Q1 2020 RESULTS May 6, 2020 2021 Cadillac Escalade GM Confidential 1
INFORMATION RELEVANT TO THIS PRESENTATION rd-Looking Statements: This presentation and related comments by management may include “forward - looking statements” within the Cautionary ry Note on Forw rward meaning of the Private Securities Litigation Reform Act of 1995. We caution readers not to place undue reliance on forward-looking statements. Statements including words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “priorities,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “w ill ,” “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 differ materially from these statements. Factors that might cause such differences include, but are not limited to, a variety of economic, competitive and regulatory factors, many of which are beyond our control and are described in our Annual Report on Form 10-K for the year ended December 31, 2019, as well as additional factors we may describe from time to time in 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 affect the subject of these statements, except where we are expressly required to do so by law. res: See our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and our subsequent filings with the Securities and Exchange Non-GAAP Financial Measure Commission for a description of certain non-GAAP measures used in this presentation, including EBIT-adjusted, Core EBIT-adjusted, EPS-diluted-adjusted, ETR-adjusted, ROIC- adjusted and adjusted automotive free cash flow, along with a description of various uses for such measures. This presentation also includes GMF’s return on tangible common equity, which is used by GMF’s management and can be used by investors to measure GMF’s contribution to GM’s enterpris e profitability and cash flow. Return on tangible common equity is calculated as GMF’s net income attributable to common shareholder for the trailing four quarters di vid ed by GMF’s average tangible common equity for the same period. Our calculation of these non-GAAP measures are set forth within these reports and the Select Supplemental Financial Information section of this presentation and 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 rmation: In this presentation and related comments by management, references to “record” or “best” performance (or similar statements) refer to General Additional Info form Motors Company, as established in 2009 on a continuing operations basis. In addition, certain figures included in the charts and tables in this presentation may not sum due to rounding. 2 GM Confidential 2
GM RESPONSE TO COVID-19 SAFETY OF OUR • Implemented protocols to ensure safe workplace EMPLOYEES • Significant austerity measures to preserve liquidity OPERATIONAL • Continued capital investment in key franchises such as full-size SUVs, EVs and AVs RESPONSE • Accelerating business transformation (e.g., online customer engagement through Shop.Click.Drive.) SOCIAL • Manufacturing ventilators, masks and other personal protective equipment across the globe RESPONSE 3 GM Confidential 3
ACCELERATING TRANSFORMATION TO SEIZE OPPORTUNITIES STRON RONG G AND AND GROWIN GROWING FRANCHI G FRANCHISES LEADI LE ADING G IN F FUT UTURE URE OF M OF MOBI OBILI LITY DE DEMON MONSTRAT RATED D TRACK RACK RE RECORD OF CORD OF STRE RENGT GTHEN HENING G BUS BUSINESS & INVE VESTING G IN THE HE FUTU FUTURE RE FLE FLEXI XIBI BILI LITY Y IN DOWNT DOWNTURN URN, , DISCIPL DI CIPLINED D CAPIT CAPITAL ALL AL ALLOCATI OCATION ON & F FOCUS OCUS ON ON CASH CASH GE GENERAT RATION ON 4 GM Confidential 4
AUTOMOTIVE LIQUIDITY ($B) March 31, 2020 Automotive cash, cash equivalents & marketable debt securities 32.1 Available credit facilities 1.4 Available liquidity 1 33.4 Debt 30.3 STRONG LIQUIDITY POSITION TAKING AGGRESSIVE ACTIONS TO CONSERVE CASH 5 1 Excludes our investment in Lyft, which was insignificant at March 31,2020. GM Confidential • On April 14, 2020, we entered into a 364-day $1.95B credit facility; this facility has been allocated for exclusive use by GM Financial and is excluded from automotive liquidity • On April 24, 2020, we extended $3.6B of our 3-year revolving credit facility for an additional year expiring in April 2022. The remaining portion will expire April 2021; We are restricted from repurchasing shares until we no longer have outstanding borrowings under our credit facilities, except for our 3-year $3.0B facility, and from paying dividends on our common shares if the borrowings under our credit facilities exceed $5.0B, except for our 3-year $3.0B facility • Automotive debt of $1.5B, excluding finance lease obligations, due from April 1, 2020 to December 31, 2020 • We expect to contribute $0.1B to our U.S. non-qualified pension plans and approximately $0.4B to our non-US pension plans over the remainder of 2020; we expect no significant mandatory contributions to our U.S. qualified pension plans over the next five years 5
FIRST QUARTER PERFORMANCE EPS-Diluted-Adj. Adj. Auto Free Cash Flow $(0.9)B Adj. Auto $1.41 Free Cash Flow $3.0B YOY $0.62 Automotive Liquidity as of 3/31/2020 of $33.4B Q1-19 Q1-20 EBIT-Adj. 1 & EBIT-Adj. Margin 1 Share & Deliveries 6.6% 10.1% Market Share (40)bps YOY 2.3 3.8% (280)bps 1.5M $(1.1)B 1.2 Deliveries (0.4)M YOY Q1-19 Q1-20 6 1 See slide 20 for description of special items. GM Confidential EPS-Diluted-Adj.; EBIT-Adj. & Margin Lower YOY EBIT-Adj. by $(1.1)B primarily as a result of the $(1.4)B impact of COVID-19, partially offset by our cost actions • Q1-20 EPS-diluted-adjusted includes $(0.28) impact from Lyft and PSA revaluations; Q1-19 EPS-diluted-adjusted benefited $0.31 from Lyft and PSA revaluations • Adj. Auto Free Cash Flow & Liquidity Q1-20 AAFCF of ($0.9)B, up $3.0B YOY, primarily due to lower capital expenditures, GMF dividend and working capital timing, partially offset by the impact of • COVID-19 Automotive liquidity of $33.4B as of March 31, 2020 comprised of $32.1B of cash, cash equivalents and marketable debt securities and $1.4B available under credit • facilities Share & Deliveries U.S. market share increased YOY primarily due to the performance of our full-size pickups and SUVs; our full-size pickups maintained greater than 40% market • share during Q1-20. China market share decreased YOY primarily due to segment shifts and the slower rate of adoption of new fuel-efficient technology 6
EBIT-ADJUSTED: Q1 2019 VS. Q1 2020 ($B) Q1 2019 2.3 $(1.1)B decrease GMNA: (84k) Volume (0.6) GMI: (45k) Mix 0.4 Price 0.1 Performance/Other: 0.5 Cost 0.6 Pension: 0.1 China EI: (0.5) Other (1.5) Lyft & PSA: (0.8) GM Financial: (0.1) Q1 2020 1.2 RESULTS ARE ESTIMATED TO BE LOWER BY $1.4B AS A RESULT OF COVID-19 7 Note: EBIT-adjusted includes GM Financial on an EBT-adjusted basis. GM Confidential COVID-19 Impact $(1.4)B global impact of COVID-19, comprised of lower GMNA of $(0.7)B, lower China EI of $(0.3)B, lower GMF of $(0.3)B and lower GMI (ex. China EI) of $(0.1)B • Volume GMNA: Increased sales of our full-size SUVs and light-duty pickup trucks, more than offset by lower crossover sales due to COVID-19 related shutdown and lower • passenger car sales Mix GMNA: Strong demand for our light-duty pickups and full-size SUVs and lower passenger car sales, partially offset by lower heavy-duty pickup sales as a result of • the COVID-19 related shutdown Price GMNA: Strong pricing from all-new heavy-duty pickup trucks, and crossovers, partially offset by pricing on light-duty pickup trucks as pricing normalizes post • launch Cost GMNA: Favorable cost primarily due to performance from our cost actions and increased pension income • 7
EBIT-ADJUSTED Q1-2019 Q1-2020 2.3 2.2 1.9 1.2 0.4 2 0.2 0.2 0.0 (0.2) (0.2) 2 (0.4) (0.6) ($B) GMNA GMI GM Financial 1 Cruise Corp/Elims Total Company 8 1 GM Financial on an EBT-adjusted basis. 2 Includes $(0.4)B and $0.4B gain / (loss) on investments in Lyft and PSA as of March 31, 2020 and March 31, 2019. GM Confidential 8
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