“And our full year EPS guidance assumes the weighted-average fully diluted share count of slightly below 1.15 billion shares.”

In context

“nations and the commercial loan portfolio. We are forecasting another year of robust automotive adjusted free cash flow, but we anticipate modest year-over-year headwinds from 2023 working capital benefits that we assume will not repeat and the timing of payments associated with accruals recognized last year. For example, warranty, tax, and higher assumed inventory levels. From a modeling perspective, remember that Q1 is our seasonally weakest cash flow quarter of the year. We expect our capital spend to be similar to 2023, inclusive of $500 million to $1 billion of investments in our battery JVs. Our 2024 effective tax rate is assumed to be in the range of 18% to 20%, up from last year, primarily due to the global mix of earnings and lower R&D credits primarily due to lower Cruise spend. And our full year EPS guidance assumes the weighted-average fully diluted share count of slightly below 1.15 billion shares. This includes the impact of the remaining shares to be purchased through the ASR, which we expect will reduce our fully diluted share count to below 1.1 billion shares once completed. The actual share count will depend on several factors that impact the final ASR settlement, including the average share price during execution and excludes the impact of any incremental share repurchases beyond the ASR. In closing, we know the EV market is not going to grow linearly and we are prepared to flex between ICE and EV production, given our unique manufacturing capabilities to balance inventory levels and to build customer demand. This will help support pricing and our continued incentive discipline. While we have faced some challenges in our EV transition, we are actively working to address them a”