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General Motors (GM) explained: how it makes money, how it's doing, what protects it

A plain-English guide to the company behind Chevrolet, Cadillac, Buick and GMC. See what it sells, where the money goes, who it competes with and what protects it.

⚡What does General Motors do, in 30 seconds?

General Motors designs, builds and sells trucks, crossovers and cars, and sells software services such as OnStar and Super Cruise 1. Its four brands are Buick, Cadillac, Chevrolet and GMC 11. GM sold $185.0bn ✓ in FY2025, and GM North America made up 83% ✓ of that. Its lending arm, GM Financial, added 9% ✓.

Revenue, FY2025
$185.0bn✓
Profit, FY2025
$2.7bn✓
Sales growth, 4 quarters to 30 Sep 2026
-0.3%✓
Net cash (cash and investments minus borrowings; leases and stakes in other companies not counted), 30 Sep 2026
-$100.9bn✓
Headquarters
1240 Woodward Avenue, Detroit, Michigan 122
Incorporated
In Delaware, in 2009 1
Employees
About 155,000 at 31 December 2025 1
CEO
Mary Barra, since January 2014 17
US vehicles sold in 2025
About 2.85 million, a 17.2% share 11
Fiscal year ends
31 December 1

📱What does General Motors sell?

GM sells trucks, crossovers, cars and parts, plus software services 1. It reports three segments: GM North America, GM International and GM Financial 21. North America is by far the biggest, at 83% ✓ of FY2025 sales.

🛻

GM North America

Buick, Cadillac, Chevrolet and GMC vehicles sold in North America 1. In the US in 2025, GM sold 1,517,000 trucks, 1,280,000 crossovers and 57,000 cars 1. Its electric models include the Chevrolet Equinox EV, Cadillac LYRIQ, Cadillac ESCALADE IQ and GMC Sierra EV 1. Since February 2025 this segment also holds GM's self-driving technical work, including Cruise's 1. It brought in $154.3bn ✓ in FY2025.

👥 Drivers who buy mainly through independent dealers, which also service GM vehicles 1. GM also sells to fleet buyers such as rental car companies, businesses and governments: about 1,094,000 vehicles in 2025, 17.7% of all its vehicle sales 1.

🌏

GM International

GM's business that mainly serves customers outside North America 1. It made 503,000 wholesale vehicle sales in 2025, 13.2% of GM's total 1. In China, GM sells through two joint ventures, SAIC General Motors and SAIC GM Wuling 1. GM International brought in $13.4bn ✓ in FY2025.

👥 Mainly car buyers outside North America 1. In Brazil, GM had 10.3% of vehicle sales in 2025, down from 12.0% in 2024 1.

🏦

GM Financial

GM's own lender. It makes car loans and leases to buyers across the credit spectrum, and lends to dealers, including money to stock their lots 1. It works in North America and South America, and in China through joint ventures 1. GM Financial brought in $17.1bn ✓ in FY2025.

👥 GM buyers and dealers. GM Financial financed 33% of GM's US retail sales in 2025, down from 39% in 2024 3. Its share was 35% in the first nine months of 2026, up from 34% a year earlier 4.

How the mix has shifted

Revenue mix by productFY2023GM North America: $141.4bn (82%)GM North America 82%GM International: $15.9bn (9%)GM International 9%GM Financial: $14.2bn (8%)GM Financial 8%FY2024GM North America: $157.5bn (84%)GM North America 84%GM International: $13.9bn (7%)GM Financial: $15.9bn (8%)GM Financial 8%FY2025GM North America: $154.3bn (84%)GM North America 84%GM International: $13.4bn (7%)GM Financial: $17.1bn (9%)GM Financial 9%
Revenue mix by productFY23GM North America: $141.4bn (82%)82%GM International: $15.9bn (9%)GM Financial: $14.2bn (8%)FY24GM North America: $157.5bn (84%)84%GM International: $13.9bn (7%)GM Financial: $15.9bn (8%)FY25GM North America: $154.3bn (84%)84%GM International: $13.4bn (7%)GM Financial: $17.1bn (9%)GM North AmericaGM InternationalGM Financial
Share of revenue by business line, by fiscal year. Source: General Motors Co 10-K filed 2026-01-27.

💸How does General Motors make money?

Follow the money: what customers pay for, what it costs to make, and what is left as profit.

Money map FY2025: how revenue turns into profitGM North America → Revenue: $154.3bnGM International → Revenue: $13.4bnGM Financial → Revenue: $17.1bnRevenue → Gross profit: $11.6bnRevenue → Cost of sales: $173.4bnGross profit → Operating profit: $2.9bnGross profit → Selling and admin costs: $8.7bnOperating profit → Net income: $2.6bnOperating profit → Income tax: $0.3bnOther income → Net income: $0.1bnGM North America$154.3bn · 83%GM International$13.4bn · 7%GM Financial$17.1bn · 9%Revenue$185.0bnGross profit$11.6bn · 6%Cost of sales$173.4bn · 94%Operating profit$2.9bn · 2%Selling and admin costs$8.7bn · 5%Net income$2.7bn · 1%Income tax$0.3bn · <1%Other income$0.1bn · <1%
Money map FY2025: how revenue turns into profitGM North America: $154.3bnGM International: $13.4bnGM Financial: $17.1bnGM North America$154.3bn · 83%GM International$13.4bn · 7%GM Financial$17.1bn · 9%Revenue: $185.0bnRevenue$185.0bn · 100%Gross profit: $11.6bnCost of sales: $173.4bnGross profit$11.6bn · 6%Cost of sales$173.4bn · 94%Operating profit: $2.9bnSelling and admin costs: $8.7bnOperating profit$2.9bn · 2%Selling and admin costs$8.7bn · 5%Net income: $2.7bnIncome tax: $0.3bnNet income$2.7bn · 1%Income tax$0.3bn · <1%
Money map (a Sankey diagram): band widths are to scale. Hover a band for the amount. Source: General Motors Co 10-K filings.

GM took in $185.0bn ✓ from vehicles, parts, services and its lending in FY2025. Building its vehicles, plus GM Financial's interest and running costs, cost $173.4bn ✓. What is left is gross profit, the money kept after paying for what was sold. That came to $11.6bn ✓.

Next come selling and admin costs, which took $8.7bn ✓. What remains is operating profit, the profit from the main business, which was $2.9bn ✓. Other income added $0.1bn ✓, and tax took $0.3bn ✓. That left net income of $2.7bn ✓. Put simply, out of every hundred dollars of sales, GM kept about $1 ✓ as profit, down from $3 ✓ in FY2024.

Out of every $100 customers paid in FY2025…

Making the products and services $94Selling and admin costs $5Profit kept $1
💡
GM Financial is a growing slice of GM. Its revenue rose from $14.2bn ✓ in FY2023 to $17.1bn ✓ in FY2025. Over the same years, GM International fell from $15.9bn ✓ to $13.4bn ✓.

⏱️ General Motors by the clock

Spread the FY2025 totals evenly over its 365 days and you get this. Source: General Motors Co 10-K [5].

🛒
$507m
in sales every day
⏱️
$86
of profit every second
🎁
$18m
handed to shareholders every day

📈How is General Motors doing?

GM's sales held steady in FY2025, but its profit shrank. Sales were $185.0bn ✓, a change of -1.3% ✓ on FY2024. Operating margin fell to 1.6% ✓, from 6.8% ✓ the year before. Net income dropped to $2.7bn ✓, from $6.0bn ✓. Costs in 2025 included $7.9 billion of charges in GM North America for what GM calls its EV strategic realignment 15. Its material and freight costs also rose $3.3 billion, including $3.1 billion due to tariffs 3. Free cash flow was $17.6bn ✓ in FY2025, up from $9.3bn ✓ in FY2024.

The latest four quarters, to 30 September 2026, look a little better. Sales were $187.0bn ✓, a change of -0.3% ✓ on the four quarters before. Operating margin was 2.3% ✓, and net income $4.0bn ✓. On 20 October 2026, GM reported third-quarter revenue of $50.0 billion, up 2.9% from a year earlier 19. Net income for stockholders was $3.3 billion, against $1.3 billion a year earlier 19. Over the first nine months of 2026, GM booked $3.6 billion of net EV charges 4. It also recorded $0.7 billion of net favorable adjustments, mainly for tariffs that can be refunded, after a US Supreme Court ruling on 20 February 2026 4.

Over a longer stretch, sales have grown. They were $122.5bn ✓ in FY2020, and from FY2020 to FY2025 they grew 8.6% ✓ a year on average. Sales rose in 4 ✓ of those 5 ✓ years.

📝 The report card

GM earns a C ✓ for growth and a C ✓ for steadiness. It gets a D ✓ for cash, and an F ✓ for profit and an F ✓ for its balance sheet. Every company is graded on the same fixed scale, so an A means the same thing on every page. The strip shows where General Motors (orange) and its 3 peers land; further right is better.

C

Growth

Sales growth per year, last 3 fiscal years
5.7% · peer median 5.8%
#3 of 4 in the peer group
A ≥ 15.0%B ≥ 10.0%C ≥ 5.0%D ≥ 0.0%F below 0.0%

GM's sales grew 5.7% ✓ a year over its last three fiscal years, which earns a C ✓ on the fixed scale. Ford grew at almost the same pace, 5.8% ✓, also a C ✓. Rivian grew 48.1% ✓ a year, an A ✓, but from much smaller sales of $5.4bn ✓.

Why this measure? (higher is better)

Growing sales is the engine of a business. Mature giants rarely grow fast, so 5% a year already earns a C.

F

Profitability

Operating margin, last 3 years combined
4.6% · peer median 0.3%
#2 of 4 in the peer group
A ≥ 30.0%B ≥ 20.0%C ≥ 10.0%D ≥ 5.0%F below 5.0%

Over the last three years combined, GM kept 4.6% ✓ of sales as operating profit. That is below the 5% needed for a D, so it earns an F ✓. Tesla kept 7.0% ✓, a D ✓, and Ford just 0.3% ✓.

Why this measure? (higher is better)

Operating margin is the share of each sales dollar left after running the business. Software and platforms often clear 30%; hardware makers usually sit below 10%.

D

Cash generation

Free cash flow as a share of sales, last 3 years combined
6.8% · peer median 4.7%
#1 of 4 in the peer group
A ≥ 20.0%B ≥ 15.0%C ≥ 10.0%D ≥ 5.0%F below 5.0%

Over the last three years combined, GM turned 6.8% ✓ of sales into free cash flow, which earns a D ✓. That is still the best of the 4 ✓ companies compared. Tesla came in at 4.9% ✓ and Ford at 4.7% ✓.

Why this measure? (higher is better)

Free cash flow is the cash left after paying for factories, data centres and equipment. It funds dividends, buybacks and new bets.

F

Balance sheet

Net cash (cash and investments minus borrowings; leases and stakes in other companies not counted) as a share of a year's sales
-56.2% · peer median 30.5%
#3 of 4 in the peer group
A ≥ 20.0%B ≥ 5.0%C ≥ -10.0%D ≥ -30.0%F below -30.0%

At the end of FY2025, GM's cash and investments minus its borrowings (leases and stakes in other companies not counted) equalled -56.2% ✓ of a year's sales. That earns an F ✓. Ford is at -66.7% ✓, also an F ✓. Tesla holds more cash than it owes, at 37.8% ✓, an A ✓.

Why this measure? (higher is better)

More cash than debt gives a company room to ride out bad years. Some debt is normal; a lot of it makes a company fragile.

C

Steadiness

How much yearly sales growth swings (standard deviation, up to 10 years)
9.2% · peer median 32.2%
#1 of 4 in the peer group
A ≤ 5.0%B ≤ 8.0%C ≤ 12.0%D ≤ 18.0%F above 18.0%

GM's yearly sales growth has a standard deviation (a measure of how far each year's growth strays from the average) of 9.2% ✓. That earns a C ✓. Growth was 23.4% ✓ in FY2022 but -1.3% ✓ in FY2025. Ford's figure is also 9.2% ✓, a C ✓, while Tesla's is 32.2% ✓.

Why this measure? (lower is better)

Steady growers are easier to plan around. Big swings mean sales depend on product cycles, the economy or one-off events.

🧑‍🏫 How the grades work
  1. Same scale for everyone. Each measure has fixed cut-offs (shown under each strip). Clear the A line and you get an A, whatever your peers do.
  2. Three years together. Profitability and cash generation add up the last three fiscal years before dividing, so one unusual year counts for less than it would on its own (a year much bigger than the others still weighs most).
  3. Peers for context. The rank shows how General Motors compares with the group. Companies within 0.1 percentage point share a rank.
  4. Same source. Every company's figures come from its own latest annual report (10-K), so fiscal years end in different months.
  5. Judgement, openly stated. The cut-offs are QuantVantage.ai's view of what good looks like for a large, established company. They are not a forecast or a recommendation.

6 years at a glance

Revenue
$185.0bn
FY2025
Revenue by fiscal yearFY2020: $122.5bnFY2021: $127.0bnFY2022: $156.7bnFY2023: $171.8bnFY2024: $187.4bnFY2025: $185.0bnFY2020FY2025
Operating margin
1.6%
FY2025
Operating marginFY2020FY2025
Free cash flow
$17.6bn
FY2025
Free cash flow by fiscal yearFY2020: $11.4bnFY2021: $7.7bnFY2022: $6.8bnFY2023: $10.0bnFY2024: $9.3bnFY2025: $17.6bnFY2020FY2025
Net cash
-$103.9bn
end of FY2025
Net cash by fiscal yearFY2020: -$81.0bnFY2021: -$81.2bnFY2022: -$84.9bnFY2023: -$97.0bnFY2024: -$104.6bnFY2025: -$103.9bnFY2020FY2025

Where the cash goes

GM hands back part of its cash and keeps the rest. From FY2020 to FY2025 it made $62.7bn ✓ of free cash flow and spent $29.9bn ✓ on buybacks and dividends. In FY2025, payouts equalled 38% ✓ of free cash flow. In October 2026, GM finished a $6.0 billion buyback announced in January 2026 19. Its board also approved a new $20.0 billion buyback with no end date 19.

Free cash flow vs cash returned to shareholders$0bn$10bnFY2020 free cash flow $11.4bnFY2020 buybacks + dividends $0.8bnFY20FY2021 free cash flow $7.7bnFY2021 buybacks + dividends $0.2bnFY21FY2022 free cash flow $6.8bnFY2022 buybacks + dividends $2.9bnFY22FY2023 free cash flow $10.0bnFY2023 buybacks + dividends $11.7bnFY23FY2024 free cash flow $9.3bnFY2024 buybacks + dividends $7.7bnFY24FY2025 free cash flow $17.6bnFY2025 buybacks + dividends $6.7bnFY25
Free cash flow vs cash returned to shareholders$0bn$10bnFY2020 free cash flow $11.4bnFY2020 buybacks + dividends $0.8bnFY20FY2021 free cash flow $7.7bnFY2021 buybacks + dividends $0.2bnFY21FY2022 free cash flow $6.8bnFY2022 buybacks + dividends $2.9bnFY22FY2023 free cash flow $10.0bnFY2023 buybacks + dividends $11.7bnFY23FY2024 free cash flow $9.3bnFY2024 buybacks + dividends $7.7bnFY24FY2025 free cash flow $17.6bnFY2025 buybacks + dividends $6.7bnFY25
■ Free cash flow   ■ Buybacks + dividends. Source: General Motors Co 10-K filings.

🧮Ratios 101: what are General Motors' key financial ratios?

Ratios show GM keeps thin margins on very large sales, and owes 2.2x ✓ its equity in debt. A ratio divides one number by another so companies of any size can be compared. Each card shows the formula with General Motors' real FY2025 numbers, the peer median and the trend.

💰 Profitability: how much of each sale is kept?

Higher is better

Gross margin

6.3%
Gross profit$11.6bn$185.0bnSales=6.3%

What is left from each sale after paying to make the product or deliver the service.

👉 GM keeps 6.3% ✓ of sales as gross profit, down from 14.1% ✓ in FY2021 and a little below the 6.8% ✓ peer median. Tesla keeps 18.0% ✓.

📏 Rule of thumb: Above 40% usually signals pricing power or a big software or services mix.

Peer median 6.8% (3 peers)FY2021 14.1%
Gross margin by fiscal yearFY2020FY2025
Higher is better

Operating margin

1.6%
Operating profit$2.9bn$185.0bnSales=1.6%

What is left after also paying for research, marketing and running the company.

👉 GM's 1.6% ✓ is down from 7.3% ✓ in FY2021. It still beats the -4.9% ✓ peer median, since Ford, at -4.9% ✓, and Rivian, at -66.5% ✓, made operating losses.

📏 Rule of thumb: Above 20% is strong for a large company.

Peer median -4.9% (3 peers)FY2021 7.3%
Operating margin by fiscal yearFY2020FY2025
Higher is better

Net margin

1.5%
Net income$2.7bn$185.0bnSales=1.5%

The bottom line: profit after interest and taxes, per dollar of sales.

👉 GM keeps 1.5% ✓ of sales as final profit, down from 7.9% ✓ in FY2021 but above the -4.4% ✓ peer median.

📏 Rule of thumb: Above 15% is strong; one-off tax items can move it in a single year.

Peer median -4.4% (3 peers)FY2021 7.9%
Net margin by fiscal yearFY2020FY2025
It depends

Return on equity (ROE)

4.4%
Net income$2.7bn$61.1bnShareholders' equity=4.4%

Profit earned for each dollar that shareholders have left in the company.

👉 ROE of 4.4% ✓ is low because profit was small next to shareholders' equity of $61.1bn ✓. It was 16.8% ✓ in FY2021, and the peer median is -22.7% ✓.

📏 Rule of thumb: Around 15% or more is good, but buybacks shrink equity and can make ROE look huge.

Peer median -22.7% (3 peers)FY2021 16.8%
Return on equity (ROE) by fiscal yearFY2020FY2025

⚙️ Efficiency: how hard do the assets work?

Higher is better

Return on assets (ROA)

1.0%
Net income$2.7bn$281.3bnTotal assets=1.0%

Profit earned from everything the company owns, however it was paid for.

👉 GM earned 1.0% ✓ on its $281.3bn ✓ of assets, down from 4.1% ✓ in FY2021 but above the -2.8% ✓ peer median.

📏 Rule of thumb: Above 10% is strong; banks and factories usually earn less.

Peer median -2.8% (3 peers)FY2021 4.1%
Return on assets (ROA) by fiscal yearFY2020FY2025
Higher is better

Asset turnover

0.7x
Sales$185.0bn$281.3bnTotal assets=0.7x

Dollars of sales squeezed out of each dollar of assets.

👉 GM's sales equal 0.7x ✓ the value of everything it owns, up from 0.5x ✓ in FY2021 and a little above the 0.6x ✓ peer median.

📏 Rule of thumb: Retailers often top 2x; asset-heavy businesses can sit below 0.5x.

Peer median 0.6x (3 peers)FY2021 0.5x
Asset turnover by fiscal yearFY2020FY2025
Lower is better

Inventory days

30 days
Inventory$14.5bn$173.4bnCost of sales× 365=30 days

How many days of products sit in warehouses before they are sold.

👉 GM holds 30 ✓ days of stock, down from 43 ✓ in FY2021 and well below the 58 ✓ day peer median.

📏 Rule of thumb: Fewer days means less cash tied up and less risk of products going stale.

Peer median 58 days (3 peers)FY2021 43 days
Inventory days by fiscal yearFY2020FY2025

🛟 Safety: could it survive a bad year?

It depends

Current ratio

1.2x
Current assets$108.8bn$93.3bnCurrent liabilities=1.2x

Can short-term assets (cash, money owed by customers, stock) pay the bills due within a year?

👉 GM's 1.2x ✓ means it had $108.8bn ✓ of short-term assets against $93.3bn ✓ of bills due within a year. The peer median is 2.2x ✓.

📏 Rule of thumb: Above 1.0x is the classic comfort line, but cash-rich giants can run below it on purpose.

Peer median 2.2x (3 peers)FY2021 1.1x
Current ratio by fiscal yearFY2020FY2025
Lower is better

Debt to equity

2.2x
Total debt$131.6bn$61.1bnShareholders' equity=2.2x

How much the company has borrowed for each dollar shareholders have in it.

👉 GM's debt of $131.6bn ✓ is 2.2x ✓ its equity, up from 1.8x ✓ in FY2021 and above the 1.0x ✓ peer median. Ford's is 4.5x ✓.

📏 Rule of thumb: Below 1.0x is conservative. Like ROE, it can rise when buybacks shrink equity, even if debt has not changed.

Peer median 1.0x (3 peers)FY2021 1.8x
Debt to equity by fiscal yearFY2020FY2025

💵 Cash and owners: where does the money end up?

Higher is better

Cash conversion

6.5x
Free cash flow$17.6bn$2.7bnNet income=6.5x

Does reported profit turn into real cash? Free cash flow is operating cash minus capital spending.

👉 GM's free cash flow of $17.6bn ✓ was 6.5x ✓ its net income in FY2025, against 0.8x ✓ in FY2021. Tesla came in at 1.6x ✓.

📏 Rule of thumb: Near or above 1.0x means profits are backed by cash.

Peer median 1.6x (1 peer)FY2021 0.8x
Cash conversion by fiscal yearFY2020FY2025
Lower is better

Stock pay

0.2%
Share-based pay$0.3bn$185.0bnSales=0.2%

Pay given to staff in shares instead of cash. It is a real cost to owners because it adds shares.

👉 Stock pay is just 0.2% ✓ of sales, close to 0.3% ✓ in FY2021 and far below the 3.0% ✓ peer median.

📏 Rule of thumb: Under 5% of sales is modest for a tech company.

Peer median 3.0% (3 peers)FY2021 0.3%
Stock pay by fiscal yearFY2020FY2025
It depends

Shareholder payout

247.3%
Dividends + buybacks$6.7bn$2.7bnNet income=247.3%

How much of the year's profit was handed back to owners.

👉 GM paid out 247.3% ✓ of FY2025 profit as buybacks and dividends, or $6.7bn ✓ against $2.7bn ✓ of net income. That was still only 38% ✓ of its free cash flow. Tesla paid out 0.0% ✓.

📏 Rule of thumb: Above 100% means it returned more than it earned, using cash savings or debt.

Peer median 0.0% (1 peer)FY2021 1.9%
Shareholder payout by fiscal yearFY2020FY2025

Ratios use fiscal-year-end balance sheet values. Inputs are shown rounded, so dividing them can differ from the result in the last digit. A peer median leaves out peers that do not report the inputs, or where the ratio means nothing (for example, negative shareholders' equity). Rules of thumb are general guides from QuantVantage.ai, not hard limits. No share-price ratios (like price-to-earnings) are shown on this page.

🥊Who are General Motors' competitors?

GM competes with Ford in US pickups, SUVs and EVs, and with Tesla and Rivian in electric vehicles 11129101314. Ford sold $187.3bn ✓ and Tesla $94.8bn ✓ in FY2025, while Rivian sold $5.4bn ✓.

Peer map: growth vs profitability, bubble size = revenue0%5%10%15%20%25%30%35%40%45%50%-60%-50%-40%-30%-20%-10%0%10%Sales growth per year, 3 years →Operating margin →Ford: revenue $187.3bn, growth 5.8%/yr, operating margin -4.9%FGeneral Motors: revenue $185.0bn, growth 5.7%/yr, operating margin 1.6%GMTesla: revenue $94.8bn, growth 5.2%/yr, operating margin 4.6%TSLARivian: revenue $5.4bn, growth 48.1%/yr, operating margin -66.5%RIVN
Peer map: growth vs profitability, bubble size = revenue0%5%10%15%20%25%30%35%40%45%50%-60%-50%-40%-30%-20%-10%0%10%Sales growth per year, 3 years →Operating margin →Ford: revenue $187.3bn, growth 5.8%/yr, operating margin -4.9%FGeneral Motors: revenue $185.0bn, growth 5.7%/yr, operating margin 1.6%GMTesla: revenue $94.8bn, growth 5.2%/yr, operating margin 4.6%TSLARivian: revenue $5.4bn, growth 48.1%/yr, operating margin -66.5%RIVN
Peer map from each company's latest 10-K. Bubble size = revenue. Source: SEC filings [5] [8] [6] [7].
CompanyWhere they competeRevenueGrowth/yr (3y)Op. marginFCF margin
General Motors (GM, FY2025)Trucks, SUVs, crossovers and cars, electric vehicles, and car loans through GM Financial$185.0bn5.7%1.6%9.5%
Tesla (TSLA, FY2025)Electric vehicles in the US; GM also paid $0.4 billion in 2025 for regulatory credits, a kind of credit Tesla earns and sells 910$94.8bn5.2%4.6%6.6%
Ford (F, FY2025)Pickups, SUVs and EVs in the US, sold mainly through independent dealers; by its own count Ford had 13.2% of US vehicle sales in 2025 1112$187.3bn5.8%-4.9%6.7%
Rivian (RIVN, FY2025)Electric pickups and SUVs, where Rivian meets GM's GMC Sierra EV and Cadillac ESCALADE IQ; Rivian sells directly to customers 1314$5.4bn48.1%-66.5%-46.2%

GM says the car industry has long had far more factory capacity than buyers need. It adds that rivals' pushes to sell more vehicles can hurt its prices and market share 16.

🧭General Motors SWOT: strengths, weaknesses, opportunities and threats

💪 Strengths

  • GM says it was number one in US vehicle sales in 2025, and number one in full-size pickups for the sixth year in a row 17.
  • GM sold 1,517,000 trucks in the US in 2025, 33.0% of the US truck market 1.
  • Deferred revenue from OnStar services, including Super Cruise, was $5.4 billion at the end of 2025, up 65% in a year 17.
  • Over the last three years combined, GM turned 6.8% ✓ of sales into free cash flow, the most of the 4 ✓ companies compared.

🩹 Weaknesses

  • Operating margin fell from 6.8% ✓ in FY2024 to 1.6% ✓ in FY2025.
  • At the end of FY2025, GM owed far more than it held, which earns its balance sheet an F ✓. At 30 September 2026, borrowings were $128.7bn ✓ against $27.8bn ✓ of cash and investments.
  • GM North America made 83% ✓ of sales in FY2025. GM says its gasoline lineup, led by full-size trucks and SUVs, is a key driver of its results 1.
  • GM's US market share was 16.4% in the first nine months of 2026, 0.7 points lower than a year earlier 15.

🚀 Opportunities

  • GM North America's EBIT-adjusted margin was 8.7% in the third quarter of 2026, up from 6.2% a year earlier 19. GM's stated top priority is a yearly EBIT-adjusted margin of 8% to 10% there, held year after year 4.
  • GM says its US EV sales rose 48% in 2025, and that it stayed number two in US EV sales 17.
  • Super Cruise lets drivers of equipped vehicles go hands-free on more than 600,000 miles of roads in the US and Canada 11.
  • In the third quarter of 2026, GM agreed to extend its SAIC General Motors joint venture in China through 15 May 2047, subject to conditions 4.

⚠️ Threats

  • GM estimates tariffs will cut its 2026 EBIT-adjusted by $2.5 billion to $3.5 billion, and says this may change if tariffs change 4.
  • GM says the end of US consumer EV tax credits and looser emissions rules slowed industry EV demand in North America from 2025 20.
  • China's vehicle industry sales fell 18.2% in the first nine months of 2026, and GM's joint ventures there sold 1.1 million, a 6.7% share, down 0.3 points 4.
  • GM says the cost of recalling ARC-made airbag inflators, beyond what it has set aside, could be material 21. That depends on a dispute between US road safety regulators and ARC, and GM cannot yet estimate it 21.

🏰Does General Motors have a moat?

Narrow moatGM says it was number one in US vehicle sales in 2025 17. It says high-margin full-size pickups and SUVs helped drive its 2025 results 3. But it says the industry has long had far more factories than buyers need 16.
Brand 3/5
Why 3?

GM sells under four brands: Buick, Cadillac, Chevrolet and GMC 11. It sold about 2.85 million vehicles in the US in 2025, a 17.2% share, up from 16.5% in 2024 11. GM says its 2025 results were driven by its lineup, including high-margin full-size pickups and SUVs 3. But its US share was 16.4% in the first nine months of 2026, 0.7 points lower than a year earlier 15.

Switching costs 2/5
Why 2?

GM Financial financed 33% of GM's US retail sales in 2025 3. GM had 4,566 dealerships and similar outlets in North America at the end of 2025 11. Its dealers do warranty repairs almost entirely with GM parts 11. OnStar, which has run for nearly three decades, is available in more than 20 markets 11.

Network effects 1/5
Why 1?

OnStar is available in more than 20 markets 11. Super Cruise works hands-free on more than 600,000 miles of compatible roads in the US and Canada 11.

Cost advantages and scale 3/5
Why 3?

GM sold about 2.85 million vehicles in the US in 2025 11. Yet GM North America's EBIT-adjusted margin was 6.8% in 2025, down from 9.2% in 2024 3. GM's material and freight costs rose $3.3 billion in 2025, including $3.1 billion due to tariffs 3. Separately, GM recorded $7.9 billion of charges in North America in 2025 for its EV strategic realignment 15. GM says the industry's factory capacity has long far exceeded demand 16.

Intangibles (patents, licences, regulation) 2/5
Why 2?

GM holds a significant number of patents, copyrights and trade secrets, but says no single one is material to its business as a whole 11. It says these rights do not stop rivals from developing similar products on their own 16. In its report for the third quarter of 2026, GM says the EPA finalized a rule in 2026 that repealed the EPA's own endangerment finding. That removed greenhouse-gas rules for on-highway vehicles 15.

A moat is what keeps rivals from taking a company's customers and profits. Scores are QuantVantage.ai's judgement (5 = strongest), set with the same rubric on every explainer (orange is General Motors; grey dots are peers).

🔭What should you watch next?

16-17 Nov 2026

Move to Nasdaq

GM expects its stock to stop trading on the New York Stock Exchange at the close on 16 November 2026 and to start on Nasdaq on 17 November 2026 22. It keeps the symbol GM 22. GM says the move makes it eligible for possible inclusion in the Nasdaq-100 index 22.

17 Dec 2026

Quarterly dividend

GM's dividend of $0.18 a share is payable on 17 December 2026 to holders of record at the close on 4 December 2026 19.

Year to 31 Dec 2026

Full-year 2026 results

GM expects 2026 EBIT-adjusted of $14.5 billion to $15.5 billion 19. It expects net income for stockholders of $8.9 billion to $9.5 billion, not counting possible future special items 19.

Year to 31 Dec 2026

Tariff costs

GM estimates tariffs will reduce its 2026 EBIT-adjusted by $2.5 billion to $3.5 billion 4. It says the estimate may change if tariffs change 4.

Year to 31 Dec 2026

More EV charges

GM expects more charges in 2026 for its EV strategic realignment 4. It booked $3.6 billion of net charges in the first nine months of 2026 4.

1 Apr 2027

New chief accounting officer

Christopher Hatto, GM's chief accounting officer, plans to retire on 1 April 2027, and GM will name a successor later 24.

📚Learn the words

Revenue (sales)All the money a company takes in from customers before paying any costs.
Captive finance companyA lender owned by a maker, set up to lend to people buying that maker's products and to the dealers who sell them.
Floorplan financingA loan that lets a car dealer buy the vehicles on its lot, paid back when each car is sold.
Wholesale salesVehicles a carmaker sells to its dealers and fleet buyers, rather than counting what dealers sell to drivers.
Joint ventureA business two companies own together and share the profits of.
EBIT-adjustedEBIT means earnings before interest and taxes. An adjusted figure leaves out costs or gains a company treats as one-offs.
Market shareThe slice of all sales in a market that one company makes.
Gross marginThe share of each sales dollar left after paying to make the product or deliver the service. Higher means each sale is more profitable.
Operating profitProfit from the main business after paying for products, marketing and admin, but before interest and tax.
Free cash flowThe cash a business has left after running itself and buying equipment. It can be used for dividends, buybacks or saving.
TariffA tax a country charges on goods brought in from abroad.
Fiscal yearA company's own accounting year. GM's matches the calendar year, so FY2025 ended on 31 December 2025 1.
Economic moatA lasting advantage, like a strong brand or low costs, that keeps rivals from taking a company's customers.
RatioOne number divided by another, such as profit divided by sales. Ratios let you compare companies of very different sizes.

❓Frequently asked questions about General Motors

How does General Motors make money?

GM makes most of its money selling vehicles in North America. GM North America brought in $154.3bn ✓ in FY2025. GM Financial, its lending arm, added $17.1bn ✓, and GM International $13.4bn ✓.

Who runs GM?

Mary Barra has been GM's CEO since January 2014 and has chaired its board since January 2016 17. Paul Jacobson has been its finance chief since 2020 1.

Does GM still make electric cars?

Yes. GM says the strategic realignment of its EV capacity does not affect the Chevrolet, GMC and Cadillac EVs now being built, which it expects to stay on sale 4. Its EVs include the Chevrolet Equinox EV, Cadillac LYRIQ, Cadillac ESCALADE IQ and GMC Sierra EV 1.

What happened to Cruise, GM's robotaxi unit?

GM announced in December 2024 that it would stop funding robotaxi work, and began winding down robotaxi operations in February 2025 1. Cruise is now a wholly owned GM unit that develops automated driving systems for personal vehicles 1.

How much of GM's business is outside the US?

About 27.5% of GM's wholesale vehicle sales in 2025 came from outside the US 1. In Europe, GM sold only about 2,000 vehicles in 2025, in a market of 16.9 million 1.

How much does GM spend on research?

GM spent $8.5 billion on research and development in 2025 1. That was down from $9.2 billion in 2024 and $9.9 billion in 2023 1.

Does GM pay a dividend?

Yes. In January 2026 GM's board raised the quarterly dividend by $0.03 to $0.18 a share 4. GM paid $0.7bn ✓ in dividends in FY2025, and $6.0bn ✓ on buybacks.

Why is GM moving its shares to Nasdaq?

GM says a Nasdaq listing makes it eligible for possible inclusion in the Nasdaq-100 index 22. It announced the move from the New York Stock Exchange on 27 October 2026, keeping the symbol GM 22.

🎮Play: higher or lower, then test yourself

Higher or lower · round 1 of 5

Figures come from each company's latest annual report (10-K); fiscal years end in different months. Sources: [5] [8] [6] [7].

Score: 0

🧠 Test yourself

5 quick questions. Score: 0 / 5

1. About how much of GM's sales came from GM North America in FY2025?

GM North America made up 83% ✓ of GM's sales in FY2025.

2. Which of these is NOT one of GM's four brands?

GM's four brands are Buick, Cadillac, Chevrolet and GMC 11.

3. About how many vehicles did GM sell in Europe in 2025?

GM sold about 2,000 vehicles in Europe in 2025, in a market of 16.9 million 1.

4. What share of the US truck market did GM have in 2025?

GM sold 1,517,000 trucks in the US in 2025, 33.0% of the US truck market 1.

5. By its own count, for how many years has GM been number one in US full-size SUVs?

GM says 2025 was its 51st year as number one in full-size SUVs 17.

🔎Sources and method

Every figure comes from a source listed here or is calculated from those sources (marked ✓). Company financials come from the reports each company files with the SEC (10-K annual and 10-Q quarterly reports). Peer grades rank the same measures across the company and its peers. This page contains no share-price data and no valuation.

  1. General Motors Company Form 10-K, fiscal 2025 (Item 1, Business: company, segments, plants, employees, officers) — Incorporation, headquarters, fiscal year, segments, Cruise wind-down, EV lineup, Ultium Cells, plants, wholesale and fleet sales, China joint ventures, GM Financial products, dealers, suppliers, research and development spending, employees, executive officers (accessed 2026-11-04)
  2. General Motors (GM) Form 10-K for fiscal year 2025, filed 2026-01-27 — revenue by product, segment and geography (accessed 2026-11-04)
  3. General Motors Company Form 10-K, fiscal 2025 (Item 7, Management's Discussion and Analysis) — 2025 drivers, GM Financial penetration, GM North America EBIT-adjusted margin, cost changes (accessed 2026-10-29)
  4. General Motors Company Form 10-Q, quarter ended September 30, 2026 (Management's Discussion and Analysis) — 2026 vehicle sales and market share, China industry, GM Financial penetration, tariff refunds and outlook, EV charges, 2026 guidance, repurchases and dividend (accessed 2026-11-04)
  5. SEC EDGAR companyfacts: General Motors (GM) — annual 10-K facts (accessed 2026-11-04)
  6. SEC EDGAR companyfacts: FORD MOTOR CO (F) — annual 10-K facts (accessed 2026-11-04)
  7. SEC EDGAR companyfacts: Rivian Automotive, Inc. / DE (RIVN) — annual 10-K facts (accessed 2026-11-04)
  8. SEC EDGAR companyfacts: Tesla, Inc. (TSLA) — annual 10-K facts (accessed 2026-11-04)
  9. General Motors Form 10-K for fiscal year 2025, filed 2026-01-27 — GM US vehicle sales and share in 2025, electric models, purchases of emissions credits (accessed 2026-10-29)
  10. Tesla Form 10-K for fiscal year 2025, filed 2026-01-29 — Item 1: sales channels, galleries, Supercharging and NACS, insurance, regulatory credits, patent pledge, marketing, competition, regulation (accessed 2026-10-29)
  11. General Motors Company Form 10-K, fiscal 2025 (Item 1, Business) — Brands, US vehicle sales and market share, dealers, OnStar, Super Cruise and intellectual property (accessed 2026-10-29)
  12. Ford Motor Company Form 10-K, fiscal 2025 (Item 1, Business) — Ford's US sales and market share in 2025, dealer network (accessed 2026-11-04)
  13. Rivian Automotive Form 10-K, fiscal 2025 (Item 1, Business) — Competitive advantage, Amazon van order, charging network, autonomy training, Normal plant capacity, patents, regulatory credits (accessed 2026-10-29)
  14. General Motors Company Form 10-K, fiscal 2025 (Item 1, Business) — GM electric vehicle models and its independent dealer network (accessed 2026-11-04)
  15. General Motors Company Form 10-Q, quarter ended September 30, 2026 — EV strategic realignment charges, US market share in 2026, emissions rule changes (accessed 2026-10-29)
  16. General Motors Company Form 10-K, fiscal 2025 (Item 1A, Risk Factors) — Industry overcapacity and limits of intellectual property protection (accessed 2026-10-29)
  17. General Motors Company proxy statement (Schedule 14A), filed April 20, 2026 — CEO and chair tenure, 2025 performance highlights (US sales rank, full-size pickups and SUVs, EV sales, OnStar deferred revenue) (accessed 2026-11-04)
  18. SEC EDGAR companyfacts: General Motors (GM) — balance sheet at 2026-09-30 (accessed 2026-11-04)
  19. General Motors Company Form 8-K, October 20, 2026, Exhibit 99.1 (third-quarter 2026 results release) — Third-quarter 2026 results, updated 2026 guidance, share repurchase authorization, quarterly dividend (accessed 2026-11-04)
  20. General Motors Company Form 10-K, fiscal 2025 (Item 7, Management's Discussion and Analysis: outlook and policy) — 2025 tariff impact, EV demand slowdown after US policy changes (accessed 2026-11-04)
  21. General Motors Company Form 10-Q, quarter ended September 30, 2026 (segments, contingencies, debt and equity notes) — Reportable segments in 2026, Cruise status, privacy matters, EV supply arbitrations, inventory banking facility, China joint venture term (accessed 2026-11-04)
  22. General Motors Company Form 8-K, October 27, 2026 (transfer of stock exchange listing) — Planned move of the common stock listing from the NYSE to Nasdaq (accessed 2026-11-04)
  23. SEC EDGAR companyfacts: General Motors (GM) — quarterly 10-Q/10-K facts (accessed 2026-11-04)
  24. General Motors Company Form 8-K, October 29, 2026 (chief accounting officer retirement) — Retirement of the chief accounting officer (accessed 2026-11-04)