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At General Motors’ Milford Proving Ground in Oakland County, Michigan, on July 27, 2026, President Donald Trump told a crowd of autoworkers, “I’ve done more for you than your parents, OK?” He credited his tariffs for reviving American car production. In the same window, according to a Bridge Michigan fact-check, Michigan lost roughly 4,000 auto parts manufacturing jobs in the year ending June 2026, a 3.5% decline from the same month in 2025.
Touring the facility with GM executives, Trump said, “It’s amazing what tariffs will do for General Motors, and what the election has done.” He pointed to his 25% tariff on foreign automobiles and claimed GM’s truck and SUV production is up 20% in 2026, calling it “something that no other president had the courage to ever do.”
The event doubled as a midterm-season political stage. Trump used the GM appearance to launch a midterms attack on Democrats, whom he called “communists,” even as polls indicated declining approval for his economic handling in Michigan.
The Michigan automotive employment numbers tell a mixed story. The 4,000-job decline is specific to auto parts manufacturing statewide, not to GM and not to the auto industry broadly. Vehicle manufacturing in Michigan added an estimated 500 jobs over the same period, partially offsetting parts-sector losses. The Bridge Michigan analysis presents the figure as a challenge to the “auto industry is back” framing while stopping short of calling it a proven consequence of tariff policy.
General Motors (NYSE:GM | GM Price Prediction) has quantified the tariff bill in its own filings. The company’s 2026 guidance projects gross tariff costs of $2.5 billion to $3.5 billion, revised down from an earlier $3.0 billion to $4.0 billion estimate, driven primarily by Section 232 tariffs on steel and aluminum. GM is raising full-year 2026 adjusted EBIT guidance in part on a roughly $0.5 billion favorable adjustment tied to a Supreme Court decision on tariffs paid under the International Emergency Economic Powers Act, and separately expects about $500 million in refunds tied to now-defunct prior-year levies.
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Analyst Ratings:
Zooming out, automakers have incurred roughly $35 billion in tariff-related costs industry-wide since Trump’s tariffs took effect, according to GM Authority data as of March 2026. GM CEO Mary Barra had earlier estimated tariffs could cost the company up to $5 billion, while saying vehicle prices “will stay at the same level” despite the added costs.
Price Target:
On the broader trade math, the Peterson Institute for International Economics has found that Trump’s tariffs have had a neutralizing effect on the U.S. trade deficit by simultaneously discouraging U.S. exports via a stronger dollar. That is separate evidence from the Michigan jobs data.
Price Scenario:
Investors have rewarded GM’s execution rather than parsing the rhetoric. Shares closed at $87.04 on July 27, 2026, up 14.83% over the prior week and 64.49% over the past year, aided by a fifth consecutive adjusted EPS beat and a second guidance raise. The gap between a “thriving industry” framing at Milford and parts-sector attrition in surrounding counties is what the next Michigan employment release will either narrow or widen.
Earnings Explorer:
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Jefferies zvýšila hodnocení Fordu i GM na Buy díky lepším vyhlídkám zisku a silnějšímu volnému cash flow. U Fordu navíc čeká v roce 2026 upravený EBIT 10,3 miliardy USD a u GM 15,8 miliardy USD.
Ford Motor Company (NYSE:F) and General Motors Company (NYSE:GM) have both been upgraded to ‘Buy’ by Jefferies analysts, who pointed to improving earnings prospects, stronger free cash flow generation and progress on several operational challenges.
For Ford, Jefferies upgraded the stock ahead of second-quarter earnings, calling the period a potential margin trough as production normalizes following disruptions and the company benefits from improved capital allocation.
The analysts raised their price target to $17.50, noting that Ford’s valuation gap with GM has narrowed. Shares are currently trading at about $14, up 10% so far this year.
Jefferies expects Ford’s adjusted EBIT to reach $10.3 billion in 2026, near the upper end of the company’s guided range of $8.5 billion to $10.5 billion. The analysts also raised their adjusted free cash flow estimate to about $4 billion, supported by earnings improvements, working capital benefits and lower supplier EV compensation costs.
The analysts highlighted progress across several areas, including Ford’s universal EV platform strategy, battery energy storage system investment, warranty improvements and efforts to reduce its European asset footprint. Jefferies expects Ford’s Blue business to improve in 2027, helping earnings recover after a challenging period.
The firm expects Ford’s second-quarter results to reflect continued volume pressure but noted that lower production could allow the company to focus on vehicle mix and avoid higher-cost aluminum sourcing. Jefferies estimates second-quarter group adjusted EBIT of $2.5 billion and expects EV losses to moderate.
For General Motors, Jefferies also raised its rating to 'Buy,' citing confidence that the automaker can continue strengthening its position in the US market and generate more than $10 billion in annual real free cash flow from 2027 onward.
The firm raised its 2026-2028 estimates by about 6% and increased its price target to $99, above current levels of about $86.
Jefferies expects GM’s earnings improvement to be supported by new vehicle launches, efficiency gains and greater diversification. The analysts highlighted upcoming Silverado and Sierra truck launches, improved vehicle content, including Super Cruise technology, and potential growth from digital services.
The firm raised its 2026 adjusted EBIT estimate for GM to $15.8 billion, at the upper end of company guidance, and projected 2027 adjusted EBIT of $17.4 billion. Jefferies expects North American operations to remain the key earnings driver, supported by stable market share, improved pricing and continued progress on warranty costs.
The analysts noted that GM has made progress reducing warranty expenses, with $500 million of improvement recorded in the first half of the year, while additional cost opportunities remain. They also highlighted that much of the company’s EV-related cash costs have already been incurred, reducing future pressure.
Jefferies wrote that both companies are positioned for improved earnings visibility, with Ford trading at about 6.6 times estimated 2027 earnings and GM at about five times estimated 2027 earnings.
The firm noted that a valuation re-rating could provide additional upside, although it is not required to support its price targets.
Fond Andra AP ve 1. čtvrtletí koupil nový podíl v General Motors, konkrétně 83 573 akcií za zhruba 6,226 mil. USD. GM zároveň za 2. čtvrtletí vykázal EPS 3,57 USD a tržby 48,03 mld. USD, obojí nad odhady.
Andra AP fonden purchased a new stake in General Motors Company (NYSE:GM – Free Report) (TSE:GMM.U) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 83,573 shares of the auto manufacturer’s stock, valued at approximately $6,226,000.
Other hedge funds also recently made changes to their positions in the company. Cibc World Market Inc. lifted its holdings in shares of General Motors by 57.2% during the 4th quarter. Cibc World Market Inc. now owns 200,662 shares of the auto manufacturer’s stock valued at $16,318,000 after buying an additional 72,984 shares during the last quarter. M&T Bank Corp increased its holdings in General Motors by 82.0% in the fourth quarter. M&T Bank Corp now owns 72,062 shares of the auto manufacturer’s stock worth $5,860,000 after buying an additional 32,474 shares during the last quarter. Legacy Capital Group California Inc. increased its holdings in General Motors by 206.4% in the fourth quarter. Legacy Capital Group California Inc. now owns 21,004 shares of the auto manufacturer’s stock worth $1,708,000 after buying an additional 14,150 shares during the last quarter. Janney Montgomery Scott LLC raised its position in General Motors by 16.2% during the first quarter. Janney Montgomery Scott LLC now owns 202,172 shares of the auto manufacturer’s stock valued at $15,062,000 after acquiring an additional 28,163 shares in the last quarter. Finally, Leonteq Securities AG bought a new position in General Motors during the fourth quarter valued at approximately $17,753,000. Institutional investors own 92.67% of the company’s stock.
Analyst Ratings Changes Several analysts have commented on GM shares. Citigroup boosted their target price on shares of General Motors from $108.00 to $131.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $100.00 price target on shares of General Motors in a report on Wednesday. Wells Fargo & Company lifted their price objective on shares of General Motors from $60.00 to $61.00 and gave the company an “underweight” rating in a research note on Wednesday. Barclays upped their price objective on shares of General Motors from $105.00 to $110.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, Benchmark restated a “buy” rating on shares of General Motors in a report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, General Motors has an average rating of “Moderate Buy” and an average target price of $99.59.
Get Our Latest Stock Report on General Motors
Insider Buying and Selling In other General Motors news, CEO Mary T. Barra sold 215,391 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $80.01, for a total value of $17,233,433.91. Following the sale, the chief executive officer owned 770,491 shares of the company’s stock, valued at $61,646,984.91. This trade represents a 21.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Rory Harvey sold 79,494 shares of General Motors stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $83.02, for a total value of $6,599,591.88. Following the completion of the transaction, the executive vice president directly owned 46,519 shares in the company, valued at approximately $3,862,007.38. This represents a 63.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 697,388 shares of company stock valued at $57,752,596. Insiders own 0.54% of the company’s stock.
Key Headlines Impacting General Motors Here are the key news stories impacting General Motors this week:
Positive Sentiment: GM posted Q2 EPS of $3.57 and revenue of $48.03 billion, both above Wall Street estimates, while adjusted EBIT jumped nearly 30% on strong truck and SUV demand. Positive Sentiment: The company raised its full-year 2026 outlook again, now guiding for adjusted EPS of $12 to $14 and higher EBIT, reinforcing confidence in earnings momentum. Positive Sentiment: Analysts turned more constructive after earnings, with JPMorgan lifting its price target on GM to $120 and keeping an overweight rating, adding fuel to the stock’s rally. Positive Sentiment: Coverage highlighted GM’s strong cash flow and ongoing share repurchases, with the company having spent more than $4 billion on buybacks over the past year, which can support per-share earnings. Neutral Sentiment: GM also announced new gas-powered Cadillac models and a push into defense-related opportunities, suggesting management is broadening growth avenues beyond EVs. Article: At GM, Trump’s Second Term Means Big Trucks—and a Push Into the Defense Industry Neutral Sentiment: The company is still absorbing EV-related restructuring costs and faces tariff, labor, and broader auto-industry risks, which could limit upside if demand softens or costs rise. Negative Sentiment: GM Korea labor unions are continuing partial strikes, adding a potential operational headwind. Article: GM Korea’s unionised workers continue partial strikes General Motors Stock Performance Shares of GM opened at $82.23 on Thursday. The company has a market capitalization of $74.15 billion, a PE ratio of 41.53, a price-to-earnings-growth ratio of 0.40 and a beta of 1.31. General Motors Company has a one year low of $49.87 and a one year high of $87.62. The company has a debt-to-equity ratio of 1.42, a current ratio of 1.14 and a quick ratio of 0.99. The company’s fifty day moving average price is $79.03 and its 200 day moving average price is $78.83.
General Motors (NYSE:GM – Get Free Report) (TSE:GMM.U) last released its earnings results on Tuesday, July 21st. The auto manufacturer reported $3.57 earnings per share for the quarter, topping analysts’ consensus estimates of $3.19 by $0.38. General Motors had a net margin of 1.05% and a return on equity of 18.18%. The firm had revenue of $48.03 billion during the quarter, compared to analyst estimates of $47.01 billion. During the same quarter in the previous year, the business earned $2.53 EPS. The business’s revenue was up 1.9% on a year-over-year basis. General Motors has set its FY 2026 guidance at 12.000-14.000 EPS. As a group, analysts expect that General Motors Company will post 12.88 earnings per share for the current year.
General Motors Announces Dividend The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 17th. Investors of record on Friday, September 4th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Friday, September 4th. General Motors’s payout ratio is currently 29.03%.
General Motors Company Profile (Free Report)
General Motors Company (NYSE: GM) is a global automotive manufacturer headquartered in Detroit, Michigan, that designs, builds and sells cars, trucks, crossovers and electric vehicles, and provides related parts and services. Founded in 1908, GM has long been one of the world’s largest automakers and has evolved into a multi-brand company whose primary marques include Chevrolet, GMC, Cadillac and Buick. Beyond vehicle manufacturing, GM’s operations encompass vehicle financing, connected services and advanced mobility initiatives.
GM develops and markets a broad portfolio of products and technologies, including internal-combustion and battery-electric vehicles, vehicle components and on-board connectivity services.
Further Reading Five stocks we like better than General Motors Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play
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GM má 6,3 miliardy USD odložených tržeb, což odráží rostoucí podíl softwaru a služeb s opakovanými příjmy. GM očekává v roce 2026 více než 3 miliardy USD tržeb ze softwaru a služeb.
Buried in the company’s prepared remarks was a figure that has quietly grown into a multibillion-dollar asset: $6.3 billion in deferred revenue. That growing backlog reflects what CFO Paul Jacobson called GM’s “highly profitable software and services revenue,” a business that continues to expand through connected vehicles, subscriptions and digital services rather than one-time vehicle sales.
The number offers perhaps the clearest sign yet that GM wants investors to think beyond vehicles and begin valuing the company as a recurring revenue business.
GM’s Software Business Is Quietly Getting BiggerAccording to Jacobson, GM expects “more than $3 billion of software and services revenue” in 2026 while ending the year with “$6.3 billion of deferred revenue on our balance sheet.” He also said the company expects “over 1 million new software subscriptions” this year, underscoring the growing contribution of connected vehicle services.
Unlike vehicle sales, which are recognized immediately, deferred revenue represents money that will be recognized over time as customers continue paying for software-enabled features and services. Every new subscription adds to a backlog of future revenue that is already under contract.
The strategy marks a notable shift for a company historically valued on vehicle deliveries and manufacturing scale. Instead, GM is increasingly generating recurring revenue long after customers leave the dealership through connected services, Super Cruise and other digital offerings.
The Bigger Story Isn’t Cars. It’s Recurring Revenue.GM reinforced that strategy elsewhere during the earnings call by expanding one of its flagship software products.
Barra said the company is “making Super Cruise standard on our High Country Silverado and Denali Sierra” while expanding availability across much of the pickup lineup. Beginning with the 2027 model year, she said the move is expected to add “approximately 160,000 incremental Super Cruise units annually.”
For investors, that announcement is about more than a premium driver-assistance feature. Every additional Super Cruise-equipped vehicle creates another opportunity for GM to deepen customer engagement and expand its recurring software business over time.
The deferred revenue balance, meanwhile, offers a tangible measure of that transformation. As Jacobson put it, “Our highly profitable software and services revenue continues to grow,” highlighting a business that is becoming an increasingly meaningful contributor to GM’s earnings profile.
Photo courtesy: Jonathan Weiss / Shutterstock.com
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General Motors Company (GM) Q2 2026 Earnings Call July 21, 2026 8:30 AM EDT
Company Participants
Ashish Kohli - Vice President of Investor Relations
Mary Barra - Chairman & CEO
Paul Jacobson - Executive VP & CFO
Conference Call Participants
Joseph Spak - UBS Investment Bank, Research Division
Dan Levy - Barclays Bank PLC, Research Division
Andrew Percoco - Morgan Stanley, Research Division
Itay Michaeli - TD Cowen, Research Division
Michael Ward - Citigroup Inc., Research Division
Emmanuel Rosner - Wolfe Research, LLC
Gautam Narayan - RBC Capital Markets, Research Division
Mark Delaney - Goldman Sachs Group, Inc., Research Division
Rajat Gupta - JPMorgan Chase & Co, Research Division
Presentation
Operator
Good morning, and welcome to the General Motors Company Second Quarter 2026 Earnings Conference Call.
[Operator Instructions] As a reminder, this conference call is being recorded, Tuesday, July 21, 2026. I would now like to turn the conference over to Ashish Kohli, GM's Vice President of Investor Relations.
Ashish Kohli
Vice President of Investor Relations
Thanks, Julie, and good morning, everyone. We appreciate you joining us as we review GM's financial results for the second quarter of 2026. Our conference call materials were issued this morning and are available on GM's Investor Relations website. We are also broadcasting this call via webcast.
Joining us today are Mary Barra, GM's Chair and CEO; along with Paul Jacobson, GM's Executive Vice President and CFO. Susan Sheffield, President and CEO of GM Financial, will also be joining us for the Q&A portion.
On today's call, management will make forward-looking statements about our expectations. These statements are subject to risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include the factors identified in our filings with the SEC. Please review the safe harbor statement on the first page of our presentation as the content of this call will be
General Motors (GM - Free Report) came out with quarterly earnings of $3.57 per share, beating the Zacks Consensus Estimate of $3.13 per share. This compares to earnings of $2.53 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +14.06%. A quarter ago, it was expected that this an automotive manufacturer would post earnings of $2.61 per share when it actually produced earnings of $3.7, delivering a surprise of +41.76%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
General Motors, which belongs to the Zacks Automotive - Domestic industry, posted revenues of $48.03 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 3.15%. This compares to year-ago revenues of $47.12 billion. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
General Motors shares have lost about 6.8% since the beginning of the year versus the S&P 500's gain of 8.7%.
What's Next for General Motors?While General Motors has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for General Motors was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $3.19 on $47.61 billion in revenues for the coming quarter and $12.88 on $184.88 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Automotive - Domestic is currently in the bottom 33% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Ford Motor Company (F - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on July 28.
This company is expected to post quarterly earnings of $0.36 per share in its upcoming report, which represents a year-over-year change of -2.7%. The consensus EPS estimate for the quarter has been revised 3.2% lower over the last 30 days to the current level.
Ford Motor Company's revenues are expected to be $45.66 billion, down 2.7% from the year-ago quarter.
GM začne příští jaro uvádět nové benzinové Cadillaky včetně CT5, XT5 a XT6, čímž dál ustupuje od čistě elektrických modelů. Firma už kvůli pomalejšímu přijetí elektromobilů odepsala 10,9 miliardy USD.
DETROIT — General Motors will launch new gas-powered Cadillac vehicles beginning next spring as the automaker continues to shift gears away from all-electric vehicles.
GM CEO Mary Barra said Tuesday that the next-generation Cadillacs will include new versions of the company's CT5 sedan, outdated XT5 midsize SUV and discontinued three-row XT6 SUV.
"Starting next spring and continuing into 2028, we will begin launching the next generation of Cadillac ICE [internal combustion engine] vehicles," Barra said during the company's second quarter earnings call. She said the vehicles will be in addition to Cadillac's current all-electric crossovers and Escalade SUV.
The new product announcements add to GM's pullback in EVs. The automaker had planned for Cadillac to exclusively sell electric vehicles by the end of this decade. The company also has walked back EV plans for other brands and increased gas-powered engine production, including V-8 offerings.
GM has recorded $10.9 billion in EV-related charges since the second half of last year after slower-than-expected electric vehicle adoption as well as U.S. regulatory changes easing emissions standards and eliminating support for EVs.
Barra reiterated that GM's plans include "onshoring significant manufacturing" for the Detroit automaker beginning next year, in part by expanding production of its full-size SUVs to a Michigan plant that was previously slated to produce EVs.
The full-size SUVs — Escalade, Chevy Tahoe and Suburban, and GMC Yukon and Yukon XL — are currently exclusively produced at the company's Arlington Assembly plant in Texas.
General Motors ve 2. čtvrtletí zvýšil upravený EBIT na 3,9 mld. USD a podruhé letos zvýšil celoroční výhled na 14,0–16,0 mld. USD. Zároveň vyhlásil čtvrtletní dividendu 0,18 USD na akcii.
, /PRNewswire/ -- General Motors (NYSE: GM) today reported second-quarter 2026 revenue of $48.0 billion, net income attributable to stockholders of $1.3 billion, and EBIT-adjusted of $3.9 billion.
The company is raising its full-year 2026 EBIT-adjusted guidance for the second time this year. The company expects net income attributable to stockholders to be $8.4 billion to $9.8 billion; Automotive operating cash flow to be $15.4 billion to $19.4 billion; and EPS-diluted to be $8.98 to $10.98 based on its updated guidance and the impact of adjustments recorded year to date. These expected financial results do not include the potential impact of future adjustments related to special items.
The table below shows the revised guidance and how it compares to prior guidance.
Updated 2026 guidance
Previous 2026 guidance
EBIT-adjusted
$14.0 billion - $16.0 billion
$13.5 billion - $15.5 billion
Adjusted automotive free cash flow
$9.5 billion - $11.5 billion
$9.0 billion - $11.0 billion
EPS-diluted-adjusted
$12.00 - $14.00
$11.50 - $13.50
GM announced today that its Board of Directors has declared a quarterly cash dividend on the company's outstanding common stock of $0.18 per share, payable September 17, 2026, to holders of the company's common stock at the close of trading on September 4, 2026.
An overview of quarterly results and financial highlights appears below. Visit the GM Investor Relations website to download the company's earnings deck and GM Chair and CEO Mary Barra's Letter to Shareholders.
Conference call for investors and analysts
Mary Barra and GM Chief Financial Officer Paul Jacobson will host a conference call for the investment community at 8:30 a.m. ET today to discuss these results.
Conference call details are as follows:
1-800-857-9821 (U.S.) 1-517-308-9481 (international/caller-paid) Conference call passcode: General Motors An audio replay will be available on the GM Investor Relations website in the Events section. Results Overview
Three Months Ended
($M) except per share amounts
June 30, 2026
June 30, 2025
Change
% Change
Revenue
$ 48,026
$ 47,122
$ 904
1.9 %
Net income (loss) attributable to stockholders
$ 1,305
$ 1,895
$ (590)
(31.1) %
EBIT-adjusted
$ 3,943
$ 3,037
$ 906
29.8 %
Net income margin
2.7 %
4.0 %
(1.3) ppts
(32.5) %
EBIT-adjusted margin
8.2 %
6.4 %
1.8 ppts
28.1 %
Automotive operating cash flow
$ 5,071
$ 4,653
$ 418
9.0 %
Adjusted automotive free cash flow
$ 5,033
$ 2,827
$ 2,206
78.0 %
EPS-diluted
$ 1.41
$ 1.91
$ (0.50)
(26.0) %
EPS-diluted-adjusted
$ 3.57
$ 2.53
$ 1.04
41.3 %
GMNA EBIT-adjusted
$ 3,446
$ 2,415
$ 1,030
42.7 %
GMNA EBIT-adjusted margin
8.6 %
6.1 %
2.5 ppts
41.0 %
GMI EBIT-adjusted
$ 190
$ 204
$ (13)
(6.6) %
China equity income (loss)
$ 83
$ 71
$ 12
16.9 %
GM Financial EBT-adjusted
$ 605
$ 704
$ (99)
(14.0) %
Six Months Ended
($M) except per share amounts
June 30, 2026
June 30, 2025
Change
% Change
Revenue
$ 91,650
$ 91,141
$ 509
0.6 %
Net income (loss) attributable to stockholders
$ 3,932
$ 4,680
$ (747)
(16.0) %
EBIT-adjusted
$ 8,196
$ 6,527
$ 1,669
25.6 %
Net income margin
4.3 %
5.1 %
(0.8) ppts
(15.7) %
EBIT-adjusted margin
8.9 %
7.2 %
1.7 ppts
23.6 %
Automotive operating cash flow
$ 5,604
$ 7,057
$ (1,453)
(20.6) %
Adjusted automotive free cash flow
$ 6,302
$ 3,639
$ 2,663
73.2 %
EPS-diluted
$ 4.25
$ 5.28
$ (1.03)
(19.6) %
EPS-diluted-adjusted
$ 7.27
$ 5.31
$ 1.96
36.9 %
GMNA EBIT-adjusted
$ 7,107
$ 5,702
$ 1,405
24.6 %
GMNA EBIT-adjusted margin
9.3 %
7.4 %
1.9 ppts
25.7 %
GMI EBIT-adjusted
$ 314
$ 234
$ 80
34.4 %
China equity income (loss)(a)
$ 248
$ 116
$ 132
n.m.
GM Financial EBT-adjusted
$ 1,294
$ 1,389
$ (95)
(6.9) %
__________
(a)
n.m. = not meaningful
General Motors (NYSE:GM) is driving the future of transportation, leveraging advanced technology to build safer, smarter, and lower emission cars, trucks, and SUVs. GM's Buick, Cadillac, Chevrolet, and GMC brands offer a broad portfolio of innovative gasoline-powered vehicles and the industry's widest range of EVs, as we move to an all-electric future. Learn more at GM.com.
Cautionary Note on Forward-Looking Statements: This press release and related comments by management may include "forward-looking statements" within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact and represent our current judgment about possible future events. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law.
Guidance Reconciliations
The following table reconciles expected Net income attributable to stockholders to expected EBIT-adjusted (dollars in billions):
Year Ending December 31, 2026
Updated(a)
Previous
Net income attributable to stockholders
$ 8.4-9.8
$ 9.9-11.4
Income tax expense
2.2-2.8
2.6-3.1
Automotive interest (income) expense, net
(0.1)
—
Adjustments
3.5
1.0
EBIT-adjusted
$ 14.0-16.0
$ 13.5-15.5
__________
(a)
Refer to the reconciliation of Net income (loss) attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details. These expected financial results do not include the potential impact of future adjustments related to special items.
The following table reconciles expected EPS-diluted to expected EPS-diluted-adjusted:
Year Ending December 31, 2026
Updated(a)
Previous
Diluted earnings per common share
$ 8.98-10.98
$ 10.62-12.62
Adjustments
3.02
0.88
EPS-diluted-adjusted
$ 12.00-14.00
$ 11.50-13.50
__________
(a)
Refer to the reconciliation of diluted earnings per common share to EPS-diluted-adjusted for adjustment details. These expected financial results do not include the potential impact of future adjustments related to special items.
The following table reconciles expected automotive net cash provided by operating activities to expected adjusted automotive free cash flow (dollars in billions):
Year Ending December 31, 2026
Updated(a)
Previous
Net automotive cash provided by operating activities
$ 15.4-19.4
$ 16.8-20.8
Less: Capital expenditures
10.0-12.0
10.0-12.0
Adjustments
4.1
2.2
Adjusted automotive free cash flow
$ 9.5-11.5
$ 9.0-11.0
__________
(a)
These expected financial results do not include the potential impact of future adjustments related to special items.
General Motors Company and Subsidiaries1
Combining Income Statement Information
(In millions) (Unaudited)
Three Months Ended June 30, 2026
Three Months Ended June 30, 2025
Automotive
GM
Financial
Reclassifications
/Eliminations
Combined
Automotive
Cruise
GM
Financial
Reclassifications
/Eliminations
Combined
Net sales and revenue
Automotive
$ 43,762
$ —
$ —
$ 43,762
$ 42,869
$ —
$ —
$ —
$ 42,869
GM Financial
—
4,267
(3)
4,264
—
—
4,255
(2)
4,253
Total net sales and revenue
43,762
4,267
(3)
48,026
42,869
—
4,255
(2)
47,122
Costs and expenses
Automotive and other cost of sales
40,696
—
—
40,696
39,289
—
—
(1)
39,289
GM Financial interest, operating, and
other expenses
—
3,674
(1)
3,674
—
—
3,567
—
3,567
Automotive and other selling, general, and
administrative expense
2,199
—
(2)
2,197
2,141
—
—
(2)
2,139
Total costs and expenses
42,896
3,674
(3)
46,567
41,431
—
3,567
(2)
44,995
Operating income (loss)
867
593
—
1,459
1,438
—
688
—
2,127
Automotive interest expense
151
—
—
151
199
—
—
(1)
198
Interest income and other non-operating
income, net
223
—
—
223
367
—
—
(1)
366
Equity income (loss)
24
13
—
36
64
—
16
—
80
Income (loss) before income taxes
$ 963
$ 605
$ —
$ 1,568
$ 1,671
$ —
$ 704
$ —
$ 2,375
Income tax expense (benefit)
214
481
Net income (loss)
1,354
1,894
Net loss (income) attributable to
noncontrolling interests
(48)
1
Net income (loss) attributable to
stockholders
$ 1,305
$ 1,895
Net income (loss) attributable to
common stockholders
$ 1,287
$ 1,865
Six Months Ended June 30, 2026
Six Months Ended June 30, 2025
Automotive
GM
Financial
Reclassifications
/Eliminations
Combined
Automotive
Cruise
GM
Financial
Reclassifications
/Eliminations
Combined
Net sales and revenue
Automotive
$ 83,111
$ —
$ —
$ 83,111
$ 82,729
$ 1
$ —
$ —
$ 82,730
GM Financial
—
8,543
(4)
8,539
—
—
8,419
(7)
8,412
Total net sales and revenue
83,111
8,543
(4)
91,650
82,729
1
8,419
(7)
91,141
Costs and expenses
Automotive and other cost of sales
75,723
—
1
75,724
74,318
163
—
(1)
74,480
GM Financial interest, operating, and
other expenses
—
7,276
(1)
7,275
—
—
7,058
—
7,058
Automotive and other selling, general, and
administrative expense
4,270
—
(3)
4,266
4,016
111
—
(2)
4,124
Total costs and expenses
79,993
7,276
(4)
87,265
78,334
274
7,058
(4)
85,662
Operating income (loss)
3,118
1,267
—
4,385
4,395
(273)
1,361
(4)
5,479
Automotive interest expense
309
—
—
309
351
30
—
(30)
350
Interest income and other non-operating
income, net
530
(1)
—
530
701
2
—
(26)
676
Equity income (loss)
282
27
—
309
114
—
28
—
142
Income (loss) before income taxes
$ 3,621
$ 1,294
$ —
$ 4,915
$ 4,859
$ (301)
$ 1,389
$ —
$ 5,946
Income tax expense (benefit)
856
1,199
Net income (loss)
4,058
4,747
Net loss (income) attributable to
noncontrolling interests
(126)
(68)
Net income (loss) attributable to
stockholders
$ 3,932
$ 4,680
Net income (loss) attributable to common
stockholders
$ 3,901
$ 5,224
________
1
Certain columns and rows may not add due to rounding.
The following table summarizes basic and diluted earnings per share (in millions, except per share amounts):
Three Months Ended
Six Months Ended
June 30, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Basic earnings per share
Net income (loss) attributable to stockholders
$ 1,305
$ 1,895
$ 3,932
$ 4,680
Adjustments(a)
(18)
(30)
(31)
544
Net income (loss) attributable to common stockholders
$ 1,287
$ 1,865
$ 3,901
$ 5,224
Weighted-average common shares outstanding
896
963
904
976
Basic earnings per common share
$ 1.44
$ 1.94
$ 4.32
$ 5.35
Diluted earnings per share
Net income (loss) attributable to common stockholders –
diluted
$ 1,287
$ 1,865
$ 3,901
$ 5,224
Weighted-average common shares outstanding – diluted
910
976
918
989
Diluted earnings per common share
$ 1.41
$ 1.91
$ 4.25
$ 5.28
Potentially dilutive securities(b)
—
6
—
6
__________
(a)
Includes a $593 million return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders in the six months ended June 30, 2025.
(b)
Potentially dilutive securities attributable to Performance Stock Units (PSUs) and Restricted Stock Units (RSUs) at June 30, 2026 and outstanding stock options, PSUs, and RSUs at June 30, 2025 were excluded from the computation of diluted earnings per share (EPS) because the securities would have had an antidilutive effect.
General Motors Company and Subsidiaries1
Combining Balance Sheet Information
(In millions, except per share amounts) (Unaudited)
June 30, 2026
December 31, 2025
Automotive
GM
Financial
Reclassifications
/Eliminations
Combined
Automotive
Cruise
GM
Financial
Reclassifications
/Eliminations
Combined
ASSETS
Current Assets
Cash and cash equivalents
$ 15,147
$ 4,987
$ —
$ 20,134
$ 15,062
$ 56
$ 5,826
$ —
$ 20,945
Marketable debt securities
4,503
82
—
4,585
6,685
—
39
—
6,724
Accounts and notes receivable, net(a)
16,001
1,559
(790)
16,770
12,199
76
1,506
(727)
13,054
GM Financial receivables, net(b)
—
45,262
(393)
44,870
—
—
45,661
(395)
45,266
Inventories
15,955
—
(5)
15,950
14,472
—
—
(5)
14,467
Other current assets
2,767
4,929
4
7,700
3,167
9
5,130
6
8,312
Total current assets
54,374
56,818
(1,184)
110,008
51,585
141
58,162
(1,120)
108,767
Non-current Assets
GM Financial receivables, net
—
44,454
—
44,454
—
—
44,384
—
44,384
Equity in net assets of nonconsolidated affiliates
4,485
1,178
—
5,663
4,564
—
1,117
—
5,681
Property, net
53,179
138
—
53,316
51,458
99
126
—
51,683
Goodwill and intangible assets, net
2,954
1,351
—
4,305
3,018
—
1,348
—
4,366
Equipment on operating leases, net
—
32,881
—
32,881
—
—
33,686
—
33,686
Deferred income taxes
24,190
(1,547)
—
22,643
24,446
—
(1,486)
—
22,960
Other assets
7,804
1,668
—
9,472
8,226
47
1,483
—
9,756
Total non-current assets
92,612
80,121
—
172,733
91,712
147
80,658
—
172,517
Total Assets
$ 146,986
$ 136,939
$ (1,184)
$ 282,742
$ 143,297
$ 288
$ 138,820
$ (1,120)
$ 281,284
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (principally trade)(a)
$ 28,974
$ 657
$ (791)
$ 28,840
$ 24,075
$ 1
$ 491
$ (649)
$ 23,919
Short-term debt and current portion of long-term
debt
Automotive(b)
907
—
(393)
514
1,120
7
—
(471)
656
GM Financial
—
36,498
—
36,498
—
—
35,012
—
35,012
Cruise
—
—
—
—
—
—
—
—
—
Accrued liabilities
26,280
4,701
—
30,982
28,956
54
4,744
—
33,754
Total current liabilities
56,162
41,856
(1,184)
96,834
54,151
63
40,248
(1,120)
93,342
Non-current Liabilities
Long-term debt
Automotive
15,465
—
—
15,465
15,522
70
—
—
15,591
GM Financial
—
75,220
—
75,220
—
—
79,018
—
79,018
Cruise
—
—
—
—
—
—
—
—
—
Postretirement benefits other than pensions
3,939
—
—
3,939
4,025
—
—
—
4,025
Pensions
4,528
13
—
4,541
4,977
—
11
—
4,988
Other liabilities
19,541
3,560
—
23,101
17,495
281
3,375
—
21,151
Total non-current liabilities
43,473
78,793
—
122,267
42,019
351
82,404
—
124,775
Total Liabilities
99,635
120,650
(1,184)
219,101
96,170
414
122,652
(1,120)
218,116
Equity
Common stock, $0.01 par value
9
—
—
9
9
—
—
—
9
Additional paid-in capital(c)
19,184
1,018
(1,017)
19,185
18,086
1,842
1,077
(1,076)
19,928
Retained earnings
36,466
16,523
1
52,990
37,024
(1,968)
16,467
1
51,524
Accumulated other comprehensive loss
(8,932)
(1,251)
—
(10,183)
(8,966)
—
(1,377)
—
(10,343)
Total stockholders' equity
46,726
16,290
(1,016)
62,000
46,153
(126)
16,167
(1,075)
61,119
Noncontrolling interests(c)
625
—
1,016
1,641
974
—
—
1,075
2,049
Total Equity
47,351
16,290
—
63,641
47,127
(126)
16,167
—
63,168
Total Liabilities and Equity
$ 146,986
$ 136,939
$ (1,184)
$ 282,742
$ 143,297
$ 288
$ 138,820
$ (1,120)
$ 281,284
__________
(a)
Eliminations primarily include GM Financial accounts and notes receivable of $0.6 billion due from Automotive; and Automotive accounts receivable of $0.2 billion due from GM Financial at June 30, 2026; and GM Financial accounts and notes receivable of $0.5 billion due from Automotive; and Automotive accounts receivable of $0.1 billion primarily due from GM Financial at December 31, 2025.
(b)
Eliminations primarily related to GM Financial accounts receivable due from Automotive.
(c)
Primarily reclassification of GM Financial Cumulative Perpetual Preferred Stock, Series A, B, and C. The preferred stock is classified as noncontrolling interests in our consolidated balance sheets.
General Motors Company and Subsidiaries1
Combining Cash Flow Information
(In millions) (Unaudited)
Six Months Ended June 30, 2026
Six Months Ended June 30, 2025
Automotive
GM
Financial
Reclassifications
/Eliminations
Combined
Automotive
Cruise
GM
Financial
Reclassifications
/Eliminations
Combined
Cash flows from operating activities
Net income (loss)
$ 3,117
$ 941
$ —
$ 4,058
$ 4,040
$ (302)
$ 1,008
$ —
$ 4,747
Depreciation and impairment of Equipment on
operating leases, net
—
2,647
—
2,647
—
—
2,438
—
2,438
Depreciation, amortization, and impairment
charges on Property, net
3,468
18
—
3,486
3,511
9
17
—
3,537
Foreign currency remeasurement and transaction
(gains) losses
37
(7)
—
30
251
—
11
—
262
Undistributed earnings of nonconsolidated
affiliates, net
120
(27)
—
93
611
—
(28)
—
583
Pension contributions and OPEB payments
(431)
(1)
—
(432)
(308)
—
(1)
—
(309)
Pension and OPEB (income) expense, net
21
1
—
22
31
—
1
—
32
Provision (benefit) for deferred taxes
209
79
—
289
(3)
—
208
—
205
Change in other operating assets and
liabilities(a)(c)
(937)
(70)
117
(891)
(1,077)
(432)
410
2,573
1,473
Net cash provided by (used in) operating
activities
Principal collections and recoveries on finance
receivables(a)(b)
—
18,725
(1,011)
17,713
—
—
20,902
(3,616)
17,286
Purchases of leased vehicles
—
(6,591)
—
(6,591)
—
—
(8,591)
—
(8,591)
Proceeds from termination of leased vehicles
—
5,549
—
5,549
—
—
5,326
—
5,326
Other investing activities(b)
(103)
—
6
(97)
(3,320)
—
—
898
(2,422)
Net cash provided by (used in) investing
activities
(1,352)
(1,117)
(1,014)
(3,483)
(6,790)
(2)
(1,642)
(2,724)
(11,158)
Cash flows from financing activities
Net increase (decrease) in short-term debt
1
(18)
—
(16)
(13)
—
41
—
29
Proceeds from issuance of debt (original
maturities greater than three months)(b)
124
23,226
—
23,350
2,018
499
28,650
(499)
30,668
Payments on debt (original maturities
greater than three months)
(300)
(25,392)
(3)
(25,696)
(571)
(3)
(26,722)
(20)
(27,316)
Payment to purchase common stock
(2,800)
—
—
(2,800)
(2,012)
—
—
—
(2,012)
Issuance (redemption) of subsidiary stock(b)
—
—
—
—
—
—
—
(29)
(29)
Dividends paid(c)
(771)
(959)
900
(831)
(260)
—
(759)
700
(319)
Other financing activities
(379)
(73)
—
(452)
(227)
—
(95)
—
(322)
Net cash provided by (used in) financing
activities
(4,125)
(3,217)
897
(6,445)
(1,064)
496
1,115
152
699
Effect of exchange rate changes on cash, cash
equivalents, and restricted cash
(96)
13
—
(83)
261
1
64
—
327
Net increase (decrease) in cash, cash
equivalents, and restricted cash
31
(738)
—
(708)
(536)
(230)
3,602
—
2,836
Cash, cash equivalents, and restricted cash at
beginning of period
15,241
9,043
—
24,284
14,561
322
8,081
—
22,964
Cash, cash equivalents, and restricted cash at
end of period
$ 15,271
$ 8,305
$ —
$ 23,576
$ 14,025
$ 92
$ 11,683
$ —
$ 25,800
__________
(a)
Includes eliminations of $1.0 billion and $3.3 billion in the six months ended June 30, 2026 and 2025 primarily driven by purchases/collections of wholesale finance receivables resulting from vehicles sold by GM to dealers that have arranged their inventory floor plan financing through GM Financial.
(b)
Eliminations include intercompany funding activity from Automotive and GM Financial to Cruise in the six months ended June 30, 2025.
(c)
Eliminations include dividends issued by GM Financial to Automotive in the six months ended June 30, 2026 and 2025.
Note: Certain intercompany transactions that are eliminated in consolidation are presented on a net basis.
The following tables summarize key financial information (dollars in millions):
GMNA
GMI
Corporate
Eliminations
Total
Automotive
Cruise
GM
Financial
Reclassifications/
Eliminations
Total
Three Months Ended June 30, 2026
Net sales and revenue
$ 39,912
$ 3,691
$ 159
$ —
$ 43,762
$ —
$ 4,267
$ (3)
$ 48,026
Expenditures for property
$ 1,834
$ 61
$ 30
$ —
$ 1,924
$ —
$ 18
$ —
$ 1,942
Depreciation and amortization
$ 1,649
$ 122
$ 6
$ —
$ 1,777
$ —
$ 1,325
$ —
$ 3,102
Impairment charges
$ 1
$ —
$ —
$ —
$ 1
$ —
$ —
$ —
$ 1
Equity income (loss)(a)(b)(c)
$ (383)
$ 82
$ (37)
$ —
$ (337)
$ —
$ 13
$ —
$ (324)
GMNA
GMI
Corporate
Eliminations
Total
Automotive
Cruise
GM
Financial
Reclassifications/
Eliminations
Total
Three Months Ended June 30, 2025
Net sales and revenue
$ 39,486
$ 3,326
$ 57
$ —
$ 42,869
$ —
$ 4,255
$ (2)
$ 47,122
Expenditures for property
$ 2,014
$ 89
$ 28
$ —
$ 2,131
$ —
$ 6
$ —
$ 2,137
Depreciation and amortization
$ 1,642
$ 131
$ 9
$ —
$ 1,782
$ —
$ 1,243
$ —
$ 3,026
Impairment charges
$ —
$ 18
$ —
$ —
$ 18
$ —
$ —
$ —
$ 18
Equity income (loss)(a)(b)
$ 12
$ 77
$ (14)
$ —
$ 75
$ —
$ 16
$ —
$ 91
GMNA
GMI
Corporate
Eliminations
Total
Automotive
Cruise
GM
Financial
Reclassifications/
Eliminations
Total
Six Months Ended June 30, 2026
Net sales and revenue
$ 76,312
$ 6,550
$ 249
$ —
$ 83,111
$ —
$ 8,543
$ (4)
$ 91,650
Expenditures for property
$ 3,260
$ 113
$ 51
$ —
$ 3,425
$ —
$ 29
$ —
$ 3,454
Depreciation and amortization
$ 3,190
$ 241
$ 11
$ —
$ 3,442
$ —
$ 2,665
$ —
$ 6,107
Impairment charges
$ 26
$ —
$ —
$ —
$ 26
$ —
$ —
$ —
$ 26
Equity income (loss)(a)(b)(c)
$ (247)
$ 243
$ (82)
$ —
$ (85)
$ —
$ 27
$ —
$ (58)
GMNA
GMI
Corporate
Eliminations
Total
Automotive
Cruise
GM
Financial
Reclassifications/
Eliminations
Total
Six Months Ended June 30, 2025
Net sales and revenue
$ 76,873
$ 5,753
$ 103
$ —
$ 82,729
$ 1
$ 8,419
$ (7)
$ 91,141
Expenditures for property
$ 3,719
$ 182
$ 39
$ —
$ 3,940
$ 2
$ 10
$ —
$ 3,953
Depreciation and amortization
$ 3,230
$ 233
$ 36
$ —
$ 3,499
$ 5
$ 2,456
$ —
$ 5,959
Impairment charges
$ —
$ 18
$ —
$ —
$ 18
$ —
$ —
$ —
$ 18
Equity income (loss)(a)(b)
$ 255
$ 125
$ (14)
$ —
$ 366
$ —
$ 28
$ —
$ 394
__________
(a)
Includes Automotive China joint ventures (Automotive China JVs) equity income (loss) of $83 million and $248 million in the three and six months ended June 30, 2026 and $71 million and $116 million in the three and six months ended June 30, 2025.
(b)
Equity income (loss) related to Ultium Cells Holdings LLC, an equally owned joint venture with LG Energy Solution, is presented in Automotive and other cost of sales as this entity has historically been integral to the operations of our business by providing battery cells for our electric vehicles (EVs). Equity income (loss) related to Ultium Cell Holdings LLC was insignificant in the three and six months ended June 30, 2026 and insignificant and $252 million in the three and six months ended June 30, 2025.
(c)
Equity income (loss) in GMNA includes impacts of our portion of impairment charges for EV strategic realignment.
General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
General Motors Company (GM) uses both generally accepted accounting principles (GAAP) and non-GAAP financial measures for operational and financial decision making, and to assess Company and segment business performance. Our non-GAAP measures include: earnings before interest and taxes (EBIT)-adjusted, presented net of noncontrolling interests; earnings before income taxes (EBT)-adjusted for our General Motors Financial Company, Inc. (GM Financial) segment; earnings per share (EPS)-diluted-adjusted; effective tax rate-adjusted (ETR-adjusted); return on invested capital-adjusted (ROIC-adjusted) and adjusted automotive free cash flow. GM's calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures.
These non-GAAP measures allow management and investors to view operating trends, perform analytical comparisons, and benchmark performance between periods and among geographic regions to understand operating performance without regard to items we do not consider a component of our core operating performance. Furthermore, these non-GAAP measures allow investors the opportunity to measure and monitor our performance against our externally communicated targets and evaluate the investment decisions being made by management to improve ROIC-adjusted. Management uses these measures in its financial, investment, and operational decision-making processes, for internal reporting, and as part of its forecasting and budgeting processes. Further, our Board of Directors uses certain of these and other measures as key metrics to determine management performance under our performance-based compensation plans. For these reasons, we believe these non-GAAP measures are useful for our investors.
EBIT-adjusted (Most comparable GAAP measure: Net income attributable to stockholders) EBIT-adjusted is presented net of noncontrolling interests and is used by management and can be used by investors to review our consolidated operating results because it excludes automotive interest income, automotive interest expense, and income taxes as well as certain additional adjustments that are not considered part of our core operations. Examples of adjustments to EBIT include, but are not limited to, impairment charges on long-lived assets and other exit costs resulting from strategic shifts in our operations or discrete market and business conditions, and certain costs arising from legal matters. For EBIT-adjusted and our other non-GAAP measures, once we have made an adjustment in the current period for an item, we will also adjust the related non-GAAP measure in any future periods in which there is an impact from the item. Our corresponding measure for our GM Financial segment is EBT-adjusted because interest income and interest expense are an integral part of its financial performance.
EPS-diluted-adjusted (Most comparable GAAP measure: Diluted earnings per common share) EPS-diluted-adjusted is used by management and can be used by investors to review our consolidated diluted EPS results on a consistent basis. EPS-diluted-adjusted is calculated as net income attributable to common stockholders-diluted less adjustments noted above for EBIT-adjusted and certain income tax adjustments divided by weighted-average common shares outstanding-diluted. Examples of income tax adjustments include the establishment or release of significant deferred tax asset valuation allowances.
ETR-adjusted (Most comparable GAAP measure: Effective tax rate) ETR-adjusted is used by management and can be used by investors to review the consolidated effective tax rate for our core operations on a consistent basis. ETR-adjusted is calculated as Income tax expense less the income tax related to the adjustments noted above for EBIT-adjusted and the income tax adjustments noted above for EPS-diluted-adjusted divided by Income before income taxes less adjustments. When we provide an expected adjusted effective tax rate, we cannot provide an expected effective tax rate without unreasonable efforts because the U.S. GAAP measure may include significant adjustments that are difficult to predict.
ROIC-adjusted (Most comparable GAAP measure: Return on equity) ROIC-adjusted is used by management and can be used by investors to review our investment and capital allocation decisions. We define ROIC-adjusted as EBIT-adjusted for the trailing four quarters divided by ROIC-adjusted average net assets, which is the average equity balances adjusted for average automotive debt and interest liabilities, exclusive of finance leases; average automotive net pension and other postretirement benefits (OPEB) liabilities; and average automotive net income tax assets during the same period.
Adjusted automotive free cash flow (Most comparable GAAP measure: Net automotive cash provided by operating activities) Adjusted automotive free cash flow is used by management and can be used by investors to review the liquidity of our automotive operations and to measure and monitor our performance against our capital allocation program and evaluate our automotive liquidity against the substantial cash requirements of our automotive operations. We measure adjusted automotive free cash flow as automotive operating cash flow from operations less capital expenditures adjusted for management actions. Management actions can include voluntary events such as discretionary contributions to employee benefit plans or nonrecurring specific events such as a closure of a facility that are considered special for EBIT-adjusted purposes.
The following table reconciles Net income (loss) attributable to stockholders to EBIT-adjusted and segment profit (loss) (dollars in millions):
Three Months Ended
Six Months Ended
June 30, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Net income (loss) attributable to stockholders
$ 1,305
$ 1,895
$ 3,932
$ 4,680
Income tax expense (benefit)
214
481
856
1,199
Automotive interest expense
151
198
309
350
Automotive interest income
(183)
(200)
(356)
(391)
Adjustments
EV strategic realignment(a)
2,279
330
3,356
330
China restructuring actions(b)
177
140
99
140
Separation costs(c)
—
87
—
87
Cruise restructuring(d)
—
65
—
65
GMI exit costs(e)
—
33
—
33
Headquarters relocation(f)
—
8
—
34
Total adjustments
2,456
663
3,455
689
EBIT-adjusted
3,943
3,037
8,196
6,527
Operating segments
GM North America (GMNA)
3,446
2,415
7,107
5,702
GM International (GMI)
190
204
314
234
Cruise
—
—
—
(273)
GM Financial(g)
605
704
1,294
1,389
Total operating segments
4,241
3,323
8,714
7,051
Corporate and eliminations(h)
(298)
(286)
(518)
(524)
EBIT-adjusted
$ 3,943
$ 3,037
$ 8,196
$ 6,527
__________
(a)
These adjustments were excluded because they relate to our strategic realignment of our EV capacity and manufacturing footprint, including Ultium's strategic realignment.
(b)
These adjustments were excluded because they relate to restructuring activities associated with our operations in China, including an other-than-temporary impairment and restructuring charges recorded in equity earnings associated with our Automotive China JVs.
(c)
These adjustments were excluded because they relate to employee separation charges.
(d)
These adjustments were excluded because they relate to restructuring charges resulting from the plan to combine the Cruise and GM technical efforts to advance autonomous and assisted driving. The adjustments primarily consist of non-cash restructuring charges, supplier-related charges, and employee separation costs.
(e)
These adjustments were excluded because they primarily relate to the wind down of our manufacturing operations in Columbia and Ecuador.
(f)
These adjustments were excluded because they relate to the GM headquarters relocation, primarily consisting of accelerated depreciation and other relocation expenditures.
(g)
GM Financial amounts represent EBT-adjusted.
(h)
GM's automotive interest income and interest expense, corporate expenditures, legacy costs from the Opel / Vauxhall Business (primarily pension costs), and certain revenues and expenses that are not part of a reportable segment are recorded centrally in Corporate.
The following table reconciles diluted earnings per common share to EPS-diluted-adjusted (dollars in millions, except per share amounts):
Three Months Ended
Six Months Ended
June 30, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Amount
Per Share
Amount
Per Share
Amount
Per Share
Amount
Per Share
Diluted earnings per common share
$ 1,287
$ 1.41
$ 1,865
$ 1.91
$ 3,901
$ 4.25
$ 5,224
$ 5.28
Adjustments(a)
2,456
2.70
663
0.68
3,455
3.76
689
0.70
Tax effect on adjustments(b)
(496)
(0.54)
(64)
(0.07)
(679)
(0.74)
(70)
(0.07)
Return from preferred shareholders(c)
—
—
—
—
—
—
(593)
(0.60)
EPS-diluted-adjusted
$ 3,247
$ 3.57
$ 2,464
$ 2.53
$ 6,677
$ 7.27
$ 5,250
$ 5.31
__________
(a)
Refer to the reconciliation of Net income (loss) attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details.
(b)
The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.
(c)
This adjustment consists of a return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders in the six months ended June 30, 2025.
The following table reconciles our effective tax rate to ETR-adjusted (dollars in millions):
Three Months Ended
Six Months Ended
June 30, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Income
before
income
taxes
Income
tax
expense
(benefit)
Effective
tax rate
Income
before
income
taxes
Income
tax
expense
(benefit)
Effective
tax rate
Income
before
income
taxes
Income
tax
expense
(benefit)
Effective
tax rate
Income
before
income
taxes
Income
tax
expense
(benefit)
Effective
tax rate
Effective tax rate
$ 1,568
$ 214
13.7 %
$ 2,375
$ 481
20.2 %
$ 4,915
$ 856
17.4 %
$ 5,946
$ 1,199
20.2 %
Adjustments(a)
2,456
496
663
64
3,455
679
689
70
ETR-adjusted
$ 4,024
$ 710
17.6 %
$ 3,038
$ 545
17.9 %
$ 8,370
$ 1,535
18.3 %
$ 6,635
$ 1,269
19.1 %
__________
(a)
Refer to the reconciliation of Net income (loss) attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details.
These adjustments include Net income attributable to noncontrolling interests where applicable. The tax effect of each adjustment is
determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.
We define return on equity (ROE) as Net income (loss) attributable to stockholders for the trailing four quarters divided by average equity for the same period. Management uses average equity to provide comparable amounts in the calculation of ROE. The following table summarizes the calculation of ROE (dollars in billions):
Four Quarters Ended
June 30, 2026
June 30, 2025
Net income attributable to stockholders
$ 1.9
$ 4.8
Average equity(a)
$ 63.0
$ 66.8
ROE
3.1 %
7.1 %
__________
(a)
Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in Net income attributable to stockholders.
The following table summarizes the calculation of ROIC-adjusted (dollars in billions):
Four Quarters Ended
June 30, 2026
June 30, 2025
EBIT-adjusted(a)
$ 14.4
$ 13.2
Average equity(b)
$ 63.0
$ 66.8
Add: Average automotive debt and interest liabilities (excluding finance leases)
16.0
16.2
Add: Average automotive net pension and OPEB liability
7.9
8.9
Less: Average automotive net income tax asset
(24.1)
(22.8)
ROIC-adjusted average net assets
$ 62.8
$ 69.1
ROIC-adjusted
22.9 %
19.0 %
__________
(a)
Refer to the reconciliation of Net income (loss) attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details.
(b)
Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in EBIT-adjusted.
The following table reconciles Net automotive cash provided by operating activities to adjusted automotive free cash flow (dollars in millions):
Three Months Ended
Six Months Ended
June 30, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Net automotive cash provided by operating activities
$ 5,071
$ 4,653
$ 5,604
$ 7,057
Less: Capital expenditures
(1,924)
(2,131)
(3,425)
(3,940)
Add: EV strategic realignment
1,871
—
4,103
—
Add: Legal Matters
13
—
13
—
Add: GMI exit costs
2
8
6
12
Add: Buick dealer strategy
—
305
—
465
Add: Separation costs
—
86
—
139
Add: China restructuring actions
—
9
—
9
Less: Ultium strategic realignment
—
(103)
—
(103)
Adjusted automotive free cash flow
$ 5,033
$ 2,827
$ 6,302
$ 3,639
General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
Vehicle Sales
GM presents both wholesale and total vehicle sales data to assist in the analysis of our revenue and market share. 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. Wholesale vehicle sales data correlates to GM's revenue recognized from the sale of vehicles, which is the largest component of Automotive net sales and revenue. In the six months ended June 30, 2026, 26.8% of GM's wholesale vehicle sales volume was generated outside the U.S. The following table summarizes wholesale vehicle sales by our Automotive operations (vehicles in thousands):
Three Months Ended
Six Months Ended
June 30, 2026
June 30, 2025
June 30, 2026
June 30, 2025
GMNA
848
849
1,641
1,676
GMI
142
125
248
209
Total
990
974
1,889
1,885
Total vehicle sales data represents: (1) retail sales (i.e., sales to consumers who purchase new vehicles from dealers or distributors); (2) fleet sales (i.e., sales to large and small businesses, governments, and daily rental car companies); and (3) certain vehicles used by dealers in their business, including but not limited to courtesy transportation vehicles previously used by dealers that were sold to the end consumer. Total vehicle sales data includes all sales by joint ventures on a total vehicle basis, not based on our percentage ownership interest in the joint venture, including vehicle sales of non-GM trademarked vehicles, which are included in the total vehicle sales we report for China. While total vehicle sales data does not correlate directly to the revenue GM recognizes during a particular period, we believe it is indicative of the underlying demand for GM's vehicles. Total vehicle sales data represents management's good faith estimate based on sales reported by our dealers, distributors, and joint ventures; commercially available data sources, such as registration and insurance data; and internal estimates and forecasts when other data is not available.
The following table summarizes industry and GM total vehicle sales and GM's related competitive position by geographic region (vehicles in thousands):
Three Months Ended
Six Months Ended
June 30, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Industry
GM
Market
Share
Industry
GM
Market
Share
Industry
GM
Market
Share
Industry
GM
Market
Share
North America
United States
4,310
715
16.6 %
4,294
747
17.4 %
8,056
1,341
16.7 %
8,323
1,440
17.3 %
Other
1,059
133
12.6 %
1,052
131
12.5 %
1,987
250
12.6 %
1,992
257
12.9 %
Total North America
5,369
848
15.8 %
5,345
878
16.4 %
10,042
1,592
15.8 %
10,315
1,697
16.5 %
Asia/Pacific, Middle East,
and Africa
China(a)
5,434
357
6.6 %
6,587
448
6.8 %
10,346
706
6.8 %
12,398
890
7.2 %
Other
5,611
106
1.9 %
5,442
118
2.2 %
11,497
213
1.9 %
11,291
220
1.9 %
Total Asia/Pacific, Middle
East, and Africa
11,044
464
4.2 %
12,028
565
4.7 %
21,842
919
4.2 %
23,690
1,110
4.7 %
South America
Brazil
795
79
10.0 %
647
64
9.9 %
1,419
141
9.9 %
1,199
120
10.0 %
Other
464
35
7.6 %
411
31
7.6 %
921
69
7.5 %
811
60
7.4 %
Total South America
1,259
115
9.1 %
1,058
95
9.0 %
2,340
209
8.9 %
2,010
180
8.9 %
Total in GM markets
17,672
1,427
8.1 %
18,432
1,538
8.3 %
34,225
2,720
7.9 %
36,015
2,987
8.3 %
Total Europe
4,591
—
— %
4,372
—
— %
8,972
1
— %
8,609
1
— %
Total Worldwide(b)
22,263
1,427
6.4 %
22,804
1,538
6.7 %
43,197
2,721
6.3 %
44,623
2,988
6.7 %
United States
Cars
720
13
1.8 %
712
15
2.1 %
1,322
25
1.9 %
1,415
32
2.3 %
Trucks
1,163
378
32.5 %
1,223
401
32.8 %
2,170
702
32.4 %
2,277
746
32.8 %
Crossovers
2,428
324
13.4 %
2,359
330
14.0 %
4,564
615
13.5 %
4,631
662
14.3 %
Total United States
4,310
715
16.6 %
4,294
747
17.4 %
8,056
1,341
16.7 %
8,323
1,440
17.3 %
China(a)
SGMS
94
132
210
251
SGMW
263
315
496
639
Total
5,434
357
6.6 %
6,587
447
6.8 %
10,346
706
6.8 %
12,398
890
7.2 %
__________
(a)
Includes sales by the Automotive China JVs: SAIC General Motors Sales Co., Ltd. (SGMS) and SAIC GM Wuling Automobile Co., Ltd. (SGMW).
(b)
Cuba, Iran, North Korea, and Sudan have been subject to broad economic sanctions. Accordingly, these countries are excluded from industry sales data and corresponding calculation of market share.
As discussed above, total vehicle sales and market share data provided in the table above includes fleet vehicles. Certain fleet transactions, particularly sales to daily rental car companies, are generally less profitable than retail sales to end customers. The following table summarizes estimated fleet sales and those sales as a percentage of total vehicle sales (vehicles in thousands):
Three Months Ended
Six Months Ended
June 30, 2026
June 30, 2025
June 30, 2026
June 30, 2025
GMNA
207
178
391
350
GMI
111
96
193
164
Total fleet sales
318
274
584
514
Fleet sales as a percentage of total vehicle sales
General Motors před zveřejněním výsledků za 2. čtvrtletí očekává zisk na akcii 3,20 USD a tržby 47,01 miliardy USD. Wall Street čeká i změny výhledu pro rok 2026.
DETROIT — General Motors is set to report its second-quarter earnings before the bell Tuesday.
Here is what Wall Street is expecting, according to average estimates compiled by LSEG:
Earnings per share: $3.20 adjustedRevenue: $47.01 billionThose results would mark a more than 26% increase in adjusted earnings per share and 0.2% decline in revenue compared with a year earlier.
GM's 2025 second-quarter results included $47.12 billion in revenue, net income attributable to stockholders of $1.9 billion, and adjusted earnings before interest and taxes of $3.04 billion.
Aside from earnings and any changes to the automaker's 2026 guidance, investors will be monitoring effects from tariffs, vehicle pricing and commodity costs, including dynamic random access memory, or DRAM, chips.
Read more
Barclays analyst Dan Levy said he expects both GM and its crosstown rival Ford Motor, which reports next week, to post earnings beats for the second quarter "and at least a soft raise."
"[Automakers] are benefiting from strong macro - US [seasonally adjusted annual rate] outperformed in 1H, while pricing has remained steady. Moreover, both Ford and GM have embedded conservatism in their guides," he said in a July 8 investor note.
GM raised its 2026 adjusted earnings guidance in April to reflect a $500 million tariff rebate to between $13.5 billion and $15.5 billion, or $11.50 to $13.50 a share, up $500 million, or 50 cents per share, from its previous expectations.
Trumpova nová cla na kanadský dovoz nejvíc zasahují GM a Magna International kvůli propojeným výrobním řetězcům mezi USA a Kanadou. Molson Coors čelí hlavně riziku odvetných opatření, zatímco Saputo má díky americkým závodům lepší ochranu.
Trump’s latest trade offensive has placed North America’s best-known manufacturers and consumer brands under scrutiny, with integrated US-Canadian supply chains facing a cost shock.
The White House imposed additional 50% duties on specified Canadian imports under three proclamations responding to disputes over motor vehicles, alcoholic beverages and dairy.
The covered tariff lines include products such as wine, cement and hockey sticks.
The duties apply to listed goods regardless of whether they qualify for preferential treatment under the USMCA and are scheduled to take effect 30 days after the July 20 announcement.
Energy, potash, products already subject to Section 232 tariffs and certain other goods, including some critical minerals, are excluded.
The question is which companies can shift production or pass on costs before margins weaken.
General Motors carries the highest-profile exposure because its manufacturing system spans both countries.
The company has invested C$3.3 billion in Canada since 2020, including C$1.5 billion in Oshawa, where it builds trucks and stamped components.
That footprint creates pressure points. Canadian-made vehicles or parts could become more expensive in the US, while components that cross the border during assembly may face disruption.
RBC Capital maintained an Outperform rating on July 13 and trimmed its price target to $94 from $95.
The call preceded the tariff announcement and implied substantial upside from Monday’s $75.80 close.
GM’s results will test whether truck pricing, cost controls and production flexibility can absorb the Canada-related shock without forcing weaker guidance.
Magna International may be the clearest supply-chain casualty because it supplies body structures, powertrains, electronics, seating and systems to multiple automakers.
A slowdown at several customers could hurt volumes.
Scotiabank maintained Sector Outperform on Monday and lifted its target to $74 from $72, according to MarketBeat.
RBC set a $66 target with a Sector Perform rating, while UBS carried a Neutral rating and $64 target.
The tariffs challenge that optimism. Magna may seek reimbursement from customers, but automakers could pressure suppliers to absorb some cost.
Lower production would create another hit through lower utilisation.
The issue is whether Magna has contractual protection and bargaining power to defend margins across its cross-border network.
Molson Coors has consumer exposure on both sides of the border, leaving it vulnerable to duties on Canadian-made beverages entering the US and retaliation against American alcohol sold in Canada.
The White House said all but two Canadian provinces and territories had halted sales of US alcoholic drinks.
Canadian imports of US alcohol fell about 81% in the year to February 2026.
UBS cut its Molson Coors target to $40 from $46 on July 16 while maintaining Neutral. Citi reduced its target to $42 from $47. Both calls came before the escalation.
With the shares pressured by weak beer demand, retaliation could turn a consumption slowdown into a deeper earnings squeeze.
Saputo presents a nuanced case as tariffs could make Canadian dairy products less competitive in the US, yet its manufacturing presence in both countries may allow production to shift domestically.
CIBC analyst Mark Petrie raised his target to C$49 from C$47 and retained an Outperformer rating after Saputo’s June results.
The consensus target stood near C$47.63 against Monday’s C$41.66 close.
Saputo’s US plants could provide an advantage over rivals dependent on Canadian exports, although shifting volume takes time and may involve added costs.
The tariffs create a 30-day negotiation and repricing window before companies report their next quarterly results.
GM and Magna face the clearest manufacturing shock, Molson Coors carries the greatest retaliation risk, and Saputo has the best operational hedge.
The decisive evidence will come from guidance and post-announcement analyst revisions, not pre-tariff ratings alone.
GM před výsledky za 2. čtvrtletí oslabilo z letošního maxima 87 USD na zhruba 76 USD a vytvořilo medvědí dvojitý vrchol. Prodeje ve 2. čtvrtletí klesly o 4 % na 714 896 vozů.
General Motors stock has retreated in recent days, falling from its year-to-date high of $87 in February to about $76 today. The pullback could continue in the near term after the stock formed a bearish double-top pattern ahead of its second-quarter earnings report.
GM stock will be in the spotlight this week as it releases its financial results. These numbers come after the company published a soft deliveries report. It sold 714,896 vehicles in the second quarter, down by 4% from the same period last year.
GM blamed the decline on its decision to deprioritize electric vehicles. It also discontinued some vehicles, including the Chevrolet Blazer and Cadillac XT4.
Despite the decline, GM maintained the number one market share in the US. It was also the number 2 company in full-size pickup and large SUV sales. Key brands like GMC, Chevrolet, and Cadillac did relatively well.
READ MORE: General Motors posts earnings beat, issues upbeat guidance for 2026
Yahoo Finance data shows that analysts expect its Q2 revenue to come in at $47.09 billion, down modestly from the $47.12 billion it made in the same period last year. For the third quarter, analysts expect that revenue will drop by 0.44% to $48.38 billion.
On the positive side, analysts are optimistic that GM will return to growth in the next financial year. Also, while its revenue will remain under pressure, analysts believe that its profitability will do well, helped by higher vehicle prices. A recent report by KBB noted that new car prices rose slightly, with the average new car selling for $49,758.
Another positive is that GM's valuation already reflects many of its growth challenges, including tariffs, rising input costs, and slowing earnings momentum.
The stock trades at a forward price-to-earnings ratio of just 5.95, well below the S&P 500 Index's average multiple of about 20, suggesting much of the pessimism is already priced in.
By comparison, Ford trades at a forward P/E of 8.68, while Stellantis has a multiple of 7.13, making GM one of the cheapest major automakers despite its strong profitability and cash generation.
Therefore, GM could choose to accelerate its share repurchase program. The company still has $5.5 billion remaining under its existing buyback authorization and may take advantage of its depressed valuation to retire additional shares, further boosting earnings per share and shareholder returns.
Analysts have mixed views about GM stock. RBC’s Tom Narayan lowered his target to $94 from $95, while maintaining an outperform rating. JPMorgan’s Ryan Brinkman hiked his target from $98 to $110, while Citigroup’s Michael Ward boosted from $108 to $131.
GM stock chart | Source: TradingView
The daily chart suggests that the GM stock may drop further in the coming weeks. It has already dropped below the 23.6% Fibonacci Retracement level of $77. Moving below that level may suggest that the stock has more downside to go.
The stock has also formed a bearish flag pattern, which is made up of a vertical line and an ascending channel. It has also dropped below the 50-day Exponential Moving Average (EMA), a sign that bears have largely prevailed for now.
Therefore, the stock will likely have a bearish breakout after releasing its earnings on Tuesday. If this happens, the next target to watch will be the 38.2% Fibonacci Retracement level of $70.
General Motors Company (NYSE:GM) will release its second quarter earnings report before the opening bell on Tuesday, July 21.
Analysts expect the Detroit, Michigan-based company to report quarterly earnings of $3.18 per share, up from $2.53 per share in the year-ago period. The consensus estimate for GM’s quarterly revenue is $47.10 billion. It reported $47.12 billion last year, according to Benzinga Pro.
On July 1, General Motors said it sales reached 714,896 vehicles in the second quarter.
General Motors shares fell 2.1% to close at $76.07 on Friday.
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General Motors oznámí hospodářské výsledky za 2. čtvrtletí 21. července; konsenzus čeká EPS 3,13 USD a tržby 45,96 miliardy USD. Čína a digitální příjmy mají výsledky podpořit.
Key Takeaways GM to report Q2 2026 results on July 21, with the consensus mark for EPS of $3.13 and revenues of $45.96B.GM's China restructuring and rising digital revenues are expected to support second-quarter results. GMNA revenues are projected to fall, while GMI and GM Financial sales are expected to increase. General Motors Company (GM - Free Report) is slated to release second-quarter 2026 results on July 21, before market open. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings per share (EPS) and revenues is pegged at $3.13 and $45.96 billion, respectively.
For the second quarter, the consensus estimate for General Motors’ earnings has moved up 2 cents over the past seven days. Its bottom-line estimates imply growth of 2.37% from the year-ago reported numbers.
The Zacks Consensus Estimate for GM's quarterly revenues implies a year-over-year decline of 2.5%. The company's earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 20.25%. This is depicted in the graph below:
Q1 HighlightsIn the first quarter of 2026, General Motors reported adjusted earnings of $3.70 per share, which rose 33% from $2.78 a year ago. The figure topped the Zacks Consensus Estimate of $2.61 by 41.8%. Revenues of $43.62 billion slipped 0.9% year over year and missed the consensus mark of $43.94 billion by 0.7%.
Things to NoteGeneral Motors’ China restructuring continues to show traction, with first-quarter 2026 China equity income reported at $165 million (its sixth quarterly gain), reflecting restructuring benefits and disciplined production and inventory management. It expects China to remain profitable in 2026.
The automaker is building a larger recurring revenue base from OnStar and Super Cruise. In first-quarter 2026, recognized digital revenues exceeded $750 million, up more than 20% year over year, and deferred revenues reached $5.8 billion, up more than 50%. Management expects recognized digital revenues of about $3.1 billion in 2026 and deferred revenues approaching $7.5 billion by year-end as subscribers rise to roughly 13 million.
Restructuring benefits in China and strong revenues from the software and services business are likely to have enhanced the performance of GM in the second quarter.
In the second quarter of 2026, General Motors’ brands Cadillac, Buick, Chevrolet and GMC recorded a year-over-year decline of 19.2%, 7.5%, 3.9% and 0.3%, respectively.
Let’s have a look at our estimates for GM’s segmental performance.
We expect GM North America (GMNA) revenues to be $37.8 billion, suggesting a year-over-year decline of 4.3%. For GM International (GMI), we expect sales of $3.75 billion, indicating a 12.8% year-over-year increase. We project GM Financial sales to be $4.35 billion, suggesting a rise of 2.3% year over year.
Our estimate for the GMNA segment’s operating income is $3.03 billion, which suggests a rise of 35.7% year over year. We expect GMI's operating income to be $140.3 million, suggesting a decline of 31.2% year over year. Our estimate for the GM Financial operating income is $731.7 million, suggesting a rise of 3.9% year over year.
Earnings WhispersOur proven model predicts an earnings beat for General Motors for the quarter to be reported, as it has the right combination of the two key ingredients. A positive Earnings ESP, combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold), increases the odds of an earnings beat. This is the case here.
Earnings ESP: GM has an Earnings ESP of +5.17%. This is because the Most Accurate Estimate is pegged higher than the Zacks Consensus Estimate. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: It currently carries a Zacks Rank #3.
Other Stocks With the Favorable CombinationHere are a few other players from the auto space that, per our model, have the correct ingredients to post an earnings beat this time.
Gentex Corporation (GNTX - Free Report) is slated to release second-quarter 2026 results on July 24. The company has an Earnings ESP of +0.67% and a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for GNTX’s to-be-reported quarter’s earnings and revenues is pegged at 50 cents per share and $669 million.
Cummins Inc. (CMI - Free Report) is slated to release second-quarter 2026 results on August 4. The company has an Earnings ESP of +0.43% and a Zacks Rank #2 at present. The Zacks Consensus Estimate for CMI’s to-be-reported quarter’s earnings and revenues is pegged at $7.34 per share and $9.33 billion.
BorgWarner Inc. (BWA - Free Report) is slated to release second-quarter 2026 results on August 5. The company has an Earnings ESP of +0.62% and a Zacks Rank #3 at present. The Zacks Consensus Estimate for BWA’s to-be-reported quarter’s earnings and revenues is pegged at $1.26 per share and $3.58 billion.
DETROIT — General Motors' second-quarter U.S. sales fell 4.2% as year-over-year demand for its all-electric vehicles and Chevrolet Silverado pickup trucks declined.
The Detroit automaker reported that it sold 714,896 vehicles from April through June, down from 746,588 units during the second quarter of 2025. Its sales through the first half of the year were 1.3 million, down 6.8% compared with a year ago.
The second quarter sales were slightly better than a forecast last week by Cox Automotive, which expected GM's sales to decline 7.2% through the first half of the year, including a 5.1% fall during the second quarter.
"Our business is performing well, and customer demand is resilient, especially for our trucks and SUVs. The depth, breadth and appeal of our vehicle portfolio allows us to lead the market in sales, while maintaining discipline on inventory, pricing and incentives to deliver strong margins," GM North America President Duncan Aldred said in a release.
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The Detroit automaker is expected to underperform the U.S. auto industry during the second quarter, which forecasters Cox Automotive and J.D. Power expect to be roughly level compared to a year earlier. Cox forecast industry sales to be off 0.5%, while JDP expected a 0.7% increase in vehicles sold.
GM's EV sales during the second quarter were off 33% compared to last year, when demand for all-electric vehicles began to surge ahead of expectations of the Trump administration ending up to $7,500 in incentives for consumers to purchase an EV.
GM said that despite a 7.7% decline in its Silverado pickups for the quarter, including a 25.9% drop for its electric truck, the company still expects to have gained market share in the full-size truck segment during the period.
Its GMC Sierra pickup trucks did better, with a 5% increase in sales, including double-digit increases for its electric and light-duty 1500 models amid tough comparisons. GM recorded its best combined sales of Silverado and Sierra full-size pickup trucks in 20 years in 2025, leading to a sixth straight year of leading that highly profitable U.S. segment.
Each off GM's brands saw year-over-year sales declines during the second quarter, led by a 19.2% decline in Cadillac. Buick was down 7.5%, Chevrolet fell 3.9% and GMC reported a 0.3% decline.
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When investors are searching for high-flying stocks, they likely wouldn't start in the automotive industry. That said, General Motors (GM 0.55%) has been firing on all cylinders over the past three years. The stock is up 116% over that time. Over the past 12 months, it has gained more than 62% compared to the broader S&P 500's 21% rise.
The good news for investors who missed the rise is that GM is poised to keep driving higher for these three reasons.
1. GM is returning value to shareholders Ford Motor Company (F +0.18%) and its Detroit rival, GM, have much in common, but the two return value in distinctly different ways. Ford is well-known for its lucrative dividend, currently yielding roughly 4.2%, and it often dishes out annual supplemental dividends when cash flow is strong.
A GMC Hummer. Image source: General Motors.
Ford gets more attention for the value it returns through its dividend than GM does for its buybacks, but GM's buybacks are quietly impressive. More specifically, over the past five years, GM has slashed its shares outstanding by a huge chunk, as you can see in the graph below.
Data by YCharts.
Thanks to high-margin, lucrative full-size truck sales and valuable SUV sales, the company generates significant cash. It's used this cash to fund development of a long list of new vehicle launches, and has also retired roughly 500 million shares valued at $30 billion over the past five years -- a staggering number.
While rival Ford's dividend yield sits at roughly 4.2%, much higher and more recognizable than GM's 0.9% dividend yield, the latter's total shareholder yield (which adds buybacks into the equation) sits at a much more impressive 7.6%. Expect GM to continue its buyback strategy, and more investors should be aware of just how valuable it is.
2. GM's OnStar is on point Another factor that many investors overlook with General Motors is its ongoing bet with OnStar and Super Cruise. The automaker is making a long-term bet that it can generate meaningful recurring revenue through its software business.
Last year, GM logged roughly $2.7 billion in realized revenue. It has an even larger $5.4 billion in deferred revenue from OnStar and Super Cruise subscriptions. For context, that's real growth from the $1.7 billion realized and $200 million deferred as recently as 2020. There's more growth ahead, with the company expecting to generate $3.1 billion in realized revenue and $7.5 billion in deferred revenue this year.
Here's the kicker: Starting with 2025 model years, GM is including an eight-year subscription to OnStar services, as well as a three-year subscription to Super Cruise. The simple strategy behind this is gambling that when people go to purchase their next vehicle, they will have become so used to these services that they'll purchase them again. There is some evidence already that this strategy is working: At least 30% of the 35,000 GM owners who had expiring three-year subscriptions to Super Cruise resubscribed last year. These are high-margin sales, comparable to those seen in the software industry.
3. GM's vehicle model balancing act has been successful Most investors are aware that almost everyone in the automotive industry misjudged electric vehicles (EVs) and how quickly they anticipated the shift in demand trends. This caused the broader industry to take billions and billions in charges to rebalance between production and capacity between EVs and traditional gasoline-powered vehicles. GM was no exception, taking a special items hit of $7 billion in the fourth quarter of 2025.
While EVs are largely unprofitable and continue to hinder most automakers' earnings, GM has invested much time, effort, and capital into LMR battery chemistry that is expected to reduce cell and battery pack costs by several thousand dollars per unit. That puts GM on the path to EV profitability, which management expects to achieve within three to five years, reversing billions in annual losses. Reversing EV losses is arguably the easiest way for GM to boost its bottom line and reward investors with an appreciating stock price -- and, likely, a better valuation.
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What it all means GM has quietly been thriving for the better part of the past decade, and has managed to talk Wall Street into rewarding it with a price-to-earnings ratio in the lower 30x. That's rare for automakers, which are typically valued around 10x price-to-earnings. That's simply because the automaker is well-positioned to continue thriving in the years ahead, for the three reasons stated above, among others. GM is far from the Detroit automaker of old, and don't be surprised if it keeps beating the broader market over the next three to five years.
GM wants to crack self-driving for the masses, and it's hiring talent from rivals to do it By You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.
General Motors is on a hiring ramp to develop self-driving in personal cars. Courtesy GM General Motors is on a mission to put self-driving tech in the hands of all its customers, starting with the Cadillac, and the automaker's autonomy boss says it has the talent to get there.
In an interview with Business Insider, GM's VP of autonomous vehicles, Rashed Haq, said the automaker is attracting engineers from top AV companies to develop self-driving technology for "millions" of GM customers.
It's a tall order, one Haq said no company has yet to meet. Tesla's Full Self-Driving requires constant human supervision, and Waymo's robotaxis operate within limited geographies using a costly suite of sensors.
"Nobody has solved millions of cars all across the US roads at, let's say, $10,000 worth of hardware," Haq said. "That is still a very much unsolved problem and a very interesting problem."
GM's near-term goal is eyes-off driving for the Cadillac Escalade IQ by 2028, starting with highway driving. Haq said the company will "expand from there."
Rashed Haq, GM's VP of autonomous vehicles, is among several key hires the automaker made since 2025. Courtesy GM The push is GM's latest attempt to regain momentum in the autonomous driving race. In 2024, GM shut down Cruise's robotaxi venture and folded the talent and resources back into its parent company to focus on self-driving in personal cars.
That shift has shaped GM's hiring strategy ever since.
GM made several key hires in 2025, including Haq, Ronalee Mann, a Cruise alum and ex-Aptiv executive, and Sterling Anderson, a former Tesla Autopilot leader who joined GM as chief product officer. Earlier this year, the automaker also brought on Sean Harris, who spent two years at Wayve as director of autonomy; Jean-Yves Bouguet, a principal software engineer at Zoox; and ZJ Jia, who spent a year at Uber before joining GM as a senior engineer. The latter three hires were also Cruise alums.
A GM spokesperson said that the company has been hiring from Cruise and its competitors as it continues to build out its "autonomous-driving bench."
"We've already nearly doubled last year's external hires, we're filling roles faster than we were in 2025, and applications from external AV talent have doubled too," the GM spokesperson said, though they declined to provide specific figures.
Haq declined to share the size of GM's autonomy organization, saying only that it's "appropriately sized" for what GM is trying to build. He confirmed that GM is hiring talent from competing AV companies, including Tesla, Waymo, and Zoox.
Part of GM's pitch to engineers is scale, Haq said. The automaker has a large customer base, its own manufacturing footprint, a growing autonomy team, and data from Super Cruise, its hands-free driver-assistance system. GM has said Super Cruise has logged more than 1 billion miles of hands-free driving.
GM aims for Super Cruise, the automaker's advanced driver-assistance system, to go eyes-off by 2028. Craig Hudson for The Washington Post via Getty Images Haq also pointed to GM's sensor strategy as a differentiator. Unlike Tesla, GM plans to use lidar for eyes-off driving, a sensor Haq said provides "material advantage."
The combination of scale and strategy gives GM an edge over robotaxi companies and smaller startups, the autonomy boss said. Engineers can work on a self-driving system meant for customer-owned cars that will surpass the scale of a commercial robotaxi fleet.
"We're talking about tens of millions of cars," Haq said.
The 2028 testGM's hiring push comes as the automaker races against competitors to deliver eyes-off driving tech by 2028.
Ford is also targeting a 2028 launch date for a similar technology, while Rivian moved up the date, targeting 2027 for eyes-off driving.
Since announcing GM's new autonomy stack last year, Haq said the team has made rapid progress. The company ran the stack in simulation in January, then on a closed course in February, and on public roads in March.
Challenges remain. Haq said GM has to finish building and fully testing the driving system, including ensuring safety, handling edge cases, and providing a smooth customer experience.
The company is trying to draw lessons from both Super Cruise and Cruise, the failed robotaxi project. Anderson, GM's chief product officer, previously told Business Insider that GM's personal autonomy work could eventually lead to a robotaxi service, though the company's top priority is privately-owned vehicles.
For now, Haq said GM's bet is on the right mix of talent, data, sensors, and manufacturing scale to help solve autonomy on a scale that has eluded the AV industry.
"Data, talent, the right architecture, manufacturing scale," he said. "Hard to argue with that."
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GM představil novou řadu GMC Sierra 1500 pro rok 2027 s novými motory V-8 a přepracovaným interiérem i exteriérem. Nabídka se zúží na Pro, Elevation, AT4, AT4X, Denali a Denali Ultimate. Kromě motorů V-8 budou v nabídce také dva šestiválce, včetně dieselové varianty exkluzivní pro GM.
DETROIT – General Motors revealed its 2027 GMC Sierra 1500 pickup truck lineup on Thursday with new V-8 engine options and redesigned interior and exterior styling.
The new GMC trucks are crucial to the automaker's sales and earnings, especially the highly profitable Denali luxury models and off-road AT4 models that represent roughly half of the vehicle's current sales, according to GM. Such models feature unique parts, accessories and amenities to boost pricing and profits for the company.
GM said Thursday it's narrowing its model lineup for the next-generation Sierra to the Pro, Elevation, AT4, AT4X, Denali and Denali Ultimate. It's removing the mid-level SLE and SLT trims, which currently start at about $51,500 and $57,900, respectively.
GM said pricing details as well as performance specifications will be released closer to when the vehicles go on sale late this year. Starting prices for the current Sierra 1500 lineup ranges from roughly $41,000 for an entry-level Pro to more than $86,000 for a Denali Ultimate.
"With the next-generation Sierra 1500, we're bringing together a new generation of Small Block V8 power, precise off-road capability, and our most immersive cabin experience to date," said Michael MacPhee, vice president of GM's GMC and Buick brands, in a release. "The next-generation Sierra is the truck all others will be measured against."
The new trucks come a week after the Detroit automaker unveiled updates to its Chevrolet Silverado 1500 pickup trucks, which are mechanical siblings to the GMC models.
Most noticeably the GMC pickups are styled far differently than their Chevy brethren, including taking styling cues from the brand's all-electric Sierra pickup truck and featuring a new interior.
The interior cabin comes with more storage, a sliding center console and a folding table or work surface — all made possible by moving the gear shifter from the center console to behind the steering wheel. It also features new technologies and more than 60 inches of available screens, including an 11.5-inch passenger-side screen that includes media and entertainment functions.
Other significant changes are found under the hood. Like the Silverado models, the GMC pickups will include a new generation of the automaker's small block V-8 gas engines, available in 5.7-liter and 6.6-liter options.
In addition to the V-8 engines, the GMC trucks will offer two six-cylinder engines, including a GM-exclusive diesel variant.
GM's U.S. sales through the first half of this year are forecast to decline by roughly 7%, according to Cox Automotive. The overall market is expected to see sales fall roughly 3%, Cox said Wednesday.
GM reported first-quarter sales were down 9.7% compared with a year earlier, with its GMC brand about level. Sales of the Sierra 1500 were down about 2% to nearly 51,900 units, while larger, heavy-duty models were off about 8% to roughly 24,500 units. Sales of the electric Sierra were up 3%, but remained under 1,300 units.
Correction: This article has been updated to correct that in addition to the V-8 engines, the GMC Sierra 1500 trucks will offer two six-cylinder engines, including a GM-exclusive diesel variant. A previous version mischaracterized the options.
GM přidá do Brazílie dalších 3,5 miliardy reais a celkově tam do roku 2028 plánuje investovat 10,5 miliardy reais. Peníze půjdou na hybridní modely, modernizaci továren a rozšíření výroby v São Paulu.
The GM logo is displayed at the General Motors headquarters in Detroit, Michigan, U.S., January 12, 2026. REUTERS/Rebecca Cook/File Photo Purchase Licensing Rights, opens new tab
CompaniesSAO PAULO, June 24 (Reuters) - General Motors (GM.N), opens new tab announced on Wednesday it would invest an extra 3.5 billion reais ($674.88 million) in Brazil, expanding its commitment to the country's auto industry by 50% and supporting production of hybrid vehicles and factory modernization.
The new amount adds to 7 billion reais announced in 2024, bringing GM's total planned investment to 10.5 billion reais until 2028, it said in a statement.
The investment will go mainly to the company's operations in Sao Paulo state, the most populated and wealthiest in the country.
It will support Chevrolet portfolio renewal, incorporation of new technologies including hybrid models, factory modernization and expansion of engineering and manufacturing capabilities.
The initiative will also contribute to generating qualified jobs and strengthening the competitiveness of Brazil's auto industry, the company said.
($1 = 5.1861 reais)
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Reporting by Paula Laier and Fernando Cardoso; Editing by Sonali Paul
Our Standards: The Thomson Reuters Trust Principles., opens new tab
General Motors a Lockheed Martin podepsaly memorandum o spolupráci na rozšíření americké obranné výroby. Cílem je rychlejší a vyšší produkce munice a dalších obranných produktů.
Key Takeaways General Motors and Lockheed Martin signed an MOU to expand U.S. defense manufacturing capabilities.GM Defense brings manufacturing expertise as the partnership targets faster, higher-rate production.Lockheed Martin plans a $9B facility and supply network investment through 2030 to support capacity. General Motors Company (GM - Free Report) has partnered with defense contractor Lockheed Martin to expand U.S. defense manufacturing capabilities, with the collaboration facilitated by the U.S. Department of Defense. The companies aim to increase production capacity for munitions and other defense products by improving production readiness, strengthening supply chains and leveraging advanced manufacturing and design technologies.
The partnership, currently governed by a memorandum of understanding, is in its early stages, with future contract opportunities yet to be defined. It will focus on high-rate manufacturing to increase the speed, scale and resilience of the U.S. defense industrial base.
Lockheed Martin plans to invest $9 billion through 2030 to modernize 20 facilities and strengthen its supply network. Separately, GM is investing $9 billion in capital expenditures and $7 billion in research and development across its business this year, though it has not disclosed investment plans for GM Defense.
Reestablished in 2017, GM Defense serves customers including the U.S. Army, the Secret Service and NASA, building on GM's history of manufacturing military vehicles during World War II. Per Bruce Brown, vice president of strategy at GM Defense, the collaboration combines the manufacturing expertise of both companies to strengthen the nation's defense industrial base.
The announcement comes as the Trump administration encourages greater domestic manufacturing and has held discussions with major automakers about supporting U.S. defense production.
GM’s Zacks Rank & Key PicksGeneral Motors currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the auto space are Geely Automobile Holdings Limited (GELHY - Free Report) , Garrett Motion Inc. (GTX - Free Report) and Douglas Dynamics, Inc. (PLOW - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for GELHY’s 2026 sales and earnings implies year-over-year growth of 77.1% and 40.3%, respectively. The EPS estimate for 2026 and has improved 18 cents and 7 cents, respectively, over the past 30 days.
The Zacks Consensus Estimate for GTX’s 2026 sales and earnings implies year-over-year growth of 5.6% and 20.4%, respectively. The EPS estimate for 2026 has improved 14 cents over the past 60 days, while the EPS estimate for 2027 has improved 6 cents over the past 30 days.
The Zacks Consensus Estimate for PLOW’s 2026 sales and earnings implies year-over-year growth of 16.7% and 31.4%, respectively. The EPS estimate for 2026 and 2027 has improved 39 cents and 29 cents, respectively, over the past 60 days.
Ford a GM míří do energetiky: Ford chce vyrábět baterie pro ukládání elektřiny pro datová centra a polovodičové továrny na AI, GM zkouší vehicle-to-grid, recyklaci baterií i sodíkové články.
Ford Motor Company (F 0.36%) stock took off like a rocket last month, climbing 45% in the last two weeks of May. Ford's given back about half those gains in the June stock sell-off, but why did Ford stock put pedal to metal in the first place?
Because all of a sudden, Ford has decided it's an energy stock.
Image source: Getty Images.
Ford Motor is electric A little over three years ago, Ford secured a license from China's Contemporary Amperex Technology Co., or CATL, which permits Ford to manufacture batteries using CATL technology. The original plan, of course, was to make these batteries for Ford electric vehicles (EVs). But now that EV demand in the U.S. has collapsed, and demand for electrical power to run artificial intelligence (AI) data centers has exploded, Ford has struck upon a new idea for how to use its technology license:
Ford will manufacture batteries to store electricity for use by data centers and AI semiconductor factories.
Ford announced the plan in January 2026, promising to build batteries at factories in Kentucky and Michigan, and use them to create a "battery energy storage business." Production would begin in mid-2027, rapidly ramping to produce 20 gigawatt-hours of batteries annually and generating as much as $5 billion in new energy storage revenue by 2030.
Wall Street already loves the idea. In mid-May, Morgan Stanley predicted energy could generate between $500 million and $600 million in annual operating profit for Ford.
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General Motors charges in It was this prediction, by the way, that sparked Ford stock's amazing run last month -- and it seems the lesson wasn't lost on Ford archrival General Motors (GM +1.11%). Last week, GM announced it has a few energy ideas of its own.
GM's first idea isn't exactly original: "vehicle-to-grid" electricity in which owners of GM EVs can plug them into the grid to support the grid during peak demand -- essentially a system of distributed energy storage. GM said last week it is seeking to partner with utility companies on such a project and is already in talks with utility companies in California and Michigan.
Separately, GM is partnering with privately held Redwood Materials to reuse or recycle old EV batteries for utility-scale energy storage.
Finally, GM said it's working on a new battery chemistry that centers on more common (and cheaper) sodium rather than lithium. The new sodium-ion technology has other advantages over lithium-ion batteries -- not requiring cooling to operate at full efficiency, for example -- and may also be simpler and more reliable. GM says it's partnering with Denver-based energy storage start-up Peak Energy to produce sodium-ion batteries beginning sometime after 2028.
This all sounds a bit more scattershot than Ford's simple approach: Build a factory to manufacture batteries, then assemble those batteries into energy storage systems. Then again, the more bets GM makes, the more chances that one of them may strike it rich!
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How rich, exactly? Wall Street's optimism aside, though, how does the math on all this work?
Let's take Ford's estimated "$5 billion" in 2030 battery energy storage revenue, for example. According to data from S&P Global Market Intelligence, Ford currently earns about a 0.8% operating profit margin on its revenues, implying $5 billion in extra revenue might earn Ford an extra $40 million.
That's hardly a large payoff for a new business that will take five years to build!
GM's 6.6% operating profit margin, in contrast, seems to offer more potential for profit should any of the company's several energy bets pay off. Still, there's the question of whether GM is better advised to keep earning 6.6% margins by selling trucks or try to earn even more by selling energy storage? How good a bet is that?
For context, consider the bet Tesla (TSLA 0.04%) made back when it began its own "energy generation and storage" business by buying SolarCity back in 2016. Over the past decade, this business has grown from $1.1 billion in annual revenue to $12.8 billion while also generating very respectable profit margins. In 2017, Tesla EGS earned a 21.7% gross profit margin that has since grown to nearly 30% in 2025.
Long story short, Tesla's energy business today generates nearly twice the gross margin of its EV business. If Ford and GM can accomplish anything similar, it should be well worth the effort.
GM uvedla, že téměř 90 % kódu jejího týmu pro autonomní řízení vytváří umělá inteligence. Nový systém Super Cruise má debutovat v modelu Cadillac Escalade IQ v roce 2028.
CEO Mary Barra dropped a number on General Motors (NYSE:GM | GM Price Prediction) Q1 2026 earnings call that should make every investor in the autonomous vehicle race pay attention. “Today, nearly 90% of the code written by our autonomy team is generated by AI,” the CEO said. She framed it as proof of “how seriously we’re embracing AI across the enterprise.” This is safety-critical software being machine-written at scale.
The 90% applies to GM’s autonomy team specifically, not all of GM’s code base. It powers the next-generation eyes-off, hands-off Super Cruise system targeted to launch on the Cadillac Escalade IQ in 2028. This is pre-launch code, not yet in customer cars. The validation regime is what investors should focus on.
GM’s answer to the “can you trust AI-written autonomy code” question is volume-based testing. Barra told analysts the company is stress testing in a digital environment capable of simulating roughly 100 years of human driving every single day. Supervised on-road testing is underway in California and Michigan.
The leading indicator is Super Cruise. Customers have logged 1 billion hands-free miles, and the product is on pace to exceed 850,000 subscribers by year-end, with renewal trends in the 30% to 40% range. CFO Paul Jacobson said attachment rates after the free trial sit near 40%, calling himself “very optimistic” about the conversion math.
The Financials Back the Bet GM has the cash flow to fund aggressive AI tooling investment. Q1 adjusted EPS came in at $3.70 versus the $2.6393 estimate, a 40% beat, the fourth consecutive quarter beating Wall Street EPS forecasts. EBIT-adjusted hit $4.25 billion, up 22% year over year, with margin expanding 2 percentage points to 10%. Management raised full-year adjusted EPS guidance to $11.50 to $13.50.
Digital services show the same strength. OnStar revenue topped $750 million in Q1, up more than 20% year over year, with calendar-year revenue expected to reach $3.1 billion and deferred revenue approaching $7.5 billion.
The Industry Context Cuts Both Ways Barra’s announcement comes as two U.S. senators are urging NHTSA to review Tesla’s self-published Full Self-Driving crash statistics and European regulators accuse Tesla of “misleading data” on FSD safety. Tesla’s robotaxi fleet in Texas sits at 69 vehicles versus Waymo’s 620. GM is positioning its AI-written, simulation-validated approach as the disciplined alternative, though a single high-profile failure of machine-generated safety code would carry significant reputational risk.
The market has rewarded the pitch. GM shares are up 66% over the past year and 9% in the past month, trading at $80.04 against an analyst target of $94.81 and a forward P/E of 7. The 2028 Escalade IQ launch is the verdict event. Until then, Barra’s question remains open: when 90% of safety-critical autonomy code is machine-written, what is the right confidence threshold?
GM ve své továrně Factory Zero nasadila 50 cobotů a současně dočasně propustila více než 1 000 pracovníků, což vyvolalo ostrou kritiku odborů. Automobilka tvrdí, že jde o dočasné propuštění a krok ke zvýšení bezpečnosti a konkurenceschopnosti.
General Motors has gutted its electric-vehicle ambitions and sidelined more than 1,000 jobs at its flagship Detroit assembly plant — while adding 50 robots, sparking outrage from labor unions.
The “collaborative robots,” or “cobots,” have been installed on the assembly line at GM’s Factory Zero plant in Michigan amid a sharply reduced demand for its EV models and the ensuing push to cut costs, reports said.
The machines are now working alongside the remaining humans there who attach the body panels to vehicles as they move down the track, according to AutoBlog.
“Cobots,” or “collaborative robots,” are now working alongside employees on the assembly line at GM’s flagship Detroit plant. AP The automaker insists the cobots are not replacements to human workers and are actually necessary at the Detroit-Hamtramck electric-truck plant to stay competitive while improving “safety and ergonomics” for the workers, according to Crain’s Detroit Business and a company spokesman.
“We’ve been installing cobots across our manufacturing footprint as part of a broader push to bring more advanced technology into our operations,” spokesman Kevin Kelly said.
“At Factory ZERO, we are implementing them alongside our team — helping improve safety and ergonomics, while keeping our operations flexible and competitive,” he said, adding that the workers let go are only temporarily laid off.
Kelly did not specify when those workers might eventually return to work.
But United Auto Workers Local 22 president James Cotton isn’t buying it, saying the machines are simply a cost-cutting measure that is taking jobs from his union members.
“Our manpower is being taken away from us,” Cotton said, according to Crains.
“From top to bottom, we’re disgusted that they have cobots in our plants,” he said.
Union workers protest being sidelined for machines. AP
More than 1,000 workers were let go while the company installed 50 robots shortly after. Reuters The number of labor hours required to produce a car has declined 50% to 70% since the 1980s, Crains reported.
But that hasn’t stopped UAW wages from going up. The union was able to make historic wage gains in 2023, and the union will likely seek stronger protections in its upcoming 2028 contract negotiations, the outlet said.
Cotton said that despite the company’s claim of the technology making conditions safer, he has safety concerns with robots working next to humans and noted the union has since filed grievances against GM over the cobots.
The automaker claims the cobots are necessary to stay competitive while improving “safety and ergonomics.” AP The cobots arrived as GM is getting hammered by slowing EV demand — largely because of the costs, according to AAA — with the automaker pausing production at Factory Zero multiple times over the past year.
In response to GM’s heavy automation push and cobot installation, UAW president Shawn Fain said workers are “in a fight for humanity,” reported the News Tribune.
“The fruits of our labor have multiplied like never before, but workers aren’t reaping the harvest,” he said, according to the outlet.
“And if AI continues to be used as an accessory to that crime, it has to be stopped — it doesn’t have to be this way — in a just society, when workers create more value, they see more of the benefit.”
In the first quarter of 2026, GM reported $4.25 billion in profits, up 22% from the same period the previous year, according to Yahoo! Finance.
