General Motors (GM) Company Report

General Motors will record $7.1 billion in fourth-quarter charges, including about $6.0 billion for unused EV investments and $1.1 billion for restructuring its China joint venture.
Approximately $4.2 billion of the EV-related hit will be cash costs (supplier settlements, contract cancellations), with the remainder as non-cash impairments; the charges will not affect adjusted EBIT.
The write-down follows a $1.6 billion Q3 EV impairment and reflects GM’s pullback from earlier aggressive electrification plans after the end of the $7,500 federal EV tax credit and looser U.S. emissions rules that cooled demand.
GM is shifting EV capacity back to SUVs and pickups (e.g., Orion plant) and selling its stake in a Lansing battery facility, while warning of potential smaller EV-related charges in 2026.

Jan 8, 2026, 11:30 PM

Bloomberg

General Motors to record $6.0 billion in EV-related charges for Q4 2025

Demand Weakening

GM’s North America EV strategy delivered #2 EV sales in H2 2024, but EV demand slowed in 2025 following termination of consumer incentives and eased emissions regulations.
GM pivoted its Orion, MI plant from EV to ICE production and sold its stake in Ultium Cells’ Lansing battery facility to LG Energy Solution to align capacity with demand.
GM recorded $1.6 billion in EV-related charges in Q3 2025 and expects $6.0 billion of additional EV-related charges in Q4 2025, comprising $1.8 billion of non-cash impairments and $4.2 billion of cash-impact charges.
GM anticipates further, but smaller, EV-related charges in 2026 and $1.1 billion of non-EV charges (including $0.5 billion cash impact) in Q4 2025 for its China joint venture restructuring and legal accruals.

Jan 8, 2026, 9:02 PM

8-K

GM cuts prices across China

Demand Weakening

GM authorized large incentives, cutting prices by up to 35.5% on the Cadillac XT5 Metropolitan and 33.1% on the Buick Regal Super Enjoy Edition, while EVs like the Electra E5 saw only an 11% discount.
Beijing has signaled unease and proposed draft rules to curb “abnormal pricing” and below-cost sales as official lists are realigned with transaction prices.
Automakers are leaning on extended financing packages and value-added perks to stimulate demand amid softening sales.
The China Passenger Car Association reported vehicle sales contracted in November for the second consecutive month, prompting deeper promotions.

Jan 7, 2026, 3:32 AM

Bloomberg

Ford reports 6% sales growth in 2025 on strong truck and hybrid demand

Revenue Acceleration/Inflection

Ford’s total U.S. vehicle sales rose 6.0% to 2,204,124 units in 2025, achieving its highest annual volume of the decade and lifting market share to 13.2%.
Pickup and van sales climbed 9.5% to 1,268,749 units, led by the F-Series at 828,832 trucks (+8.3%) and record Maverick sales of 155,051 pickups (+18.2%).
Hybrid vehicles posted a record 228,072 sales (+21.7%), including 55,374 in Q4, underpinning Ford’s electrified growth strategy.
In Q4, Ford outpaced the industry with a 2.7% sales gain and a 0.9-point share increase, marking the best quarter since 2019.

Jan 6, 2026, 2:15 PM

Press Release

GM posts 5.5% U.S. sales growth

Earnings

Demand Weakening

GM sold 2.85 million vehicles in the U.S. in 2025, up about 5.5–6% YoY, reclaiming the #1 spot with all four brands recording annual growth.
Sales dipped in Q4, with overall deliveries falling about 7%, and brand declines: Cadillac -16.7%, Buick -10.5%, Chevrolet -6.7%, and GMC -3.7%.
Model highlights include the Chevrolet Equinox with 274,356 deliveries (+32%) and Chevy Trax 206,339 (+2.8%); Buick’s Encore GX (57,528) and Envista (58,949) were top sellers subject to a 15% South Korea import tariff.
Cadillac’s Escalade lineup saw the gasoline model rise 20.4% and the Escalade IQ EV surge 1,111.2%, while Equinox EV sales roughly doubled to about 58,000 despite federal credit cuts.

Jan 5, 2026, 5:34 PM

CNBC

GM sees green steel market reaching USD 189.82 billion by 2032

Global green steel market expected to grow from USD 6.95 billion in 2025 to USD 189.82 billion by 2032, at a CAGR of 60.4%
Electric arc furnace (EAF) process projected to hold 42.9% of the market in 2025, with automotive as the leading end-use at nearly 40% share
Europe forecast to lead with 39.6% market share in 2025, while Asia Pacific is set to be the fastest-growing region over the forecast period
Growth fueled by stringent environmental regulations, carbon reduction targets, and policy mechanisms (e.g., carbon pricing, incentives) driving adoption of low-carbon steel technologies

Dec 30, 2025, 2:19 PM

Press Release

GM expects 2026 to outperform 2025 on tariff relief and cost initiatives

Guidance Update

Share Buyback

GM expects 2026 to surpass 2025 results, driven by Korea tariff relief retroactive to November 1, 2025, combined with self-help cost controls in warranty and EV segments.
Warranty claims are projected to yield a ~$1 billion year-over-year improvement in 2026 as incident rates stabilize and high-cost repairs normalize.
EV business is being restructured to right-size production capacity, enhance plant flexibility, and reduce unit costs ahead of scaling volumes for profitability, with further details expected in Q4.
Regulatory compliance costs (~$1 billion in 2024 from CAFE and GHG credits) are set to largely wind down by 2026, providing an additional earnings tailwind.
Capital allocation maintains $10–12 billion annual capex and $18–20 billion cash plus a $16 billion revolver, with priority on share buybacks amid undervaluation and ongoing dividend growth.

Dec 3, 2025, 3:30 PM

Transcript

GM provides 2026 outlook and cost measures at UBS Global Industrials and Transportation Conference

Guidance Update

Share Buyback

New Projects/Investments

GM CFO Paul Jacobson expects a ~$1 billion benefit in 2026 from Korea tariff reductions retroactive to Nov 1, with no additional upside beyond guidance ( ).
Warranty improvements, driven by lower incidents and stabilizing supplier issues, are projected to yield a $1 billion+ tailwind in 2026 ( ).
EV business restructuring focuses on right-sizing production capacity—centered on Factory Zero—and reducing unit costs to achieve variable profitability before scaling volume ( ).
Regulatory compliance costs for CAFE and GHG credits will be fully realized by 2026, creating an additional earnings tailwind from zeroed penalty expenses ( ).
Capital allocation remains balanced with $10–12 billion annual capex, debt maturities under control, and continued share buybacks, maintaining an $18–20 billion cash buffer ( ).

Dec 3, 2025, 3:30 PM

Transcript

GM outlines 2026 outlook and self-help initiatives at UBS conference

Guidance Update

New Projects/Investments

Share Buyback

GM anticipates 2026 performance to exceed 2025, supported by the Korea tariff rollback retroactive to November 1, already built into Q4 guidance.
GM targets a $1 billion+ warranty benefit in 2026 through incidence reduction and cost control, aiming to bend down cash outflows.
GM is restructuring and right-sizing its EV capacity to align production with demand, improving EV profitability and lowering break-even volumes.
Regulatory relief on CAFE credits and expected GHG credit removal will deliver tailwinds in 2026 by eliminating approximately $1 billion of compliance expense.
GM plans to sustain $10–12 billion annual capex, maintain an $18–20 billion cash buffer, and prioritize share buybacks alongside dividend growth.

Dec 3, 2025, 3:30 PM

Transcript

GM outlines 4Q performance and 2026 outlook at Barclays Global Autos Conference

Guidance Update

Share Buyback

New Projects/Investments

Q4 trends in line with guidance, with broad demand holding up despite sunsetting of the $7,500 EV tax credit in October.
2026 seen stronger than 2025, driven by reduced EV losses, improved warranty performance, stable tariffs and regulatory tailwinds, assuming industry sales around 16 million units.
EV profitability to improve through right-sizing manufacturing footprint, adopting prismatic cells and LMR technology, and eliminating overcapacity charges.
Capital allocation remains disciplined, with ~$3.5 billion returned to shareholders year-to-date and ~$5 billion expected for FY, alongside $10–12 billion CapEx and ongoing debt reduction above the $20 billion cash target.