<SEC-DOCUMENT>0001193125-24-017868.txt : 20240301
<SEC-HEADER>0001193125-24-017868.hdr.sgml : 20240301
<ACCEPTANCE-DATETIME>20240129141127
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-24-017868
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240129

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			General Motors Co
		CENTRAL INDEX KEY:			0001467858
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				270756180
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		300 RENAISSANCE CENTER
		CITY:			DETROIT
		STATE:			MI
		ZIP:			48265-3000
		BUSINESS PHONE:		313.667.1500

	MAIL ADDRESS:	
		STREET 1:		300 RENAISSANCE CENTER
		CITY:			DETROIT
		STATE:			MI
		ZIP:			48265-3000
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="right">300&nbsp;Renaissance&nbsp;Center</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:arial" ALIGN="right">Detroit, MI 48265-3000</P></TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:arial">January&nbsp;29, 2024 </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:11pt; font-family:arial" ALIGN="justify"><U>VIA
EDGAR</U> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:arial" ALIGN="justify">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:arial" ALIGN="justify">Office of Manufacturing </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:arial" ALIGN="justify">U.S. Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:arial" ALIGN="justify">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:arial" ALIGN="justify">Washington, D.C.
20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>RE:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:arial; " ALIGN="justify"><B>General Motors Company </B></P></TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&#8195;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:arial; " ALIGN="justify"><B>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Year Ended December&nbsp;31, 2022
</B></P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:arial; " ALIGN="justify"><B>Response dated January&nbsp;11, 2024 </B></P></TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&#8195;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:arial; " ALIGN="justify"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-34960</FONT> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:11pt; font-family:arial" ALIGN="justify">To whom it may concern: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:arial" ALIGN="justify">This letter from General
Motors Company (&#147;we&#148;, &#147;our&#148;, &#147;us&#148;, &#147;GM&#148; or the &#147;Company&#148;) is in response to comments from the staff (the &#147;Staff&#148;) of the Division of Corporation Finance of the Securities and Exchange
Commission (the &#147;Commission&#148;) received by letter dated January&nbsp;26, 2024, relating to the Company&#146;s Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Year Ended December&nbsp;31, 2022 (File
<FONT STYLE="white-space:nowrap">No.&nbsp;001-34960)</FONT> filed with the Commission on January&nbsp;31, 2023 and our response dated January&nbsp;11, 2024 to comments from the Staff received by letter dated December&nbsp;20, 2023. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:arial" ALIGN="justify">In this letter, we have recited the comments from the Staff in italicized, bold type and have followed each comment with the Company&#146;s response
thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:arial" ALIGN="justify"><U>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended December&nbsp;31, 2022 </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:arial" ALIGN="justify"><U>Liquidity and Capital Resources, page 36 </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><I>1.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:arial; " ALIGN="justify"><B><I>We note your response to comment 2 and continue to believe that discussion of your cash flows at the
consolidated level should be provided pursuant to Item 303(b) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> Please tell us how you will revise your disclosures in future filings. </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:10%; font-size:11pt; font-family:arial" ALIGN="justify">In response to the Staff&#146;s comment, in future filings we will provide quantitative disclosure of the consolidating adjustments
made to our segment cash flows (i.e., Automotive cash flows, GM Cruise cash flows and General Motors Financial Company, Inc. (&#147;GM Financial&#148;) cash flows) to allow readers of the filings to arrive at the Company&#146;s consolidated cash
flow amounts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:arial" ALIGN="justify"><U>Notes to Consolidated Financial Statements </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:arial" ALIGN="justify"><U>Note 2. Significant Accounting Policies </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:arial" ALIGN="justify"><U>Revenue Recognition, page 57 </U></P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><I>2.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:arial; " ALIGN="justify"><B><I>We note from your response to comment 4 that none of your vehicle transfers to rental car companies are
accounted for as leases, which appears to be a change from the conclusions reached at the time of the 2017 Office of the Chief Account preclearance referenced in your response. Please explain to us in further detail how you determined none of your
rental car company transfers currently qualify as leases. In doing so, expand on the &#147;administrative changes...to the remarketing procedures&#148; made during and since 2017, including any material revisions to your remarketing programs, and
the reasons for the significant decline in percentage of vehicles transferred back to the company from rental car companies. </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:10%; font-size:11pt; font-family:arial" ALIGN="justify">As outlined in our preclearance submission with the SEC&#146;s Office of the Chief Accountant dated September&nbsp;9, 2016, that
resulted in a confirming letter dated March&nbsp;3, 2017, our arrangements with rental car companies either do not contain a guaranteed resale price (&#147;risk sales&#148;) or do contain a guaranteed resale price. At that time, the arrangements
containing a guaranteed resale price came in one of two forms, referred to as Program 1 or Program 2. The primary difference between Program 1 and Program 2 relates to whether GM obtains contractual ownership of the vehicle as part of the
remarketing process. Under Program 1, contractual ownership transfers to GM immediately upon delivery of the vehicles to the auction sites by the rental car companies. Under Program 2, contractual ownership would transfer to GM only if a vehicle
delivered to the auction site by the rental car companies does not sell within 90 days (or 120 days in certain markets). After our preclearance submission, Program 1 was phased out such that currently only risk sales or Program 2 arrangements exist
within our contracts with rental car companies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:10%; font-size:11pt; font-family:arial" ALIGN="justify">Prior to 2017, the Company managed its remarketing activities on a pooled basis
whereby it did not differentiate between the source of the vehicles being remarketed. As such, vehicles returned under Program 2 were not differentiated from other vehicles being remarketed (e.g., GM corporate-owned vehicles provided to employees
and vehicles that were returned off lease to GM Financial). Furthermore, the vehicles subject to Program 2 were not being remarketed on a <FONT STYLE="white-space:nowrap">first-in,</FONT> <FONT STYLE="white-space:nowrap">first-out</FONT> basis with
regard to other vehicles being remarketed at the same time. In 2017, the Company changed its practices such that vehicles subject to Program 2 are identified and tracked throughout the remarketing process to ensure they are sold before ownership
reverts to GM. Since implementing these practices to monitor and track vehicles subject to Program 2 throughout the remarketing process, substantially all of the vehicles have been sold prior to ownership reverting to GM. As such, given that Program
1 has been phased out and the conditional repurchase obligation under Program 2 is not substantive, we are accounting for all transactions with rental car companies as sales. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:arial" ALIGN="justify">We appreciate your assistance in our compliance with applicable disclosure requirements and in enhancing the overall disclosures in our filings. Should
you have any questions or comments regarding the responses in this letter, please feel free to contact me at (313) <FONT STYLE="white-space:nowrap">407-3260.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:arial" ALIGN="justify">Very Truly Yours, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:arial" ALIGN="justify"><U>/s/ Christopher T.
Hatto&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:arial" ALIGN="justify">Christopher T. Hatto </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:arial" ALIGN="justify">Vice President, Global Business Solutions and </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:arial" ALIGN="justify">Chief
Accounting Officer </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="center">2 </P>

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