinds, higher marketing/commodity costs, and EV mix.

• Targeting 200,000–250,000 EVs produced and wholesaled in 2024, with positive EV variable profit in Q4.

• On track for $2B fixed cost reduction by year-end and mid-single-digit EBIT EV margin in 2025.