United States securities and exchange commission logo
January 26, 2024
Paul A. Jacobson
Chief Financial Officer
General Motors Co
300 Renaissance Center
Detroit, Michigan 48265-3000
Re: General Motors Co
Form 10-K for the
Year Ended December 31, 2022
Response dated
January 11, 2024
File No. 001-34960
Dear Paul A. Jacobson:
We have reviewed your January 11, 2024 response to our comment
letter and have the
following comment(s).
Please respond to this letter within ten business days by
providing the requested
information or advise us as soon as possible when you will respond. If
you do not believe a
comment applies to your facts and circumstances, please tell us why in
your response.
After reviewing your response to this letter, we may have
additional comments. Unless
we note otherwise, any references to prior comments are to comments in
our December 20,
2023 letter.
Form 10-K for the Year Ended December 31, 2022
Liquidity and Capital Resources, page 36
1. 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
S-K. Please tell us how
you will revise your disclosures in future filings.
Notes to Consolidated Financial Statements
Note 2. Significant Accounting Policies
Revenue Recognition, page 57
2. 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
Paul A. Jacobson
General Motors Co
January 26, 2024
Page 2
rental car company transfers currently qualify as leases. In doing so,
expand on the
"administrative changes...to the remarking procedures" 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.
Please contact Heather Clark at 202-551-3624 or Andrew Blume at
202-551-3254 if you
have questions regarding comments on the financial statements and related
matters.
FirstName LastNamePaul A. Jacobson Sincerely,
Comapany NameGeneral Motors Co
Division of
Corporation Finance
January 26, 2024 Page 2 Office of
Manufacturing
FirstName LastName