GM has issued its quarterly letter to shareholders for Q4 of the 2024 calendar year, highlighting the automaker’s annual performance, providing strategic insights, and laying out expectations for the future. Among the headlines were record profit sharing for employees, with up to $14,500 per employee in bonuses. GM also states that investors earned a 50 percent total return, with fewer than 1 billion shares outstanding by the end of the year.
“I’m pleased to share that our global salaried team has earned strong performance bonuses, and our U.S. hourly employees once again earned the industry’s highest profit sharing, totaling more than $640 million,” writes GM CEO Mary Barra. “That’s a record payout of up to $14,500 per person, equal to more than two months of extra pay on average for our UAW-represented team.”
The record profit sharing is on the back of significant growth in 2024, with a nine percent increase in full-year revenue and record-breaking performance in EBIT-adjusted, adjusted automotive free cash flow, and adjusted EPS-diluted. GM also grew its U.S. market share and led across total, retail, and fleet deliveries. In addition to these achievements, GM doubled its EV market share and reported profitability in its EV portfolio by the fourth quarter of 2024. Operations in China also improved, with positive equity income reported before restructuring costs.
The General also highlighted other important bullet points in the company’s strategy, including plans to launch three new Cadillac EV models in 2025, including the Escalade IQ, Optiq, and Vistiq. In addition, GM aims to sustain its strong performance by leveraging several new gas-powered SUVs, including the Chevy Equinox, Chevy Traverse, and GMC Acadia, all while addressing regulatory and market uncertainty to maintain competitiveness across both its ICE and EV portfolios.
“Of course, there is uncertainty over trade, tax, and environmental regulations and we have been proactive with Congress and the administration,” Barra writes. “In our conversations, we have stressed the importance of a strong manufacturing sector and American leadership in advanced technologies. It’s clear that we share a lot of common ground, and we appreciate the dialogue.”
Comments
But, But, But, let’s go on strike for higher wages??
well, informing GMB Gravatai stopped doing Onix unique GM sedan in Brasil for 1 month, this is because the car is not selling anymore as expected and believe also because the face lift comes so the factory needs to be refit for implementation, indeed the GM employee portal is not asking too much people
I imagine it would be since gm’s US hourly employment is at a record low.
Always negative. It hurts to see Mary Barra being successful. Well, the consumers are paying the price but who cares as long as there are still good paying jobs at GM. The company needs to be profitable so the US hourly employment level needs to be kept in check. It’s called progress where automation is taking place of the manual labor.
God bless the UAW
Good for the UAW employees.
But Mary is doing such a bad job and should be fired because they didn’t put (insert vehicle engine in here) in to my (insert vehicle here) and she has EV’s the whole auto industry and governments were pivoting towards.
What about the salaried employees? Oh, that’s right, fire another 1,000 so they can give more to Mary.
Just more reasons I can’t afford the high overblown pick-up truck prices.