News

For release: Tuesday, April 25, 2023, at 6:30 a.m. ET

GM Releases 2023 First-Quarter Results and Raises Full-Year Guidance

DETROIT – General Motors Co. (NYSE: GM) today reported first-quarter 2023 revenue of $40.0 billion,
net income attributable to stockholders of $2.4 billion and EBIT-adjusted of $3.8 billion.

GM is also updating its full-year 2023 earnings guidance:

• U.S. GAAP net income attributable to stockholders of $8.4 billion-$9.9 billion, compared to the
previous outlook of $8.7 billion-$10.1 billion, including $0.9 billion of charges related to the
voluntary separation program
• EBIT-adjusted of $11.0 billion-$13.0 billion, compared to the previous outlook of $10.5 billion-
$12.5 billion
• U.S. GAAP net automotive cash provided by operating activities of $16.5 billion-$20.5 billion,
compared to the previous outlook of $16.0 billion-$20.0 billion
• Adjusted automotive free cash flow of $5.5 billion-$7.5 billion, compared to the previous outlook
of $5.0 billion-$7.0 billion

See below for reconciliations of non-GAAP measures to their most directly comparable GAAP measures
or visit the GM Investor Relations website for complete details.

Downloads
• GM Chair and CEO Mary Barra's letter to shareholders
• Earnings deck
• Detailed quarterly results with year-over-year comparisons

Conference Call for Investors and Analysts

GM Chair and CEO Mary Barra and GM Chief Financial Officer Paul Jacobson will host a conference call for
the investment community at 8:30 a.m. ET today to discuss these results. Those who wish to listen to the
call may dial in using the following numbers and passcode:
• United States: 1-800-857-9821
• International: +1-517-308-9481
• Conference call passcode: General Motors
Results Overview

Three Months Ended

($M) except where noted March 31, 2023 March 31, 2022 Change % Change
Revenue $ 39,985 $ 35,979 $ 4,006 11.1 %
Net income attributable to stockholders $ 2,395 $ 2,939 $ (544) (18.5)%
EBIT-adjusted $ 3,803 $ 4,044 $ (241) (6.0)%
Net income margin 6.0 % 8.2 % (2.2) ppts (26.8)%
EBIT-adjusted margin 9.5 % 11.2 % (1.7) ppts (15.2)%
Automotive operating cash flow $ 2,232 $ 1,635 $ 597 36.5 %
Adjusted automotive free cash flow $ (132) $ 6 $ (138) n.m.
EPS-diluted(a) $ 1.69 $ 1.35 $ 0.34 25.2 %
EPS-diluted-adjusted(a) $ 2.21 $ 2.09 $ 0.12 5.7 %
GMNA EBIT-adjusted $ 3,576 $ 3,141 $ 435 13.8 %
GMNA EBIT-adjusted margin 10.9 % 10.7 % 0.2 ppts 1.9 %
GMI EBIT-adjusted $ 347 $ 328 $ 19 5.8 %
China equity income $ 83 $ 234 $ (151) (64.5)%
GM Financial EBT-adjusted $ 771 $ 1,284 $ (513) (40.0) %
__________
(a) EPS-diluted and EPS-diluted-adjusted include a $0.03 and $(0.11) impact from revaluation on equity investments in the three months ended
March 31, 2023 and March 31, 2022.
(b) n.m. = not meaningful

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 powers
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 vehicle safety and
security services, can be found at https://www.gm.com.

###

CONTACTS:
Jim Cain Ashish Kohli
GM Communications GM Investor Relations
313-407-2843 847-964-3459
james.cain@chevrolet.com ashish.kohli@gm.com

David Caldwell
GM Communications
586-899-7861
david.caldwell@gm.com
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. Forward-looking statements are any statements other than statements of historical fact and
represent our current judgment about possible future events. In making these statements, we rely upon
assumptions and analysis based on our experience and perception of historical trends, current conditions,
and expected future developments, as well as other factors we consider appropriate under the
circumstances. We believe these judgments are reasonable, but these statements are not guarantees of
any future events or financial results, and our actual results may differ materially due to a variety of
factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings
with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on
forward-looking statements. Forward-looking statements speak only as of the date they are made, and
we undertake no obligation to update publicly or otherwise revise any forward-looking statements,
whether as a result of new information, future events, or other factors that affect the subject of these
statements, except where we are expressly required to do so by law.
Non-GAAP Reconciliations
The following table reconciles Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted (dollars in millions):

Three Months Ended

March 31, 2023 March 31, 2022
Net income attributable to stockholders(a) $ 2,395 $ 2,939
Income tax expense (benefit) 428 (28)
Automotive interest expense 234 226
Automotive interest income (229) (50)
Adjustments
Voluntary separation program(b) 875 —
Cruise compensation modifications(c) — 1,057
Buick dealer strategy(d) 99 —
Patent royalty matters(e) — (100)
Total adjustments 974 957
EBIT-adjusted $ 3,803 $ 4,044
__________
(a) Net of net loss attributable to noncontrolling interests.
(b) This adjustment was excluded because it relates to the acceleration of attrition as part of the cost reduction program announced in January
2023, primarily in the United States.
(c) This adjustment was excluded because it relates to the one-time modification of Cruise stock incentive awards.
(d) This adjustment was excluded because it relates to strategic activities to transition certain Buick dealers out of our dealer network as part of
Buick’s EV strategy.
(e) This adjustment was excluded because it relates to the resolution of substantially all royalty matters accrued with respect to past-year
vehicle sales in the three months ended March 31, 2022.

The following table reconciles diluted earnings per common share under U.S. GAAP to EPS-diluted-adjusted (dollars in millions,
except per share amounts):

Three Months Ended

March 31, 2023 March 31, 2022
Amount Per Share Amount Per Share
Diluted earnings per common share $ 2,369 $ 1.69 $ 1,987 $ 1.35
Adjustments(a) 974 0.69 957 0.65
Tax effect on adjustments(b) (239) (0.17) (296) (0.20)
Tax adjustments(c) — — (482) (0.33)
Deemed dividend adjustment(d) — — 909 0.62
EPS-diluted-adjusted $ 3,104 $ 2.21 $ 3,075 $ 2.09
__________
(a) Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted for adjustment details.
(b) The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the
adjustment relates.
(c) This adjustment consists of tax benefit related to the release of a valuation allowance against deferred tax assets considered realizable as a
result of Cruise tax reconsolidation in the three months ended March 31, 2022. This adjustment was excluded because significant impacts of
valuation allowances are not considered part of our core operations.
(d) This adjustment consists of a deemed dividend related to the redemption of Cruise preferred shares from SoftBank in the three months
ended March 31, 2022.
The following table reconciles net automotive cash provided by operating activities under U.S. GAAP to adjusted automotive free
cash flow (dollars in millions):

Three Months Ended

March 31, 2023 March 31, 2022
Net automotive cash provided by operating activities $ 2,232 $ 1,635
Less: Capital expenditures (2,408) (1,645)
Add: Buick dealer strategy 39 —
Add: Employee separation costs 5 —
Add: GM Korea wage litigation — 16
Adjusted automotive free cash flow $ (132) $ 6

Guidance Reconciliations
The following table reconciles expected Net income attributable to stockholders under U.S. GAAP to expected EBIT-adjusted
(dollars in billions):

Year Ending
December 31, 2023
Net income attributable to stockholders $ 8.4-9.9
Income tax expense 1.5-2.0
Automotive interest expense, net 0.1
Adjustments(a) 1.0
EBIT-adjusted $ 11.0-13.0
__________
(a) Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted for the details of each individual
adjustment. We do not consider the potential future impact of adjustments on our expected financial results.

The following table reconciles expected automotive net cash provided by operating activities under U.S. GAAP to expected
adjusted automotive free cash flow (dollars in billions):

Year Ending
December 31, 2023
Net automotive cash provided by operating activities $ 16.5-20.5
Less: Capital expenditures 11.0-13.0
Adjusted automotive free cash flow(a) $ 5.5-7.5
__________
(a) We do not consider the potential future impact of adjustments on our expected financial results.