General Motors Q4 results: GM posts $2.96 billion loss on China-related charges | Company Business News

US automaker General Motors swung to a loss in the fourth quarter on huge charges related to China.

But still it topped profit and revenue estimates on Wall Street.

For the three months ended December 31, 2024, GM posted a loss of $2.96 billion, or $1.64 per share, as compared to a profit of $2.1 billion, or $1.59 per share, a year ago.

Its revenue surged to $47.7 billion from $42.98 billion, beating Wall Street’s estimate of $44.98 billion.

In December, the automaker had cautioned that the poor performance of its Chinese joint ventures would force it to write down assets and take a restructuring charge totaling more than $5 billion in the fourth quarter.

The automaker sold vehicles at an average price of $50,000 in 2024, and executives see a 1% to 1.5% drop in North American pricing power and a modest decline in gas-powered vehicle volume in 2025.

The company doubled its electric vehicle market share over the course of 2024 as it scaled production, said General Motors CEO Mary Barra in a letter to shareholders.

She also said China had positive equity income in the fourth quarter before restructuring costs and that GM is taking steps with its partner to improve from there.

On uncertainty over trade, tax and environmental curbs in the United States, Barra said: “In our conversations (with the Trump administration), 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.”

GM’s CFO Paul Jacobson told reporters on Monday prior to Trump’s tariff threats that the company has an “extensive playbook” pulled together in the event tariffs are imposed.

The company had already started to bring vehicles in its international inventory in Mexico and Canada to the United States, Jacobson added.

New launches

Later this year, the automaker will launch three new Cadillac EVs, the Escalade IQ, Optiq and Vistiq.

For year 2025, GM forecast adjusted earnings in a range of $11 to $12 per share.