
General Motors Co. in Detroit today reported record 2024 profits of $14.9 billion, up 21 percent over 2023. The automaker did so with $187 billion in revenue last year, a 9 percent increase over year prior.
The manufacturer, however, took a $3 billion loss in the fourth quarter of last year due to more than $5 billion in special charges driven primarily by $4 billion of non-cash restructuring charges and impairment of its interests in certain Chinese joint ventures, and $500 million in charges related to the decision to stop funding the Cruise robotaxi business.
“Once again we led the U.S. market in total, retail, and fleet deliveries, we grew our market share, and we distanced ourselves from the industry’s pricing, incentive, and inventory pressures,” wrote Mary T. Barra, chair and CEO of GM, in a letter to shareholders. “We doubled our EV market share over the course of the year as we scaled production, and our portfolio became variable profit positive in the fourth quarter.”
GM credits its performance to strong sales of full-size pickups, new and redesigned SUVs, and an expanding electric vehicle portfolio. Barra says she also expects GM’s growth to continue into 2025, despite the talk of trade wars and tariffs coming out of Washington, D.C.
Looking ahead, GM says it expects to bring in between $21 billion and $24 billion in automotive operating cash during 2025, which it expects to result in between $13.7 billion and $15.7 billion in profits.
“As we look to the year ahead, we will continue to allocate capital consistently and in a balanced manner, and our vehicle portfolio will continue to get stronger,” Barra says, in looking forward to the launch of three new Cadillac EVs — ESCALADE IQ, OPTIQ, and VISTIQ.
“In addition, we will see the full-year impact of the new gas-powered SUVs we launched in 2024. They include some of our highest volume nameplates like the Chevrolet Equinox, Chevrolet Traverse, and GMC Acadia.”
To address the “uncertainty” over trade, tax, and environmental regulations, Barra says the automaker has been “proactive with Congress and the administration.”
“We have stressed the importance of a strong manufacturing sector and American leadership in advanced technologies,” Barra says. “It’s clear that we share a lot of common ground, and we appreciate the dialogue. Whatever happens on these fronts, we have a broad and deep portfolio of ICE vehicles and EVs that are both growing market share, and we’ll be agile and execute as efficiently as possible.”
To review the complete GM earnings report, visit here.