GM's Q4 2024 Earnings Call

[00:00:00] Good morning and welcome to the General Motors Company fourth quarter in calendar year 2024 Earnings Conference Call. During the opening remarks, all participants will be in a listen-only mode. As a reminder, this conference call is being recorded Tuesday, January 28, 2025. I would now like to turn the conference over to Ashish Kohli, GM's Vice President of Investor Relations. Thanks, Amanda, and good morning, everyone.

[00:00:28] On today's call, management will make forward-looking statements about our expectations. These statements are subject to risks and uncertainties that could cause our actual results to differ materially. These risks and uncertainties include the factors identified in our filings with the SEC. Please review the safe harbor statement on the first page of our presentation, as the content of our call will be governed by this language.

[00:01:05] Hello, everyone, and welcome to Kilowatt, a podcast about electric vehicles, renewable energy, autonomous driving, and much, much more. My name is Bodie, and I am your host. And on today's episode, we are going to cover GM's Q4 2024 Earnings Call. It's a good one. So let's go ahead and jump in to our first clip, which is Mary Barra. In her opening remarks, she talked about the GM Cruise update, which was their autonomous taxi service.

[00:01:34] In addition to that, she is going to give us a Super Cruise update. As you know, we also stopped funding robo-taxi development at Cruise. We have a proposed restructuring plan that will refocus our autonomous driving strategy on personal vehicles. We expect to see a run rate savings of about a billion dollars on an annualized basis by ending robo-taxi development, and we look forward to acquiring the small number of cruise shares we don't own and finalizing the restructuring plan later this quarter.

[00:02:05] 2025 will also be a year of rapid growth for Super Cruise across all of our brands. Our customer-focused strategy with Super Cruise is to continuously refine and expand its capabilities to make it indispensable. This is how we are setting the stage for recurring high-margin revenue streams from subscriptions. Since we launched Super Cruise, we have added hundreds of thousands of miles of new roads to its network and introduced features like automatic lane change and hands-free towing.

[00:02:32] This has helped make about 60% of our roughly 360,000 Super Cruise customers regular users. This year, we expect our Super Cruise-equipped fleet to roughly double in size. Subscription revenue is becoming an increasingly important part of the Super Cruise opportunity now that our first customers have completed their three-year trial. Last year, we saw subscription attach rates of about 20% off of a base of roughly 18,000 vehicles.

[00:02:58] This year, an additional 33,000 vehicles will end their trial periods, and we target to more than double subscription revenue. Within five years, we expect to approach about $2 billion in total annual revenue from Super Cruise. These are just a few of the many exciting opportunities ahead of us, and we look forward to sharing more details with you as we go forward. Okay, so GM has some work to do to kind of sort out the technology and the legal separation, I guess, from GM Cruise and then roll that into Super Cruise.

[00:03:29] The next thing that I thought was interesting was GM's Super Cruise subscription revenue. When they said that they had about 20% attach rates of about 18,000. There were 33,000 vehicles in their, you know, that are about to end or have in or their trial period has ended. And that equals to about $2 billion in revenue over five years. Not too bad.

[00:03:55] And I looked it up, and GM Super Cruise is only charging $25 a month for what they're offering versus Tesla, charging $8,000 for life or, well, for as long as you own the car, or $99 a month. So Super Cruise, I don't know. I have never used it, so I don't know how it compares to full self-driving. But, you know, the price seems like a good value.

[00:04:22] I'd pay $25 if I had a GM vehicle for sure. All right, next up, we have a clip from Paul Jacobson, and he gives us a little bit of an EV update. And honestly, there's a lot of financial ease in this, so bear with me. I do think it's a valuable update. Oh, by the way, Paul Jacobson is the chief financial officer for GM. And we are also making significant progress on EVs.

[00:04:47] In 2024, we wholesaled 189,000 EVs and delivered more than 146,000 units. Recall at the end of the third quarter, we had around 100 days of EV dealer inventory so that customers would have the opportunity to see and experience our products. This strategy paid off, and we successfully reduced this to 70 days by year-end as our EV deliveries rose. As Mary highlighted, a big focus of the company has been improving EV profitability.

[00:05:17] We achieved variable profit positive on our EVs in the fourth quarter through continued manufacturing scale and efficiencies from higher production, improved material cost, including lower sell costs from scale and performance, and expansion of our EV portfolio with the launch of the Cadillac Escalade IQ and Sierra EV. There's more work to achieve our goal of a positive EBIT margin, but we believe we're making good progress.

[00:05:44] For instance, the Equinox EV has seen a $1,000 improvement in variable profit since its launch in just the second quarter of last year. So I'm recording this well before the episode actually airs. So I'm sure that I'm going to say this at some point in time between now and when this is released on the air, but I believe that the Chevy Equinox could be one of the best-selling,

[00:06:09] in the top five, if not the top three, best-selling EVs in the United States. It's priced aggressively. It has a really good range, you know, 305 miles, I think, is the beginning range. I don't know how much money GM is making off of each unit, but I do know that if they want a feather in their cap, it's the Equinox is going to be the feather in their cap. It's not going to be any of their other electric vehicles that are on the market right now.

[00:06:39] Another electric vehicle that I think is going to fill a void is the Chevy Bolt, because the Bolt is supposed to come in under $30,000. We'll see if it actually does, but that's the rumor. If it comes in under $30,000, let's say to start, I don't anticipate them having a range of over 300 miles, but if it does, and as much love as the previous Chevy Bolt had, it might steal the market away from a lot of these companies. Might. I mean, there's a lot of things that GM has to do to make this work,

[00:07:08] but I think GM's positioning itself to be in a good place for 2025 and EV sales. Now, some unknowns. The Trump administration has some problems with the EV mandates and tax credits and things like that, and as of this recording, none of that has been removed from the Trump administration.

[00:07:35] You can still qualify for tax credits other than, you know, Trump saying that he's going to remove or sell all the EVs in the federal fleet or a lot of them. He hasn't really touched much of anything that the IRA tax credits had done in terms of EVs. There's some things that he's done when it comes to charging infrastructure, but in terms of EVs and the tax credits that you and I get, hasn't really done much to that.

[00:08:04] So that's what this next question is about. Let's go ahead and listen. A bit of a policy question. I know you're waiting to see how everything plays out, but President Trump has said he's reversing the EV mandate. I think we all expect some reversal in the tax credits, perhaps some change in EPA. In this environment, can you give us a sense of how you're thinking about resource allocation toward EVs?

[00:08:31] You know, how much overhead spend can you pull back on? Just how the strategy shifts amid a potential change in EV policy? Well, I think you've seen us over the last few years be very mindful of what consumer demand is for EVs and make decisions like we did with Orion and like the third plant that we're in the process of selling our share to LG.

[00:09:00] So we're going to continue to make decisions like that to be appropriate with our capital. As we look at how EVs are going to grow, we never expect it would be a straight line. We're also going to deploy capital appropriately to our ICE portfolio. I think we have the strongest portfolio General Motors has had in decades. Maybe I'm a little biased there, but I think we're seeing that with the response in the market as well.

[00:09:26] So we're going to continue to be very efficient as we deploy capital to both ICE and EV, again, guided by the consumer demand. This actually isn't all that new in terms of messaging from GM or Ford or any of those other companies that produce both ICE and electric vehicles. There was a lot over the last probably year or so talking about, you know, we're going to address what the consumers want.

[00:09:53] We're going to build cars that the consumers want to buy, whether that's an ICE car, a hybrid or an EV. So I'm not sure that that's all that new in terms of where GM's head is at. But this next question has to do with tariffs. So let's go ahead and dig into that. And just going back to policy, and I know you're not going to do anything without prudence here. You're going to take some careful evaluation and have profitability and capital efficiency in mind.

[00:10:23] I just was wondering if you could spend a minute talking about the flexibility you have in your footprint. And we know about the ICE EV flexibility because you showed us that in Tennessee. But I'm curious a little bit more about just shifting mix of production between plants, especially on the full-size vehicles, which are produced across North America, if there are any sort of near-term actions on tariffs, et cetera. Yeah, Joe, it's a good question. And we've been studying multiple scenarios.

[00:10:52] But from a Mexico perspective, you know, we do build trucks in Mexico and in Canada and in the United States. And so we have the capacity in the United States to shift some of that. We also sell trucks globally. And so we can look at where the international markets are being sourced from.

[00:11:14] So there's plays that we can do on that perspective to minimize the impact if there are tariffs either on Canada or Mexico. We're encouraged that President Scheinbaum of Mexico has indicated that, you know, they are working and having conversations to take the steps necessary that the Trump administration is looking for, specifically around immigration and some other things to avoid the tariffs. But we're doing the planning and have several levers that we can pull.

[00:11:44] So to be clear, around the time that this earnings call was recorded was around the same time that Donald Trump was saying that he was going to put, I think it was 25 percent tariffs on Mexico as well as Canada. Now, obviously, that went away through, you know, whatever means it went away. Whoever you want to believe on that. I'm not sure that that's over with.

[00:12:12] We could see somewhere down the line in 2025, 2026 or 2027 where Donald Trump looks at that and says, I want to try and implement tariffs again or the Trump administration does. I wouldn't be surprised. But as of right now, it seems like that's kind of settled down a little bit. But they've moved on to other things that they're worried about in that administration.

[00:12:37] But that, again, that doesn't mean that GM and all these other companies should not be looking at what their options are if that does occur. And it sounds like if something like that does occur, GM's in a good position to shift vehicle production from neighboring countries here in the U.S. back into the U.S. if they need to. All right. Next, we're going to hear about the CARB policies.

[00:13:05] And if you don't know, CARB is California Air Resource Board. And it's not just in California. California, excuse me. There's a number of CARB states, which include California, Connecticut, Delaware, Maine, Maryland, Massachusetts, New Jersey, New York, Oregon and Washington. And there's some future CARB states that are going to be coming up in 2026 will be Vermont. And in 2027, we're looking at Colorado, Maryland, New Mexico and Rhode Island.

[00:13:35] So the mission is to protect public health and air pollution from climate change. So that's what the CARB mission is. Now, I should also say we're in the analyst question part of the earnings call. And the questioner asks about ACC2, which is the Advanced Clean Cars 2 regulation, which is put forth by CARB.

[00:14:04] And the goal is to lower emissions starting in 2026 on light duty passenger cars, pickup trucks and SUVs. And it's a staged lowering of emissions. So with every year in 2026, we're looking at lowering emissions by 35 percent. And then it just gradually ramps up to 100 percent in 2035.

[00:14:29] So we're at zero emissions in terms of, you know, tailpipe emissions kind of thing. Obviously, if you're powering your EV off of a off of a coal plant, there's going to be emissions from your electrical source. But, you know, as we know, your electric motor is far more efficient than your gas motor.

[00:14:51] So it's not a one to one like one mile of my one mile driven from an electric car is not the same emissions as one mile driven from an ice car. And yeah. So let's go ahead and get to the question here from I think it's analyst Adam Jonas. But let's let's check it out. Our next question comes from John Murphy with Bank of America. John Murphy, not Adam Jonas. My bad. Your line is open. Good morning, everybody.

[00:15:20] And sorry to stay on the mundane topic of policy. But just trying to understand the baseline of where you're starting, where you're assuming policy doesn't change. I mean, Trump, through the Unleash America Energy executive order, essentially canceled CARB's waiver. So they can't execute on the ACC2. Was your understanding that you do not have to comply with CARB's ACC2 and get to 35 percent of your volume as EVs in California and the other states?

[00:15:48] And just just what is what is your interpretation there and how are you going to operate going forward? Because obviously that ratchets up to 45 percent next year and then 100 percent by by 2035. Yeah. Yeah. Our message to to President Trump and the administration is that as as EV requirements are are written are changed. We've got to make sure that the stringency is as well.

[00:16:15] You know, frankly, even today's environment before anything changes, what's happening from a CARB perspective across multiple states is just not where the customer is at. And we've been engaging at the state level. Our dealers have been engaging at the state level. And so there's a tremendous amount of work going on in that. As it relates to what specifically has happened through executive order, I think there's still some more policy work that needs to be done so we can comply and make sure we're not in a in a penalty situation, which we're watching carefully.

[00:16:44] But, you know, don't disagree with you that I think there's directional change coming. It's just it's not completely done yet. But we're watching and providing our input at the state level and the federal level. But your understanding, Mary, is right now that the 35 percent requirement that would have been put in place is actually not in place at the moment. Right. Because of that executive order. Is that how you guys are operating? I just want to make sure I understand that.

[00:17:10] Actually, no, because I think there's there's legislative or legal changes or policy by different organizations that have to have to align with that. We're very clear on the direction, but I don't think we can as a as an auto manufacturer right now can assume that that is that is gone at this precise moment. Now, if you're thinking to yourself at this point, man, there's a lot of policy questions in this earnings call. Well, you are 100 percent correct.

[00:17:38] There is a lot of policy questions. Fortunately, we are moving on to some of the more meatier questions that we handle in this podcast, which is, you know, autonomous vehicles and. And. Mostly autonomous vehicles, we're going to talk about some other things as far as joint venture parts with with Chinese auto manufacturers and that kind of thing. But we'll we're I think we're done with the policy at this point.

[00:18:04] So let's move on to our next question, which is about GM's commitment to autonomous vehicles. Just one last one, Mary, quickly on on the AV commitment. Obviously, there's a lot of costs that are being poured across from crews into the company. So you're getting some good savings, but you're still spending a lot of money on ADAS and level three to ultimately level four and five autonomy.

[00:18:28] Are you still have an internal commitment to developing level four and five on your own and sort of a build? Or is there the potential that you think you might need to go out and buy just given the way that you're you're going after this at the moment? John, it's a great question. And I think even with what we saw yesterday, there is so much happening from an artificial intelligence perspective of how we move forward.

[00:18:54] We do and have built the capability inside General Motors. Obviously, our plan that we're working to execute with crews would strengthen that much of what we can do. There may be strategic partners that we also work with on aspects of this. And so we want to be leaders in level four autonomy.

[00:19:13] And we think we're going to continue to evaluate the landscape to do that as capital efficiently as possible, but still, you know, maintain a leadership position and also the strong relationship with the customer, because we think that this is game changing for our industry. At this point, I can't imagine any automaker not pursuing some sort of autonomous vehicle technology.

[00:19:37] You know, there's not one automaker out there, including Tesla, that is so far ahead of the others that everybody's going to go running to that one particular automaker for autonomous vehicle technology. Now, I will also say to that she did mention strategic partners and the only strategic partner that I could really think of that GM could partner with that would benefit them. That's an automaker.

[00:20:07] There are a lot of different companies out there doing autonomous driving hardware and software type stuff that they could partner with. But the only automaker I could see them partnering with would be Tesla. And honestly, I put that as a very low chance that they would partner with Tesla on that just because. Again, I'm basing this off of what people who listen to the show have told me.

[00:20:31] The GM Super Cruise is actually pretty good, and I don't know that Tesla is offering at this point anything that's so out of this world. That would make GM want to partner with Tesla on this. Like maybe full self-driving is a little bit better. I don't know. But it's not so much better that GM would want to sink a bunch of money into a rival company. Not to say that they wouldn't. These kind of partnerships all happen all the time.

[00:20:59] I'm just saying I find that to be unlikely. And I have been wrong before. So, you know. All right, we're going to move on to another autonomous driving question. Thank you. Our next question comes from Adam Jonas with Morgan Stanley. Your line is open. Yeah, I just wanted to follow up on Murph's line of questioning around autonomy.

[00:21:22] I think you said you had 360,000 enabled vehicles with super crews on the road, and you expect to double that in 2025, and that you're moving from a foundation or moving to a foundation and end-to-end approach, training your massive data sets. Can you tell us how moving to end-to-end might change your spending, how you approach compute costs? You alluded to, Mary, working with strategic partners. I think that resonates too.

[00:21:52] But maybe elaborate a little further on what that might mean to the bottom line or how you're allocating capital over the next 12 or 24 months. And also, I assume most of those 360,000 units are ICE vehicles. So I'm wondering if in your answer you can include, is there any significance or difference, disadvantage, if you will, of collecting data from non-software-defined ICE vehicles versus, you know, your completely new architecture, you know, kind of EV-architectured vehicles for training?

[00:22:21] Thanks. Well, just thanks, Adam. And from the last question, we can collect information. Of course, we're following all the appropriate policy guidelines and rules that we have within General Motors to make sure that we treat customers' data appropriately. Did you hear that? Mm-hmm. So I'm reading a lot into this mm-hmm.

[00:22:49] But she said that they are following all of the policies to keep customer information or customer data safe. Well, GM was caught selling customer telematics information to insurance companies. And if you don't know what the telematics stuff is, it's, you know, how fast are you going? What time are you driving? You know, are you driving past 10 o'clock at night because you're more likely to be in an accident? How many hard stops have you made?

[00:23:17] Anything that can potentially raise your insurance rates? They were, and GM was taking this information, giving it to insurance companies or selling it to insurance companies. And then people who happen to own GM vehicles noticed their insurance rates continuing to go up. And, yeah, then somebody found out that this is how this was happening.

[00:23:42] And the attorney general in Texas, Ken Paxton, sued him. And the program was killed. And they have some, you know, follow-up they have to do for X amount of years. And they can't sell customer data for a period of time. I don't know exactly how the, all the ins and outs of the lawsuit. But that is a, that is a, that is an interesting, let's put it this way. I just thought that mm-hmm was very telling.

[00:24:11] Let's go ahead and continue on with Mary's answer. You know, we can anonymize the data and leverage it to not only improve the performance, but to improve the safety. And we're really proud of where we are with Super Cruise with our safety record and the fact that we have some features like towing that no one else has. We're going to continue to build on those. I mentioned, you know, something that's coming as a, as an improvement from a driver assist technology yet this year.

[00:24:34] And we're going to continue and think we can accelerate that if we are able to execute our plan to incorporate the great talent that we have at Cruise for getting Super Cruise to level three, level three plus and beyond. When we talk about, you know, in our forecast, you asked for the next, you know, 12 to 18 months. I think what we shared of the savings that we'll see from not pursuing robo-taxi, a billion dollars on an annualized run rate, that kind of captures.

[00:25:02] And within the spend that we have is what we think we need to spend from a, from a compute, a compute perspective as kind of part of the operating budget. So we're going to continue to evaluate it as we saw yesterday. And I mentioned that there's, there's so much change that's happening in this space right now. Anything that we can do to be more efficient with the spend, of course, we're going to seize that opportunity.

[00:25:23] But we, we, we remain committed to autonomy because we do think it has such a dramatic impact from a customer experience perspective for the better and actually changes the margin profile of the business as well. And they get some of that sweet, sweet subscription money as well.

[00:25:40] If you don't, if you don't have a competitive autonomous driving system or a comprehensive autonomous driving system and you're an automaker, you're going to be in big trouble going forward. That might be something that you won't be able to come back from. Having said that, do we need to charge a hundred dollars a month or a thousand, you know, $8,000 for life for these systems? No, I actually think that actually hurts you as well.

[00:26:09] But what GM's doing is they're charging $25 a month. That seems reasonable. I expect that number to go up if I'm being honest, but right now it seems reasonable. But like I said before, GM is setting itself up to be in a good position going forward when it comes to EVs and autonomous driving.

[00:26:28] Let's move on to our next question, which is about partnering with Chinese automakers and maybe allowing those automakers to access the U.S. market. Thanks, Mary. Just as a follow-up on China, despite the recent challenges that you've addressed very proactively, GM does have decades of experience in the market and you have, you know, many billions of invested capital, lots of people and capacity still in place in IP with your JV partners.

[00:26:58] President Trump has been open to foreign firms participating in the U.S. as long as they make products in America, if I'm paraphrasing accurately. Do you see scope for GM to help your existing or even new Chinese partners kind of gain access to the U.S. using your existing onshore capacity and distribution capability? I want to say how you'd approach that.

[00:27:21] Maybe it's not so relevant in the next six or 12 months, but longer term, just given your decades of experience in that market and the relationships that you've built there. Thanks. Yeah. You know, Adam, what I've always said broadly on trade across the board is give us a level playing field and let us compete and win based on the strength of our products, the technology, design, loyalty, et cetera.

[00:27:46] You know, I think what's happening right now with the overcapacity in China and what's happening around the globe and the subsidies that are occurring, we're not any close to a level playing field. So I also think we have the opportunity, as we mentioned last year, we grew both ICE and EV share. And so I think we're doing a good job of leveraging our capacity that we have in North America. That's where we're going to stay focused because I think that's what's right for the long term of the industry.

[00:28:14] I think we all have to get focused on not only where is the vehicle final assembly, where is the supply chain coming from for all of the parts, including battery raw materials, but also where is the IP developed?

[00:28:28] Because understanding where that research and development is done, as I mentioned earlier today in some of my media spots, it's very important from an auto technology, not only for manufacturing this country from a from a economic security perspective, but a lot of the technology as it relates to national security. So I think you have to factor all those issues in. But right now I'm focused on leveraging the capacity that we have with General Motors and our opportunities to grow.

[00:28:58] I've mentioned this many times before, but I don't think that tariffs should be used as a club. You know, I don't I don't I think there needs to be a carrot and a stick methodology to carrots to tariffs. But it also needs to it also needs to make sense. It just can't be seemingly coming out of nowhere. There has to be a methodology and a reason behind it, and it needs to be a solid reason.

[00:29:24] I do think if a Chinese automaker was to enter the U.S. market, that we would need to ensure that they were on a level playing field with our automakers.

[00:29:38] I think that partnering because in China, for instance, if a U.S. company goes to China and they want to build cars, they have to partner with do a joint venture with a Chinese company and then they can sell cars and build cars in China. If not, then there's a tariff attached to that. I think that if something like that was here in the United States, that would make a lot of sense. That would be something that would be beneficial.

[00:30:06] However, because of the subsidies in China when it comes to making their vehicles, and I'm actually going to do an episode about this a little bit later in March. But because of the the way that the Chinese government set these companies up with incentives and, you know, they propped them up with money, basically. I think there does need to be some balance to the playing field for the U.S.

[00:30:36] Now, that's not to say that the U.S. isn't helping these companies, U.S. automakers out with certain things. We certainly saw that with the Inflation Reduction Act and encouraging to bring production back here and, you know, source their batteries from certain companies and all that kind of stuff for countries.

[00:30:55] So, yeah, I do think it's interesting that she mentioned about the little bit about where the technology was developed and how it could, you know, how it's important to know where it's developed and how it was developed. This could be a national security issue. I'm not sure if this is still the case, but for a long time in China, Teslas weren't allowed on military bases and other certain federal or governmental properties.

[00:31:24] It's not to say that Teslas couldn't be in China. I'm not saying that. But if it was a military base or certain governmental properties, then the cars weren't allowed to be in that area because they're equipped with cameras and they could be considered a surveillance device. So I could see why the U.S., with our current relations with China, would have similar feelings.

[00:31:49] But that doesn't enough, in my opinion, to say, well, you can't have Chinese automakers here because we do. Geely's here and Geely owns Volvo and Geely owns Polestar.

[00:32:02] I don't think that's enough to keep those companies out of the U.S., but I wouldn't be surprised if there wasn't a mandate coming down from the military or the federal government that's like, it's cool if you want to own one of these vehicles, but you got to park it outside the base gates. You can't park it inside. All right. Let's see here. We've got another question about autonomous vehicle demand.

[00:32:30] So let's go ahead and jump into that. Wondering, to what extent do you think the regulatory kind of system is a support mechanism for level two plus level three? Is this something that could ultimately be the real catalyst that pushes super crews or level two, level three down the road? Or do you see this as just being consumer demand driven? Thanks.

[00:33:00] We see it being consumer demand driven. I mean, our customers, the bulk of people who have supercar on their vehicles use it on a regular basis. I think it's over 60 percent. And especially as we get newer and newer, or I said, you know, new features, it is definitely something where when people arrive at their destination after using supercruise, they're more rested,

[00:33:22] which is why 80 percent of our customers say they either wouldn't buy a car without it or they strongly would desire it to be on their next vehicle. And, you know, we're going to look at supercruise being standard on our EVs from a Cadillac perspective, the Cadillac or the Escalade IQ, Vistic, Optic, Lyric V. So this is all, I think, opportunity for us for more people to experience supercruise and the way we have safely deployed this technology.

[00:33:51] So I see it very much consumer driven. All right. I think I've made my thoughts pretty clear on this at this point, so I won't continue commenting on it. Next up, we have a question about EV pricing and if the tax credits go away. And this is our last question. We'll come back after this, discuss it, and then we'll have closing remarks and that'll be the end of the show. So let's go ahead and jump into this question. Can you just be a bit more specific around the assumptions for EV pricing?

[00:34:20] You spoke already around how you're expecting it for GM in total, but it'd be helpful to have a better sense of the baseline assumptions around EV pricing. And if the industry pricing does get more competitive to the extent that our policy changes, that could help us to better think through what EV profitability year over year may move to, to the extent there is more difficult pricing. Thanks.

[00:35:10] Yeah. So, you know, I think there are a lot of changes going forward. We're continuing to just keep our head down, focus on building great products. And as you've seen from the chart that we included in the earnings deck, I would put our incentive, discipline, and our go-to-market strategies up against anybody in the industry in terms of the type of performance that our team is driving. Okie doke.

[00:35:39] We're going to end it here. If you want to email me, you can do so. It's Bodie, B-O-D-I-E at 918digital.com. If you want to follow me on X, it's at 918digital. And yeah, I hope you all enjoyed this earnings call. Because of the way my schedule was working for February and March, didn't do a lot of the earnings calls, but we'll get back into that next quarter. Just Tesla and GM. I might do Rivian.

[00:36:09] We'll see how much time I have. It takes a couple hours to put these things together, and I'm not sure I have a couple hours to do it. But I might do Rivian, and if I do Rivian, I might do Lucid. We'll see. We'll see how it goes. But thanks, everybody, for listening. I hope you all have a wonderful day, and I will talk to you next time. Let's get to the closing remarks. Thank you.

[00:36:35] And I want to close by thanking our team once again for their strong execution in 2024, which has set the business up for continued success in 2025. If you step back and look, we have a broad, deep, and compelling portfolio of internal combustion engine vehicles and EVs to meet customer demand, and it keeps getting stronger with the strength of our products.

[00:36:57] We continue to innovate, and we're growing technologies like Super Cruise for today and L3 for the future, even moving to L4. We're profit-focused, and we're capital-discipline with strong margins, cash flow, and a healthy balance sheet. And I want to remind everybody, we have demonstrated our agility many times over the last several years. And although there's a lot of uncertainty with some of the uncertainty, there's pluses in the column as what, not just negatives.

[00:37:25] And we intend to capitalize on all of that. And that's why I believe that 2025 is a year that is full of promise for General Motors. And I look forward to sharing our progress with you and demonstrating once again how much the General Motors team is capable of delivering. So thank you again for joining, and I hope you all have a great day. Stay safe.

[00:38:03] That concludes the conference call for today. Thank you for joining.