General Motors 2013 Annual Report Download - page 33

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GENERAL MOTORS COMPANY AND SUBSIDIARIES
nameplates under the Buick, Chevrolet and Cadillac brands in China and continue to grow our business under the Baojun, Jiefang and
Wuling brands. We operate in the Chinese market through a number of joint ventures and maintaining good relations with our joint
venture partners, which are affiliated with the Chinese government, is an important part of our China growth strategy.
The following tables summarize certain key operational and financial data for the China JVs (dollars in millions, vehicles in
thousands):
Years Ended December 31,
2013 2012 2011
Total wholesale vehicles (a) ..................................................... 3,239 2,909 2,573
Market share ................................................................. 14.3% 14.6% 13.6%
Total net sales and revenue ...................................................... $ 38,767 $ 33,364 $ 30,511
Net income ................................................................... $ 3,685 $ 3,198 $ 3,203
(a) Including vehicles exported to markets outside of China.
December 31, 2013 December 31, 2012
Cash and cash equivalents ......................................................... $ 6,606 $ 5,522
Debt .......................................................................... $ 151 $ 123
GMIO Total Net Sales and Revenue and EBIT-Adjusted
Years Ended December 31,
Year Ended
2013 vs. 2012 Change Variance Due To
2013 2012
Favorable/
(Unfavorable) % Volume Mix Price Other Total
(Dollars in millions) (Dollars in billions)
Totalnetsalesandrevenue ...... $ 20,263 $ 22,954 $ (2,691) (11.7)% $ (1.3) $ (0.1) $ (0.5) $ (0.8) $ (2.7)
EBIT-adjusted ............... $ 1,230 $ 2,528 $ (1,298) (51.3)% $ (0.3) $ (0.5) $ (0.3) $ (0.2) $ (1.3)
(Vehicles in thousands)
Wholesale vehicle sales ........ 1,037 1,109 (72) (6.5)%
Years Ended December 31,
Year Ended
2012 vs. 2011 Change Variance Due To
2012 2011
Favorable/
(Unfavorable) % Volume Mix Price Other Total
(Dollars in millions) (Dollars in billions)
Totalnetsalesandrevenue ...... $ 22,954 $ 21,031 $ 1,923 9.1% $ 1.4 $ 0.3 $ 0.8 $ (0.6) $ 1.9
EBIT-adjusted ............... $ 2,528 $ 2,232 $ 296 13.3% $ 0.5 $ (0.1) $ 0.8 $ (0.9) $ 0.3
(Vehicles in thousands)
Wholesale vehicle sales ........ 1,109 1,039 70 6.7%
GMIO Total Net Sales and Revenue
The vehicle sales of our China JVs and of GM India prior to September 1, 2012, the date we consolidated GM India, are not
recorded in Total net sales and revenue. The results of our nonconsolidated joint ventures are recorded in Equity income and gain on
investments. Refer to Notes 3 and 8 to our consolidated financial statements for further detail on the acquisition of GM India.
In the year ended December 31, 2013 Total net sales and revenue decreased due primarily to: (1) decreased wholesale volume of
129,000 vehicles (or 11.6%) primarily in Middle East and Chevrolet brand vehicles in Europe partially offset by an increase from the
consolidation of GM India effective September 2012 resulting in an additional 57,000 wholesale vehicle sales (or 5.0%) in 2013;
(2) unfavorable pricing due to increased incentive support associated with strong competition; (3) unfavorable vehicle mix; and
(4) Other of $0.8 billion due primarily to unfavorable net foreign currency effect due to the weakening of the Australian Dollar, the
South Africa Rand and the Egyptian Pound against the U.S. Dollar of $0.5 billion and decreased sales of components, parts and
accessories of $0.3 billion.
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