The companies on the Global 500 employ 70.2 million people, and their revenue represents more than one-third of the world’s GDP.

Fortune Global 500

With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

General Motors, founded in 1908, is the largest automaker by revenue in the U.S. It manufactures cars, trucks, SUVs, crossovers, and commercial vehicles for its Buick, Cadillac, Chevrolet, GMC, Baojun, and Wuling brands. It wholly owns the self-driving car company Cruise, which it fully acquired in February 2025, and plans to use its technology to develop GM driver assistance technology.

Fortune 500

The 300 companies on this year’s list brought in over $12.5 trillion in revenue for the latest 12 months, with the median revenue figure at $24 billion.

America's Most Innovative Companies

The region's best workplaces put integrity, inclusion, and respect at the center of their workplace culture.

Great-Places-To-Work-Asia-2025_Team Photo_General Motors Philippines

General Motors ranks No. 70 on the 2025 Best Companies to Work For Southeast Asia.

Fortune 100 Best Companies To Work For – Southeast Asia

The corporations on our annual list of the world's 500 largest companies combined to generate $41.7 trillion in revenue over the past year.

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

The corporations on our annual list posted aggregate revenues of $41 trillion for the second year in a row.

Industries included in the sector are autos and auto parts manufacturers.

Fortune Sector Leaders: Motor Vehicles and Parts

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The corporations on our annual list of the world’s largest companies delivered a record $41 trillion in aggregate revenues.

G500-2023-General Motors

The auto manufacturing giant led by Mary Barra jumped 14 spots on this year’s list. 
<ul> 
 	<li>Despite ongoing supply-chain issues and rising interest rates, GM brought in $9.9 billion in profits, down less than 1% from the year prior.</li> 
 	<li>Barra has set ambitious goals for GM’s electric vehicle conversion, and the company has pledged to sell only zero-emissions vehicles by 2035. GM cut prices on its existing EV models in late 2022, and also introduced the Equinox, a $30,000 electric SUV.</li> 
 	<li>GM is aiming to cut $2 billion in costs by the end of 2024. In early 2023, it initially avoided layoffs after 5,000 salaried workers took buyouts. The company later eliminated the jobs of several hundred contract workers.</li> 
</ul>

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

F500 2023-General Motors

The auto manufacturing company led by Mary Barra jumped four spots on this year’s list. 
<ul> 
 	<li>Despite ongoing supply-chain issues and rising interest rates, GM brought in $9.9 billion in profits, down less than 1% from the year prior.</li> 
 	<li>Barra has set ambitious goals for GM’s electric vehicle conversion, and the company has pledged to sell only zero-emissions vehicles by 2035. GM cut prices on its existing EV models in late 2022, and also introduced the Equinox, a $30,000 electric SUV.</li> 
 	<li>GM is aiming to cut $2 billion in costs by the end of 2024. In early 2023, it initially avoided layoffs after 5,000 salaried workers took buyouts. The company later eliminated the jobs of several hundred contract workers.</li> 
</ul>

Just as it dominates our economy, Big Tech now dominates Fortune’s annual ranking of corporate reputation.

World's Most Admired Companies

Aggregate sales hit $37.8 trillion last year—an increase of 19%, the highest annual growth rate in the list’s history.

This year’s Fortune 500 marks the 68th running of the list.

F500 2022 General Motors

General Motors has gone further than many established auto manufacturers in the race to develop electric vehicles: GM says it will sell only zero-emissions vehicles by 2035. In January 2022 the company announced a $7 billion investment in the remodeling of several of its Michigan manufacturing facilities, with the aim of boosting EV pickup production. GM also announced that month that it would begin selling used cars on a new online platform called CarBravo.

After a year in which humanity leaned more heavily than ever on tech giants, see which companies topped Fortune's ranking of corporate reputation.

Total revenue for the world’s biggest companies fell 4.8% to $31.7 trillion this year—the first decline in half a decade.

G500-2021-049-General Motors

Last year was a watershed for the auto industry from an investment perspective, as shares in incumbent carmakers came under pressure in the face of an mass investor exodus that favored upstart electric-vehicle manufacturers, especially Tesla. In August 2020, General Motors triggered the beginning of a rally in its stock price after unveiling its first serious Tesla competitor. The Cadillac Lyriq SUV will be built off a scalable architecture dedicated to battery-powered electric vehicles, an architecture designed to reduce costs and boost range. GM’s push into BEVs gained momentum following the November election. Days after President Biden took the U.S. back into the Paris Agreement in one of his first acts in office, CEO Mary Barra said her company would move to sell electric-only models exclusively by 2035—a dramatic shift for one of the giants of the automotive fossil-fuel era. As of mid-May 2021, GM’s stock had more than doubled since the Lyriq’s debut.

This year’s Fortune 500 marks the 67th running of the list.

F500-2021-22-General Motors

For an astounding 13th straight year, Apple claims the top spot in Fortune’s annual ranking of corporate reputation, based on a survey of almost 3,800 executives, directors, and analysts.

This year's Fortune Global 500 generated $33.3 trillion in revenues and $2.1 trillion in profits.

G500-2020-040-General-Motors

A 40-day strike by General Motors workers at the company's U.S. factories left many Chevrolet and Cadillac dealers without inventory at the end of 2019. While consumers showed interest in the company’s midsize crossovers like the Chevrolet Equinox and Traverse, sales of larger SUVs such as the Cadillac Escalade and Chevrolet Suburban declined, contributing to a 16% slide in profits last year. Meanwhile customers just aren’t buying the well-reviewed Chevrolet Bolt electric vehicle.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-018-General-Motors

A 40-day strike by General Motors’ workers at its U.S. factories left many Chevrolet and Cadillac dealers without inventory at the end of 2019. While consumers showed interest in the company’s midsize crossovers like the Chevrolet Equinox and Traverse, sales of larger SUVs like the Cadillac Escalade and Chevrolet Suburban declined, contributing to a 16% slide in profits last year. Of concern for the future, customers just aren’t buying the well-reviewed Chevrolet Bolt electric vehicle.

Here are the World's Most Admired Companies for 2019 as ranked in their industries. See who made the list.

This year's Fortune Global 500 generated $27.7 trillion in revenues and $1.5 trillion in profits.

This year's Fortune 500 marks the 65th running of the list.

Here are the World's Most Admired Companies for 2018 as ranked in their industries. See who made the list.

This year's Fortune 500 marks the 64th running of the list.

Here are the World's Most Admired Companies for 2017 as ranked in their industries. See who made the list.

This year's Fortune 500 marks the 63rd running of the list.

Here are the World's Most Admired Companies for 2016 as ranked in their industries. See who made the list.

This year's Fortune Global 500 generated $27.6 trillion in revenues and $1.5 trillion in profits.

This year's Fortune 500 marks the 62nd running of the list.

Business insiders have spoken: Asked which companies they most admire, more than 4,100 executives, directors, and analysts chose these top 50 All-Stars.

The world's 500 largest companies generated $31.2 trillion in revenues and $1.7 trillion in profits in 2014. Together, this year's Fortune Global 500 employ 65 million people worldwide and are represented by 36 countries.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Global business is back. After limping through a worldwide financial crisis and economic slowdown, the 500 largest companies ranked by revenues shattered all sorts of performance records in 2013: They racked up combined revenues of $31.1 trillion, up 2.5% from 2012, and profits soared 27% to nearly $2 trillion. China’s 95 companies (up from 89 last year) posted $5.8 trillion in revenues. The U.S. has four fewer companies on the list than last year but remains (for now) the country leader, with 128 corporations on the list—including No. 1 Wal-Mart Stores—reporting $8.6 trillion in revenues. 

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

Sector

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Previous Industry Rank

Overall Score

Best Companies To Work For Southeast Asia

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GPTW national list

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Strongest Dimension

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General Motors, founded in 1908, manufactures cars, trucks, SUVs, crossovers, and commercial vehicles for its Buick, Cadillac, Chevrolet, GMC, Baojun, and Wuling brands. It wholly owns the self-driving car company Cruise, which it fully acquired in February 2025, and plans to use its technology to develop GM driver assistance technology.

Q2 2026

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

General Motors (GM): Company Profile, Stock Price, News, Rankings

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General Motors

general motors

Good morning, and welcome to the General Motors Company First Quarter twenty twenty five Earnings Conference Call. During the opening remarks, all participants will be in a listen only mode. After the opening remarks, we will conduct a question and answer session. We are asking analysts to limit their questions to one and a brief follow-up. To ask a question, please press star and then one on your telephone keypad to join the queue.

As a reminder, this conference call is being recorded, Thursday, 05/01/2025. I would now like to turn the conference over to Ashish Khali, GM's Vice President of Investor Relations.

Thanks, Julie, and good morning, everyone. We appreciate you joining us as we review GM's financial results for the first quarter of twenty twenty five. Our conference call materials were issued this morning and are available on GM's Investor Relations website. We are also broadcasting this call via webcast. Joining us today are Mary Barra, GM's Chair and CEO and Paul Jacobson, GM's Executive Vice President and CFO Susan Sheffield, President and CEO of GM Financial, who has taken over from Dan Burst after his recent retirement, will also be joining us for the Q and A portion of the call.

On today's call, management will make forward looking statements about our expectations. These statements are subject to risks and uncertainties that could cause our actual results to differ materially. These risks and uncertainties include the factors identified in our filings with the SEC. Please review the Safe Harbor statement on the first page of our presentation, as the content of our call will be governed by this language. And with that, it's my pleasure to turn the call over to Mary.

Well, Ashish, and good morning, everyone. I want to thank you for joining today's call, which was, as you all know, originally scheduled for Tuesday. We've had continual discussions with the President and his team since before the inauguration and had a good understanding of the President's plans heading into this week. But we felt it was important to hold this call after official actions were taken so we could have a more productive discussion with all of you. We're grateful to President Trump for his support of The U.

S. Auto industry. The administration invested the time to understand what it takes to be successful in this capital intensive and highly competitive global industry, how we can work together to strengthen and grow American manufacturing and the importance of companies like GM to communities across the country. Almost 1,000,000 people in The U. S.

Depend on GM for their livelihood, including our employees, suppliers and dealers. We have a network of 50 U. S. Manufacturing plants and part facilities in 19 states, which includes 11 vehicle assembly plants. And we've invested $60,000,000,000 here over the last five years.

Our business is growing and will continue to grow our investment in this country as we move forward. With the policy clarity we now have, we are updating our full year EBIT adjusted guidance to a range of 10,000,000,000 to $12,500,000,000 including a current tariff exposure of 4,000,000,000 to $5,000,000,000 Powell will address this more from a detailed perspective in a few minutes. We look forward to maintaining our strong dialogue with the administration on trade and other policies as they continue to evolve. As you know, there are ongoing discussions with key trade partners that may also have an impact. We will continue to be nimble and disciplined and keep you updated as we know more.

Over the last several years, we have been preparing for shifts in global trade policy by strengthening our U. S. Manufacturing capability and supply chains. Since 2019, we have increased our direct purchases in The U. S.

For North American production by twenty seven percent and the content in our U. S. Assembled vehicles is more than 80% USMCA compliant. In addition, we have reduced our direct material spend in China for U. S.

Production to less than 3% And we have grown to become the largest battery cell manufacturer in The U. S. Through our joint venture plants in Ohio and Tennessee. As tariff policy came into focus, we increased full size pickup production at our Fort Wayne truck plant, which was already running three shifts by approximately 50,000 units on an annualized basis. And we are developing plans to further increase U.

S. Vehicle production. GM teams are also working directly with our suppliers to further increase their U. S. Content and drive even higher levels of USMCA compliance.

And we are increasing production of U. S. Assembled battery modules, a low cost way to increase U. S. Content.

Alongside these actions, we are scrutinizing our discretionary spending everywhere and we are taking steps to ensure that we stay aligned with the strong consumer demand for our ICE vehicles and the evolving regulatory environment around vehicle emissions. Some of these steps include extending production of the Cadillac XT5 at the Spring Hill assembly plant in Tennessee through the end of twenty twenty six. We're also focused on growing our responsibly. We have some of the best and most successful EVs on the market today, including the Chevrolet Equinox EV and the Cadillac Lyriq. To protect our brands, we have moderated EV production to ensure that we stay aligned with the consumer demand to avoid the heavy discounts our competitors offer.

This will reduce our scale driven profitability improvement, but we need to follow focusing our EV investments on greater efficiency and cost reductions across the value chain instead of further portfolio expansion. We've announced an agreement to sell our share of the Altium sales plant in Lansing to LG Energy Solution, which will result in us recouping our capital investment. In addition, we'll continue to execute our plan to develop U. S. Sources for battery cell and electric motor inputs like lithium, rare earth metals, permanent magnets and cathode active material.

Many of our supply chain initiatives are coming online later this year or early next year. In 2027, we expect our joint venture with Lithium Americas to open Phase one of the Thacker Pass project in Nevada, and we are contracted for 100% of that offtake. GM's business is fundamentally strong as we adapt to the new trade policy environment. Great execution is driving sales and market share growth with consistently lower incentives, lower inventory and solid margins. And I'm very proud of our employees, our dealers and our suppliers for their hard work.

In Q1, we gained almost two full points of market share year over year in The U. S, which outpaced every other major automaker. In addition, our first quarter share of The U. S. EV market was 10% and rose to 12% in March, solidifying our position as the number two EV seller.

And our Q1 margin in North America was 8.8%, well within our 8% to 10% range target range despite the addition of cruise expenses. Our momentum is broad based. Chevrolet became the fastest growing EV brand. Cadillac gained ICE and EV market market share both year over year and sequentially from Q4. And our redesigned ICE SUVs, including the Chevrolet Equinox, Traverse and Tahoe are hits because customers love their design, performance and value.

Importantly, they are more profitable than the prior generation, thanks to our focus on capital efficiency, complexity reduction and manufacturing efficiencies. In addition, sales of our redesigned Chevrolet Suburban and GMC Yukon were up more than 30% and the Cadillac Escalade had its best ever first quarter thanks to a combination of new gas powered model and the all electric IQ. In their review of the Escalade IQ, Motor Trend said it may be the best luxury machine Cadillac has ever built, which speaks volumes about design, performance, technology, and everything we're delivering in that vehicle. The success of these products also supports the twenty twenty five Super Cruise growth targets that we outlined in January, which include doubling the number of Super Cruise equipped vehicles on the road. And we're off to a good start.

In the first quarter, we expanded our Super Cruise equipped fleet by more than 100% year over year or about 230,000 units. Tariffs had a relatively small impact in Q1 and there were other headwinds and one time factors that impacted the results, which we will discuss. They included some cost pressures and lower full size pickup wholesales because of planned downtime for planned upgrades. Behind the scenes, our supply chain team worked with speed and agility during the quarter to overcome the effects of a fire at a supplier factory that could have severely impacted production of full size pickups and SUVs. As things played out, we were able to quickly move some of the production and recover and repair tools from the damaged site, limiting the impact to about 7,000 units in the quarter.

All of these units are expected to be recovered in the second quarter. The team in China also deserves recognition for delivering positive equity income while restructuring the business. They are launching very competitive new products and growing sales volume and market share. For example, all new Bikes launched in China start will be launching in China starting in the second half of this year and they will be new energy vehicles and the premium models will be marketed under the Elektra sub brand. Bioke will also lead the development of a sophisticated ADAS smart cockpit and chassis designs across our Chinese vehicle portfolio.

As I said, we started the year strong after growing revenues 9% and delivering record results in 2024 because the fundamentals of our business remain strong. We managed everything under our control and we continue to thoughtfully plan for the future. This includes developing our next generation software defined vehicle platform, which will be simpler, but have even more capability. It includes adding new features and products developed by our software and services team. We will also continue to grow and enhance the capabilities of Super Cruise, the industry's best L2 driver assistance technology.

We will also develop L3 and even more advanced automated autonomous technologies in collaboration with the team from Cruise. Leveraging the economies of scale we have made have made us the OEM producer of lithium ion cells in The U. S. And we're introducing new battery chemistries and form factors that will deliver the EV range and performance our customers have come to expect from GM with even lower pack costs and improved profitability. And finally, we're continuing to deploy AI solutions across the business.

This includes exciting collaboration with NVIDIA on next generation vehicles, factories and robots using AI, simulation and accelerated computing. You'll hear more about these profit driven value creating initiatives throughout the year. So now I'd like to turn the call over to Paul.

Thank you, Mary. I appreciate you all joining us this morning. Our robust vehicle portfolio combined with our continued disciplined market strategy has once again delivered solid financial results. Our Q1 U. S.

Sales growth outpaced every other major automaker. U. S. Deliveries were up 17 year over year, and our market share grew to 17.2%, marking a nearly two point improvement from the prior year, all while maintaining incentives around 300 basis points below the industry average. We ended the quarter with ICE U.

S. Dealer inventory of 49, down from fifty three days at the end of Q4. Inventory is turning quickly, and nearly 90% of the inventory at quarter end was comprised of model year 2025. As we all know, we are witnessing a significant shift in policy into the new administration, and we are encouraged by the President's recent actions to strengthen the auto industry. As Mary outlined, we have already implemented several no regret strategies to mitigate some of the impact with additional measures being evaluated.

Adapting to this dynamic environment will take some time, but we remain confident in our ability to respond effectively and offset at least 30% of our exposure. We believe our product portfolio and continued strong demand for our vehicles positions us ahead of the competition during this period of transition. So let me begin by summarizing our Q1 results. Total company revenue for the quarter was $44,000,000,000 up 2% year over year, with wholesales also up 2%. We achieved $3,500,000,000 in EBIT adjusted, 7.9% EBIT adjusted margins and $2,700,000,000 or $2.78 in EPS diluted adjusted.

Our EBIT adjusted was down slightly from last year's Q1 performance. So let me walk you through some of the key items on the bridge. Pricing was up around $900,000,000 year over year, demonstrating our ongoing disciplined market strategy as well as continued strong demand for our products, like the new midsize SUV family, the Chevrolet Traverse, GMC Acadia and Buick Enclave as well as our compact SUVs, the Chevy Equinox and GMC Terrain. Let's turn to volume and mix. Wholesale volumes of light duty full size trucks declined year over year largely due to a few weeks of scheduled downtime at our full size truck plants for upgrades along with the effects of the supplier fire that Mary mentioned earlier.

However, this was more than offset by the Chevy Trax and Buick EnVista delivering exceptional year over year growth, propelling us to a leading position in The U. S. Small SUV segment. In EVs, we achieved over 90% year over year growth, securing the number two position in The U. S.

Models like the Equinox EV are gaining meaningful traction with mainstream customers. Meanwhile, Cadillac continues its momentum with EVs now accounting for 20 of its U. S. Sales. FX was a headwind of around $300,000,000 in the quarter, primarily attributable to weakness in the Mexican peso.

Fixed costs were up $400,000,000 year over year due to higher depreciation and amortization, ongoing warranty pressure and higher labor costs, partially offset by the reductions at Cruise. Relative to warranty costs, we face persistent inflation challenges and are also taking voluntary measures to address the 6.2 liter L87 engine supplier quality issues in some model year 2021 to 2024 vehicles. The good news is that dealers have already begun applying the remedy to vehicles in their position. It's the right thing to do for our customers. Despite around $500,000,000 of incremental expenses for the L87 in the second quarter, we expect warranty to still be a slight year over year tailwind in 2025.

We are focused on maintaining our cost discipline. Comparisons become easier as the year progresses, and we expect fixed costs, including crews, but excluding depreciation and amortization, to be roughly flat year over year in 2025. Now let's move to North America. Notwithstanding higher wholesales quarter over quarter, U. S.

Dealer inventories were down in part due to a meaningful step up in the SAAR throughout the quarter. The industry undoubtedly benefited from some pull ahead demand from customers purchasing vehicles ahead of potential tariff impacts, particularly in March, but this strong demand has continued into April, where we've seen U. S. Deliveries up around 20% versus last year. Q1 margin was 8.8%, well within our 8% to 10% target range despite the additions of the expenses that were formerly at Cruise.

With respect to our international business, GM International EBIT adjusted excluding China equity income was breakeven in a seasonally low quarter, influenced in part by this year's timing of holidays in The Middle East. China equity income reached nearly $50,000,000 The team in China, including our JV partner, have made significant strides in reducing inventory and costs while also focusing on enhancing the competitiveness of our products. Their efforts are yielding results as evidenced by a third consecutive quarter of sequential market share growth. Notably, sales of our new energy vehicles increased 53% year over year. GM Financial also performed well with Q1 EBT adjusted of almost $700,000,000 in line with last year.

Higher provision expense from increased loan origination volume was partially offset by higher net financing revenue and leased vehicle income. GM Financial continues its proven track record of profitability and consistent capital return to GM with another $350,000,000 dividend paid during the quarter. Now let me spend a few minutes on tariffs. Beginning in early April, a 25% vehicle import tariff was imposed. For vehicles that are USMCA compliant, which all of our North American produced vehicles are, The U.

S. Content is not subject to the tariff once U. Necessary administrative processes are implemented in the coming weeks. Since the election, our manufacturing and supply chain teams have been focused on developing strategies to help mitigate the impact of potential tariffs. These strategies are now actively being put into action.

Mary mentioned a few of these examples in her remarks. We'll take additional mitigation measures, including cost reduction targets where it makes sense to do so. We're reviewing the cost initiatives that were implemented during COVID, but we want to ensure that we don't cut too deep. The environment is very different today than COVID as demand remains quite strong. They've also announced tariffs on imported parts.

While we source parts globally, our guiding principle is to buy where we build. The U. S. Is GM's primary location for sourcing parts supply for U. S.

Assembly, comprising well over half of its annual parts expenditure. Steel and aluminum are largely sourced local to production. We have a proven track record of working collaboratively with our suppliers to navigate industry challenges, and we anticipate that this occasion, as we work to increase U. S. Sourcing further, will be no different.

By working together, guided by transparency and trust, we are carefully evaluating the actions we can take with our suppliers to help mitigate the impact on their business. One of Tuesday's presidential actions will provide a tariff offset based on the more than 1,500,000 vehicles we build in The U. S. Each year. This will help mitigate a substantial portion of tariffs on parts going into those vehicles and help avoid added costs on U.

S. Vehicle production. This offset program supplements, but does not replace continued preferential treatment for USMCA compliant parts. The other action will ensure that tariffs on parts don't stack on top of each other. We believe both of these are smart policies that help encourage companies to do more in The U.

S. While also ensuring satisfactory return on invested capital. Now let's move to our 2025 guidance. Based on Q1 results, our underlying business trends remain strong and would have kept us on track with the initial guidance that was given on the Q4 earnings call with better pricing offsetting warranty and FX headwinds. Post clarity from the presidential actions of Tuesday, we are expecting a 4,000,000,000 to $5,000,000,000 impact from tariffs.

This includes about $2,000,000,000 coming from vehicles we import from Korea as well as tariffs on vehicle imports from Mexico and Canada in addition to indirect material imports. Based on the current commercial environment, our updated guidance assumes we can offset at least 30% of this headwind via self help initiatives. This results in EBIT adjusted in the 10,000,000,000 to $12,500,000,000 range, EPS diluted adjusted in the $8.25 to $10 per share range and adjusted automotive free cash flow in the 7,500,000,000.0 to $10,000,000,000 range. Pricing was strong in the first quarter as well as during in the month of April. We now expect pricing to be relatively consistent for the remainder of the year.

As a result, we expect North American pricing to be up 0.5 to 1% year over year versus our prior guidance of being down 1% to 1.5%. On the EV side, we have a strong portfolio and saw significant year over year growth in both volume and U. S. Shared in the first quarter. We maintained our number two position in The U.

S. Market, notwithstanding The U. S. EV industry moderation from the fourth quarter last year to the first quarter this year. Going forward, we will continue to remain disciplined and manage production in line with demand.

Inventory levels for EVs remained reasonable at seventy eight days at quarter end, and our EV incentives continue to be well below the industry average. We are continuing our momentum on EV profitability improvement. In the first quarter, nearly 50% of our entries were variable profit positive. The portfolio was near breakeven on variable profit, primarily due to a mix of production during the quarter. Going forward, we expect to continue to make progress on our EBIT improvement journey, but the actual year over year improvement is going to depend on total volumes and tariffs.

With cruise operations now included in North America, we are continuing to target at least $500,000,000 in year over year savings versus in 2025 versus 2024. We anticipate commodities to be relatively flat year over year. While rates for steel and aluminum have increased recently, these are somewhat mitigated by our limited exposure to index pricing. For GM International, we expect a tailwind from restructuring the China business and are continuing to target profitable equity income for the full year. GM International outside of China should be similar to what was delivered in 2024.

We expect higher profitability in the second half, driven by seasonality and some new launches. For GM Financial, we continue to expect EBT adjusted in the 2,000,000,000 to $3,000,000,000 range, and we also continue to expect capital expenditures in the range of 10,000,000,000 to $11,000,000,000 including battery JV investments. Finally, I'd like to turn I'd Let me start by reiterating that there is no change to our capital allocation policy. We continue to balance investing in our business, maintaining a strong balance sheet and returning capital to our shareholders. Investing in our business to optimize long term profitable growth remains our top priority.

Our balance sheet is strong. On April 1, we paid off $500,000,000 of senior notes, which leaves another $1,250,000,000 maturing later this year. We will assess refinancing opportunities or debt extinguishment as we progress through the year. We have also entered into an agreement with Altium Cells to provide a $1,800,000,000 5 year term loan that will facilitate a full voluntary prepayment of all remaining amounts under the US Department of Energy's advanced technology vehicles manufacturing loan program. We are grateful for the support of everyone at the local, state, and federal level who help make these plans possible.

Going forward, the JV's simplified capital structure will allow it to grow and evolve with even greater flexibility. Back in February, we announced a $2,000,000,000 accelerated share repurchase or ASR, retiring 33,000,000 shares immediately. The total number of shares ultimately repurchased under the ASR program will be determined upon final settlement, which is expected to conclude this quarter. We ended the first quarter with a diluted share count of $983,000,000 shares, down 15% compared to the end of the first quarter last year. GM has $4,300,000,000 of capacity remaining under capacity but we are temporarily pausing additional repurchases until we have more certainty with respect to our operating environment.

In closing, I want to express my sincere gratitude to every member of the GM team for delivering another great quarter. Although the current environment poses challenges, we will navigate this evolving landscape with the same agility and resilience that have defined our successful responses to past industry disruptions. Thank you, and we'll now move to the Q and A portion of the call.

Thank you. Our first question comes from Itay Michaeli with TD Cowen. Your line is open.

Great. Thank you. Good morning, everyone. Just had one tariff question and one follow-up. On tariffs, with this week's relief on parts tariffs, is there scope for the industry to also receive similar relief on the imported vehicle tariffs?

And then to that, how should we think about the plan and for full mitigation of tariffs and maybe how long it would take roughly?

Hey, good morning, Itay. Thanks for the question. Look, as we said in the comments, the environment remains fluid and we're hopeful that the administration is going to continue to work on trade agreements across the world and we'll continue to assess that going forward. As far as offsets, I think we've said it will take a little bit of time to implement, particularly the any manufacturing or supply chain moves. And I think that was evident in what the President did with a kind of two year rolling relief here with the offsets.

And we're going to work actively to try to find the optimal way to do that across the board. We've really looked at our addressing the tariffs or offset mitigation in three buckets. One is go to market. When you look at where the environment is right now, we feel good about where pricing is versus where we started the year. And that's been evidenced by what you saw in the first quarter as well as what continued into April.

So we've assumed pricing remains constant from here. We do expect the SAAR to come down a little bit off of the peaks that we're seeing right now, but still in line with our full year target that we started with about 16,000,000 units for the rest of the year. The second bucket is cost reductions. As we've talked about, we've pulled out the COVID playbook. It'll take some time to roll those things in.

We don't want to panic. We don't want to overcut because it is a very different environment than COVID. And we want to make sure that we're investing in our great product portfolio. And then lastly is the footprint responses and supply chain responses, etcetera. That's what's going to take a little bit of time.

So as we continue to go through, we'll provide more detail on our progress on each of those.

That's very helpful, Paul. And a quick follow-up and a big picture question. With all these disruptions we've seen in new vehicle production in the last four years, how does that shape your pace of investments in AV and AI to capture more of that installed base revenue? Maybe to that, if you could provide an update on the timing of the next gen software defined vehicle platform and maybe some of the L3 offerings you're working with the Cruise team. Thank you.

Yes. So when you look at, I mean, the timing, we have successfully integrated the Cruise team into working with the GM team and it's going quite well. We're going to talk more about what the timeline is for the software defined vehicle as well as continuing to make improvements and getting to L3 from an AV technology perspective. What we're committed to do in the meantime is to keep adding features to Super Cruise. Hopefully everybody saw that it was just stated as the best driver assistance technology by Motor Trend.

And gonna continue to add features, like we have towing right now, no one else in the industry has towing with their L2. So we can go to L2, or L2 plus, and then on the way to three. So we'll share more about the actual timing for it later this year. But I would just say on the software defined vehicle, there's already been tremendous progress made in our software development process, and more importantly, our software validation process. It has led to simplicity and less variations of the software that is allowing us to dramatically improve the quality and improve the speed of putting additional services and things that our customers will value.

So that's all on the way to the whole next generation of SDV. So again, more to follow on that later in the year. And then the first part of your question, Itay, was?

Yes, just at the pace of AV AI investments, it sounds like you're accelerating those just in light of all the disruptions we've seen in the last few years.

Well, we're going to continue to invest because we think autonomy is so important, again improving L3 all the way to L4. And that's why we did the change that we announced last year with Cruise because we really want to focus on personal autonomy. And that's going to be, I think, very important and a differentiator from a technology perspective as we go forward. From an artificial intelligence perspective, we announced the partnership we had with NVIDIA. We have many other partnerships going on, because we think we can leverage AI to make our business much more efficient and faster.

And so those are continuing. We just hired a new head of AI who's working across each area of the business. And each of my directs has a goal to demonstrate how they're leveraging AI to either improve the way we do business or the cost of how we do business. So very active on that front.

Terrific, that's all very helpful. Thanks so much.

Thank you. Our next question comes from Joe Spak with UBS. Your line is open.

Thanks. Good morning, everyone. I just wondered if we could sort of get a little bit more details on some of the guidance. So the guidance was lowered by $3,500,000,000 Seems like you're saying about a $4,500,000,000 tariff impact. I'm assuming that's a gross number but includes the reimbursement mechanism, but if you could confirm that.

And then the 30% mitigation you said is from self help. Does that include the pricing or not? Because the pricing assumption looks to be like plus $3,000,000,000 versus the prior guide. So if that's the case, I'm just wondering what maybe some of the other offsets are. It doesn't sound like volume is that much of a change.

I don't know if there's anything in warranty or I know you sort of changed some of the language on EV improvement as well. So maybe you could just help us with some of those factors.

Yes. Good morning, Joe. So first of all, on the tariff calculation, really is a straight $4 to $5,000,000,000 which is the expected tariff after the actions, including the offset mechanism that the President signed reduced by 30%, which is our self help initiatives that I described earlier. So that was the metric that we did and kind of rounded it off into the 10 to 12.5 range. That was the genesis of how we calculate it.

As pricing goes, I want be clear, we haven't assumed any increases in pricing. So the pricing that we've seen year to date, the current environment of where we sit has been somewhat offset by continued warranty pressure and some other FX challenges that we've seen. But when you net all that together, I think we feel good about where the pricing environment We're obviously going to continue to watch it, but we're not banking on any additional pricing beyond what we've already seen in the market.

Okay. Perfect. And that's a good segue to the second question, which is I know you're assuming pricing holds. I guess, is obviously, I think, a change versus what your guidance was before. But even going forward and holding it at this level, you've, over the past couple of years, I think, been very disciplined on pricing and not chasing volume.

I'm wondering how you just think about potential pricing actions going forward, especially given what maybe some competitors might do? So is there greater risk that there's pricing actions because there's obviously sort of different cost structures in the industry versus what was even a couple months ago?

Well, Joe, a lot to unpack there. What I would say is, over the past few years, we have seen a lot of pricing actions by our competitors, whether it be inventory driven or campaign driven. It's been clear that our competitors have generally carried much higher inventory than we have. And despite the fact that we've operated very independently with our own pricing, our own go to market approach, we've continued to get share in the industry and we've done it the right way. We've expanded margins.

We've reduced incentives. We're not buying share. It's coming to us because of our vehicle portfolio. So, we've seen other actions by competitors, including discounting, that might continue. But at the end of the day, our strategy has worked really, really well for us.

It's that disciplined approach that I think has led to our outperformance relative to others.

Thank you. Our next question comes from Emmanuel Rosner with Wolfe Research. Your line is open.

Thank you so much. Just to make sure I understand the tariff offsets, can you just give us a little bit more color on what is going into that 30% plus offset from self help? Is it truly sort of like that discipline on pricing? Is it cost? What sort of costs are you able to take out quickly so that you would still get all that benefit you know, within 2025.

So I guess broadly what goes into those tariff offsets for this year?

Well, thanks, Emmanuel. And as Paul said, it is self help. It's one, taking steps like we did to add volume to Fort Wayne to build 50,000 more full size trucks on an annualized basis. That's already in place. It's building more battery modules in this country.

We already build all the sales in this country, but battery modules, that's more content in The United States that improves the tariff position. And there's things like that that we're gonna continue to look and do. Then it's working with our supply base to make sure they're USMCA compliant, first off. But then to look for opportunities with our suppliers where we can leverage capacity in this country that they have to build more from a US perspective. And then as Paul said, the third is discipline within the company.

As we face a challenge like this, delivered the message even as we ended last year and reinforced it earlier in the week that we need everybody to show great discretion on discretionary spending. And that message is resonating. So we're going to be effective. Going to, as Paul said, continue to invest in our great product portfolio, both ICE and EV. Our investments in EV will be primarily focused on improving our cost structure.

So there's a lot of things that we can do to build on what is already a very strong greater than 80% USMCA compliant and the lion's share of that is U. S. Content. We're gonna continue on what we've been doing from a battery raw materials and supply chain resiliency. And as I mentioned in my remarks, those steps that we took and started a couple of years ago are gonna pay off this year and into next year and then into even '27 from a lithium perspective.

So it's just fundamentally having a resilient supply chain. And as Paul said, from a supply perspective it's buy where we build. So it's working on improving U. S. Content and it's being very cost focused.

Yes, thanks for the color. And then as we look beyond this year, can you confirm this, you know, dollars 4,000,000,000 to $5,000,000,000 impact? This is essentially what you're getting from the box, call it, you know, nine months of the year. So you would have potentially something larger sort of like as move forward and therefore need potentially larger offsets. And in this context, talk to us of what you would be considering in terms of larger offsets.

I'm particularly curious if there's room to reduce fixed costs within your EV spend in particular. Obviously, this administration is relaxing the rules. The Congress seems to be potentially going after even California's ability to have its own waiver. And so does that enable you potentially to take some fixed costs out on the powertrain side and on the EV investment?

Well, Emanuele, raised a really good point. And we are monitoring carefully what's happened from an emissions regulatory perspective. But right now nothing's changed. And so we need to make sure that we're compliant until whatever actions are taken from a reconciliation process or what actions are taken by the EPA and NHTSA. We are evaluating our spend, and as I already mentioned, we're gonna focus on how do we make our EVs more cost effective.

We reaffirmed our capital being in that 10 to 11 range. And so we're going to work within that as we deploy smart capital that's going to generate the right return that may be increasing what we do in The U. S, continuing to invest in our strong internal combustion engine portfolio and improving the efficiency of our EVs. But we're going to work within our dollar amount, so you could make the conclusion as we deploy some capital from an investment in The US perspective, that's going to have to come from somewhere. But we think we can do what we have planned to do with all three of those components within the guidance we already gave.

And so that's what we're focused on doing. But making bigger, broader decisions, it's not really smart to do that until we really know what the regulatory environment's going to be. Because as you well know, the cost of non compliance that varies across the different agencies is pretty significant. So we're gonna work on compliance until the regime changes.

Thanks so much. And then Paul, can you just confirm on the $4 to $5,000,000,000 is that net or gross of these 30% litigation? And is that a am I correct in understanding that on a full year basis this would be larger?

Emmanuel, the $4,000,000,000 to $5,000,000,000 is our estimated impact after the President's actions for 2025. It does not include the 30% offsets that we talked about. And lastly, we're not giving any color on 2026. There are lots of things that are going to change between now and 2026, and we'll provide more detail as the environment continues to evolve.

Thank you. Our next question comes from Dan Levy with Barclays. Your line is open.

Hi, good morning. Thank you for taking the questions. I wanted to double click on volume, please. Maybe you could just unpack the views on SOLIDWORKS. You said you still think can be 16,000,000 And then maybe you can address just from the volume perspective, just under half of the vehicles you sell in The U.

S. Are assembled outside of The U. S. How do you manage those specifically, the affordable products and those that are coming from Korea? Thank you.

General Motors (GM) Q1 2025 Earnings Call Transcript

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