“Coming into 2024, we are well positioned with roughly $20 billion of auto cash and marketable securities and will appropriately balance our capital allocation priorities with the plan to continue to return capital to our shareholder through repurchases and our new higher dividend rate.”

In context

“gineering. Marketing spend was reduced by $500 million and we expect another $400 million this year. And we saw approximately $500 million from lower BrightDrop and other growth business spend, along with the impact of the voluntary separation program across the enterprise. These $1.4 billion of fixed cost reductions were partially offset by $400 million of higher depreciation and amortization, meeting our target to achieve half of the $2 billion program in 2023. We began 2023 with $24 billion of auto cash and marketable securities, generated full year adjusted auto-free cash flow of $11.7 billion, and returned approximately $12 billion to our shareholders through dividends and share repurchases, including the impact of the $10 billion accelerated share repurchase program initiated in Q4. Coming into 2024, we are well positioned with roughly $20 billion of auto cash and marketable securities and will appropriately balance our capital allocation priorities with the plan to continue to return capital to our shareholder through repurchases and our new higher dividend rate. Let's get into Q4 results. Total company revenue was $43 billion, consistent year-over-year, despite the impact of the strike. However, we did have a number of cost items that we do not expect to reoccur in 2024 that impacted our margin performance in the quarter. We achieved $1.8 billion in EBIT adjusted, 4.1% EBIT adjusted margins, and $1.24 in EPS diluted adjusted. These results were also impacted by the strike, which had a $900 million EBIT adjusted impact in Q4 and a $1.1 billion impact for the full year, primarily from losing an estimated 95,000 units of production. Additionally, we increased our inventory valuation allowances by $1.1 billion to remeasure battery cell and EV inventory held at year end. This adjustment was significantly larger in Q4 versus prior quarters, driven by a”