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| EX-99.2 - EXHIBIT 99.2 - 2018 Q3 HIGHLIGHTS - General Motors Co | a2018q3consolidatedearning.htm |
| 8-K - 2018 Q3 EARNINGS RELEASE 8-K - General Motors Co | a2018q3earningsrelease8-k.htm |
Exhibit 99.1 THIRD-QUARTER 2018 EARNINGS GM Reports Income of $2.5 Billion and EBIT-adjusted of $3.2 Billion • Strong EPS diluted of $1.75; record third-quarter EPS diluted-adjusted of $1.87. • Strong results in North America driven by all-new full-size trucks, and crossovers. • Third-quarter records for GM China equity income and GM Financial EBT; record quarter for GM Financial revenue. Q3 2018 RESULTS OVERVIEW Net Revenue Income Auto Operating Cash Flow EPS Diluted GAAP $35.8 B $2.5 B $2.5 B $1.75 vs. Q3 2017 + 6.4% + 2,123% + $1.3 B + 2,088% EBIT-adj. Margin EBIT-adj. Adj. Auto FCF EPS Diluted-adj. Non-GAAP 8.8% $3.2 B $0.4 B $1.87 vs. Q3 2017 + 1.3 pts + 25.0% + $1.3 B + 41.7% Our third-quarter performance demonstrates our determination to manage risks and deliver strong business results while continuing to advance the future of mobility.” – Mary Barra, Chairman and CEO NORTH“ AMERICA HIGHLIGHTS GM North America posted strong margins of 10.2 percent in the third quarter, driven by an increase in average transaction prices that rose to record Q3 highs. The frst light-duty 2019 Chevrolet Silverados and GMC Sierras began arriving in dealerships in August. Customer deliveries of the Silverado LTZ and High Country and the GMC Sierra SLT, Denali and AT4 crew- cab models have exceeded expectations as production ramps up to meet expected demand. GM expects to 2019 GMC Sierra Denali ship about 120,000 of the new trucks in the second half GM FINANCIAL GROWTH of 2018. Production of the all-new Chevrolet Blazer will GM Financial delivered an all-time record for revenue begin late in the fourth quarter. and third-quarter record EBT of $0.5 billion, resulting from portfolio growth and stable credit. HONDA JOINS GM CRUISE In October, GM announced that Honda will join Cruise CHINA PERFORMANCE and GM to build a new autonomous vehicle. The Despite challenging market conditions, GM China purpose-built AV will serve a wide variety of use cases achieved record third-quarter equity income, driven by and be manufactured at high volume for global a strong mix of vehicles in popular segments, led by deployment. record Cadillac sales and strong Chevrolet deliveries. GM China is introducing 10 new or refreshed models in In addition to its $750 million equity investment in the second half of 2018. Cruise, Honda committed another $2 billion to Cruise, including development costs for the purpose-built AV. The Baojun E200 launched in September. Along with With this transaction, Cruise has now attracted $5 the Buick VELITE 6 unveiled earlier this year, these are billion in external capital and is valued at $14.6 billion. the frst in a wave of electric vehicles launching in China in the next several years.
“ SEGMENT RESULTS (EBIT-ADJUSTED - $B) North America International GM Cruise GM Financial (EBT) Q3 18 Q3 17 Q3 18 Q3 17 Q3 18 Q3 17 Q3 18 Q3 17 2.8 2.1 0.1 0.4 (0.2) (0.2) 0.5 0.3 EBIT-adj. margin of 10.2% Results include record Q3 Based on the current rate of Continued strong EBT and due to all-new full-size China equity income of iteration, Cruise continues revenue growth; GMF to pay trucks, continued crossover $0.5 billion, ofset by to target commercialization a d i v i d e n d t o G M performance and overall continued weakness of in 2019 in a dense urban commencing in the fourth favorable pricing. South American currencies. environment. quarter. Our disciplined approach to the U.S. market, combined with strength in China and further growth of GM Financial, drove a very strong quarter. We will continue to take actions to mitigate headwinds including foreign currency volatility and commodity costs.” “ – Dhivya Suryadevara, Chief Financial Ofcer Q3 VEHICLE SALES CADILLAC GAINING MOMENTUM GM delivered nearly 700,000 vehicles in the U.S. in the Cadillac’s frst-ever XT4 compact luxury SUV began third quarter. Average transaction prices rose to a arriving in showrooms in the U.S., Canada and China in third-quarter record of more than $36,000, up about the third quarter. Cadillac will introduce a new model $800 per unit year over year and $4,000 above every six months through 2020, continuing next with industry average. the three-row XT6. Sales of the Chevrolet Tahoe, Suburban and GMC Super Cruise received the top spot in Consumer Yukon full-size SUVs were up approximately 12 percent Reports’ ranking of partially automated driving year over year. The Chevrolet Colorado and GMC systems. Earlier this year, Cadillac announced Super Canyon posted the best third-quarter midsize pickup Cruise technology will become available on every sales since 2004. model starting in 2020. GM China delivered nearly 836,000 vehicles in the third quarter. Chevrolet gained momentum as year- to-date sales were up 10 percent, led by higher- content crossovers including the Equinox, which saw 29 percent growth compared to a year ago. Cadillac sales in China set a third-quarter record, up 4 percent year over year and up 20 percent year to date. The brand is capitalizing on the country's luxury trend, and sales are expected to grow for the full year. For details on GM’s global sales, click here. 2019 Cadillac XT4 PROGRESS IN ELECTRIC VEHICLES As previously announced, GM is increasing production LIQUIDITY ($B) (excludes GM Financial) of the Bolt EV in the fourth quarter by 20 percent to meet growing demand. Q3 18 Q4 17 Cash and Current Marketable Securities GM has partnered with Delta Electronics to develop (includes GM Cruise) 19.8 19.6 faster EV charging technology. GM will deliver a prototype vehicle capable of a 180-mile range with Total Liquidity 33.9 33.6 less than 10 minutes of charging.
MEDIA CONTACT INVESTOR CONTACT Tom Henderson Michael Heifler GM Finance Communications GM Investor Relations Media Investors 313-410-2704 313-418-0220 tom.e.henderson@gm.com michael.heifler@gm.com General Motors (NYSE:GM) is 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 Cadillac, Chevrolet, Baojun, Buick, GMC, Holden, Jiefang and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, Maven, its personal mobility brand, and Cruise, its autonomous vehicle ridesharing company, can be found at gm.com. Cautionary Note on Forward-Looking Statements. This presentation and related comments by management may include forward-looking statements. These statements are based on current expectations about possible future events and thus are inherently uncertain. Our actual results may difer materially from forward-looking statements due to a variety of factors, including: (1) our ability to deliver new products, services and experiences that attract new, and are desired by existing, customers and to efectively compete in autonomous, ride-sharing and transportation as a service; (2) sales of crossovers, SUVs and full-size pickup trucks; (3) our ability to reduce the costs associated with the manufacture and sale of electric vehicles; (4) the volatility of global sales and operations; (5) our signifcant business in China which subjects us to unique operational, competitive and regulatory risks; (6) our joint ventures, which we cannot operate solely for our beneft and over which we may have limited control; (7) changes in government leadership and laws (including tax laws and regulations), economic tensions between governments and changes in international trade policies, new barriers to entry and changes to or withdrawals from free trade agreements, changes in foreign exchange rates, economic downturns in foreign countries, difering local product preferences and product requirements, compliance with U.S. and foreign countries' export controls and economic sanctions, difering labor laws and regulations and difculties in obtaining fnancing in foreign countries; (8) our dependence on our manufacturing facilities; (9) the ability of suppliers to deliver parts, systems and components without disruption and on schedule; (10) prices of raw materials; (11) our highly competitive industry; (12) the possibility that competitors may independently develop products and services similar to ours despite our intellectual property rights; (13) security breaches and other disruptions to our vehicles, information technology networks and systems; (14) compliance with laws and regulations applicable to our industry, including those regarding fuel economy and emissions; (15) costs and risks associated with litigation and government investigations; (16) the cost and efect on our reputation of product safety recalls and alleged defects in products and services; (17) our ability to successfully and cost-efciently restructure operations in various countries, including Korea, with minimal disruption to our supply chain and operations, globally; (18) our ability to realize production efciencies and to achieve reductions in costs; (19) our ability to develop captive fnancing capability through GM Financial; and (20) signifcant increases in pension expense or projected pension contributions. A further list and description of these risks, uncertainties and other factors can be found in our Annual Report on Form 10-K for the fscal year ended December 31, 2017, and our subsequent flings with the U.S. Securities and Exchange Commission. GM cautions readers not to place undue reliance on forward-looking statements. GM undertakes no obligation to update publicly or otherwise revise any forward-looking statements. Basis of Presentation The fnancial and operational information included in this press release relate to our continuing operations and not our discontinued operations, which consist of the Opel and Vauxhall businesses and certain other assets in Europe and the European fnancing subsidiaries and branches that were sold in 2017.