gm-20200729
0001467858FALSE00014678582020-07-292020-07-29


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549-1004
___________________

FORM 8-K
___________________

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 29, 2020
___________________
GENERAL MOTORS COMPANY
(Exact name of registrant as specified in its charter)
__________________
Delaware
001-34960
27-0756180
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
300 Renaissance Center,Detroit,Michigan48265-3000
(Address of principal executive offices)(Zip Code)

(313) 667-1500
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)
__________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, 00014678582020-07-292020-07-29


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549-1004
___________________

FORM 8-K
___________________

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 29, 2020
___________________
GENERAL MOTORS COMPANY
(Exact name of registrant as specified in its charter)
__________________
Delaware
001-34960
27-0756180
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
300 Renaissance Center,Detroit,Michigan48265-3000
(Address of principal executive offices)(Zip Code)

(313) 667-1500
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)
__________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueGMNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  



ITEM 2.02 Results of Operations and Financial Condition

On July 29, 2020 General Motors Company (GM) issued a news release and supplemental materials on the subject of its 2020 second quarter earnings. The news release and supplemental materials are attached as Exhibit 99.1 and Exhibit 99.2.

Charts furnished to securities analysts in connection with GM's 2020 second quarter earnings release are available on GM's website at www.gm.com/investors/earnings-releases.html.

ITEM 9.01 Financial Statements and Exhibits

EXHIBIT
ExhibitDescription
Exhibit 99.1
Exhibit 99.2
Exhibit 104Cover Page Interactive Data File (embedded within the Inline XBRL document)





SIGNATURE



Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

GENERAL MOTORS COMPANY (Registrant)


By:/s/ CHRISTOPHER T. HATTO
Date: July 29, 2020Christopher T. Hatto, Vice President, Global Business Solutions and Chief Accounting Officer


GMNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  



ITEM 2.02 Results of Operations and Financial Condition

On July 29, 2020 General Motors Company (GM) issued a news release and supplemental materials on the subject of its 2020 second quarter earnings. The news release and supplemental materials are attached as Exhibit 99.1 and Exhibit 99.2.

Charts furnished to securities analysts in connection with GM's 2020 second quarter earnings release are available on GM's website at www.gm.com/investors/earnings-releases.html.

ITEM 9.01 Financial Statements and Exhibits

EXHIBIT
ExhibitDescription
Exhibit 99.1
Exhibit 99.2
Exhibit 104Cover Page Interactive Data File (embedded within the Inline XBRL document)





SIGNATURE



Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

GENERAL MOTORS COMPANY (Registrant)


By:/s/ CHRISTOPHER T. HATTO
Date: July 29, 2020Christopher T. Hatto, Vice President, Global Business Solutions and Chief Accounting Officer



q22020earnings07292020
Exhibit 99.1 SECOND-QUARTER 2020 EARNINGS GM Second-Quarter Results Show Business Resiliency • EPS-diluted of $(0.56) and EPS-diluted-adjusted of $(0.50) • GMNA near EBIT-adjusted breakeven despite eight weeks of lost production • Ended quarter with $30.6 billion in automotive liquidity Q2 2020 RESULTS OVERVIEW Net Revenue Income/(Loss) Auto Operating Cash Flow EPS-Diluted* GAAP $16.8B $(0.8)B $(8.0)B $(0.56) vs. Q2 2019 (53)% (132)% $(11.8)B (134)% EBIT-adj. Margin EBIT-adj. Adj. Auto FCF EPS-Diluted-adj.* Non-GAAP (3.2)% $(0.5)B $(9.0)B $(0.50) vs. Q2 2019 (11.5) pts (118)% $(11.6)B (130)% *Includes $0.08 gain from PSA. We have a track record of making swift and strategic decisions to ensure our long-term success for the beneft of all our stakeholders. We will continue to drive the necessary change throughout the company to enable growth as we prepare to deliver a world with zero crashes, zero emissions and zero congestion.” – Mary Barra, Chairman and CEO “SOLID OPERATING RESULTS AMID PANDEMIC AUSTERITY ACTIONS Our results in the second quarter demonstrated the GM has taken many actions over the past several years resilience of the business, even while afected that have positioned the company well for a downturn. signifcantly by the pandemic. Chevrolet Silverado and During the quarter, GM implemented zero-based GMC Sierra sales were strong, leading to year-over-year budgeting and aggressively reduced its ongoing costs U.S. market share growth, despite tight inventory. Solid through signifcant austerity measures, including demand translated to stronger average transaction reductions in advertising and other discretionary pricing and lower incentives, with full-size pickup ATPs spending, compensation deferments and certain increasing $1,526 versus the frst quarter (J.D. Power). employee furloughs.  These austerity measures are Launch plans for GM’s full-size SUVs also remained on expected to normalize as production and demand track, with the frst customers taking deliveries in June. stabilize, with some of the austerity measures remaining permanent. Signifcant progress on GM’s transformational cost savings initiatives continued, with $3.8 billion achieved since 2018. The company expects to achieve its target of $4.0 to $4.5 billion, with another $0.2 billion in the second quarter. CASH FLOW AND LIQUIDITY Second-quarter adjusted auto free cash fow was $(9.0) billion, down $11.6 billion year over year. The diference 2020 Chevrolet Silverado 1500 was largely due to the fnancial impact of the Total Income and EBIT-adj. refect the COVID-19 pandemic and managed working capital unwind, pandemic impact, with key drivers including a 62- partially ofset by lower capital expenditures. The percent drop in GMNA wholesales, a $0.2 billion decline quarter beneftted from a $500-million dividend from in GMI EBIT-adj. and lower GM Financial EBT, partially GM’s China operations and a $400-million dividend ofset by cost actions compared to last year. from GM Financial. Total automotive liquidity at the end of the quarter remained strong at $30.6 billion. GMNA results neared breakeven, demonstrating the efects of key actions taken the last several years. Importantly, the company continued to invest in key Performance in China improved on a sequential basis product programs and launches, including GM’s EV from the frst quarter, with growing sales and equity programs and AV vehicle technology, full-size trucks income of $200 million in the second quarter. and key crossover programs.


 
SEGMENT RESULTS (EBIT-ADJUSTED—$B) North America International Cruise GM Financial (EBT) Q2 20 Q2 19 Q2 20 Q2 19 Q2 20 Q2 19 Q2 20 Q2 19 (0.1) 3.0 (0.3) (0.0) (0.2) (0.3) 0.2 0.5 GM North America’s results GM International results Cruise acquired German radar GM Financial results impacted impacted by lower production afected by lower wholesales manufacturer Astyx. In by higher credit provision as a result of COVID-19 as a result of the COVID-19 addition, Cruise vehicles expense and accelerated pandemic, partially ofset by pandemic, partially ofset by autonomously delivered 50,000 depreciation expense due to strong pricing and cost cost actions. meals as part of COVID-19 relief reduced residual values, both actions. efforts in San Francisco. primarily related to COVID-19. Clearly, the second quarter was a challenge, but RELENTLESS PURSUIT OF AN ALL-ELECTRIC FUTURE we achieved near breakeven EBIT-adj. in North During the quarter, Ultium Cells LLC — GM’s joint America, despite losing 8 of 13 weeks of venture with LG Chem for cell manufacturing — started production. These results illustrate the resiliency construction with ground prep activities for the future and earnings power of the business as we make site of the Ultium battery cell manufacturing facility in “ Lordstown, Ohio. Site construction began in April, the critical investments necessary for our future.” building foundation work started July 1, and crews – Dhivya Suryadevara, CFO began erecting building steel July 29. U.S. SALES AND INVENTORY GROWTH Also during the pandemic, product development work GM’s U.S. second-quarter vehicle sales declined about on GM’s future EV and AV portfolios continued to 34  percent compared to a year ago. Results were progress at a rapid pace. Production timing remains on impacted by signifcantly reduced industry demand track for the Cadillac LYRIQ, which will be revealed due to the COVID-19 pandemic and tight dealer August 6, the Cruise Origin and the GMC HUMMER EV, inventories caused by the production shutdown in the which will be revealed in the fourth quarter all powered frst and second quarters. Overall sales showed signs of by the Ultium battery system. recovery – especially retail sales, which improved from April’s 35-percent decline to May and June, where year- over-year declines were around 20 percent. The all-new Chevrolet Trailblazer and Buick Encore GX have been performing well in a highly competitive segment. They’ve gained retail market share every month since launch and combined, have captured more than 10 percent of the small SUV segment (J.D. Power). The company is working all avenues to increase U.S. dealer stocks and has restarted all U.S. full-size pickup *Pre-production model shown truck and full-size SUV plants to three shifts, and nearly Cadillac LYRIQ* all other plants to pre-pandemic shift levels. Through July 25, landed U.S. dealer stock has grown by 9 In China, Buick expanded its EV portfolio and launched percent, and total vehicles in-transit was up 6 percent, the VELITE 7 and VELITE 6 PHEV on July 24. The VELITE 7 since June. is Buick’s frst electric SUV, ofering up to 500 km of range. The VELITE 7’s electric propulsion system is powered by a new modular high-performance lithium- In addition, GM’s Fort Wayne Assembly plant will be ion battery that has higher energy density through increasing regular production of light-duty full-size improved cell chemistry, and an optimized design. pickups by about 1,000 units a month beginning These new launches compliment Buick’s VELITE 6 and September 1. VELITE 6 Plus electric vehicles.


 
MEDIA CONTACT INVESTOR CONTACT Juli Huston-Rough Michael Heifler GM Finance Communications GM Investor Relations Media Investors 313-549-6977 313-418-0220 julie.huston-rough@gm.com michael.heifler@gm.com General Motors (NYSE:GM) is a global company committed to delivering safer, better and more sustainable ways for people to get around. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Holden, 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 http://www.gm.com. Cautionary Note on Forward-Looking Statements: This press release may include “forward-looking statements” within the meaning of the U.S. federal securities laws. We caution readers not to place undue reliance on forward-looking statements. Statements including words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “efect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “priorities,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,” or the negative of any of those words or similar expressions to identify forward-looking statements 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. These statements are not guarantees of future performance; they involve risks and uncertainties and actual events or results may difer materially from these statements. Factors that might cause such diferences include, but are not limited to, a variety of economic, competitive and regulatory factors, many of which are beyond our control. Many of these factors are described in our Annual Report on Form 10-K and our other flings with the U.S. Securities and Exchange Commission. 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 afect the subject of these statements, except where we are expressly required to do so by law.


 
Document
Exhibit 99.2

General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
General Motors Company's (GM) non-GAAP measures include: earnings before interest and taxes (EBIT)-adjusted, presented net of noncontrolling interests; earnings before income taxes (EBT)-adjusted for our General Motors Financial Company, Inc. (GM Financial) segment; earnings per share (EPS)-diluted-adjusted; effective tax rate-adjusted (ETR-adjusted); return on invested capital-adjusted (ROIC-adjusted) and adjusted automotive free cash flow. GM's calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures.

These non-GAAP measures allow management and investors to view operating trends, perform analytical comparisons and benchmark performance between periods and among geographic regions to understand operating performance without regard to items we do not consider a component of our core operating performance. Furthermore, these non-GAAP measures allow investors the opportunity to measure and monitor our performance against our externally communicated targets and evaluate the investment decisions being made by management to improve ROIC-adjusted. Management uses these measures in its financial, investment and operational decision-making processes, for internal reporting and as part of its forecasting and budgeting processes. Further, our Board of Directors uses certain of these and other measures as key metrics to determine management performance under our performance-based compensation plans. For these reasons, we believe these non-GAAP measures are useful for our investors.

EBIT-adjusted EBIT-adjusted is presented net of noncontrolling interests and is used by management and can be used by investors to review our consolidated operating results because it excludes automotive interest income, automotive interest expense and income taxes as well as certain additional adjustments that are not considered part of our core operations. Examples of adjustments to EBIT include, but are not limited to, impairment charges on long-lived assets and other exit costs resulting from strategic shifts in our operations or discrete market and business conditions; costs arising from the ignition switch recall and related legal matters; and certain currency devaluations associated with hyperinflationary economies. For EBIT-adjusted and our other non-GAAP measures, once we have made an adjustment in the current period for an item, we will also adjust the related non-GAAP measure in any future periods in which there is an impact from the item. Our corresponding measure for our GM Financial segment is EBT-adjusted because interest income and interest expense are part of operating results when assessing and measuring the operational and financial performance of the segment.

EPS-diluted-adjusted EPS-diluted-adjusted is used by management and can be used by investors to review our consolidated diluted EPS results on a consistent basis. EPS-diluted-adjusted is calculated as net income attributable to common stockholders-diluted less adjustments noted above for EBIT-adjusted and certain income tax adjustments divided by weighted-average common shares outstanding-diluted. Examples of income tax adjustments include the establishment or reversal of significant deferred tax asset valuation allowances.

ETR-adjusted ETR-adjusted is used by management and can be used by investors to review the consolidated effective tax rate for our core operations on a consistent basis. ETR-adjusted is calculated as Income tax expense less the income tax related to the adjustments noted above for EBIT-adjusted and the income tax adjustments noted above for EPS-diluted-adjusted divided by Income before income taxes less adjustments. When we provide an expected adjusted effective tax rate, we do not provide an expected effective tax rate because the U.S. GAAP measure may include significant adjustments that are difficult to predict.

ROIC-adjusted ROIC-adjusted is used by management and can be used by investors to review our investment and capital allocation decisions. We define ROIC-adjusted as EBIT-adjusted for the trailing four quarters divided by ROIC-adjusted average net assets, which is considered to be the average equity balances adjusted for average automotive debt and interest liabilities, exclusive of finance leases; average automotive net pension and other postretirement benefits (OPEB) liabilities; and average automotive net income tax assets during the same period.

Adjusted automotive free cash flow Adjusted automotive free cash flow is used by management and can be used by investors to review the liquidity of our automotive operations and to measure and monitor our performance against our capital allocation program and evaluate our automotive liquidity against the substantial cash requirements of our automotive operations. We measure adjusted automotive free cash flow as automotive operating cash flow from operations less capital expenditures adjusted for management actions. Management actions can include voluntary events such as discretionary contributions to employee benefit plans or nonrecurring specific events such as a closure of a facility that are considered special for EBIT-adjusted purposes.

1




General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following table reconciles segment profit (loss) to Net income (loss) attributable to stockholders under U.S. GAAP (dollars in millions):
Three Months EndedSix Months Ended
June 30, 2020June 30, 2019June 30, 2020June 30, 2019
Operating segments
GM North America (GMNA)$(101) $3,022  $2,093  $4,918  
GM International (GMI)(270) (48) (821) (17) 
Cruise(195) (279) (423) (448) 
GM Financial(a)
226  536  456  895  
Total operating segments(340) 3,231  1,305  5,348  
Corporate and eliminations(b)(196) (219) (591) (26) 
EBIT (loss)-adjusted(536) 3,012  714  5,322  
Adjustments
GMI restructuring(c)(92) —  (581) —  
Transformation activities(d)—  (361) —  (1,151) 
GM Brazil indirect tax recoveries(e)—  380  —  1,237  
Total adjustments(92) 19  (581) 86  
Automotive interest income61  106  144  204  
Automotive interest expense(303) (195) (496) (376) 
Income tax (expense) benefit
112  (524) (245) (661) 
Net income (loss) attributable to stockholders(f)$(758) $2,418  $(464) $4,575  
__________
(a)GM Financial amounts represent EBT-adjusted.
(b)GM's automotive interest income and interest expense, legacy costs from the Opel and Vauxhall businesses and certain other assets in Europe, which are primarily pension costs, corporate expenditures and certain nonsegment-specific revenues and expenses are recorded centrally in Corporate.
(c)These adjustments were excluded because of a strategic decision to rationalize our core operations by exiting or significantly reducing our presence in various international markets to focus resources on opportunities expected to deliver higher returns. The adjustments primarily consist of inventory provisions in the three months ended June 30, 2020 and dealer restructurings, asset impairments, inventory provisions, sales allowances and employee separation charges in the six months ended June 30, 2020.
(d)These adjustments were excluded because of a strategic decision to accelerate our transformation for the future to strengthen our core business, capitalize on the future of personal mobility and drive significant cost efficiencies. The adjustments primarily consist of supplier-related charges and accelerated depreciation in the three months ended June 30, 2019 and accelerated depreciation and supplier-related charges in the six months ended June 30, 2019.
(e)These adjustments were excluded because of the unique events associated with decisions rendered by the Superior Judicial Court of Brazil resulting in retrospective recoveries of indirect taxes.
(f)Net of Net loss attributable to noncontrolling interests.



2




General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following table reconciles Net income (loss) attributable to stockholders under U.S. GAAP to EBIT (loss)-adjusted (dollars in millions):
Three Months Ended
June 30,March 31,December 31,September 30,
20202019202020192019201820192018
Net income (loss) attributable to stockholders
$(758) $2,418  $294  $2,157  $(194) $2,044  $2,351  $2,534  
Income tax expense (benefit)
(112) 524  357  137  (163) (611) 271  100  
Automotive interest expense
303  195  193  181  200  185  206  161  
Automotive interest income
(61) (106) (83) (98) (96) (117) (129) (82) 
Adjustments
GMI restructuring(a)
92  —  489  —  —  —  —  —  
Transformation activities(b)
—  361  —  790  194  1,327  390  —  
GM Brazil indirect tax recoveries(c)
—  (380) —  (857) —  —  (123) —  
FAW-GM divestiture(d)
—  —  —  —  164  —  —  —  
Ignition switch recall and related legal matters(e)
—  —  —  —  —  —  —  440  
Total adjustments
92  (19) 489  (67) 358  1,327  267  440  
EBIT (loss)-adjusted
$(536) $3,012  $1,250  $2,310  $105  $2,828  $2,966  $3,153  
________
(a)These adjustments were excluded because of a strategic decision to rationalize our core operations by exiting or significantly reducing our presence in various international markets to focus resources on opportunities expected to deliver higher returns. These adjustments primarily consist of inventory provisions in the three months ended June 30, 2020 and asset impairments, dealer restructurings, employee separation charges and sales allowances in the three months ended March 31, 2020 in Australia, New Zealand and Thailand.
(b)These adjustments were excluded because of a strategic decision to accelerate our transformation for the future to strengthen our core business, capitalize on the future of personal mobility and drive significant cost efficiencies. The adjustments primarily consist of supplier-related charges and accelerated depreciation in the three months ended June 30, 2019, accelerated depreciation in the three months ended March 31, 2019, accelerated depreciation and employee separation charges in the three months ended December 31, 2019, employee separation charges and accelerated depreciation in the three months ended December 31, 2018 and supplier-related charges and pension curtailment and other charges in the three months ended September 30, 2019.
(c)These adjustments were excluded because of the unique events associated with decisions rendered by the Superior Judicial Court of Brazil resulting in retrospective recoveries of indirect taxes.
(d)This adjustment was excluded because we divested our joint venture FAW-GM Light Duty Commercial Vehicle Co., Ltd. (FAW-GM), as a result of a strategic decision by both shareholders, allowing us to focus our resources on opportunities expected to deliver higher returns.
(e)This adjustment was excluded because of the unique events associated with the ignition switch recall, which included various investigations, inquiries and complaints from constituents.

The following table reconciles diluted earnings (loss) per common share under U.S. GAAP to EPS-diluted-adjusted (dollars in millions, except per share amounts):
Three Months EndedSix Months Ended
June 30, 2020June 30, 2019June 30, 2020June 30, 2019
AmountPer ShareAmountPer ShareAmountPer ShareAmountPer Share
Diluted earnings (loss) per common share
$(806) $(0.56) $2,381  $1.66  $(559) $(0.39) $4,500  $3.13  
Adjustments(a)92  0.06  (19) (0.01) 581  0.41  (86) (0.06) 
Tax effect on adjustment(b) —  (9) (0.01) (68) (0.05) (41) (0.03) 
Tax adjustment(c)—  —  —  —  236  0.16  —  —  
EPS-diluted-adjusted$(709) $(0.50) $2,353  $1.64  $190  $0.13  $4,373  $3.04  
________
(a)Refer to the reconciliation of segment profit (loss) to Net income (loss) attributable to stockholders under U.S. GAAP 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 expense related to the establishment of a valuation allowance against deferred tax assets in Australia and New Zealand. This adjustment was excluded because significant impacts of valuation allowances are not considered part of our core operations.

3




General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following table reconciles our effective tax rate under U.S. GAAP to ETR-adjusted (dollars in millions):
Three Months EndedSix Months Ended
June 30, 2020June 30, 2019June 30, 2020June 30, 2019
Income (loss) before income taxesIncome tax benefitEffective tax rateIncome before income taxesIncome tax expenseEffective tax rateIncome (loss) before income taxesIncome tax expenseEffective tax rateIncome before income taxesIncome tax expenseEffective tax rate
Effective tax rate
$(892) $(112) 12.6 %$2,927  $524  17.9 %$(249) $245  n.m.$5,209  $661  12.7 %
Adjustments(a)
92  (5) (16)  581  68  (83) 41  
Tax adjustment(b)—  —  (236) —  
ETR-adjusted$(800) $(117) 14.6 %$2,911  $533  18.3 %$332  $77  23.2 %$5,126  $702  13.7 %
________
n.m. = not meaningful

(a)Refer to the reconciliation of segment profit (loss) to Net income (loss) attributable to stockholders under U.S. GAAP for adjustment details. Net income attributable to noncontrolling interests included for these adjustments is insignificant in the three and six months ended June 30, 2019. 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.
(b)Refer to the reconciliation of diluted earnings (loss) per common share under U.S. GAAP to EPS-diluted-adjusted within the previous section for adjustment details.

We define return on equity (ROE) as Net income (loss) attributable to stockholders for the trailing four quarters divided by average equity for the same period. Management uses average equity to provide comparable amounts in the calculation of ROE. The following table summarizes the calculation of ROE (dollars in billions):
Four Quarters Ended
June 30, 2020June 30, 2019
Net income (loss) attributable to stockholders$1.7  $9.2  
Average equity(a)$42.8  $41.1  
ROE4.0 %22.3 %
________
(a)Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in Net income (loss) attributable to stockholders.

The following table summarizes the calculation of ROIC-adjusted (dollars in billions):
Four Quarters Ended
June 30, 2020June 30, 2019
EBIT (loss)-adjusted(a)$3.8  $11.3  
Average equity(b)$42.8  $41.1  
Add: Average automotive debt and interest liabilities (excluding finance leases)23.6  14.9  
Add: Average automotive net pension & OPEB liability17.1  16.9  
Less: Average automotive and other net income tax asset(23.9) (23.1) 
ROIC-adjusted average net assets$59.6  $49.8  
ROIC-adjusted6.4 %22.7 %
________
(a)Refer to the reconciliation of Net income (loss) attributable to stockholders under U.S. GAAP to EBIT (loss)-adjusted.
(b)Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in EBIT (loss)-adjusted.

4




General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following table reconciles Net automotive cash provided by (used in) operating activities under U.S. GAAP to adjusted automotive free cash flow (dollars in millions):
Three Months EndedSix Months Ended
June 30, 2020June 30, 2019June 30, 2020June 30, 2019
Net automotive cash provided by (used in) operating activities
$(7,996) $3,813  $(7,659) $1,606  
Less: Capital expenditures(1,107) (1,435) (2,312) (3,428) 
Add: GMI restructuring
61  —  84   
Add: Transformation activities
—  172  —  487  
Less: GM Brazil indirect tax recoveries
—  (16) (58) (16) 
Adjusted automotive free cash flow
$(9,042) $2,534  $(9,945) $(1,342) 

The following tables summarize key financial information by segment (dollars in millions):
GMNAGMICorporateEliminationsTotal
Automotive
CruiseGM
Financial
Reclassifications/EliminationsTotal
Three Months Ended June 30, 2020
Net sales and revenue$11,604  $1,677  $80  $13,361  $28  $3,423  $(34) $16,778  
Expenditures for property$916  $181  $10  $—  $1,107  $ $ $—  $1,112  
Depreciation and amortization
$1,127  $149  $ $—  $1,282  $11  $1,965  $—  $3,258  
Impairment charges
$—  $ $—  $—  $ $—  $—  $—  $ 
Equity income(a)
$ $165  $—  $—  $170  $—  $42  $—  $212  
GMNAGMICorporateEliminationsTotal
Automotive
CruiseGM
Financial
Reclassifications/EliminationsTotal
Three Months Ended June 30, 2019
Net sales and revenue
$28,324  $4,047  $54  $32,425  $25  $3,639  $(29) $36,060  
Expenditures for property$1,268  $166  $ $—  $1,435  $19  $ $—  $1,462  
Depreciation and amortization
$1,409  $119  $13  $—  $1,541  $ $1,848  $—  $3,396  
Impairment charges
$ $ $—  $—  $11  $—  $—  $—  $11  
Equity income (loss)(a)
$ $233  $(6) $—  $229  $—  $42  $—  $271  
GMNAGMICorporateEliminationsTotal
Automotive
CruiseGM
Financial
Reclassifications/EliminationsTotal
Six Months Ended June 30, 2020
Net sales and revenue
$37,435  $4,957  $118  $42,510  $53  $6,984  $(60) $49,487  
Expenditures for property
$1,862  $436  $14  $—  $2,312  $ $18  $—  $2,336  
Depreciation and amortization
$2,354  $315  $15  $—  $2,684  $19  $3,753  $—  $6,456  
Impairment charges
$20  $97  $—  $—  $117  $—  $—  $—  $117  
Equity income(a)
$11  $ $—  $—  $13  $—  $67  $—  $80  
GMNAGMICorporateEliminationsTotal
Automotive
CruiseGM
Financial
Reclassifications/EliminationsTotal
Six Months Ended June 30, 2019
Net sales and revenue
$55,689  $7,897  $100  $63,686  $50  $7,259  $(57) $70,938  
Expenditures for property
$2,969  $458  $ $—  $3,428  $23  $25  $—  $3,476  
Depreciation and amortization
$3,478  $246  $25  $—  $3,749  $ $3,747  $—  $7,505  
Impairment charges
$15  $ $—  $—  $18  $—  $—  $—  $18  
Equity income (loss)(a)
$ $607  $(13) $—  $598  $—  $87  $—  $685  
________
(a)Includes Automotive China equity income of $169 million and $235 million in the three months ended June 30, 2020 and 2019 and $2 million and $611 million in the six months ended June 30, 2020 and 2019.



5




General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Vehicle Sales

GM presents both wholesale and total vehicle sales data to assist in the analysis of our revenue and our market share. Cuba, Iran, North Korea, Sudan and Syria are subject to broad economic sanctions. Accordingly these countries are excluded from industry sales data and the corresponding calculation of GM's market share.

Wholesale vehicle sales data consists of sales to GM's dealers and distributors as well as sales to the U.S. Government and excludes vehicles sold by our joint ventures. Wholesale vehicle sales data correlates to GM's revenue recognized from the sale of vehicles, which is the largest component of Automotive net sales and revenue. In the six months ended June 30, 2020, 32.3% of our wholesale vehicle sales volume was generated outside the U.S. The following table summarizes wholesale vehicle sales by automotive segment (vehicles in thousands):
Three Months EndedSix Months Ended
June 30, 2020June 30, 2019June 30, 2020June 30, 2019
GMNA331  870  1,106  1,729  
GMI90  259  281  495  
Total421  1,129  1,387  2,224  

6




General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Total vehicle sales data represents: (1) retail sales (i.e., sales to consumers who purchase new vehicles from dealers or distributors); (2) fleet sales, such as sales to large and small businesses, governments, and daily rental car companies; and (3) vehicles used by dealers in their businesses, including courtesy transportation vehicles. Total vehicle sales data includes all sales by joint ventures on a total vehicle basis, not based on our percentage ownership interest in the joint venture. Certain joint venture agreements in China allow for the contractual right to report vehicle sales of non-GM trademarked vehicles by those joint ventures, which are included in the total vehicle sales we report for China. While total vehicle sales data does not correlate directly to the revenue GM recognizes during a particular period, we believe it is indicative of the underlying demand for GM vehicles. Total vehicle sales data represents management's good faith estimate based on sales reported by GM's dealers, distributors, and joint ventures, commercially available data sources such as registration and insurance data, and internal estimates and forecasts when other data is not available.

The following table summarizes total vehicle sales by geographic region (vehicles in thousands):
Three Months EndedSix Months Ended
June 30, 2020June 30, 2019June 30, 2020June 30, 2019
United States
Chevrolet – Cars32  90  97  190  
Chevrolet – Trucks176  248  386  446  
Chevrolet – Crossovers125  161  284  316  
Cadillac23  40  54  76  
Buick36  55  69  107  
GMC100  153  221  277  
Total United States492  747  1,111  1,412  
Canada, Mexico and Other73  129  173  239  
Total North America565  876  1,284  1,651  
Asia/Pacific, Middle East and Africa
Chevrolet194  224  366  443  
Wuling271  251  447  517  
Buick213  198  343  423  
Baojun94  136  176  305  
Cadillac60  68  88  114  
Other12  22  30  43  
Total Asia/Pacific, Middle East and Africa844  899  1,450  1,845  
South America(a)57  162  189  318  
Total in GM markets1,466  1,937  2,923  3,814  
Total Europe—   —   
Total Worldwide1,466  1,938  2,923  3,816  
_______
(a)Primarily Chevrolet.

The vehicle sales at GM's China joint ventures presented in the following table are included in the preceding vehicle sales table (vehicles in thousands): 
Three Months EndedSix Months Ended
June 30, 2020June 30, 2019June 30, 2020June 30, 2019
SAIC General Motors Sales Co., Ltd.
350  372  557  754  
SAIC GM Wuling Automobile Co., Ltd.
364  382  618  814  
7




General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Three Months EndedSix Months Ended
June 30, 2020June 30, 2019June 30, 2020June 30, 2019
Market Share
United States – Cars5.5 %8.5 %7.0 %9.1 %
United States – Trucks30.2 %30.1 %30.5 %29.3 %
United States – Crossovers13.3 %13.4 %14.0 %13.7 %
Total United States16.3 %16.4 %16.8 %16.3 %
Total North America16.0 %15.8 %16.4 %15.7 %
Total Asia/Pacific, Middle East and Africa
8.8 %7.7 %7.9 %7.8 %
Total South America14.6 %15.1 %15.1 %15.3 %
Total GM Market10.9 %10.6 %10.6 %10.6 %
Total Worldwide9.2 %8.3 %8.7 %8.3 %
United States fleet sales as a percentage of retail vehicle sales
11.9 %23.1 %20.7 %24.0 %
North America capacity two-shift utilization35.8 %103.7 %71.8 %102.1 %
8




General Motors Company and Subsidiaries
Combining Income Statement Information
(In millions) (Unaudited)
Three Months Ended June 30, 2020Three Months Ended June 30, 2019
AutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
Net sales and revenue
Automotive$13,361  $28  $—  $(26) $13,363  $32,425  $25  $—  $(25) $32,425  
GM Financial—  —  3,423  (8) 3,415  —  —  3,639  (4) 3,635  
Total net sales and revenue
13,361  28  3,423  (34) 16,778  32,425  25  3,639  (29) 36,060  
Costs and expenses
Automotive and other cost of sales
13,256  188  —  —  13,444  28,036  292  —  (1) 28,327  
GM Financial interest, operating and other expenses
—  —  3,239  (1) 3,238  —  —  3,145  (1) 3,144  
Automotive and other selling, general and administrative expense
1,251  59  —  —  1,310  2,055  47  —  —  2,102  
Total costs and expenses14,507  247  3,239  (1) 17,992  30,091  339  3,145  (2) 33,573  
Operating income (loss)
(1,146) (219) 184  (33) (1,214) 2,334  (314) 494  (27) 2,487  
Automotive interest expense312  —  —  (9) 303  195  —  —  —  195  
Interest income and other non-operating income, net
382  12  —  19  413  320  21  —  23  364  
Equity income
170  —  42  —  212  229  —  42  —  271  
Income (loss) before income taxes
$(906) $(207) $226  $(5) (892) $2,688  $(293) $536  $(4) 2,927  
Income tax expense (benefit)
(112) 524  
Net income (loss)(780) 2,403  
Net loss attributable to noncontrolling interests
22  15  
Net income (loss) attributable to stockholders
$(758) $2,418  
Net income (loss) attributable to common stockholders
$(806) $2,381  
Six Months Ended June 30, 2020Six Months Ended June 30, 2019
AutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
Net sales and revenue
Automotive$42,510  $53  $—  $(50) $42,513  $63,686  $50  $—  $(50) $63,686  
GM Financial—  —  6,984  (10) 6,974  —  —  7,259  (7) 7,252  
Total net sales and revenue42,510  53  6,984  (60) 49,487  63,686  50  7,259  (57) 70,938  
Costs and expenses
Automotive and other cost of sales
39,799  

371  —  

—  

40,170  

56,071  

487  

—  

(2) 

56,556  
GM Financial interest, operating and other expenses
—  —  6,595  (1) 6,594  —  —  6,451  (1) 6,450  
Automotive and other selling, general and administrative expense
3,153  127  —  —  3,280  4,135  66  —  —  4,201  
Total costs and expenses
42,952  498  6,595  (1) 50,044  60,206  553  6,451  (3) 67,207  
Operating income (loss)(442) (445) 389  (59) (557) 3,480  (503) 808  (54) 3,731  
Automotive interest expense
505  —  —  (9) 496  379  —  —  (3) 376  
Interest income and other non-operating income, net
660   —  62  724  1,088  45  —  36  1,169  
Equity income
13  —  67  —  80  598  —  87  —  685  
Income (loss) before income taxes
$(274) $(443) $456  $12  (249) $4,787  $(458) $895  $(15) 5,209  
Income tax expense
245  661  
Net income (loss)(494) 4,548  
Net loss attributable to noncontrolling interests
30  27  
Net income (loss) attributable to stockholders
$(464) $4,575  
Net income (loss) attributable to common stockholders
$(559) $4,500  
9




General Motors Company and Subsidiaries
Basic and Diluted Earnings per Share
(Unaudited)

The following table summarizes basic and diluted earnings (loss) per share (in millions, except per share amounts):
Three Months EndedSix Months Ended
June 30, 2020June 30, 2019June 30, 2020June 30, 2019
Basic earnings per share
Net income (loss) attributable to stockholders
$(758) $2,418  $(464) $4,575  
Less: cumulative dividends on subsidiary preferred stock
(48) (37) (95) (75) 
Net income (loss) attributable to common stockholders
$(806) $2,381  $(559) $4,500  
Weighted-average common shares outstanding
1,432  1,420  1,432  1,419  
Basic earnings (loss) per common share
$(0.56) $1.68  $(0.39) $3.17  
Diluted earnings per share
Net income (loss) attributable to common stockholders – diluted
$(806) $2,381  $(559) $4,500  
Weighted-average common shares outstanding – diluted
1,432  1,438  1,432  1,437  
Diluted earnings (loss) per common share$(0.56) $1.66  $(0.39) $3.13  
Potentially dilutive securities(a)43   43   
__________
(a)Potentially dilutive securities attributable to outstanding stock options, Performance Share Units and Restricted Stock Units were excluded from the computation of diluted EPS because the securities would have had an antidilutive effect.
10




General Motors Company and Subsidiaries
Combining Balance Sheet Information
(In millions, except per share amounts) (Unaudited)(a)
June 30, 2020December 31, 2019
AutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
ASSETS
Current Assets
Cash and cash equivalents$20,499  $1,216  $6,512  $—  $28,228  $13,409  $2,349  $3,311  $—  $19,069  
Marketable debt securities(b)8,294  982  —  (23) 9,254  3,908  320  —  (54) 4,174  
Accounts and notes receivable, net(c)
7,515   2,085  (1,657) 7,946  6,614   1,004  (823) 6,797  
GM Financial receivables, net(d)—  —  23,263  (412) 22,851  —  —  27,101  (500) 26,601  
Inventories10,277   —  (1) 10,280  10,398  —  —  —  10,398  
Other current assets1,884  25  7,035  (4) 8,938  2,517  16  5,424  (4) 7,953  
Total current assets48,469  2,228  38,895  (2,096) 87,497  36,846  2,687  36,841  (1,383) 74,992  
Non-current Assets
GM Financial receivables, net(d)—  —  28,999  —  28,999  —  —  26,372  (17) 26,355  
Equity in net assets of nonconsolidated affiliates
6,240  —  1,484  —  7,724  7,107  —  1,455  —  8,562  
Property, net 36,726  137  203  —  37,066  38,374  150  226  —  38,750  
Goodwill and intangible assets, net
3,218  726  1,337  —  5,282  3,348  634  1,355  —  5,337  
Equipment on operating leases, net
—  —  39,601  —  39,601  —  —  42,055  —  42,055  
Deferred income taxes24,301  471  (117) —  24,654  24,582  345  (287) —  24,640  
Other assets5,617  401  752  (59) 6,712  6,123  413  863  (53) 7,346  
Total non-current assets76,104  1,735  72,259  (59) 150,038  79,533  1,542  72,040  (70) 153,045  
Total Assets$124,573  $3,963  $111,154  $(2,155) $237,535  $116,380  $4,230  $108,881  $(1,454) $228,037  
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (principally trade)(b)(c)
$15,166  $59  $648  $(719) $15,154  $21,101  $109  $644  $(836) $21,018  
Short-term debt and current portion of long-term debt
Automotive (c)(d)
4,063  —  —  (1,353) 2,710  2,397  —  —  (500) 1,897  
GM Financial
—  —  37,313  —  37,313  —  —  35,503  —  35,503  
Accrued liabilities17,701  152  4,879  (5) 22,727  22,493  82  3,916  (4) 26,487  
Total current liabilities36,929  211  42,841  (2,077) 77,904  45,990  192  40,064  (1,341) 84,905  
Non-current Liabilities
Long-term debt
Automotive(d)
32,211  —  —  —  32,211  12,507  —  —  (18) 12,489  
GM Financial
—  —  54,939  —  54,939  —  —  53,435  —  53,435  
Postretirement benefits other than pensions
5,836  —  —  —  5,836  5,935  —  —  —  5,935  
Pensions 11,245  —   —  11,249  12,166  —   —  12,170  
Other liabilities9,600  521  1,841  (59) 11,903  10,518  505  2,176  (53) 13,146  
Total non-current liabilities58,892  521  56,783  (59) 116,138  41,126  505  55,615  (71) 97,175  
Total Liabilities95,821  732  99,625  (2,134) 194,042  87,114  697  95,679  (1,410) 182,080  
Commitments and contingencies
Equity
Common stock, $0.01 par value
14  —  —  —  14  14  —  —  —  14  
Preferred stock, $0.01 par value
—  —  —  —  —  —  —  —  —  —  
Additional paid-in capital(e)
26,099  64  1,238  (1,314) 26,087  26,095  50  1,283  (1,354) 26,074  
Retained earnings
11,941  1,239  11,930  (6) 25,104  12,303  1,566  13,013  (22) 26,860  
Accumulated other comprehensive loss
(10,263) —  (1,638) —  (11,901) (10,062) —  (1,094) —  (11,156) 
Total stockholders’ equity
27,790  1,303  11,529  (1,320) 39,304  28,348  1,617  13,202  (1,376) 41,792  
Noncontrolling interests(e)
961  1,928  —  1,301  4,189  918  1,916  —  1,331  4,165  
Total Equity28,752  3,231  11,529  (19) 43,493  29,266  3,533  13,202  (43) 45,957  
Total Liabilities and Equity$124,573  $3,963  $111,154  $(2,155) $237,535  $116,380  $4,230  $108,881  $(1,454) $228,037  
_________
(a)Amounts may not sum due to rounding.
(b)Includes $505 million of marketable debt securities pending cash settlement and the related payable at June 30, 2020.
(c)Eliminations primarily include: (1) $895 million in intercompany loans for amounts funded to Automotive segments for subvention owed to GM Financial at June 30, 2020; (2) GM Financial accounts and notes receivable of $673 million offset by Automotive accounts and loans payable at June 30, 2020; and (3) GM Financial accounts receivable of $678 million offset by Automotive accounts payable and Automotive accounts receivable of $78 million offset by GM Financial accounts payable at December 31, 2019.
(d)Eliminations include GM Financial loan receivable of $412 million and $517 million offset by an Automotive loan payable at June 30, 2020 and December 31, 2019.
(e)Primarily reclassification of GM Financial Cumulative Perpetual Preferred Stock, Series A and B. The preferred stock is classified as noncontrolling interests in our condensed consolidated balance sheet.
11




General Motors Company and Subsidiaries
Combining Cash Flow Information
(In millions) (Unaudited)(a)
Six Months Ended June 30, 2020Six Months Ended June 30, 2019
AutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
Cash flows from operating activities
Net income (loss)$(530) $(317) $341  $12  $(494) $4,209  $(329) $683  $(15) $4,548  
Depreciation and impairment of Equipment on operating leases, net
41  —  3,718  —  3,759  38  —  3,710  —  3,748  
Depreciation, amortization and impairment charges on Property, net
2,760  19  35  —  2,814  3,729   37  —  3,775  
Foreign currency remeasurement and transaction gains
(61) —  (2) —  (63) (174) —  (4) —  (178) 
Undistributed earnings of nonconsolidated affiliates, net
512  —  (67) —  446  343  —  (87) —  256  
Pension contributions and OPEB payments
(327) —  —  —  (327) (570) —  —  —  (570) 
Pension and OPEB income, net
(518) —  —  —  (518) (306) —  —  —  (306) 
Provision (benefit) for deferred taxes
17  (126) 86  —  (24) 30  (129) 178  —  79  
Change in other operating assets and liabilities(b)(c)(d)
(9,552) 37  (30) 2,699  (6,847) (5,693) 83  (224) (522) (6,357) 
Net cash provided by (used in) operating activities
(7,659) (387) 4,079  2,711  (1,254) 1,606  (367) 4,293  (538) 4,995  
Cash flows from investing activities
Expenditures for property
(2,312) (6) (18) —  (2,336) (3,428) (23) (25) —  (3,476) 
Available-for-sale marketable securities, acquisitions
(5,948) (1,708) —  —  (7,656) (1,314) (899) —  —  (2,213) 
Available-for-sale marketable securities, liquidations
2,674  1,038  —  (18) 3,694  1,244  26  —  (26) 1,244  
Purchases of finance receivables, net(b)(c)
—  —  (16,003) 1,073  (14,929) —  —  (14,670) 914  (13,757) 
Principal collections and recoveries on finance receivables(b)(c)
—  —  13,314  (3,751) 9,563  —  —  12,096  (388) 11,708  
Purchases of leased vehicles, net
—  —  (6,054) —  (6,054) —  —  (8,189) —  (8,189) 
Proceeds from termination of leased vehicles
—  —  5,537  —  5,537  —  —  6,444  —  6,444  
Other investing activities(e)
(2) (72) —  (81) (155) (587) —  (5) 690  99  
Net cash used in investing activities
(5,588) (748) (3,223) (2,777) (12,336) (4,083) (897) (4,349) 1,190  (8,140) 
Cash flows from financing activities
Net increase in short-term debt(c)
965  —  821  (940) 846  693  —  243  —  936  
Proceeds from issuance of debt (original maturities greater than three months)
21,103  —  32,361  —  53,465  986  —  19,525  —  20,511  
Payments on debt (original maturities greater than three months)
(479) —  (29,197) 164  (29,512) (222) —  (20,402) —  (20,625) 
Proceeds from issuance of preferred stock(e)
—  —  —  —  —  —  1,101  —  (687) 414  
Dividends paid(d)
(547) —  (845) 800  (592) (1,109) (31) (46)  (1,184) 
Other financing activities
(438)  (97) 39  (491) (215) (4) (78) 33  (264) 
Net cash provided by (used in) financing activities
20,605   3,044  65  23,716  132  1,066  (758) (652) (212) 
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(281) —  (149) —  (429) 20  —  22  —  42  
Net increase (decrease) in cash, cash equivalents and restricted cash
7,077  (1,132) 3,751  —  9,697  (2,325) (197) (792) —  (3,315) 
Cash, cash equivalents and restricted cash at beginning of period
13,487  2,355  7,102  —  22,943  13,762  2,291  7,443  —  23,496  
Cash, cash equivalents and restricted cash at end of period
$20,563  $1,222  $10,854  $—  $32,640  $11,437  $2,093  $6,651  $—  $20,181  
_________
(a)Amounts may not sum due to rounding.
(b)Includes reclassifications of $3.4 billion and $432 million in the six months ended June 30, 2020 and 2019 for purchases/collections of wholesale finance receivables resulting from vehicles sold by GM to dealers that have arranged their inventory floor plan financing through GM Financial.
(c)Eliminations include: (1) $895 million in intercompany loans for amounts funded to Automotive segments for subvention owed to GM Financial in the six months ended June 30, 2020; (2) $134 million and $482 million in other Purchases of finance receivables, net in the six months ended June 30, 2020 and 2019; and (3) $336 million and $388 million in Principal collections and recoveries on finance receivables in the six months ended June 30, 2020 and 2019; all primarily related to the re-timing of cash receipts and payments between Automotive and GM Financial.
(d)Eliminations include dividends issued by GM Financial to Automotive.
(e)Eliminations include $690 million in the six months ended June 30, 2019 primarily for Automotive cash injections in Cruise, inclusive of our investments of $687 million in Cruise Preferred Shares.
12
v3.20.2
Cover
Jul. 29, 2020
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jul. 29, 2020
Entity Registrant Name GENERAL MOTORS COMPANY
Entity Incorporation, State or Country Code DE
Entity File Number 001-34960
Entity Tax Identification Number 27-0756180
Entity Address, Address Line One 300 Renaissance Center,
Entity Address, City or Town Detroit,
Entity Address, State or Province MI
Entity Address, Postal Zip Code 48265
City Area Code 313
Local Phone Number 667-1500
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.01 par value
Trading Symbol GM
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0001467858
Amendment Flag false