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How Does General Motors Make its Money?
General Motors is one of the world’s largest automakers, manufacturing and selling vehicles under the Chevrolet, GMC, Cadillac, and Buick brands. The company is in the middle of a major transformation, investing heavily in electric vehicles while still generating the vast majority of its revenue from internal combustion engine vehicles. GM also operates GM Financial, its captive financing arm, and has invested significantly in autonomous driving technology through its Cruise subsidiary.
General Motors (GM) Business Model
General Motors operates in the automotive sector. Below is a summary of General Motors’ revenue streams, how the company generates income, and the key financial metrics from its most recent annual report. This breakdown uses data from General Motors’ 2024 fiscal year filings with the SEC.
General Motors Competitors
General Motors’s key competitors and comparable public companies in the automotive sector include Ford, Tesla, and Rivian. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how General Motors stacks up by comparing their revenue breakdown, margins, and growth metrics.
Revenue Breakdown
General Motors’s total revenue in 2024 grew 9.1% year-over-year. Here is how their revenue breaks down by segment:
| Revenue Stream | 2024 | 2023 |
|---|---|---|
| GM North America (Automotive) | $143,000 | $129,400 |
| GM International (Automotive) | $16,700 | $15,800 |
| GM Financial | $16,400 | $15,200 |
| Cruise and Other | $11,300 | $11,400 |
| Total | $187,400 | $171,800 |
All values in millions USD unless otherwise stated.
Income Statement Breakdown
Here is a summary of General Motors’s income statement comparing 2024 to 2023:
| Item | 2024 | 2023 |
|---|---|---|
| Total Revenue | $187,400 | $171,800 |
| Cost of Revenue | $167,000 | $154,300 |
| Gross Profit | $20,400 | $17,500 |
| Operating Expenses | $11,000 | $10,300 |
| Operating Income | $9,400 | $7,200 |
| Net Income | $6,000 | $10,000 |
All values in millions USD.
Key Financial Metrics
Gross Margin: 10.9% — This tells us how much profit General Motors keeps after direct costs of delivering their product or service.
Operating Margin: 5.0% — After accounting for all operating expenses like R&D, sales, and administration, this is the profit margin from core operations.
Revenue Growth: 9.1% — Year-over-year revenue growth from 2023 to 2024.
Is General Motors Profitable?
Yes, General Motors is profitable. The company reported net income of $6,000 on total revenue of $187,400.
General Motors (GM) Financial Summary
General Motors (GM) is an automotive company that generated $187,400 in total revenue in fiscal year 2024. The company earned $6,000 in net income, making it profitable. For a deeper look at General Motors’ revenue breakdown, business segments, and financial performance, review the detailed analysis above.