General Motors : Chairman and CEO Letter to Shareholders

May 5, 2021

Dear Shareholders,

Today, we announced that General Motors delivered strong first-quarter results, with EBIT-adjusted of $4.4 billion, and EPS-diluted-adjusted of $2.25. You'll find additional details on investor.gm.com.

These strong results demonstrate once again the underlying strength of our business, especially in North America and China, and at GM Financial. We continue to execute our strategy and make significant progress on our transition to an all-electric future with the growth opportunities it creates.

The speed and agility of our team are front and center as we move from managing through a pandemic to managing the global semiconductor shortage. This remains a challenging period for the company as we emerge from 2020, but the team continues to demonstrate its ability to manage complex situations.

Our supply chain and manufacturing teams are maximizing production of high-demand and capacity- constrained vehicles. Our engineering teams are creating effective alternative solutions, and our sales teams, together with our dealers, are finding creative ways to satisfy customers despite lean inventories.

While we will have production downtime in the second quarter, we expect to have a strong first half, with EBIT-adjusted of around $5.5 billion. We are also reaffirming our guidance for the full year, and based on what we know today, we see results coming in at the higher end of the $10 billion to $11 billion EBIT- adjusted range we shared earlier this year.

Even as we manage these short-term challenges, we continue to accelerate our investment in electric vehicles, self-driving technology and other growth opportunities. We have made significant strides so far this year:

• We are preparing to launch the redesigned Chevrolet Bolt EV and new Bolt EUV this summer, and we confirmed a high-volumebattery-electric Silverado for both fleet and retail customers, with a GM-estimated 400 miles of range on a full charge for certain configurations.
• We unveiled the stunning production version of the Cadillac LYRIQ nine months earlier than planned because of our virtual engineering and software expertise
• We unveiled a second GMC HUMMER EV model - the GMC HUMMER EV SUV - which will feature in-house developed, software-driven technologies, including CrabWalk, Extract Mode and many more industry-leading features.
• We continue to expand the availability and capabilities of Super Cruise, the industry's first true hands-freedriver-assistance system.
• We introduced BrightDrop, a business created to help commercial delivery fleets maximize productivity, improve safety and reduce their carbon footprint. We are on track to begin delivering EV600 vans to our first customer, FedEx Express, later this year.
• We announced that Ultium Cells LLC, our joint venture with LG Energy Solution, will begin construction of a new battery cell plant in Spring Hill, Tennessee. It will open in 2023, a year after our Lordstown, Ohio cell plant.
• We signed a joint development agreement and increased our investment in SolidEnergy Systems, one of several companies we are working with to help commercialize lithium-metal batteries, which have incredible potential to deliver even better EV performance, more range and lower costs for customers.

313.556.5000 / 300 Renaissance Center / Detroit, MI 48265 / www.gm.com

• We joined new investors Microsoft and Walmart in a $2.75-billion fundraising round for Cruise, which also announced an agreement with Dubai to deploy up to 4,000 self-driving Cruise Origin taxis by 2030.
• We will build two large EVs for Honda using our Ultium technology - one SUV for the Honda brand, and one for the Acura brand.
• We revealed Ultium Charge 360, an innovative and holistic approach that integrates charging networks with our mobile apps and other products and services to simplify the charging experience for our EV customers.

This is extraordinary progress, with much more to come. We will continue to convert assembly plants to build EVs and expand our battery cell capacity as we make progress on our goal of EV market share leadership in North America. We will lead the industry in safely commercializing self-driving technology. And we will work with our dealers to create surprise-and-delight experiences for our customers.

Throughout the year, we will continue sharing more good news about our growth. We also look forward to hosting you at an event this fall. We'll go deeper into our growth strategy and key drivers of that growth, including software, hardware and services. More details will be announced in the summer.

Beyond the financial results and outlook I've shared, I encourage you to learn more about the progress we've made in our environmental, social and governance (ESG) commitments by reading the 2020 GM Sustainability Report. All that I've described in this letter has been shaped by our vision of a world with zero crashes, zero emissions and zero congestion that we first shared in 2017.

Our Sustainability Report is much more than a collection of ESG initiatives. It covers in a very clear and candid way our efforts to help solve complex societal issues like inclusion, diversity and equity. The report is all the more timely because of what's happening in our society, and our ambition to become the world's most inclusive company.

I believe you'll conclude, as we have, that our business future is also our ESG future. On behalf of the entire GM team, thank you for your support and for joining us on this exciting journey.

mtb

Cautionary Note on Forward-LookingStatements: This letter and related comments by management may include "forward-looking statements" within the meaning of the U.S. federal securities laws. Forward- looking statements are any statements other than statements of historical fact. Forward-looking statements represent our current judgement about possible future events and are often identified by words such as "anticipate," "appears," "approximately," "believe," "continue," "could," "designed," "effect," "estimate," "evaluate," "expect," "forecast," "goal," "initiative," "intend," "may," "objective," "outlook," "plan," "potential," "priorities," "project," "pursue," "seek," "should," "target," "when," "will," "would," or the negative of any of those words or similar expressions. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgements are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue

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reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law.

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Non-GAAP Reconciliations

The following table reconciles net income attributable to stockholders under U.S. GAAP to EBIT-adjusted (dollars in millions):

		Three Months Ended
	March 31, 2021	March 31, 2020
Net income attributable to stockholders(a)	$	3,022	$	294
Automotive interest income		(32)		(83)
Automotive interest expense		250		193
Income tax expense		1,177		357
Adjustments
GMI restructuring(b)		-		489
Total adjustments		-		489
EBIT-adjusted	$	4,417	$	1,250

1. Net of Net loss attributable to noncontrolling interests.
2. These adjustments were excluded because of a strategic decision to rationalize our core operations by exiting or significantly reducing our presence in various international markets to focus resources on opportunities expected to deliver higher returns. The adjustments primarily consist of asset impairments, dealer restructurings, employee separation charges and sales allowances in Australia, New Zealand and Thailand in the three months ended March 31, 2020.

The following table reconciles diluted earnings (loss) per common share under U.S. GAAP to EPS-diluted- adjusted (dollars in millions, except per share amounts):

				Three Months Ended
		March 31, 2021		March 31, 2020
		Amount		Per Share		Amount		Per Share
Diluted earnings per common share	$	2,976	$	2.03	$	247	$	0.17
Adjustments(a)		-		-		489		0.34
Tax effect on adjustment(b)		-		-		(73)		(0.05)
Tax adjustment(c)		316		0.22		236		0.16
EPS-diluted-adjusted	$	3,292	$	2.25	$	899	$	0.62

1. Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted for adjustment details.
2. The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.
3. These adjustments consist of tax expense related to the establishment of a valuation allowance against deferred tax assets that are considered no longer realizable for Cruise in the three months ended March 31, 2021 and for GM in Australia and New Zealand for the three months ended March 31, 2020. These adjustments were excluded because significant impacts of valuation allowances are not considered part of our core operations.

Guidance Reconciliation

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The following table reconciles expected Net income attributable to stockholders under U.S. GAAP to expected EBIT-adjusted (dollars in billions):

		Six Months Ending		Year Ending
		June 30, 2021	December 31, 2021
Net income attributable to stockholders	$	~3.5	$	6.8-7.6
Income tax expense		~1.5		2.2-2.4
Automotive interest expense, net		~0.5		1.0
EBIT-adjusted (a)	$	~5.5	$	10.0-11.0

1. We do not consider the potential future impact of adjustments on our expected financial results.

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