Company Reports

GM's third-quarter US unit deliveries fell 5.5% year over year on an equal number of selling days. Lower electric vehicle demand and discontinued models held back volumes, while high end mix such as Cadillac's V-Series did well and light-duty pickups excluding EV models rose 9%.

GM's stock rose over 5% in July 21 trading as second-quarter adjusted diluted earnings per share grew 41.3% year over year to $3.57, beating the $3.20 LSEG consensus. GM also raised its 2026 guidance for the second time this year, with adjusted diluted EPS now at $12-$14 from $11.50-$13.50.

We see General Motors with a competitive lineup in all segments it competes in and a reduced cost base ($2 billion cut across 2023-24), finally enabling it to have the scale to match its size. We think its earnings potential is excellent, given a healthy North American unit and a nearly mature finance arm with GM Financial. Moving hourly workers' retiree healthcare to a separate fund and closing plants dramatically lowered GM North America's breakeven point to US industry sales of about 10 million-11 million vehicles, assuming 18%-19% share. We expect more scale to come from a joint venture making electric vehicle batteries. 2027 US capacity expansion will ease tariff hits and add more SUV production. We estimate GM made 53.2% of its 2025 US-sold vehicles in the US.

GM's second-quarter US unit deliveries fell 4.2% year over year on an equal number of selling days. Even though GM said the comparison is misleading since over 12,000 units in the second quarter of 2025 were discontinued models, such as the Chevrolet Malibu, sales still fell after adjustment.

GM's first-quarter adjusted diluted EPS rose 33% year over year to $3.70. Management raised 2026 adjusted EBIT guidance by $500 million to $13.5 billion-$15.5 billion and adjusted diluted EPS by $0.50 to $11.50-$13.50. Adjusted automotive free cash flow rose 56% to $1.3 billion.

GM reported first-quarter US sales on April 1 with all four brands down year-over-year and total volume down 9.7% on an equal number of selling days. US industry first-quarter sales fell 5.3%, per Omdia. March sales rose nearly 18% from February, after January-February was disrupted by storms.

We see General Motors with a competitive lineup in all segments it competes in, and a reduced cost base ($2 billion cut across 2023-24), finally enabling it to have the scale to match its size. We think GM's earnings potential is excellent because the company has a healthy North American unit and a nearly mature finance arm with GM Financial. Moving hourly workers' retiree healthcare to a separate fund and closing plants drastically lowered GM North America's breakeven point to US industry sales of about 10 million-11 million vehicles, assuming 18%-19% share. We expect more scale and flexibility to come from a joint venture making electric vehicle batteries and 2027 US capacity expansion will ease tariff hits and allow more SUV production. We estimate GM made 53.2% of its 2025 US-sold vehicles in the US.

GM's stock rose over 9% during Jan. 27 trading on fourth-quarter diluted adjusted EPS of $2.51, beating the $2.20 LSEG consensus, as the company announced a new $6 billion share repurchase program and raised its quarterly dividend by 20% to $0.18 per share.

GM filed an 8-K after the market closed on Jan. 8, announcing $7.1 billion of special item charges for fourth-quarter earnings due out on Jan. 27—$6 billion is for electric vehicles and $1.1 billion is for China joint venture restructuring and an unspecified legal accrual.

We see General Motors with a competitive lineup in all segments it competes in, combined with a reduced cost base ($2 billion cut across 2023-24), finally enabling it to have the scale to match its size. We think GM's earnings potential is excellent because the company has a healthy North American unit and a nearly mature finance arm with GM Financial. Moving hourly workers' retiree healthcare to a separate fund and closing plants drastically lowered GM North America's breakeven point to US industry sales of about 10 million-11 million vehicles, assuming 18%-19% share. We expect more scale and flexibility to come from a joint venture making electric vehicle batteries.

General Motors' fourth-quarter US sales fell 6.9% year over year, while full-year sales grew 5.5%. The firm's electric vehicle sales fell 43% in the quarter but rose 48% for the year. Wards put 2025 US industry sales at 16.2 million, up 2.4% from 2024.

GM's stock rose over 16% during Oct. 21 trading after the company increased 2025 profit and EPS guidance and said 2026 profits are expected to be stronger than 2025. Third-quarter adjusted diluted EPS of $2.80 beat the $2.31 LSEG consensus.

We see General Motors with a competitive lineup in all segments it competes in, combined with a reduced cost base ($2 billion cut across 2023-24), finally enabling it to have the scale to match its size. We think GM's earnings potential is excellent because the company has a healthy North American unit and a nearly mature finance arm with GM Financial. Moving hourly workers' retiree healthcare to a separate fund and closing plants drastically lowered GM North America's breakeven point to US industry sales of about 10 million-11 million vehicles, assuming 18%-19% share. We expect more scale and flexibility to come from a joint venture making electric vehicle batteries.

GM's third-quarter US deliveries rose 7.7% year over year and 6.3% adjusting for one extra selling day in 2025's quarter. The company estimated it had its best market share since 2017, and year-to-date incentives as a percentage of average transaction price were 4.2% versus 6.5% for the industry.

GM's second-quarter adjusted diluted EPS of $2.53 beat the $2.44 LSEG consensus, but the stock fell over 7% during July 22 trading. The company maintained its 2025 guidance given May 1 but said second-half profit will be lower than of the first half.

We see General Motors with a competitive lineup in all segments it competes in, combined with a reduced cost base ($2 billion cut across 2023-24), finally enabling it to have the scale to match its size. We think GM's earnings potential is excellent because the company has a healthy North American unit and a nearly mature finance arm with GM Financial. Moving hourly workers' retiree healthcare to a separate fund and closing plants drastically lowered GM North America's breakeven point to US industry sales of about 10 million-11 million vehicles, assuming 18%-19% share. We expect more scale and flexibility to come from a joint venture making electric vehicle batteries.

GM's second-quarter US sales increased 7.3% year over year, with all four brands posting growth. GM's growth exceeded the industry's 3% increase, and retail sales—that is, nonfleet—rose 10% in the quarter for their highest total since 2016.

On May 1, GM held its first-quarter earnings call after delaying it on April 29. It also lowered 2025 guidance due to the impact of US tariffs. Total company adjusted EBIT guidance is now $10 billion-$12.5 billion and adjusted diluted EPS guidance is $8.25-$10.00, down from $11-$12 given Jan. 28.

We see General Motors with a competitive lineup in all segments it competes in, combined with a reduced cost base ($2 billion cut across 2023-24), finally enabling it to have the scale to match its size. We think GM's earnings potential is excellent because the company has a healthy North American unit and a nearly mature finance arm with GM Financial. Moving hourly workers' retiree healthcare to a separate fund and closing plants drastically lowered GM North America's breakeven point to US industry sales of about 10 million-11 million vehicles, assuming 18%-19% share. We expect more scale and flexibility to come from a joint venture making electric vehicle batteries.

On April 29, GM reported first-quarter adjusted diluted EPS of $2.78, up 6.1% year over year and ahead of the $2.74 LSEG consensus. However, a looming US auto tariff policy change caused GM to delay its earnings call until May 1. It also withdrew 2025 guidance. GM China returned to profitability.