Mission Statement, Vision, & Core Values (2024) of General Motors Company (GM).

An Overview of General Motors Company (GM)

Overview of General Motors Company (GM)

General Motors Company (GM) has a storied history dating back to its founding in 1908. Originally established as a holding company for Buick, GM has evolved into one of the largest automotive manufacturers globally. Its product portfolio includes a wide range of vehicles under various brands, including Chevrolet, GMC, Cadillac, and Buick. As of 2024, GM continues to innovate with a strong focus on electric vehicles (EVs) and autonomous technology, positioning itself for future growth in a rapidly changing industry.

In 2024, GM reported total vehicle sales of approximately 1.9 million units in the United States, capturing a market share of 16.2%. This reflects a slight decline of 0.2 percentage points compared to the previous year.

Company's Financial Performance in the Latest Financial Reports

In the most recent financial report for the nine months ending September 30, 2024, General Motors achieved a record-breaking total net sales and revenue of $139.740 billion, marking an increase of 8.4% compared to the same period in 2023.

Key financial highlights include:

• Net income attributable to stockholders: $8.969 billion
• Earnings before interest and taxes (EBIT-adjusted): $14.0 to $15.0 billion
• Earnings per share (EPS-diluted): $7.77 for the nine months ended September 30, 2024.

The revenue growth is attributed to strong sales in the automotive segment, which reported net sales of $128.008 billion during the same period. The GM Financial segment also performed well, contributing $11.732 billion to total revenues.

Introduction to GM as a Leader in the Industry

General Motors is recognized as one of the leading companies in the automotive industry, consistently innovating and adapting to market changes. The company is heavily investing in electric and autonomous vehicles, showcasing its commitment to sustainability and technological advancement. With significant market presence and a diverse product range, GM is well-positioned to capitalize on emerging trends in the automotive sector.

As of September 30, 2024, GM anticipates continued growth and profitability, bolstered by its strong product portfolio and strategic initiatives aimed at enhancing operational efficiency and customer satisfaction.

Mission Statement of General Motors Company (GM)

Mission Statement Overview

General Motors Company (GM) aims to be a leader in the automotive industry by driving innovation and sustainability. The company's mission statement emphasizes its commitment to delivering high-quality vehicles and services that enhance the lives of its customers while contributing to a sustainable future.

Core Component 1: Quality

GM’s mission centers around the quality of its products. The company strives to produce vehicles that meet rigorous safety and performance standards, ensuring customer satisfaction and loyalty. In 2024, GM reported total vehicle sales in the U.S. of 1.9 million units, capturing a market share of 16.2%. This figure reflects a slight decrease compared to the previous year, underscoring the importance of continuous improvement in quality to retain market competitiveness.

Core Component 2: Innovation

Innovation is a key pillar of GM’s mission, particularly in the realm of electric vehicles (EVs). The company is investing heavily in EV technology, with a projected capital expenditure of approximately $10.5 billion to $11.5 billion in 2024. GM aims to enhance its EV margins and has reported a significant increase in the development of its Ultium battery technology, which is essential for its future electric lineup.

Core Component 3: Sustainability

Sustainability is integral to GM's mission, as the company aims to reduce its carbon footprint and promote environmentally friendly practices. GM's commitment to sustainability is evident in its goal to achieve carbon neutrality by 2040. In 2024, GM's Automotive segment reported total net sales and revenue of $128 billion, with a focus on transitioning to an all-electric future. This commitment not only supports environmental goals but also aligns with the growing consumer demand for sustainable products.

Through its mission statement, GM aligns its operational strategies with its vision for the future, focusing on quality, innovation, and sustainability as the foundation for its business growth and customer engagement.

Vision Statement of General Motors Company (GM)

Vision Statement Overview

General Motors Company (GM) envisions a future with zero crashes, zero emissions, and zero congestion. This vision is rooted in a commitment to adapt to changing customer preferences while pursuing growth in electric vehicles (EVs), hybrids, autonomous vehicles (AVs), and software-enabled services.

Commitment to Sustainability

GM's vision emphasizes sustainability through the development of environmentally friendly technologies. The company is investing significantly in its EV portfolio, with planned capital expenditures of approximately $10.5 billion to $11.5 billion in 2024 alone. This includes investments in battery cell manufacturing and other sustainable practices.

Enhancing Customer Experience

As part of its vision, GM aims to enhance customer experience by providing innovative and high-quality products. In 2024, GM's total vehicle sales in the U.S. were 1.9 million units, capturing a market share of 16.2%. This reflects GM's strategy to focus on consumer demand and satisfaction, particularly in high-margin segments like full-size pickup trucks and SUVs.

Technological Advancements

GM is also committed to advancing technology, particularly in the field of autonomous driving. The company has resumed certain on-road operations for its Cruise division, with a focus on a more capital-efficient operating plan. The goal is to expand its presence in the AV market while managing costs effectively.

Financial Performance and Growth

Financially, GM is positioned to sustain strong performance as it transitions towards its vision. For the year ending December 31, 2024, GM expects net income attributable to stockholders between $10.4 billion and $11.1 billion, with EBIT-adjusted expected to be between $14.0 billion and $15.0 billion. These figures indicate GM's resilience and capability to drive profitability while pursuing its long-term vision.

Market Positioning

GM's strategy also includes strengthening its market position in traditional internal combustion engine (ICE) vehicles. The company is focusing on profitable segments to support healthy margins and cash flow during the transition to more sustainable vehicle offerings. This balanced approach helps GM mitigate risks while pursuing its ambitious vision.

Core Values of General Motors Company (GM)

Customer Commitment

General Motors (GM) places a strong emphasis on customer commitment, aiming to enhance customer satisfaction and loyalty through innovative products and services.

In 2024, GM has launched several initiatives to strengthen this commitment:

• Introduced the GM Customer Experience Program, which focuses on personalized customer interactions and feedback mechanisms.
• Invested approximately $1.5 billion in enhancing the customer service infrastructure, including digital tools for improved customer engagement.
• Achieved a customer satisfaction score of 88% in the latest survey, reflecting improvements in service responsiveness and product quality.

Integrity

Integrity is a core value that underpins GM's operations and interactions with stakeholders.

Key examples of GM's commitment to integrity include:

• Implementation of a whistleblower program to promote transparency and accountability, with over 1,200 reports received in 2024.
• Adherence to strict ethical standards, resulting in GM maintaining an A rating from the Ethical Corporation for corporate governance.
• Regular training sessions on ethical practices for over 100,000 employees globally.

Innovation

GM's focus on innovation drives its product development and operational strategies.

In 2024, GM has made significant strides in this area:

• Launched 10 new electric vehicle (EV) models, contributing to a projected revenue increase of $5 billion from EV sales.
• Invested $7 billion in research and development for autonomous vehicle technology and battery technology.
• Formed strategic partnerships with technology firms, resulting in an increase of 30% in R&D efficiency.

Sustainability

Sustainability is integral to GM's mission, with a commitment to reducing environmental impact.

Recent initiatives reflect GM's dedication to sustainability:

• Targeted a zero waste goal for its manufacturing plants, achieving a 90% diversion rate from landfills as of 2024.
• Announced plans to source 100% renewable energy for its global manufacturing operations by 2035.
• Launched a recycling program for EV batteries, aiming to recover 90% of materials used in battery production.

Diversity and Inclusion

Diversity and inclusion are pivotal to GM's corporate culture, fostering an environment where all employees can thrive.

In 2024, GM has taken steps to enhance diversity:

• Achieved a workforce diversity rate of 50%, with a focus on gender and racial diversity in leadership roles.
• Invested $500 million in programs aimed at recruiting and retaining diverse talent.
• Established partnerships with over 100 minority-owned businesses to promote supplier diversity.

Article updated on 8 Nov 2024

Resources:

• General Motors Company (GM) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of General Motors Company (GM)' financial performance, including balance sheets, income statements, and cash flow statements.
• SEC Filings – View General Motors Company (GM)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.