GM is committed to an all-electric future, with plans to have an annual EV capacity of one million units in North America by 2025. The company is also investing in an ecosystem to enable mass EV adoption, including charging solutions.

GM is developing an integrated software and services strategy to deliver an end-to-end experience for customers. This includes OnStar, Super Cruise, and other software-defined features that can be updated over-the-air.

Cruise voluntarily paused all of its driverless, supervised, and manual AV operations in the U.S. while it examines its processes, systems and tools after a hit-and-run accident. This pause is designed to rebuild public trust while Cruise undertakes a comprehensive safety review.

GM ratified a new collective bargaining agreement with the UAW in November 2023, covering wages, hours, benefits and other terms and conditions of employment for UAW-represented employees. The agreement includes wage increases and a cost-of-living allowance.

Despite improvements, supply chain disruptions continue to impact production. GM is working to develop a more resilient, scalable and sustainable North America-focused EV supply chain.

GM is focusing on cross-segment part sharing to optimize vehicle portfolio profitability, with more than 75% of global internal combustion vehicle sales volume expected to come from five internal combustion vehicle architectures through this decade.

GM acknowledges the risk of not delivering new products, services, and technologies in response to increased competition and changing consumer needs. This includes the entrance of start-ups and non-traditional competitors.

GM's near-term profitability is dependent upon the success of their current line of ICE vehicles, particularly full-size ICE SUVs and full-size ICE pickup trucks. Any shift in consumer preferences could weaken demand for these higher margin vehicles.

GM is subject to risks associated with climate change, including increased regulation of GHG emissions, changing consumer preferences, and potential impacts of severe weather events on their operations and infrastructure. This includes risks related to the transition to EVs.

GM's total vehicle sales in the U.S. reached 2.6 million units, representing a market share of 16.2%, an increase of 0.3 percentage points compared to 2022. This indicates a strong competitive position in their largest market.

GM's total vehicle sales in China were 2.1 million units, resulting in a market share of 8.4%, a decrease of 1.4 percentage points compared to 2022. The company faces price competition, growing customer acceptance of domestic brands and demand for NEVs.

GM is investing heavily in EV technology, software-enabled services, and AVs to maintain a competitive edge. This includes the development of the Ultium platform and the integration of software and services.

GM is implementing a cost reduction program to reduce automotive fixed costs by $2.0 billion by the end of 2024. This program includes streamlining engineering, reducing marketing expenses, and adjusting EV launch cadence.

The company acknowledges that its use of "just-in-time" manufacturing processes makes it dependent on suppliers delivering sufficient quantities of materials on time, and that supply disruptions could impact production.

GM's high proportion of fixed costs, due to significant investments in property, plant and equipment, and collective bargaining agreements, limit flexibility to adjust personnel costs to changes in demand.

GM's research and development expenses were $9.9 billion in 2023, $9.8 billion in 2022 and $7.9 billion in 2021. These costs primarily relate to developing new products or services or improving existing products or services, including activities related to EVs and AVs.

GM has created a new Software & Services organization to bring together all of GM's software capabilities and assets under one team. This organization is focused on developing and implementing an integrated software and services strategy.

GM holds a significant number of patents, copyrights, trade secrets and other intellectual property that protect those innovations in numerous countries. While no single piece of intellectual property is individually material to the business as a whole, intellectual property is important to operations and continued technological development.

GM's Board of Directors increased the share repurchase program capacity to $11.4 billion and approved an accelerated share repurchase program to repurchase an aggregate amount of $10.0 billion of common stock. This signals confidence in the company's future cash flow generation.

The Board of Directors increased the quarterly dividend to $0.12 per share of common stock beginning in 2024. This demonstrates a commitment to returning capital to shareholders.

GM is making significant investments in EV manufacturing capacity and securing supply through investments in raw materials suppliers and the execution of strategic, multi-year supply agreements. This reflects a strategic shift in capital allocation.

GM has announced plans to become carbon neutral in its global products and operations by 2040. The company also plans to eliminate tailpipe emissions from new light-duty vehicles in the U.S. by 2035.

GM is working to increase its use of renewable energy and improve energy efficiency. The company has also surpassed its goal of diverting more than 90% of its operational waste from landfills.

GM is committed to fostering a culture of diversity, equity and inclusion for its workforce, business partners, customers and communities. The company has various programs and partnerships aimed at enhancing its culture of inclusion.

GM acknowledges that its business is highly dependent on global automobile market sales volume, which can be volatile. This is driven by economic and market conditions, including political unrest, and geopolitical tensions.

GM is subject to extensive laws, regulations and policies related to vehicle emissions and fuel economy standards, which can significantly increase costs and affect how they do business. This includes various standards in the U.S., Canada, China and other regions.

The increased demand for EV critical minerals is increasing scrutiny of the sustainability and human rights implications of these supply chains. This may lead to increased costs and supply chain complexity.