Good morning, good afternoon, and good evening, and welcome to the General Motors 2023 Annual Meeting of Shareholders. We are delighted to have you as a participant today. I'm Mary Barra, Chair and CEO of General Motors, and I will chair today's meeting. I'm joined by Craig Glidden, GM's General Counsel, Corporate Secretary, and Executive Vice President of Legal, Public Policy, and Cybersecurity, who will act as the secretary for our meeting. I now call this meeting to order. I would like to start this meeting the way we start all of our board and committee meetings, with a safety message. I'm pleased to invite Regina Carto, Vice President of Global Product Safety and Systems, to share this safety learning with you all today.
Hello, everyone. As we find ourselves enjoying the summer travel season, safe driving is especially important. Many of us are logging extra miles to and from vacation destinations and weekend getaways. According to the American Automobile Association, teen drivers are most vulnerable on the road during this period between Memorial Day and Labor Day. Among the most impactful things we, as drivers, can do is ensure all our vehicle safety features are activated. These systems are proven to help drivers avoid crashes. I encourage everyone to always keep available safety systems on. Let me share with you how effective these vehicle safety features can be. According to a 2023 joint GM and University of Michigan Transportation Research Institute study, automatic emergency braking, together with forward collision alert, reduced rear-end striking crashes by 42%.
Front pedestrian braking reduced front pedestrian crashes by 23%, and lane keep assist with lane departure warning reduced roadway departure crashes by 15%. In a similar study in 2022, it was shown that IntelliBeam reduced nighttime crashes with pedestrians, bicyclists, and animals by 22%. Safety technologies like these are constantly improving and becoming more affordable and more widely available across GM's portfolio. In addition to employing vehicle safety features, our driving behaviors are critical, too. Remember to avoid distracted driving by keeping your eyes on the road, two hands on the wheel, and phones down. Of course, always buckle up. Thank you, and safe travels this summer.
Thank you, Regina. Before I introduce your 2023 board nominees, I would like to recognize Carol Stephenson, who is not standing for re-election this year. On behalf of the entire board, I would like to thank Carol for her invaluable service and many contributions over the years, particularly her insights as a Compensation Committee Chair that helped evolve our compensation programs by strengthening the link between pay and performance. It has been a pleasure working with Carol over the years. While the GM team will greatly miss Carol, the board is executing a director succession and refreshment strategy to ensure that our directors bring diverse viewpoints, possess a variety of skills, professional experiences, and backgrounds, and effectively represent the long-term interests of shareholders.
On the ballot this year for the first time as director nominees are Joanne Crevoiserat, CEO of Tapestry, Jon McNeill, Co-founder and CEO of DVx Ventures, who were added to the board in 2022, as well as Jan Tighe, retired Vice Admiral of the U.S. Navy, who is standing for election at this meeting. Joanne has cultivated an extensive background in financial expertise and brand development, which benefits GM as we grow our customer consumer brands through consumer-centric, digital, and data-driven initiatives. Jon has deep executive experience with both early-stage and mature companies and is a demonstrated leader in the EV space, which provides GM with critical insights as we execute our EV transformation. Jan has unique operational experience in complex cybersecurity matters through her roles for the U.S. Navy and National Security Agency.
GM will benefit from her experience in this area as we deploy more advanced EV, AD, and software-defined vehicle technologies. On the ballot this year are the following nominees: Pat Russo, Chair of Hewlett Packard Enterprise and our Independent Lead Director, Aneel Bhusri, Chairman, Co-founder, and Co-CEO of Workday, Wes Bush, Retired Chairman of Northrop Grumman, Linda Gooden, Retired Executive Vice President, Lockheed Martin, Joe Jimenez, Retired CEO of Novartis, Jami Miscik , CEO of Global Strategic Insight, Thomas Schoewe, Retired Executive Vice President and CFO of Walmart, Mark Tatum, Deputy Commissioner and Chief Operating Officer of the NBA, and Devin Wenig, Retired President and CEO of eBay. Participating today are members of GM senior leadership team, representatives of our independent auditor, Ernst & Young LLP, and Peter J. Desio , of Broadridge Financial Solutions , who will serve as the Inspector of Election.
I'm pleased to turn the meeting over to Craig to conduct the official portion of this meeting.
Thank you, Mary. Before I turn to the legal requirements, let me review the process for the question- and- answer session that will follow our formal portion of the meeting and Mary's business presentation. If you are a shareholder entitled to vote, you may submit a question at any time during the meeting by typing it into the Ask a Question field on your screen and clicking Submit. Alternatively, you can call 1-877-328-2502, once we announce that the question- and- answer session has opened, and press star one to be placed into the queue. I repeat, that number is 1-877-328-2502. We will answer a selection of written questions submitted online, as well as sealed live questions from the phone.
The meeting agenda lists all items of business to be considered, including the election of directors. On behalf of the board, I now move these items of business and nominate the board's nominees for election. Mary Barra, who acts as proxy for all shares that have been voted for thus far, seconds this motion. Next, I would like to remind you of certain procedural matters relating to today's meeting. First, this meeting is being held pursuant to a notice dated April 28, 2023. On or about that day, each shareholder of record as of the close of business on April 21, 2023, was sent either a notice of internet availability of proxy materials or the proxy materials themselves. An affidavit of mailing these materials has been filed with the company's records.
Second, based on information from the Inspector of Elections, Broadridge Financial Solutions, approximately 1.2 billion shares, constituting 84% of GM's outstanding common stock, are represented at the meeting in person or by proxy. Accordingly, we have the required quorum to proceed with the meeting. Third, the polls are open for voting online during the meeting. All shareholders entitled to vote at this meeting may do so by clicking the Vote Here button at the bottom of your screen. The polls will remain open until we have conducted the official portion of the meeting. Since the items of business and nominations have been moved and seconded, and the requirements for holding today's meeting have been met, I declare that the meeting has been duly convened and may be adjourned at any time as necessary.
The agenda, along with the rules of conduct, are also available for download by clicking the links on the bottom of your screen. The rules of conduct contain the legend regarding forward-looking statements. The content of today's meeting will be governed by this language. If we discuss non-GAAP financial measures in today's presentations, a reconciliation to the most directly comparable GAAP measures is provided in our SEC filings, which are available on our website at investor.gm.com. We are committed to holding an annual meeting that allows for a respectful exchange of information that's useful to everyone. We appreciate your cooperation in making this happen. Mary?
Thank you, Craig. As the agenda outlined, we have seven items of business on the ballot for today's meeting. Following the conclusion of the official portion of the meeting and our business update, we will hold a question- and- answer session. The first item of business is the election of 13 directors. Each year, shareholders elect directors to serve for the coming year until their successors are elected. Your board has nominated the 13 directors, nominees I introduced earlier, who have been identified in our proxy statement. Your board recommends a vote for each of the director nominees. The second item of business is a proposal to ratify the Audit Committee's selection of Ernst & Young LLP as our company's independent registered public accounting firm for 2023.
You can read more about this proposal, including the audit fees and services and the Audit Committee's pre-approval policies and procedures in our proxy statement. Your board recommends a vote for this proposal. The third item of business is an advisory vote on the compensation of our named executive officers. You can read more about the compensation of these individuals and our compensation programs in our proxy statement. Your board recommends a vote for this proposal. The fourth item of business is a proposal to approve an amendment to GM's 2020 Long Term Incentive Plan to increase the number of shares available for issuance under the plan. The amendment will facilitate the continued issuance of equity awards to support our performance-based compensation programs. You can read more about this proposal and our compensation programs in our proxy statement. The board recommends a vote for this proposal.
Item 5 on our agenda is a shareholder proposal requesting a report on the company's operations in China. I understand that Paul Chesser will present this proposal. Mr. Chesser, you will have three minutes to do so. Operator, can you please open Mr. Chesser's line?
Mr. Chesser, your line is now open.
Thank you. I'm Paul Chesser, Director of the Corporate Integrity Project for National Legal and Policy Center. A little over two years ago, General Motors and Ms. Barra announced that 100% of the passenger vehicles the company will sell in the year 2035 will be powered by electricity. This has nothing to do with climate change, as has been claimed. Whatever plans GM has to go electric, along with any other company's plans to electrify, will not change the planet's global temperature one bit. Meanwhile, a switch to a fully electric-powered fleet and an electric-powered economy, for that matter, is impossible, whether you examine it in terms of energy physics, in terms of supply and demand, in terms of basic economics, or in terms of geopolitics, even 12 years from now.
Even if GM could get its hands on all the battery metals like cobalt, nickel, lithium, and other materials that it needs to make such a conversion, that would not eliminate all the other logistical problems of creating an electric fleet or of the zeroing out of greenhouse gas emissions. Unless GM is willing to pitch in and fix nearly unsolvable problems like electric grid overhaul, like expansion of battery charging stations, like renewable power generation and storage, like NIMBY opposition to wind and solar, and a host of other obstacles, then all that an electric fleet will get you is dependence on nuclear, coal, and natural gas instead of oil and gasoline... I repeat, GM's all-electric assertions are a fantasy and have zero to do with climate change.
Now, what GM's aspirations are really about are profits, which they should be, and the real pursuit by allegedly going all electric is for GM to get its hands on all the billions of dollars in subsidies from the badly misnamed Inflation Reduction Act. This is short-sighted on the part of GM and Ms. Barra, as political winds shift constantly. This short-sightedness is also revealed in GM's response to our shareholder proposal, which seeks greater transparency about the company's risk of doing business in and with the communist Chinese government. Perhaps most disturbing about GM's pursuit of electric vehicles is that the vast majority of battery metals that will be needed are controlled by entities under China's control. GM officials tried to assure me that they are trying to diversify GM's supply chain to reduce dependence on Chinese-owned mines.
I'm not convinced that GM is making much progress on that, considering its long-standing co-ownership of an automobile company with communist China and Ms. Barra's recent visit there. Now we learn in today's The Wall Street Journal that China is planning a joint military training base to be located in Cuba, just 100 miles from our coast, which only heightens the threat the communist nation is to our country. Shareholders deserve far more transparency about GM's risks in China than it is disclosing. Please vote for shareholder proposal number 5.
Thank you, Mr. Chesser. For reasons indicated in our proxy statement, the board recommends that shareholders vote against this proposal. Item six on our agenda is a shareholder proposal regarding shareholder written consent. I understand that John Love will present this proposal. Mr. Love will have 3 minutes to do so. Operator, can you please open Mr. Love's line?
Mr. Love, your line is now open.
Thank you. We've got some real problems here, and they're not even discussed. One is that Ford and General Motors own 31% of the auto business in the United States. The top three, Toyota, Honda, and Hyundai, own the same percentage of the car business in the United States. What happened? GM had dominant share, now they're just co-equal with the imports. That is a clear failure on the part of the managers. The foreign brands are outselling the domestics. The other problem is the China one that's been mentioned already. They're a pal of Putin. They must run these concentration camps on the Muslims in West China. We import a Buick from China to the United States. If you don't see that as a problem, that's the problem. Let's talk about electricity for a minute.
What happened here? How did Elon Musk, with a great, General Motors background, manage to make this, electric operation as successful as it is? What have we done? We've canceled the Volt. We canceled the Volt, and we're gonna make some new electric cars instead of building on what was already done. This is just, illustrates the, failures on the part of General Motors directors who are supposed to be directing the operation. Another aspect of this failure is the fact that, Barra is a director of Disneyland. Well, she has extra time on her hands, and she can deal with, Disneyland and the problems that they have.
No, that is improper, and the directors are not doing the job that they need to be doing, and that's the unfortunate series of events that we're seeing now. This proposal is just some effort to have some avenue of accountability, but that's the record. The record is reflecting on the quality of the directors of General Motors, and this is a means of providing some safety valve, although it's very hard to do this process. That's where we're at, and the directors aren't directing. They're just watching the ship, and it's not going the way it needs to be going. We canceled the Cruze, which is an entry-level car for General Motors, and that was hard on all of the dealers I've talked to in person. That's where we're at. Directors, do directing.
Mr. Love, for reasons indicated in our proxy statement, the board recommends that shareholders vote against this proposal. Item 7 on our agenda is a shareholder proposal regarding sustainable material procurement targets. I understand that Andrea Ranger will present this proposal. Ms. Ranger, you will have 3 minutes to do so. Operator, can you please open Ms. Ranger's line?
Ms. Ranger, your line is now open.
Thank you. I'm Andrea Ranger from Green Century Capital Management, and I'm representing Ms. Amy Floyd as the sponsor of proposal number seven. Firstly, we applaud General Motors for adopting new policies to address its considerable environmental footprint. However, we do not believe that GM's current disclosure and procurement practices for its steel, aluminum, rubber, and leather supply chains adequately address its exposure to climate, deforestation, and reputational risks. According to a recent report by Rivian and Polestar, auto manufacturers need to act quickly to reduce supply chain emissions to limit global temperature rise to 1.5 degrees Celsius. Without cutting supply chain emissions, it notes that fully transitioning to battery electric vehicles charged with 100% fossil-free energy will not be enough to meet this temperature target.
Emissions associated with the mining, processing, smelting, and manufacturing of steel and aluminum account for billions of tons of carbon dioxide pollution annually, or about 13% of total global emissions. GM has joined the First Movers Coalition, whose members pledged to procure low-carbon steel and aluminum for at least 10% of their annual spend by 2030, but GM has not set its own sourcing targets. Recently, a coalition of NGOs ranked major EV manufacturers on the sustainability of their aluminum and steel supply chains. It assessed whether automakers had disclosed disaggregated emissions from their supply chains, set goals to increase use of recycled metal, and set targets to procure low-carbon metals. GM scored 0% in all metrics.
By contrast, Volkswagen, Volvo, Mercedes, Geely, BMW, and Hyundai scored higher than GM on its steel ranking, and Ford, Volkswagen, Nissan, Hyundai, and Stellantis beat GM on its aluminum ranking. The leather and rubber that GM sources for its cars and tires may be associated with deforestation. In Brazil, a country considered a major leather supplier for U.S. auto manufacturers, raising cattle drives nearly 70% of its deforestation. The automobile industry is the biggest consumer of natural rubber, and rubber tree plantations are a leading driver of deforestation in Southeast Asia and West Africa. Though GM is a founding member of the Global Platform for Sustainable Natural Rubber, it does not have a rubber zero deforestation goal. Finally, GM should enhance disclosure of its steel and aluminum-associated emissions by reporting emissions from each segment of its supply chain.
It would help investors better understand GM's climate risk and whether it is managing the full range of risks identified in this proposal. Thank you very much.
Thank you, Ms. Ranger. We remain committed to incorporating responsible source materials into our supply chain, including through our ESG partnership pledge, which invites our tier one suppliers to commit to carbon neutrality for their Scope 1 and Scope 2 emissions. We are also active members of organizations that help develop sustainable and socially responsible supply chain programs, including the Automotive Action Group and the Global Platform for Sustainable Natural Rubber. We're also members of the First Movers Coalition, where we recently announced procurement commitments for low-carbon steel and aluminum, building on our existing commitments for cement and concrete. We also recently announced supply agreements with U.S. Steel and ArcelorMittal for lower emission steel, which will help further reduce emissions. Our action clearly signals firm market demand for a net zero transition and our dedication to a more resilient and sustainable supply chain.
Given our strong track record in this area, the board believes that the proposal is unnecessary and recommends that shareholders vote against it. Despite our opposition, I know our teams have been collaborating on engagements and on this very important issue, and I ask that the GM team to keep you updated on our progress. This concludes the items of business to be considered at today's meeting. Following some of the final procedural matters to be addressed by Craig and the closing of the polls, we will proceed to the business presentation and question- and- answer session of the meeting. Craig?
Thank you, Mary. If you are a shareholder entitled to vote and have not yet voted, or if you want to change your previously cast vote, please do so now by clicking the Vote Here button at the bottom right corner of your screen. In a few minutes, we will adjourn the official portion of the meeting and begin the business presentation and question- and- answer session. Before we do, I will provide an attendance report and a preliminary report on voting. For today's meeting, approximately 125 shareholders and guests have logged in. Now for the preliminary report of voting, which is based on a tabulation of proxies received prior to the start of this meeting by the Inspector of Elections. Following today's meeting, the Inspector of Elections will tabulate any votes cast during the meeting and certify and provide final voting results.
We will report the final voting results when available on our investor relations website at investor.gm.com and in a filing with the US Securities and Exchange Commission. Based on the preliminary report provided by the Inspector of Elections, for the first item of business, the election of directors, all of the company's director nominees have been elected. Directors received an average favorable vote of 98% of the votes cast. For the second item of business, ratification of the Audit Committee's selection of Ernst & Young as the company's independent registered public accounting firm for 2023, the proposal is approved by 99% of the votes cast. For the third item of business, an advisory vote on the compensation of the named executive officers identified in the company's proxy statement, the proposal is approved by 92% of the votes cast.
For the fourth item of business, the proposal to approve an amendment to the company's 2020 Long-Term Incentive Plan to increase the number of shares available for issuance under the plan, the proposal is approved by 97% of the votes cast. For the fifth item of business, the shareholder proposal requesting report on the company's operations in China, the proposal is not approved. It received 3% of the votes cast. For the sixth item of business, the shareholder proposal regarding shareholder written consent, the proposal is not approved. It received 45% of the votes cast. For the seventh item of business, the shareholder proposal regarding sustainable materials procurement targets, the proposal is not approved. It received 14% of the votes cast. This concludes the preliminary voting results.
As mentioned, we will provide the final voting results when available on our Investor Relations website and in a filing with the SEC. This also concludes the official portion of the meeting, and I now declare the polls for voting closed and the official portion of the meeting adjourned. We will now turn to Mary's prerecorded business update, and then we will open the meeting for shareholder Q&A.
Thank you again for joining us today at our 2023 Annual Meeting of Shareholders. Technology, evolving customer habits, and global events have made a huge impact across multiple industries. Every one of us is feeling the effects in some way. For the team at General Motors, these dynamics are redefining how people and goods move. It's why we're investing in electric, autonomous, and connected vehicle technologies that give us a once-in-a-generation opportunity to not just drive growth for General Motors, but to drive meaningful change in our customers' lives as well. Together with our salaried and represented employees, suppliers, and dealers, we're earning new customers, our investments are creating new jobs, and we're moving closer to a world with zero crashes, zero emissions, and zero congestion. These actions are driving strong business results that continue to fund our transformation.
We achieved another year of outstanding performance in 2022, delivering record revenue and EBIT-adjusted of $14.5 billion, which outpaced the record profits we generated in 2021. We'll announce Q2 results next month, but in the first quarter, we continued to execute and achieve record performance in our international markets outside of China and nearly 11% EBIT-adjusted margins in North America. In the U.S. market, we led the industry in retail and fleet sales, including commercial deliveries, while keeping pricing consistent. We are off to a strong start this year, and we're optimistic about the remainder of 2023, which is why we raised our full-year earnings guidance in April. We've also taken significant steps toward implementing a $2 billion cost reduction initiative, and we expect to realize about 50% of the savings in 2023.
We are implementing strategies to reduce complexity across the business and prioritize growth initiatives with the highest impact, such as EVs, AVs, and software-defined vehicles. Through the balance of the year, we see high demand continuing as we launch more new global ICE and EV entries, including trucks, luxury, midsize, and small SUVs, and high-volume EVs in the most popular segments. We continue to lead in trucks by a wide margin. To protect and grow our leadership position, we recently announced plans to invest more than $2.1 billion in our Flint, Fort Wayne, and Arlington manufacturing facilities to prepare for our next generation ICE full-size pickups and SUVs. We expect these investments will secure thousands of good-paying jobs. In the U.S., demand for our new midsize and heavy-duty pickup trucks from Chevrolet and GMC is exceeding our expectations, and orders for high-end models are especially strong.
Dealers and customers are also excited about new, affordable Chevy Trax and Buick Envista SUVs because the incredible technology and styling they offer. Dealers are turning every Trax they get, and Chevy expects it will be its third best-selling model behind the Silverado and Equinox. To truly shift to EVs, we recognized in 2018 that we needed a dedicated EV platform to deliver the performance, range, and choice our customers have come to love and expect from our brands. Our Ultium platform is the backbone of all of our EVs. We remain committed to eliminating tailpipe emissions from new light-duty vehicles sold in the U.S. by 2035, and we are the first and only full-line automaker to set this ambitious goal.
We plan to have the capacity to produce more than 1 million EVs in North America by 2025. We are targeting annual EV revenue of $50 billion in that same time frame. We expect EV margins to strengthen as we continue to scale production and drive battery costs down. The GMC HUMMER EV pickup, the GMC HUMMER EV SUV, Cadillac LYRIQ, the Chevrolet Silverado EV for fleet customers, and the BrightDrop Zevo 600 delivery van are in production and will continue to ramp up deliveries to meet strong customer demand. We are also excited about a number of upcoming new EV launches. The Chevrolet Blazer will launch this summer. The Chevrolet Silverado EV for retail customers and the Equinox EV, as well as the Cadillac CELESTIQ ultra-luxury sedan and BrightDrop Zevo 400 delivery van, launch later this year.
You may have seen the news we shared last month about the Silverado EV work truck for fleet, which will start delivering to customers soon. It will launch with an EPA estimated 450 miles of range on a full charge, 50 miles more than originally announced and substantially more than the range offered in any Ford or Rivian EV pickup. It's another example of the strength of our engineering team and the Ultium platform. We have thousands of work truck orders from nearly 350 fleet customers, and we expect customer demand will exceed supply for some time. This summer, Cadillac will reveal the Escalade IQ with the same craftsmanship, technology, and performance that has helped Cadillac dominate the large luxury SUV segment. Supporting our EV growth are 4 planned U.S. cell plants with 160 gigawatts of capacity.
The first is online. The second comes online later this year. The third will be in 2024. The fourth will be in early 2026. These plants create thousands of jobs in Ohio, Tennessee, Michigan, and Indiana. GM will leverage its high-volume, quality manufacturing expertise at our U.S.-based battery cell plants that will help secure our battery supply. Because of the commitment we've made to transform our portfolio and our strategy to onshore or allyshore our supply chain, we lead the industry in the number of models qualifying for the full $7,500 Clean Energy Consumer Incentive in 2023. This will further bolster U.S. production, job creation, and customer adoption. We are just getting started. Now let's turn to Cruise, which has emerged as the leader in AVs.
Late last year, Cruise expanded from San Francisco, where the fleet now operates 24 hours a day, into Austin and Phoenix, and recently began supervised autonomous driving in Houston and Dallas. The team is completing more than 1,000 driverless rides per day, and the pace is accelerating. Last month, Cruise reached more than 2 million driverless miles just 3 months after completing the first 1 million miles. When the purpose-built Cruise Origin launches, it will be another critical step on Cruise's path to earn $1 billion in revenue in 2025. I've shared a lot today because our business is moving fast. In fact, we are already looking ahead to 2024, when we'll have more EVs in the highest volume segments and 3 battery cell plants will be online to support them.
We'll also reopen our transformed Orion assembly facility as a fully dedicated EV truck plant to meet the robust customer demand we're expecting. Executing a strategy like ours takes experience, skill, and collaboration. We're succeeding because of our great vehicles, industry-leading customer loyalty, and the teamwork of our salaried and represented employees, suppliers, and dealers. The core business remains robust and is funding the business as we scale and grow our EV lineup. The GM team is committed every day to creating profitable growth and long-term shareholder value. Before we move to Q&A, I want to share a brief video from our Earn a Living, Make a Life campaign, which spotlights just a few of our more than 50,000 U.S. manufacturing team members. All of our people are one of a kind: hockey players, youth mentors, grill masters, trumpeteers.
I'd like to meet some of the incredible people that are members of the GM team.
Hey, Aaron, how are you?
We're all born with the good in us. We're all in need of love. Dreams get torn, but we stand up, making a change that is calling us. Beautiful world, beautiful people. Boys and girls, we're all made equal. Clap your hands, get up and dance. Beautiful world, beautiful people.
My name is Amanda Williams. I work at General Motors Technical Center. I like collaborating with engineers to come up with tooling to meet their needs. At GM, I'm a metal model maker. Outside of GM, my passion is playing the trumpet. I love playing for an audience. It's fun to see people dancing. It's fun to make music with my best friends. General Motors has given me the flexibility to pursue my passion as a trumpet player.
My name is Matthew Rodriguez. I've worked at General Motors for 10 and a half years. My favorite part about working for GM is the people. Helping others is why I get up in the morning. I love everything about it. They know me as the cheerful, smiley, positive guy. Hey, Aaron, how are you? At work, I'm a team leader. On the ice, I'm a left winger. I got into hockey because of my father. What I love most about playing hockey is the camaraderie with my teammates. My father worked for General Motors. My grandfather worked for General Motors. I am so proud to work for GM. I love it. All right!
My name is Reggie Spraggins, and I work at General Motors Arlington Assembly Plant. I first started working for General Motors in 1995, 27 years. What I like most about my job is the opportunity to grow and always being able to do something new. At General Motors, I'm a team leader. Outside of General Motors, I'm a grill master. What I like most about grilling and entertaining is just family and friends coming together and creating memories. My wife loves veggies. I'm more of a meat guy. Bigger the meat, the better. GM has afforded me and my family a great life.
My name is Diana Villagran. I've been working for General Motors for about 1 year and 3 months. One of the biggest things that I like about working for General Motors is the people. I get to form a personal connection with them.... At General Motors, I am a mechanical engineer. Outside of General Motors, one of my biggest passions is to speak to students, to tell my story, and show them that it's not impossible to get an engineering degree. Not everybody really realizes what it is to be a migrant, and the things that you go through. I'm very proud of how I grew up, and I don't want for anybody to feel some sense of shame. If you really want it and you work towards it, nothing's impossible. I am very proud to work for General Motors.
We will now open up the meeting for questions from shareholders. During today's question- and- answer session, we will be taking a mix of written questions submitted through the virtual annual meeting portal and live questions over the phone. Where multiple questions cover the same or similar topics, we will provide a single question- and- answer to avoid repetition. After the meeting, we will post answers on our investor relations website to a representative set of the questions that were germane to the meeting, but that we did not have time to answer today. If you plan to ask a question over the phone, please limit your remarks to 2 minutes. If you are already dialed in, simply hit star 1 to be placed in the queue.
If you are viewing the meeting online and wish to ask a question over the phone, dial 1-877-328-2502 and press star 1 to be placed in the queue. Please also be sure to mute your computer or other device you are using to listen to the meeting while asking your question to avoid noise or feedback. Once again, the number to call to ask a question is 1-877-328-2502. We'll start things off with a written question that we received through the virtual meeting platform. The first question is: What is the outlook for production and sales of electric vehicles and charging options?
At GM, we're expanding EV production significantly this year, launching great new EVs into multiple market segments. In Q1 of this year, our quarterly EV sales reached 20,000 in the U.S. for the first time. We're scaling production at multiple assembly plants to continue growing our EV vehicles. Our target is to reach manufacturing capacity for 1 million EVs annually by 2025 in North America. Today, our EVs include the Cadillac LYRIQ, the Hummer EV pickup and SUV, BrightDrop Zevo 600 electric delivery van, and the Chevrolet Bolt EV and EUV, all in production in North America. We're currently starting limited production of the Chevrolet Silverado EV. Later this year, we'll begin production of the Chevrolet Blazer EV and the Chevrolet Equinox EV, moving into popular midsize and compact SUV segments.
Our strategy is clear: producing world-class EVs across multiple categories and price points for our customers from all of our brands. In EV charging, we're creating an ecosystem that will accelerate mass EV adoption and make the transition more seamless for our customers. We recently announced a historic collaboration with Tesla to integrate the North American Charging Standard connector design into our EVs. Collaboration will expand access to charging for GM EV drivers at 12,000 Tesla Superchargers and growing throughout North America. This agreement complements GM's ongoing investments in charging, reinforcing the company's focus on expanding charging access across home, workplace, and public spaces, and builds on more than 134,000 chargers available to EV drivers today through the company's Ultium Charge 360 initiative and mobile app.
Let's take another pre-submitted question: When will you show equity in compensation by paying more equal compensation to all employees?
The GM team is delivering great products and services for our customers and strong results for our shareholders at a time of incredible transformation and heightened competition within our industry. GM maintains a compensation system to enable us to attract the best talent, retain our current employees, and enables them to share in our team's collective success. We are also continuing to look for ways to enhance our compensation programs and have our employees share in our success. That's why last year we launched a direct stock purchase program that provides a seamless way for our employees to purchase stock through payroll deductions. Our UAW-represented workforce also continues to participate in our financial update. Last year, approximately 42,300 eligible U.S. hourly employees received a profit-sharing check of up to $12,750.
Now let's take a question submitted online via the virtual meeting platform. John Kim, our Assistant Corporate Secretary, will read the question.
This one came in during the meeting, Mary. What are you doing now to address shareholder value?
You know, we're going to continue to execute our strategy. If you think about the EV transformation, and this is an important year for us as we really launch a number of EV products that I just mentioned. In addition, we're making tremendous progress with autonomous vehicle technology. Cruise is in two or three cities right now and has a which is San Francisco, Austin, and Phoenix, and has announced expansions to Houston and Dallas, with more to follow. AV is really a game-changing technology, will disrupt rideshare and also over time, provide growth from a personal autonomous vehicle perspective. The third area that represents growth for General Motors and to create shareholder value is with the software-defined vehicle and the services, subscriptions.
customer experiences that we can provide and even create after someone owns the vehicle, which provides for a reoccurring revenue stream. When we focus on EV, AD, and connectivity, we think there's tremendous growth potential for General Motors. That's what we're working hard to execute, and I think that will drive creation of shareholder value.
Thanks, Mary. Let's now take another question submitted online via the virtual meeting platform. John, can you read the question?
Mary, we received a number of questions related to some of the themes on the proposal. Number 6, on our sustainable procurement targets. Could you talk a little bit about what are sort of some of our initiatives and investments to help build the responsible steel and aluminum, you know, low-carbon industry here at GM?
I think one of the important things that I mentioned is our ESG partnership pledge, which invites our Tier One and Tier Two suppliers to really commit to carbon neutrality for their Scope 1 and Scope 2 emissions. We share lessons learned. We share what we're doing, so they have examples, and we learn from them. I think this is a way that we're taking not only our supply base, but also the opportunity to share lessons learned where we can all improve. I think we're constantly looking for creating more capacity. For instance, in some of the green steel and other activities, we need each of those industries to improve the availability and develop. We're working in partnership with many of those. We will continue to provide updates in this space.
We know it's important, and so we will provide regular updates through our sustainability report.
Great. We have time for one more question. Let's take a final pre-submitted question, Mary. Is EV's performance factored into 2022 compensation?
Last year, we enhanced our Long-Term Incentive program to specifically factor in EV performance. Now, a meaningful portion of our executives' compensation will depend on how we execute our EV strategy. Specifically, we'll measure our actual performance against our goals for North America EV volumes and launch timing, with an upward or downward modification based on launch quality. Our EV performance will be measured over a 3-year performance period, which started in 2022 and will pay out in 2025. As we continue to accelerate our EV transformation, EVs will also have an increasingly important impact on the overall financial performance, and thus play an even greater role in our executive short-term and long-term incentive comp compensation.
Well, that's all the time we have for questions. Again, if there are written questions that we did not have time to address today, we will post answers to a representative set of those questions on our website shortly after the meeting. I'll now turn it back over to Mary to deliver a few closing remarks.
Thank you, Craig, and thanks to all of you who joined us today and for your continued support of, and the investment in General Motors. We are united around our growth strategy, and we are executing against it every day. We will continue to focus on driving growth and creating value for our investors and all stakeholders. Thank you again.
The conference has now concluded. We thank you for attending today's presentation.