GM
Updated: 22/09/2026, 15:09:09
General Motors Company, a prominent global automotive enterprise, is engaged in the design, manufacturing, and distribution of a wide array of vehicles—including trucks, crossovers (SUVs), and passenger cars—along with related parts and accessories. Its expansive reach covers numerous regions such as North America, the Asia Pacific, the Middle East, Africa, South America, with significant operations in the United States and China. The company organizes its business into distinct segments: GM North America, GM International, Cruise, and GM Financial. It markets its diverse vehicle lineup under well-known brand names like Buick, Cadillac, Chevrolet, GMC, Holden, Baojun, and Wuling. Beyond selling to individual consumers through dealerships, GM also supplies its vehicles—including specialized models—to a variety of fleet clients, such as daily rental companies, commercial businesses, leasing firms, and government agencies. GM further extends its offerings with a comprehensive suite of advanced services for both retail and fleet customers. These include vital safety and security features like automated crash response, emergency support, roadside assistance, crisis intervention, stolen vehicle recovery, and turn-by-turn navigation. Additionally, it provides a robust set of connected services, encompassing mobile applications for remote vehicle control and locating electric vehicle charging stations, on-demand diagnostics, smart driver insights, integrated in-vehicle commerce, voice assistants, a navigation and app ecosystem, connected navigation, SiriusXM with 360L, and 4G LTE wireless connectivity. The company is also actively involved in pioneering and commercializing autonomous vehicle technology. Furthermore, GM offers automotive financing and insurance solutions, alongside various software-enabled services and subscription models. Established in 1908, General Motors Company maintains its corporate headquarters in Detroit, Michigan.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
$168.0B
FY 2025 · Reported
Net income
$2.7B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
$17.6B
FY 2025 · Calculated
R&D intensity
N/A
FY — · Reported
Share repurchases
$6.0B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
General Motors business overview
GM designs, builds, and sells trucks, crossovers, cars, and automobile parts and provides software-enabled services and subscriptions worldwide via GMNA and GMI segments and GM Financial
“We design, build, and sell trucks, crossovers, cars, and automobile parts and provide software-enabled services and subscriptions worldwide.”
Reportable segments
Reportable segments: GMNA, GMI, and GM Financial; CODM (Chair and CEO) evaluates Automotive via EBIT-adjusted and GM Financial via EBT-adjusted
“Our chief operating decision-maker, who is Chair and Chief Executive Officer, analyzes the results of our business through the following reportable segments: GMNA, GMI, and GM Financial.”
Sales channels and customer categories
Wholesale sales to dealers, distributors, and U.S. Government; retail, fleet (business, government, daily rental), and dealer business vehicles
“Wholesale vehicle sales data consists of sales to GM's dealers and distributors, as well as sales to the U.S. Government, and excludes vehicles sold by our joint ventures.”
Software-enabled services: OnStar and Super Cruise
OnStar connected services available in 20+ markets; Super Cruise hands-free ADAS on 600,000+ miles of compatible roads in U.S. and Canada; over-the-air software platform
“OnStar is available in more than 20 markets globally... With an attentive driver and under proper conditions, Super Cruise enables drivers of equipped vehicles to travel hands-free on more than 600,000 miles of compatible roads in the U.S. and Canada.”
EV portfolio
EVs including Chevrolet Equinox EV, Cadillac LYRIQ, ESCALADE IQ, GMC Sierra EV; battery cell production from Ultium Cells JV with LG Energy Solution in Warren, OH and Spring Hill, TN
“Our EV portfolio takes advantage of integrated supply chain development, including battery cell production from Ultium Cells Holdings LLC (a joint venture with LG Energy Solution) in plants in Warren, Ohio and Spring Hill, Tennessee.”
U.S. manufacturing footprint
Network of 50 U.S. manufacturing plants and parts facilities in 19 states, including 11 vehicle assembly plants
“We have a network of 50 U.S. manufacturing plants and parts facilities in 19 states, which includes 11 vehicle assembly plants.”
2025 U.S. capital investments to onshore production
~$4.0B to onshore production at Tennessee, Kansas, and Michigan plants over two years; ~$1.0B for V8 engine production in New York
“our plan to spend approximately $4.0 billion in capital investments to onshore production at plants in Tennessee, Kansas, and Michigan over the next two years and nearly $1.0 billion to build a new generation of advanced, fuel-efficient V8 engines in New York.”
2025 performance drivers
2025 financial performance driven by high-margin full-size pickup trucks and SUVs, strong consumer demand, and cost discipline
“Our financial performance in 2025 was driven by the strength of our vehicle portfolio, including high margin full-size pickup trucks and SUVs, strong consumer demand for our products, and the execution of our core business strategy.”
U.S. market position 2025
2025 U.S. vehicle sales of 2.9 million units, 17.2% market share (+0.6 pts); U.S. industry 16.6 million units
“Our total vehicle sales in the U.S., our largest market in North America, were 2.9 million units for a market share of 17.2% in the year ended December 31, 2025, representing an increase of 0.6 percentage points compared to the corresponding period in 2024.”
China market position 2025
2025 China vehicle sales of 1.9 million units, 7.1% share; Automotive China JVs equity loss of $0.3B including $0.6B SGM restructuring charges
“Our total vehicle sales in China were 1.9 million units resulting in a market share of 7.1% in the year ended December 31, 2025... Our Automotive China JVs generated an equity loss of $0.3 billion in the year ended December 31, 2025, which includes charges of $0.6 billion related to the previously announced restructuring of SGM.”
Cruise robotaxi wind-down and AV refocus on personal vehicles
Stopped funding Cruise robotaxi development (Dec 2024); acquired Cruise noncontrolling interests (Feb 2025) and refocused autonomous strategy on personal vehicles within GMNA
“In December 2024, we announced that we would no longer fund Cruise's robotaxi development work and will refocus our autonomous driving strategy on personal vehicles and, in February 2025, we completed the acquisition of the noncontrolling interests in Cruise, began to wind down the Cruise robotaxi operations, and combined the GM and Cruise autonomous technical efforts in our GMNA segment.”
EV strategy dependencies
EV strategy depends on profitable delivery of EV portfolio, battery cost reduction, material sourcing, and new battery chemistries with lower pack costs
“Our EV strategy is dependent on our ability to (1) deliver a strategic portfolio of high-quality EVs that are competitive and meet consumer demands; (2) scale our EV manufacturing capabilities relative to consumer demand; (3) reduce the costs associated with the manufacture of EVs, particularly with respect to battery cells and packs”
Automotive and GM Financial debt and credit facilities
Automotive debt $16.2B and GM Financial debt $114.0B at Dec 31, 2025; renewed $10.0B five-year and $4.1B three-year facilities; issued $2.0B senior notes in May 2025
“In May 2025, we issued $2.0 billion in aggregate principal amount of senior unsecured notes with a weighted average interest rate of 5.7% and maturity dates ranging from 2028 to 2035.”
2026 financial guidance
2026 guidance: EPS-diluted-adjusted $11.00-$13.00; Net income $10.3-$11.7B; EBIT-adjusted $13.0-$15.0B
“we expect earnings per share (EPS)-diluted and EPS-diluted-adjusted of between $11.00 and $13.00, Net income attributable to stockholders of between $10.3 billion and $11.7 billion, and EBIT-adjusted of between $13.0 billion and $15.0 billion.”
GMNA margin priority
Top priority is returning GMNA to its historical 8.0-10.0% EBIT-adjusted margins
“Looking ahead, our top priority is returning GMNA to its historical 8.0-10.0% EBIT-adjusted margins as quickly as possible.”
EV strategic realignment charges
Recorded EV realignment charges of $1.6B (Q3 2025) and $6.0B (Q4 2025); total $7.9B in GMNA for FY2025; more charges expected in 2026 from supplier negotiations
“we reassessed our EV capacity and manufacturing footprint to align to expected consumer demand and recorded charges of $1.6 billion and $6.0 billion in the three months ended September 30, 2025 and December 31, 2025. For the year ended December 31, 2025, we recorded total charges in GMNA of $7.9 billion.”
Battery cell JV exposure (nonconsolidated VIEs)
Maximum exposure to loss from battery cell manufacturing JVs of $8.5B at Dec 31, 2025, including $4.0B committed capital contributions to Ultium Cells JVs
“Our maximum exposure to loss as a result of our involvement with these VIEs was $8.5 billion and $7.0 billion, inclusive of $4.0 billion and $2.3 billion in committed capital contributions to our battery cell manufacturing joint ventures, at December 31, 2025 and 2024.”
EPA GHG regulation removal proposal and credits impairment risk
EPA proposed removing GHG regulations; $1.1B of $1.4B carrying amount of acquired credits may be impaired near term; compliance cost would be favorably impacted
“we expect that $1.1 billion of the total $1.4 billion carrying amount of our acquired credits may be subject to impairment in the near term, and our ongoing cost of compliance to the GHG regulations would be favorably impacted.”
Product warranty expense and liability increase
Product warranty balance grew to $13.6B at Dec 31, 2025; warranty expense net of supplier recoveries $7,866M in 2025, up from $5,452M in 2024
“Adjustments to pre-existing warranties3,252 1,237 1,462 ... Warranty expense, net of supplier recoveries $7,866 $5,452 $4,778”
One Big Beautiful Bill Act effects
One Big Beautiful Bill Act (July 4, 2025) accelerates clean-credit phase-out, zeroes CAFE penalties, allows up to $10,000/year auto loan interest deduction for new U.S.-assembled vehicles (2025-2028)
“The One Big Beautiful Bill Act (the Act), which was signed into law on July 4, 2025, extends and modifies certain key provisions of the U.S. Tax Cuts and Jobs Act of 2017, modifies certain IRA incentives, accelerates the phase-out of clean vehicle and other clean energy credits, and sets civil penalties to zero for noncompliance with CAFE standards.”
Tariff impacts on EBIT-adjusted
Tariffs reduced EBIT-adjusted by $3.1B in 2025; estimated $3.0-$4.0B impact to EBIT-adjusted for 2026
“In 2025, impacts to earnings before interest and taxes (EBIT)-adjusted from tariffs were $3.1 billion. Based on the current tariff environment, we estimate that impacts to EBIT-adjusted could range from $3.0 billion to $4.0 billion for the year ending December 31, 2026.”
EV consumer adoption and policy dependence
EV strategy depends on consumer adoption, which has been slower than anticipated following U.S. Government policy changes including termination of consumer EV tax incentives
“Consumer adoption of EVs has been slower than anticipated in light of recent U.S. Government policy changes, including the termination of certain consumer tax incentives for EV purchases.”
Cybersecurity risk including connected vehicles
Cyberattacks and security breaches of IT systems and networked connected products could compromise operations and customer data; risk elevated by AI adoption
“Security breaches, cyberattacks, and other disruptions to information technology systems and networked products, including connected vehicles, owned or maintained by us, GM Financial, service providers, such as data processors, or third parties, such as vendors or suppliers, could materially compromise our operations and/or sensitive customer data and proprietary information.”
Near-term profitability depends on full-size ICE SUVs and pickups
Near-term profitability dependent on current line of vehicles, particularly full-size ICE SUVs and full-size ICE pickup trucks
“Our near-term profitability is dependent upon the success of our current line of vehicles, particularly our full-size ICE SUVs and full-size ICE pickup trucks.”
Workforce and fixed cost exposure
High fixed costs and collective bargaining agreements limit flexibility; attracting/retaining highly skilled software and technical talent is critical and highly competitive
“Our high proportion of fixed costs, both due to our significant investment in property, plant, and equipment as well as other requirements of our collective bargaining agreements, which limit our flexibility to adjust personnel costs to changes in demands for our products”
Supplier disruption risk
Supplier delivery delays, performance, financial, or solvency problems could disrupt supply and production, including higher margin vehicles
“delivery delays or other performance problems or financial difficulties or solvency problems, could disrupt our suppliers' operations and lead to uncertainty in our supply chain or cause supply disruptions for us”
New U.S. import tariffs on vehicles and parts (including under USMCA) reduced EBIT-adjusted by $3.1B in 2025 with $3.0-$4.0B estimated impact in 2026.
“In 2025, impacts to earnings before interest and taxes (EBIT)-adjusted from tariffs were $3.1 billion.”
Wholesale vehicle sales to dealers and distributors correlate to revenue, the largest component of Automotive net sales and revenue.
“Wholesale vehicle sales data correlates to our revenue recognized from the sale of vehicles, which is the largest component of Automotive net sales and revenue.”
Policy changes (OBBBA credit phase-outs, zero CAFE penalties, proposed EPA GHG removal) slowed EV demand, drove realignment charges, and risk $1.1B impairment of acquired credits.
“accelerates the phase-out of clean vehicle and other clean energy credits, and sets civil penalties to zero for noncompliance with CAFE standards.”
Strong consumer demand drove 2025 performance; EV demand slowed in 2025 following termination of consumer tax incentives, triggering $7.9B realignment charges.
“Because of these recent U.S. Government policy changes, including the termination of consumer tax incentives for EV purchases and the reduction in stringency of emissions regulations, industry-wide consumer demand for EVs in North America began to slow in 2025.”
Supplier disruptions can halt production including higher margin vehicles; outlook dependent on continued supply chain availability; raw material sourcing is an EV dependency.
“In addition, our outlook is dependent on continued supply chain availability, the resiliency of the U.S. economy, and overall economic conditions, including the imposition of tariffs”
EV profitability depends on battery cell and pack costs; GM invested in Ultium Cells JV with LG Energy Solution and provided committed financial support of $4.0B to battery JVs; recorded losses on EV-related inventory including battery cells.
“Our progress towards these objectives has impacted, and may continue to impact, the need to record losses on our EV-related inventory, including battery cells.”
International footprint exposes GM to political instability, economic tensions, trade policy changes, new tariffs, and free trade agreement changes including USMCA.
“introduction of new tariffs or changes to announced tariffs directly and indirectly applicable to our industry, changes in foreign exchange rates and interest rates, economic downturns in the countries in which we operate”
GM refocused from Cruise robotaxis to ADAS and autonomous personal vehicles within GMNA, building on Super Cruise; AV strategy carries disclosed risks.
“have combined the GM and Cruise technical efforts to build on the success of Super Cruise and prioritize the development of advanced driver-assistance systems (ADAS) on a path to fully autonomous personal vehicles.”
GM is monitoring changing interest rates and their effect on consumer demand and financing; GM Financial relies on debt funding with $114.0B of debt.
“We are monitoring industry pricing pressures, changing interest rates, inflation, warranty claims, consumer demand trends, and changes to the regulatory environment”
GM Financial provides automotive financing through a separate reportable segment with $114.0B of debt and securitization VIEs backed by finance receivables and lease assets.
“GM Financial uses special purpose entities (SPEs) that are considered VIEs to issue variable funding notes to third-party, bank-sponsored warehouse facilities, or asset-backed securities to investors in securitization transactions.”
GM is leveraging software, hardware, AI, and sensors for safer, smarter vehicles; must integrate new technology including AI in a timely, cost-effective, compliant manner; AI also elevates cybersecurity risk.
“we are leveraging software, hardware, artificial intelligence (AI), and sensors to produce safer, smarter, and more fuel efficient vehicles.”
Ultium Cells Holdings LLC, a joint venture with LG Energy Solution, produces battery cells in Warren, Ohio and Spring Hill, Tennessee supporting GM's EV supply chain.
“including battery cell production from Ultium Cells Holdings LLC (a joint venture with LG Energy Solution) in plants in Warren, Ohio and Spring Hill, Tennessee.”
Inflation is among the market and operating challenges GM is monitoring for its impact on costs and consumer demand.
“We are monitoring industry pricing pressures, changing interest rates, inflation, warranty claims, consumer demand trends, and changes to the regulatory environment”
Collective bargaining agreements limit personnel cost flexibility; differing labor regulations, requirements, and union relationships are a disclosed risk; work stoppages at manufacturing facilities are a risk factor.
“other requirements of our collective bargaining agreements, which limit our flexibility to adjust personnel costs to changes in demands for our products”
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