Paul Jacobson’s Post

Mother’s Day is a wonderful time to celebrate the memories shared and the profound impact mothers and mother figures have on shaping our lives. I am doubly blessed to celebrate two extraordinary women who fill my family’s life with joy and inspiration: my wife and my mother. I’m always conscious of how proud my mother has been of me every step of the way. I’ve tried to instill that in my children whatever their journey might be. To all the mothers who impart words of wisdom and encouragement – I hope you had a great Mother's Day weekend! 💐  

When I first came to General Motors I was immediately blown away by the complexity and skills that go into manufacturing our vehicles. Last month, I had the privilege of visiting our Spring Hill assembly plant and even jumped on the line to help build a Cadillac LYRIQ. I loved seeing the pride and enthusiasm our team members have in their work, and I was grateful for their patience and guidance with me. Manufacturing is at the heart of what we do and I appreciate the team’s hard work, dedication and unwavering commitment to our vision and shared success.

We’re off to a good start to the year and I would like to thank our team for all their hard work in helping deliver another strong set of financial results. Given our momentum and our confidence in the 2024 outlook, we are raising our full-year 2024 EBIT, EPS and free cash flow guidance. I’m proud of the progress we’ve made, and I look forward to all we’ll continue to achieve this year. 

Together, the General Motors team delivered strong 2023 performance. Our momentum was driven by our unmatched portfolio of vehicles customers love. 2024 is all about execution as we build on this strong foundation. I’m proud of everything we accomplished last year and look forward to all that lies ahead.

As we approach the end of another challenging but rewarding year, I’m proud of the progress the General Motors’ team has made on our EV transition and fundamentally strengthening the company.    We have a balanced capital allocation framework and have confidence that our future operating performance will allow us to consistently return excess free cash flow to shareholders.   That’s why today we announced we are repurchasing $10 billion of common stock through an accelerated share repurchase program, raising our common stock dividend by 33% starting in 2024 and reinstating our 2023 earnings guidance.   Our confidence in our vehicle portfolio, our ability to continue generating strong profits and free cash flow and our strategy is the foundation for this announcement. You can read more about today’s news here:

Yesterday General Motors revealed the Cadillac ESCALADE IQ. It was great to be with our team in New York City to celebrate this reveal and talk to investors about our strategically built #EV portfolio. Our luxury, SUV and truck #EVS provide great design, at the right price points for customers, and at the margins we expect. Cadillac’s journey has been progressing for some time and I’m excited by all the opportunities the Ultium Platform is creating across our brands. We believe the pivot to an all-electric future is a tremendous growth opportunity for GM and our team. #iworkforgm

Each summer I look forward to meeting with our Finance interns at General Motors. I always walk away inspired by the student’s backgrounds, interests, and passion to drive impactful change. We discussed career #advice, #leadership skills and lessons I’ve learned along the way. A couple insights I shared: 1. I wouldn’t be CFO today without the advice and mentorship of many people throughout my career. It’s important to build a network of peers and mentors, inside and outside of your team and business, who you trust and discuss your own career development with. 2. When looking at future roles, don’t be afraid of opportunities that may be out of your “comfort zone”. Stretch assignments can appear daunting at first, but they often are the most rewarding and help develop new skillsets. I appreciate all the interns across our business who are helping drive our vision forward and I wish them all the best in their careers at GM or wherever life takes them. A special thanks for our intern planning committee who make it all happen.

It is such an exciting time to be a part of General Motors and I am honored to work with such incredible people including Mary Barra. Last week, Mary was inducted in the Automotive Hall of Fame – a reflection of everything she’s accomplished and her leadership of the once-in-a lifetime transformation underway. When I came to GM a few years ago, it was because of Mary’s bold vision of a world without crashes, emissions, and congestion. Mary sets priorities that keep everyone focused on leaning in where it’s important and the collaboration across the senior leaders has been one of the most amazing examples I’ve ever seen in my career. I am energized every day working with one of the best executive teams in the world.   This is really hard stuff, but we are writing the next chapters of history books right now under Mary’s leadership as we create an #EV and #AV future. I’m so grateful to be on this journey together. #IworkforGM

Once again General Motors continued to demonstrate strong growth in the second quarter. We had exceptional automotive operating performance, driven by our vehicle portfolio around the world. As a result, we are raising our full-year financial guidance for the second time. We’re also lowering our guidance on overall capital spending to focus our investments on the most strategic internal combustion engine and #EV programs, and our highest impact growth initiatives, including software-defined vehicles, BrightDrop and Cruise. Customer demand and the response to our products has been truly incredible. From our commercial vehicles, to our premium trucks and our affordable small SUVs like the Chevrolet Trax, we have strong volume, share, mix and pricing. We're increasing EV production, including the new Chevrolet Silverado EV Work Truck, with an EPA-estimated 450 miles of range.   Our great products, industry-leading customer loyalty and the support of our dealers, suppliers, and unions will keep us moving in the right direction. I am confident we’ll continue building on our momentum with strong execution and results.