【正文】 2 4$ O ct 0 2 2 . 6 2 % 5 7 . 2 4 2 6 , 2 3 2$ ($ 4 8 8 ) 9 5 . 8 6 % 2 7 , 3 6 5$ N o v 0 2 3 . 4 1 % 5 7 . 1 6 2 6 , 2 6 6$ ($ 4 9 8 ) 9 5 . 2 7 % 2 7 , 5 7 0$ Ap r0 3 2 . 5 1 % 6 0 . 0 6 2 7 , 5 4 0$ ($ 4 8 8 ) 9 7 . 0 0 % 2 8 , 3 9 2$ Ma y0 3 2 . 4 0 % 6 0 . 7 4 2 7 , 9 2 0$ ($ 4 8 9 ) 9 7 . 3 3 % 2 8 , 6 8 6$ Ju n 0 3 2 . 9 3 % 6 2 . 4 3 2 6 , 9 4 5$ ($ 4 6 6 ) 9 6 . 8 2 % 2 7 , 8 3 0$ Ju l 0 3 3 . 2 8 % 6 2 . 6 8 2 6 , 1 2 9$ ($ 4 5 4 ) 9 5 . 1 8 % 2 7 , 4 5 3$ Au g 0 3 3 . 5 6 % 6 3 . 0 0 2 5 , 4 0 7$ ($ 4 4 3 ) 9 3 . 3 8 % 2 7 , 2 0 8$ Se p 0 3 3 . 8 1 % 6 3 . 2 4 2 5 , 6 6 3$ ($ 4 4 9 ) 9 3 . 7 9 % 2 7 , 3 6 2$ O ct 0 3 3 . 9 2 % 6 3 . 5 2 2 6 , 0 6 7$ ($ 4 5 5 ) 9 3 . 5 7 % 2 7 , 8 5 8$ N o v 0 3 3 . 9 3 % 6 2 . 8 6 2 6 , 3 0 6$ ($ 4 6 4 ) 9 3 . 7 2 % 2 8 , 0 6 9$ GMAC / FMCC Borrowing Costs Source: FRB Man Stanley Research GMA CFMC C5 Yr T r easu r y2 .0 %3 .0 %4 .0 %5 .0 %6 .0 %7 .0 %8 .0 %1Q963Q961Q973Q971Q983Q981Q993Q991Q004Q001Q013Q011Q023Q021Q033Q03Big 3 Opportunity: Actual Quality is Better than Perceived Quality Source: JD Power, CNW Man Stanley Research The Big Three: Positives Negatives Each Company Faces Unique Challenges: ? GM has operational momentum and has made significant strides relative to its fixed legacy costs. ? Ford’s share is likely to remain under pressure. While earnings and cost cutting have been strong, cash flow needs to catch up. ? DCX continues to struggle with its product line. Quality issues, both perceived (Chrysler) and actual (Mercedes) continue to linger. Big Three Relative Stock Performance: 2023 Source: FactSet Man Stanley Research 60. 080. 0100. 0120. 0140. 0160. 0180. 01/2/20232/2/20233/2/20234/2/20235/2/20236/2/20237/2/20238/2/20239/2/202310/2/202311/2/202312/2/2023GMFD CXS P XGeneral Motors ? GM still appears to have a variable cost advantage vs. F DCX and a fixed cost disadvantage. ? GM’s aggressive funding of pension and healthcare have helped to narrow the fixed cost disadvantage. ? Significant new product launches give GM its best chance of gaining share/reducing incentives in years. ? GM is going into 2023 with above average inventory. ? Finance pany earnings are likely to decline due to higher interest rates and lower mortgage refinancing activity. GM Market Share 25%27%29%31%33%35%37%90 CY 93 CY 96 CY 99 CY 02 CY% % % Source: Autodata Man Stanley Research . Healthcare Pension Cost/Unit FY03 Source: Company data Man Stanley Research $1,134 $601 3 0 02007001 , 2 0 01 , 7 0 02 , 2 0 0GM F o r d DCXP e ns i onO P E B$1,159 $814 $889 $740 $1,899 $902 $1074 $185 $88 GM Pension Funded Status: 2023 Update Source: Company Data Man Stanley Research C o m p o n e n ts (i n $ b i l l i o n s )Y E 2023 (17. 8)S e r v i c e In t e r e s t Co s t (6. 0)L a b o r Co n t r a c t (2. 1)2023 Y T D Co n t r i b ut i o n 14. 4D e c 2023 Co n t r i b ut i o n 4. 150 b ps L o w e r D i s c o un t R a t e (3. 8)18% A s s e t R e t ur n s 10. 8Y E 2023 F o r e c as t (0. 4)GM Has Built Inventory in 2023 Source: Autodata Man Stanley Research I n v B u i l d I n v B u i l dD e c 02 D e c 03 D e c 01 D e c 02 D i ffGM 175 , 896 71, 097 104 , 799F (1, 800 ) 161 , 200 (16 3, 000 )D CX 3, 708 75, 601 (71 , 893 )B i g 3 177 , 804 307 , 898 (13 0, 094 )Financial Service Earnings Unlikely to Match 2023 Source: Company data Man Stanley Research P r e tax P r o fi t 2023 2023 2023EG M (i n U S D m m ) 2, 876 2, 969 4, 229 F (i n U S D m m ) 1, 532 2, 153 3, 153 D CX (i n E U R m m ) 578 964 1, 328 GM New / Replacement / Redesigned Products Source: Company Data, Ward’s Automotive Man Stanley Research B r an d P r o d u c t I n tr o D ateCa di l l a c S R X S e p03Ca di l l a c X L R S e p03Ch e v r o l e t M a l i b u 2023Ch e v r o l e t Co l o r a do D e c 03Ch e v r o l e t E qui n o x e a r l y 2023Ch e v r o l e t Co r v e t t e 2023P o n t i a c G6 2023Ca di l l a c S T S 2023H um m e r H 3 2023Ch e v r o l e t Co b a l t J un 05S a a b 95 2023Ford Motor Company ? Earnings have exceeded expectations. Now cash flow needs to catch up. ? With the exception of the FSeries, new products are limited until yearend, suggesting share pressure is likely to continue. ? International Operations / Premier Auto Group need to start pulling their weight. ? Stability in management ranks is important. F Market Share 19%21%23%25%27%81CY83CY85CY87CY89CY91CY93CY95CY97CY99CY01CY03CYSource: Autodata Man Stanley Research % % % % F vs. GM Cash Flow Source: Company reports Man Stanley Research G M v s F o r d c a s h fl o w 9 m o s 0 3O p e r a ti n g GM FG M / b / (w ) th a n F o r dN e t I n c o m e 0 . 6 0 . 1 0 . 5DA 5 . 2 4 . 0 1 . 2C a p x 4 . 5 5 . 6 1 . 1W / C 0 . 3 1 . 4 1 . 1O p e r a ti n g e