General Motors
Sector unknown·GM · USA (SEC 10-K)·Fiscal year to 31/12/2025
GM has made significant investments to build a broad portfolio of electric vehicles (EVs) including establishing manufacturing and supply chain capacity for EVs, batteries, and components, in North America. Our EV portfolio has achieved significant market growth with strong positioning in the U.S. market.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Electric vehicles and EV batteries
End markets
DriverNegative impact: weakens
“Despite our recent EV sales growth, U.S. regulatory and economic policy changes have impacted our expectations regarding the pace of EV growth and consumer demand. We have taken actions to strategically realign our EV capacity and manufacturing footprint with the slowing in customer demand for EVs.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“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.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“As a result, 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.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“In the year ended December 31, 2025, increased Cost was primarily due to: (1) charges of $7.7 billion due to our EV strategic realignment; (2) increased material and freight costs of $3.3 billion, including $3.1 billion due to tariffs; (3) increased warranty-related costs and campaigns of $1.3 billion; (4) unfavorable net realizable value inventory adjustments, primarily EV-related, of $0.3 billion in the year ended December 31, 2025 compared to similar favorable inventory adjustments of $0.5 billion in the year ended December 31, 2024; (5) charges of $0.5 billion due to legal matters for our former OnStar Smart Driver program; and (6) increased manufacturing costs of $0.5 billion; partially offset by (7) the reduction of charges related to Cruise restructuring of $1.1 billion; and (8) decreased engineering costs of $0.9 billion, driven primarily by the wind down of Cruise robotaxi operations.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“In the three months ended September 30, 2025 and December 31, 2025, to realign our EV capacity and manufacturing footprint to consumer demand, we recorded charges of $1.6 billion and $6.0 billion. For the year ended December 31, 2025, we recorded charges in GMNA of $7.9 billion. These charges include supplier commercial settlements, contract cancellation fees, battery cell JV settlements, and other charges of approximately $4.7 billion, which will have a cash impact when paid.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“If used vehicle prices weaken compared to estimates, GM Financial would increase depreciation expense and/or record an impairment charge on the lease portfolio.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We will adapt to customer preferences while executing our growth-focused strategy to invest in ICE vehicles, EVs, hybrids, personal AV technology, software-enabled services, and other new business opportunities.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Our known current material uses of cash include, among other possible demands: (1) capital spending and our investments in our battery cell manufacturing joint ventures of approximately $10.0 billion to $12.0 billion in 2026; (2) payments for engineering and product development activities, including the development of AV technology and software-enabled services; (3) payments associated with previously announced warranty claims, vehicle recalls, and any other recall-related contingencies; (4) payments to service debt and other long-term obligations, including discretionary and mandatory contributions to our pension plans; (5) dividend payments on our common stock that are declared by our Board of Directors; (6) payments to purchase shares of our common stock authorized by our Board of Directors; and (7) if the current regulations in the U.S. are not amended, payments of emissions-related regulatory compliance costs.”
Annual report 2025A · The company itself
Market
“GM has made significant investments to build a broad portfolio of electric vehicles (EVs) including establishing manufacturing and supply chain capacity for EVs, batteries, and components, in North America. Our EV portfolio has achieved significant market growth with strong positioning in the U.S. market.”
Annual report 2025A · The company itself
Market
“Our New Energy Vehicles (NEVs) in China have contributed to the turnaround in sales and business performance in China.”
Annual report 2025A · The company itself
Automotive
End markets
Market
“Trucks, crossovers, and cars sold currently have a variable profit of approximately 160%, 40%, and 60% of our GMNA portfolio on a weighted-average basis.”
Annual report 2025A · The company itself
Market
“The following table reconciles Net income (loss) attributable to stockholders to EBIT-adjusted: Years Ended December 31, 2025 2024 2023 Net income attributable to stockholders $ 2,697 $ 6,008 $ 10,127 Income tax expense 338 2,556 563 Automotive interest expense 727 846 911 Automotive interest income (854) (967) (1,109) Adjustments EV strategic realignment(a) 7,914 — — China restructuring actions(b) 842 4,010 — Legal matters(c) 657 — — Cruise restructuring(d) 223 1,103 478 Separation costs(e) 87 200 1,035 GMI exit costs(f) 61 150 (111) Headquarters relocation(g) 55 64 — Buick dealer strategy(h) — 964 569 GM Korea wage litigation(i) — — (106) Total adjustments 9,839 6,491 1,865 EBIT-adjusted $ 12,747 $ 14,934 $ 12,357 __________ (a)These adjustments were excluded because they relate to our strategic realignment of our EV capacity and manufacturing footprint.”
Annual report 2025A · The company itself
Market
“We serve the mainstream market with Chevrolet and GMC trucks, SUVs, and crossover utility vehicles, which are driving volume growth in premium-priced market segments.”
Annual report 2025A · The company itself
Market
“Our Cadillac brand, which continues to grow, services the global luxury segment, while also maintaining strong market presence in North America.”
Annual report 2025A · The company itself
China
Geography
DriverNegative impact: weakens
“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. We continue to focus on enhancing the competitiveness of our products in the Chinese market and executing restructuring plans.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Our Automotive China JVs’ ability to grow vehicle sales in China and generate sustainable equity income continues to be a challenge due to intense competition from our domestic competitors in the Chinese market.”
Annual report 2025A · The company itself
Market
“Our New Energy Vehicles (NEVs) in China have contributed to the turnaround in sales and business performance in China.”
Annual report 2025A · The company itself
Geography
“GMI Industry sales in China were 26.4 million units in the year ended December 31, 2025, remaining flat compared to the corresponding period in 2024. 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, representing an increase of 0.1 percentage points compared to the corresponding period in 2024.”
Annual report 2025A · The company itself
Artificial intelligence
Technology
StrategyPositive impact: strengthens
“We will adapt to customer preferences while executing our growth-focused strategy to invest in ICE vehicles, EVs, hybrids, personal AV technology, software-enabled services, and other new business opportunities.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“In December 2024, we announced that we will no longer fund Cruise's robotaxi development work and will refocus our autonomous driving strategy on personal vehicles. 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 ongoing personal autonomous technical efforts in our GMNA segment.”
Annual report 2025A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Batteries and energy storage
Technology
InputNegative impact: weakens
“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.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We continue to invest in ICE vehicles alongside our EVs and plan to introduce new battery chemistries and form factors that will deliver the EV range and performance our customers desire, with even lower pack costs and improved profitability.”
Annual report 2025A · The company itself
Digital payments and fintech
Technology
Market
“Automotive Financing - GM Financial Summary and Outlook We believe that offering a comprehensive suite of financing products will generate incremental sales of our vehicles, drive incremental GM Financial earnings, and help support our sales throughout various economic cycles. GM Financial's penetration of our retail sales in the U.S. was 33% in the year ended December 31, 2025 and 39% in the corresponding period in 2024.”
Annual report 2025A · The company itself
Market
“GM Financial's prime loan originations as a percentage of total loan originations in North America was 80% in the year ended December 31, 2025 and 81% in the corresponding period in 2024.”
Annual report 2025A · The company itself
Oil
Raw materials and inputs
StrategyPositive impact: strengthens
“In 2025, we announced 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. These investments in U.S. assembly and propulsion plants will enable us to strengthen domestic manufacturing and ensure flexibility for both ICE and electric vehicles.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“To support strong margins and cash flow, we continue to strengthen our market position in profitable ICE vehicles, such as trucks and SUVs.”
Annual report 2025A · The company itself
Chains out: this strengthens Plastics and polymers
Automation and robotics
Technology
StrategyPositive impact: strengthens
“We continue to invest in ICE vehicles alongside our EVs and plan to introduce new battery chemistries and form factors that will deliver the EV range and performance our customers desire, with even lower pack costs and improved profitability.”
Annual report 2025A · The company itself
Electrification
Technology
StrategyPositive impact: strengthens
“The following table reconciles Net income (loss) attributable to stockholders to EBIT-adjusted: Years Ended December 31, 2025 2024 2023 Net income attributable to stockholders $ 2,697 $ 6,008 $ 10,127 Income tax expense 338 2,556 563 Automotive interest expense 727 846 911 Automotive interest income (854) (967) (1,109) Adjustments EV strategic realignment(a) 7,914 — — China restructuring actions(b) 842 4,010 — Legal matters(c) 657 — — Cruise restructuring(d) 223 1,103 478 Separation costs(e) 87 200 1,035 GMI exit costs(f) 61 150 (111) Headquarters relocation(g) 55 64 — Buick dealer strategy(h) — 964 569 GM Korea wage litigation(i) — — (106) Total adjustments 9,839 6,491 1,865 EBIT-adjusted $ 12,747 $ 14,934 $ 12,357 __________ (a)These adjustments were excluded because they relate to our strategic realignment of our EV capacity and manufacturing footprint.”
Annual report 2025A · The company itself
Chains out: this strengthens Electricity, strengthens Power grid expansion, strengthens Copper
Energy efficiency
Technology
StrategyPositive impact: strengthens
“Building on a century of innovation, we are leveraging software, hardware, artificial intelligence (AI), and sensors to produce safer, smarter, and more fuel efficient vehicles.”
Annual report 2025A · The company itself
Chains in: Carbon tax and ETS prices strengthens, EU climate and energy policy strengthens
Retail
End markets
Market
“GM Financial provides commercial lending products to its dealer customers that include floorplan financing, also known as wholesale or inventory financing, which is lending to finance vehicle inventory. GM Financial also provides dealer loans, which are loans to finance improvements to dealership facilities, to provide working capital, or to purchase and/or finance dealership real estate.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Telecoms and 5G
Technology
Market
“With nearly three decades of experience, OnStar is a global leader in enabling connected vehicle services. OnStar is available in more than 20 markets globally.”
Annual report 2025A · The company itself
Interest rates
Macro
DriverNegative impact: weakens
“Another key assumption in determining net pension and other postretirement benefits (OPEB) expense is the assumed discount rate used to discount plan obligations. We estimate the assumed discount rate for U.S. plans using a cash flow matching approach, which uses projected cash flows matched to spot rates along a high quality corporate bond yield curve to determine the weighted-average discount rate for the calculation of the present value of cash flows.”
Annual report 2025A · The company itself
DriverMixed impact: mixed
“During a period of rising interest rates, the interest earned on assets would increase more than the interest paid on liabilities, which would initially increase net interest income. During a period of falling interest rates, net interest income would be expected to initially decrease.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Automotive The following analyses provide quantitative information regarding exposure to foreign currency exchange rate risk, interest rate risk, and commodity risk.”
Annual report 2025A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Consumer spending
Macro
DriverNegative impact: weakens
“Despite our recent EV sales growth, U.S. regulatory and economic policy changes have impacted our expectations regarding the pace of EV growth and consumer demand. We have taken actions to strategically realign our EV capacity and manufacturing footprint with the slowing in customer demand for EVs.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“GM Financial estimates the expected residual value based on third-party data that considers various data points and assumptions, including, but not limited to, recent auction values, the expected future volume of returning leased vehicles, significant liquidation of rental or fleet inventory, used vehicle prices, manufacturer incentive programs, and fuel prices.”
Annual report 2025A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“In 2025, the U.S. and other governments implemented new import tariffs impacting GM and our suppliers, including tariffs on vehicles and parts imported into the U.S. The tariff environment is highly dynamic and the specific tariffs applicable to goods imported by GM and its suppliers into the U.S., including under the U.S.-Mexico-Canada Agreement, and other countries are likely to evolve further.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“In the year ended December 31, 2025, increased Cost was primarily due to: (1) charges of $7.7 billion due to our EV strategic realignment; (2) increased material and freight costs of $3.3 billion, including $3.1 billion due to tariffs; (3) increased warranty-related costs and campaigns of $1.3 billion; (4) unfavorable net realizable value inventory adjustments, primarily EV-related, of $0.3 billion in the year ended December 31, 2025 compared to similar favorable inventory adjustments of $0.5 billion in the year ended December 31, 2024; (5) charges of $0.5 billion due to legal matters for our former OnStar Smart Driver program; and (6) increased manufacturing costs of $0.5 billion; partially offset by (7) the reduction of charges related to Cruise restructuring of $1.1 billion; and (8) decreased engineering costs of $0.9 billion, driven primarily by the wind down of Cruise robotaxi operations.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Currency exposure
Macro
DriverNegative impact: weakens
“Automotive The following analyses provide quantitative information regarding exposure to foreign currency exchange rate risk, interest rate risk, and commodity risk.”
Annual report 2025A · The company itself
Equity and capital markets
Macro
DriverPositive impact: strengthens
“As a result, the weighted-average long-term rate of Return on Assets (ROA) decreased to 6.0% at December 31, 2025 from 6.5% at December 31, 2024.”
Annual report 2025A · The company itself
Housing market
Macro
DriverNegative impact: weakens
“Through its leasing program GM Financial is exposed to residual values, which are heavily dependent on used vehicle prices. Gains on terminations of leased vehicles of $0.6 billion and $0.8 billion were included in GM Financial interest, operating, and other expenses in the years ended December 31, 2025 and 2024.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens
Chains out: this strengthens Construction, strengthens Residential construction
Labour and wages
Raw materials and inputs
InputNegative impact: weakens
“The remaining portion includes labor costs, depreciation and amortization, engineering, freight, and product warranty and recall campaigns.”
Annual report 2025A · The company itself
United States
Geography
Geography
“GMNA Industry sales in North America were 20.7 million units in the year ended December 31, 2025, representing an increase of 2.0% compared to the corresponding period in 2024. U.S. industry sales were 16.6 million units in the year ended December 31, 2025, representing an increase of 1.7% compared to the corresponding period in 2024.”
Annual report 2025A · The company itself
Geography
“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.”
Annual report 2025A · The company itself
Geography
“Total consolidated $ 185,019 $ 85,369 $ 187,442 $ 83,490 $ 171,842 $ 80,903 No individual country other than the U.S. represented more than 10% of our total net sales and revenue or long-lived assets, other than Mexico, whose long-lived assets as a percentage of our total long-lived assets were approximately 11% at December 31, 2025 and approximately 12% at December 31, 2024 and 2023.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Nordics
Geography
Geography
“GMNA Industry sales in North America were 20.7 million units in the year ended December 31, 2025, representing an increase of 2.0% compared to the corresponding period in 2024. U.S. industry sales were 16.6 million units in the year ended December 31, 2025, representing an increase of 1.7% compared to the corresponding period in 2024.”
Annual report 2025A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 167.97 bn USD |
| Revenue growth vs. the year before, same method | -2.1 % |
| EBITDA reported by the company | 14.89 bn USD |
| Net debt debt incl. leasing minus cash | N/A |
| Diluted EPS per share | 3.27 USD |
Source: 10-K (SEC) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✗ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (USD), not converted to DKK. Quotes are shown as the company's own words in English.