GMNYSEMotor Vehicles & Passenger Car BodiesUS GAAP · USD

General Motors Co

General Motors Co. designs, builds, and sells trucks, crossovers, cars, and auto parts under brands including Buick, Cadillac, Chevrolet, and GMC. It also provides automotive financing through GM Financial and software-enabled services and subscriptions, while refocusing its autonomous driving efforts on personal vehicles after winding down Cruise robotaxi operations.

Ask about the company
Revenue185.0bn USD
−1.3 %y/y
Operating profit (EBIT)2,909m USD
−77.2 %y/y
EBIT margin1.6%
−5.2 ppy/y
Net income2,697m USD
−55.1 %y/y
Free cash flow17.6bn USD
+88.9 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

050100150200bn USD2020: 122.5 bn USD2020: EBIT 6.6 bn USD20202021: 127.0 bn USD2021: EBIT 9.3 bn USD20212022: 156.7 bn USD2022: EBIT 10.3 bn USD20222023: 171.8 bn USD2023: EBIT 9.3 bn USD20232024: 187.4 bn USD2024: EBIT 12.8 bn USD20242025: 185.0 bn USD2025: EBIT 2.9 bn USD2025185.02.9
RevenueOperating profit (EBIT)
Ask Clarifo about General Motors Co

Business

Share of revenue
Light vehicles78 %

Passenger cars, crossovers, SUVs, and pickup trucks sold under GM brands.

Automotive parts and aftersales7 %

Replacement parts, accessories, service, repairs, and warranty-related support.

GM Financial12 %

Vehicle financing, leasing, and related credit services for retail and fleet customers.

Software-enabled services and subscriptions2 %

Connected services, digital features, and subscription offerings tied to vehicles.

Autonomous and advanced vehicle technology1 %

AV and related technical efforts now focused on personal vehicles rather than robotaxis.

Products

Reported · share of revenue
95.6%FY2025100 %
  • Vehiclesand Parts95.6 %
  • Servicesand Other3.4 %
  • Used Vehicles1.0 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

GM sells primarily to retail consumers through independent dealers, with demand centered on trucks, SUVs, crossovers, and premium vehicles. It also serves fleet buyers such as rental car companies, commercial fleets, leasing companies, and governments, and supports them with financing, service, and warranty coverage. In China and other markets, GM also participates through joint ventures and local brands that address regional preferences.

Retail consumers

Households buying GM-branded vehicles through dealers, especially full-size pickups, SUVs, and crossovers.

Fleet customers

Rental, commercial, leasing, and government buyers purchasing vehicles in volume, often at lower margins.

Independent dealers

Authorized dealers that wholesale vehicles, provide local sales coverage, and deliver service and warranty work.

Financing customers

Retail and dealer customers using GM Financial for loans, leases, and wholesale financing.

International joint-venture customers

Buyers in China and other markets served through local joint ventures and regional brands.

Strategy

GM’s strategy centers on profitable core vehicle lines, disciplined pricing, and a strong balance sheet while investing in EVs, battery cells, software, and AV capabilities. Management has also shifted away from Cruise robotaxi development and toward personal-vehicle autonomy, reflecting a narrower and more capital-efficient technology focus.

Grow core vehicle business at high ROIC-adjusted returnsMedium term

GM wants capital to flow to products and markets that generate durable returns, especially trucks and SUVs.

Improve EV economics and scale battery supplyMedium term

EV adoption requires lower costs and better scale economics to avoid margin dilution.

Refocus autonomy on personal vehiclesShort term

Ending Cruise robotaxi funding reduces capital intensity and aligns AV work with GM’s core vehicle business.

Preserve balance sheet strength and shareholder returnsMedium term

GM targets investment-grade liquidity to support cyclicality, recalls, and capital needs while returning excess cash later.

Geography

GM’s core business is concentrated in North America and international markets, with GMNA and GMI as its main automotive operating segments. It also has equity ownership stakes in China joint ventures, making China an important but structurally different exposure from wholly owned operations. Geography matters because demand, pricing, mix, currency, and regulatory costs vary materially across regions, especially in Brazil, Korea, Argentina, Egypt, and the Middle East.

Risks

GM is exposed to cyclical auto demand, supply chain disruptions, and intense competition from both legacy OEMs and new technology-led entrants. Its business also carries company-specific risks from recalls, warranty claims, cybersecurity, and the execution of EV, software, and autonomy investments, while international exposure adds currency and geopolitical volatility.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Supply chain and manufacturing disruption1Cyclical vehicle demand2Warranty and recall costs3Competitive and technology transition risk4International and currency risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Supply chain and manufacturing disruptionImpact: HighLikelihood: High

    Pandemics, labor shortages, or component shortages can interrupt production and reduce deliveries.

    Exposure: Global manufacturing and supplier network

  2. Cyclical vehicle demandImpact: HighLikelihood: Medium

    Auto sales depend on consumer spending, credit availability, and economic conditions, making revenue and margins volatile.

    Exposure: Retail and fleet vehicle sales

  3. Warranty and recall costsImpact: HighLikelihood: Medium

    GM accrues estimated warranty and recall costs based on assumptions that can change materially with claim experience.

    Exposure: Vehicle lines and model years

  4. Competitive and technology transition riskImpact: HighLikelihood: Medium

    GM must keep pace with EVs, software, AI features, and new sales models or risk losing share and relevance.

    ExposureCore ICE businessEVsAVSoftware-enabled services
  5. International and currency riskImpact: MediumLikelihood: Medium

    Operations in Brazil, Korea, Argentina, Egypt, the Middle East, and China are exposed to FX and local market swings.

    Exposure: GMI and China joint ventures

Ask Clarifo about General Motors Co

Accounting

Judgemental items
Warranty and recall reserves

GM accrues estimated costs at sale or when recalls become probable and estimable, so changes in assumptions directly affect earnings.

Impact: Can materially change operating profit and cash outflows

Equity-method accounting for China joint ventures

GM’s China exposure is partly through JVs, so earnings depend on equity income and impairment assessments rather than consolidated revenue.

Impact: Can create volatility in other income and segment results

Pension and OPEB obligations

Benefit plan assumptions influence expense, liabilities, and cash contributions.

Impact: Affects operating costs and liquidity

Asset impairment and restructuring

Shifts in product strategy, plant utilization, or Cruise wind-down decisions can trigger charges.

Impact: Can reduce reported earnings and asset values

Similar listed companies

Publicly listed companies with a comparable business focus.

Tesla, Inc.

TSLA · Motor Vehicles & Passenger Car Bodies

Ford Motor Company

F · Motor Vehicles & Passenger Car Bodies

Exxon Mobil Corporation

Petroleum Refining

The Goodyear Tire & Rubber Company

GT · Tires & Inner Tubes

Cars.com Inc.

CARS · Services-Computer Processing & Data Preparation

Rush Enterprises, Inc

RUSHA · Retail-Auto Dealers & Gasoline Stations

Last updated: 24/09/2026