General Motors : 2022 Annual Shareholder Meeting Q&A 202.4 KB

2022 Annual Meeting Q&A

June 13, 2022

Below are answers to the written questions we received prior to and during the General Motors Company ("the Company," "GM," "we," "our," and "us") 2022 Annual Meeting of Shareholders ("Annual Meeting") that we were unable to address during the meeting and were pertinent to Annual Meeting matters. If we received multiple questions about the same or similar topics, we provided a representative question and a single response to avoid repetition. All responses are provided as of July 2022 unless otherwise noted. GM assumes no obligation and does not intend to update its responses below.

Shortened Terms/Definitions

AV:	Autonomous Vehicles
EV:	Electric Vehicles
ICE:	Internal Combustion Engines
ESG:	Environmental, Social, and Governance
GHG:	Greenhouse Gas

Business Strategy and Operations

1. How will GM accomplish using only clean energy in the near future, and where will the technology and components be sourced from?

1. In 2021, we accelerated our timeline for sourcing 100% renewable electricity for our U.S. sites to 2025, five years earlier than previously announced and 25 years ahead of our initial target set in 2016. In doing so, we will help drive growth in the renewable energy sector.

As we work to fulfill our climate commitments, we are focusing our renewable energy efforts on the following four pillars:

1. Increasing energy efficiency.
2. Sourcing renewables through direct investment, green tariffs, and power purchase agreements. This is the main avenue through which GM will achieve its renewable energy goal.
3. Addressing intermittency by creating technology to store renewable energy over the medium and long term so power is not disrupted by external fluctuations.
4. Advocating for policies that will support expanding transmission, creating microgrids to help deploy renewable energy, and enabling markets to price these solutions to support a low carbon, resilient power system.

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1. What U.S. city is likely to be the next target for Cruise autonomous ride share?

1. At present, we are focused on operating a fared ridehail service 24/7 across San
   Francisco that customers love. As we continue to make progress, we'll be in the best position to bring our product to other communities.

1. How do Cruise AVs perform under rain, snow, fog, hail, etc.?

1. Our strategy has been to focus on where we'll have the biggest impact first and to tackle the problems that immediately impact our ability to provide meaningful and consistent service. As we expand, we'll continue to tackle all sorts of weather conditions, including rain and fog, and have designed our next generation sensors and compute system with this in mind.

1. When will Cruise be able to provide paid, fully autonomous ride hail services throughout San Francisco 24 hours per day?

1. We are working with regulators to safely expand 24/7 service throughout San Francisco in the coming months.

1. What are GM's EV production targets? How realistic are these goals? How will the timing of EV launches be improved in order to reach GM's EV volume targets?

1. We are targeting 1 million units of annual EV capacity in North America in 2025, and another 1 million in China.

Across 2022 and 2023, Cadillac, Chevrolet, and GMC plan to scale production of six Ultium- based vehicles, including the GMC HUMMER EV Pickup and SUV, the Cadillac LYRIQ, the Chevrolet Silverado EV, the Chevrolet Blazer EV, and the Chevrolet Equinox EV. Also in 2023, BrightDrop plans to accelerate production of its Zevo 600 and Zevo 400 all-electric cargo vans.

1. What are the EV models that GM is planning? What is the status of the release of new EV models?

1. GM is coming to market with a wide portfolio of EV models with options for most price points and lifestyles.

Some of our peers are seeking to accelerate their time to market with EVs based on retrofitted ICE architectures. However, in our view, this short-term strategy compromises cost and performance. The core of our EV strategy is to build EVs from the ground up, fully optimized for an EV architecture.

Today in North America, we are in production with the Bolt EV/EUV, the HUMMER EV Pickup, and the Cadillac LYRIQ. In 2023, we plan to begin production of the HUMMER SUV, the Silverado EV, the Blazer EV, the Equinox EV, and the Cruise Origin. And there is a lot more to come after that.

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1. How will electric grid capacity affect adoption of EVs? Will the Cadillac LYRIQ and other GM EVs provide home back-up power?

1. We're preparing for the charging infrastructure needed in an all-electric future through a number of avenues. For example, we are:
2. • Reducing our own operational carbon footprint and working collaboratively to set up the grid for a future in which EVs can charge using renewable power for electricity;
   • Advocating for policies and levels of federal investment in the country's infrastructure, including EV chargers and the grid; and
   • Innovating solutions like the HYDROTEC fuel cell-based power generators that provide mobile DC fast charging capability for EVs without imposing on the grid, which could ultimately help replace gas- and diesel-burning generators with zero-emissions technology in a variety of places, as well as provide backup power during power disruptions.

Earlier this year, GM and the Pacific Gas and Electric Company announced a breakthrough collaboration to pilot the use of GM electric vehicles as on-demand power sources for homes in PG&E's service areas. EVs will play a critical role in achieving California's goals for reducing GHG emissions. The cutting-edge technology of bi-directional charging can help safely power a properly equipped home and add even further value by improving electric resiliency and reliability.

We are exploring a number of opportunities but have nothing further to share at this time.

1. What options are being considered by GM regarding the use of solid-state batteries, if that technology ends up out-performinglithium-ion and other advertised battery technologies?

1. We are exploring several different formulas, including solid-state, pure silicon and lithium- protected anodes with proprietary liquid electrolytes.

One of the many benefits of our Ultium platform is its versatility: Ultium enables further advances in battery chemistry without having to redesign our battery packs or vehicles. We expect our next generation Ultium batteries to have even better range.

1. When will the Ultium Cell plants open? How is GM producing Ultium-powered vehicles when these plants are not yet online?

1. The Ultium Cells plant in Ohio begins battery cell production in August, followed by a second cell plant in Tennessee in 2023, a third in Michigan in 2024, and a fourth that will be built in the U.S. (location TBD). LG Energy Solutions, our JV partner for Ultium Cells, provided cells to us prior to the launch of the new cell plant.

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1. How is it possible to make a commitment to 100% EVs in such a short window of time given the limitations of the current EV charging infrastructure?

1. We know that a robust charging infrastructure is essential for widespread EV adoption. That's why we're investing $750 million through 2025 to build out EV charging, and working with a variety of third parties, including charge point operators, electric utilities, and government agencies to make home, workplace, public, and fleet charging ubiquitous and easy.

In 2021, we introduced Ultium 360, a holistic approach that integrates charging networks, GM vehicle mobile apps, products, and services to simplify the charging experience. Ultium Charge 360 enables access to more than 100,000 charging plugs in the U.S. and Canada.

In July, we announced a collaboration with Pilot Company to increase access to charging and enable long distance travel across the U.S. Through this collaboration, fast chargers will be installed at up to 500 Pilot and Flying J travel locations across the U.S., targeting 50-mile intervals. The network of 2,000 charging stalls will be open to all EV brands.

GM is working with EVgo to add a network of 3,250 fast charging stalls in major metro areas by 2025. GM is also working with its dealers to install up to 40,000 chargers in local dealer communities through GM's Dealer Community Charging Program, focusing on underserved, rural and urban areas. These charging stations will be available to all EV customers, not just those who purchase GM EVs. Today, nearly 90 percent of the U.S. population lives within 10 miles of a GM dealership.

1. Why not continue manufacturing internal combustion engine vehicles after 2035?

1. Our vision is for an all-electric,zero-emissions future. GM plans to eliminate tailpipe emissions from new light-duty vehicles by 2035.

1. With GM's plans for EVs, should GM consider a separate division like Ford has done for
   EVs?

1. We consider all options for organizational effectiveness and efficiency and to create long- term shareholder value. We see benefits in keeping these facets of our business interconnected because many ICE and EV systems are similar (like chassis components, safety systems, and infotainment), and we are able to leverage the scale of our manufacturing, purchasing, supply chain, and engineering operations. We will manage ICE and EVs differently when it is appropriate. Software is a tremendous growth opportunity for GM, and we see opportunities there for both ICE and EVs. Each piece of our business is made stronger by the ability to leverage GM's experience and scale.

1. Will I be able to retrofit my current internal combustion engine vehicle to an all-electric vehicle?

1. While it may be possible to convert your current ICE vehicle to an all-electric vehicle, it will likely not be cost effective to do so, nor will it be fully optimized for an EV architecture. Our

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suggestion would be to consider a vehicle that has been designed to be all electric, such as our Chevrolet Bolt and Bolt EUV, which are available now.

1. Why does GM still rely on dealerships for vehicle ordering, instead of innovating and using a digital medium to enhance the customer experience?

1. Our nationwide sales and service network is important to customer satisfaction, as almost
   90% of the U.S. population lives within 10 miles of a GM dealership. We're taking steps to improve the customer experience using technology. We implemented a process in partnership with our dealers called "focused ordering," which leverages analytics to measure customer demand and ensure we have the right vehicle in the right place at the right time. Our dealers know their customers, and by leveraging this modeling, we're able to optimize their inventory on the ground, reducing dealers' carrying costs, driving out complexity from our production, and helping customers more easily find the vehicles they are looking for.

We're also launching a new Digital Retail Platform ("DRP") to power a digital-first customer experience. The DRP will empower our eligible customers to purchase their preferred vehicle how they prefer, including 100% online or a combination of online and in-store.

We have new virtual EV showrooms and consumer experiences like GM Live, a competitive differentiator that offers consumers the ability to interact with products specialists live, day and night, on their own terms.

1. What is GM doing to stop dealers from charging over MSRP?

1. Certain antitrust laws prohibit manufacturers from agreeing with dealers on a specified price that dealers can charge. Consistent with the law, GM issues a suggested retail price (the "MSRP"), but dealers are free to set their own prices. That being said, the majority of our dealers respect the MSRP, and we address, on an individual basis, the small handful of dealers that are not pricing consistent with the MSRP.

1. What are GM's plans to increase its market share worldwide?

1. The key to growing GM's market share is its electrification strategy. GM invested early and is now in the midst of launching a broad portfolio of EVs globally with options for varied price points and lifestyles.

We are targeting 1 million units of annual EV capacity in North American in 2025 and another 1 million in China.

In North America, initial orders and reservations for our EVs are showing strong traction with customers new to GM and on the coasts where GM's market share is lower.

Nearly 70% of LYRIQ reservation holders are new to Cadillac, and 30% are from the West Coast. This is very similar to what we're seeing with the HUMMER EV, where 75% of reservation holders are new to GMC, with a very heavy concentration in California, Texas, and Florida.

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