Track market-moving stories before they get noisy

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 (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.

, /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

5,604

3,582

117

9,304

7,057

(725)

4,065

2,573

12,969

Cash flows from investing activities

Expenditures for property

(3,425)

(29)

—

(3,454)

(3,940)

(2)

(10)

—

(3,953)

Available-for-sale marketable securities,
     acquisitions

(1,391)

(120)

—

(1,511)

(1,248)

—

—

—

(1,248)

Available-for-sale marketable securities,
     liquidations

3,566

77

—

3,644

1,719

—

—

—

1,719

Purchases of finance receivables

—

(18,727)

(8)

(18,736)

—

—

(19,270)

(6)

(19,275)

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

22.3 %

17.8 %

21.5 %

17.2 %

SOURCE General Motors

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.

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.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.

Considering buying GM stock? Here’s what analysts think:

Photo via Shutterstock

Market News and Data brought to you by Benzinga APIs

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

To add Benzinga News as your preferred source on Google, click here.

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.

watch now

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.

Read more CNBC auto newsCarvana's new vehicle strategy turns dealership into 'playground,' test-drive center with sales all onlineLucid to lay off roughly 18% of U.S. workforce, COO Marc Winterhoff leavesRivian laying off hundreds of workers amid R2 launch

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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General Motors

By Reuters

June 24, 202611:28 PM UTCUpdated 55 mins ago

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)

Stay up to date with the latest news, trends and innovations that are driving the global automotive industry with the Reuters Auto File newsletter. Sign up here.

Reporting by Paula Laier and ​Fernando Cardoso; Editing by Sonali Paul

Our Standards: The Thomson Reuters Trust Principles., opens new tab

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.

Today's Change

(

-0.36

%) $

-0.05

Current Price

$

13.95

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!

Today's Change

(

1.11

%) $

0.88

Current Price

$

79.83

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.

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.