General Motors Co

Previous wording

Our financial performance continues to be driven by the strength of our vehicle portfolio, including high margin full-size pickup trucks and SUVs, strong consumer demand for our products and the execution of our core business strategy. We remain focused on maintaining an efficient cost structure and pricing discipline. We continue to prioritize driving down costs and building scale in our EV portfolio to improve profitability. In February 2025, we completed the acquisition of the noncontrolling interests in Cruise and are prioritizing the development of ADAS on a path to fully autonomous personal vehicles. We are monitoring industry pricing pressures, changing interest rates, inflation, warranty claims, consumer demand trends, changes to the regulatory environment, including with respect to fuel economy standards, GHG emissions regulations, corporate taxes and EV incentives.

Current wording

Our financial performance continues to be driven by the strength of our vehicle portfolio, including high margin full-size pickup trucks and SUVs, strong consumer demand for our products and the execution of our core business strategy. We remain focused on maintaining an efficient cost structure and pricing discipline. We continue to prioritize driving down costs to improve profitability and are aligning EV capacity to expected consumer demand. In February 2025, we completed the acquisition of the noncontrolling interests in Cruise and are prioritizing the development of ADAS on a path to fully autonomous personal vehicles. We are monitoring industry pricing pressures, changing interest rates, inflation, warranty claims, consumer demand trends, changes to the regulatory environment, including with respect to fuel economy standards, GHG emissions regulations, corporate taxes and EV incentives.

Previous wording

In the first quarter of 2025, the U.S. Government announced new tariffs, inclusive of vehicles and parts imported into the U.S. The tariff environment continues to remain highly dynamic and the specific tariffs applicable to goods imported by GM and its suppliers into the U.S., including under the U.S.-Mexico-Canada Agreement, continue to evolve, as do import tariffs charged by other countries. Based on the current tariff environment, we estimate that impacts to EBIT-adjusted could range from $4.0 billion to $5.0 billion for the year ending December 31, 2025. Refer to Part II, Item 1A. Risk Factors for a full discussion of the risks associated with the U.S. tariff environment.

Current wording

In the first quarter of 2025, the U.S. Government announced new tariffs, inclusive of vehicles and parts imported into the U.S. The tariff environment continues to remain highly dynamic and the specific tariffs applicable to goods imported by GM and its suppliers into the U.S., including under the U.S.-Mexico-Canada Agreement, continue to evolve, as do import tariffs charged by other countries. In October 2025, the U.S. Government announced certain modifications to tariffs relevant to the automotive industry, including tariffs related to imports of heavy-duty trucks and, separately, to parts for passenger vehicles and light-duty trucks. With respect to tariffs on imports of heavy-duty trucks, we do not anticipate that such tariffs will have a material impact on our business results. With respect to the expansion and extension of the import adjustment offset program established pursuant to Presidential Proclamation 10925, and due in part to increased competitiveness of our U.S. produced vehicles, GM anticipates that the recently announced changes will result in a material positive benefit to our fourth quarter 2025 business results, as well as in future quarters. Based on the current tariff environment, we estimate that impacts to EBIT-adjusted could range from $3.5 billion to $4.5 billion for the year ending December 31, 2025. Refer to Part II, Item 1A. Risk Factors for a full discussion of the risks associated with the U.S. tariff environment.

Previous wording

On July 4, 2025, the Act was signed into law that includes the extension and modification of certain key provisions of the TCJA, modification of certain IRA incentives, acceleration of the phase-out of clean vehicle and other clean energy credits and sets the civil penalties to zero for noncompliance with CAFE standards. The Act also introduces a new auto loan interest deductibility provision that allows some individuals to deduct up to $10,000 per year in interest on new, U.S.-assembled personal vehicles purchased between 2025 and 2028. There are a variety of effective dates in the Act and only certain key provisions with financial reporting implications are expected to affect our financial statements for the year ending December 31, 2025. We are currently unable to estimate the financial impacts of the Act which could be material and may adversely affect EV profitability.

Current wording

On July 4, 2025, the Act was signed into law that includes the extension and modification of certain key provisions of the U.S. Tax Cuts and Jobs Act of 2017, modification of certain Inflation Reduction Act incentives, acceleration of the phase-out of clean vehicle and other clean energy credits and sets the civil penalties to zero for noncompliance with CAFE standards. The Act also introduces a new auto loan interest deductibility provision that allows some individuals to deduct up to $10,000 per year in interest on new, U.S.-assembled personal vehicles purchased between 2025 and 2028. There are a variety of effective dates in the Act and only certain key provisions with financial reporting implications are expected to affect our financial statements for the year ending December 31, 2025. In July 2025, the EPA proposed to remove GHG regulations for light-, medium- and heavy-duty on-highway vehicles on a retrospective and prospective basis. Should the EPA remove GHG regulations, the majority of the carrying amount of our acquired credits of $1.2 billion may be subject to impairment in the near term and our ongoing cost of compliance to the GHG regulations would be favorably impacted.

Previous wording

We face continuing market, operating and regulatory challenges in several countries across the globe due to, among other factors, competitive pressures, our product portfolio offerings, heightened emission standards, labor disruptions, foreign exchange volatility, evolving trade policy and political uncertainty. Refer to Part I, Item 1A. Risk Factors in our 2024 Form 10-K and Part II, Item 1A. Risk Factors for a discussion of these challenges.

Current wording

We face continuing market, operating and regulatory challenges in several countries across the globe due to, among other factors, competitive pressures, our product portfolio offerings, heightened emission standards, labor disruptions, foreign exchange volatility, evolving trade policy and political uncertainty. In addition, we are monitoring a potential disruption to automotive industry supply chains with respect to certain electrical subcomponents, including transistors, diodes and other semiconductors. While we are working with our supply chain partners to avoid impacts to GM, a disruption in the supply of such electrical subcomponents is possible, which could have an impact on our planned production schedules. Refer to Part I, Item 1A. Risk Factors in our 2024 Form 10-K and Part II, Item 1A. Risk Factors for a discussion of these challenges.

Previous wording

For the year ending December 31, 2025, we expect Net income attributable to stockholders of between $7.7 billion and $9.5 billion, EBIT-adjusted of between $10.0 billion and $12.5 billion, EPS-diluted of between $8.22 and $9.97 and EPS-diluted-adjusted of between $8.25 and $10.00. Refer to the "Non-GAAP Measures" section of this MD&A for additional information.

Current wording

For the year ending December 31, 2025, we expect Net income attributable to stockholders of between $7.7 billion and $8.3 billion, EBIT-adjusted of between $12.0 billion and $13.0 billion, EPS-diluted of between $8.30 and $9.05 and EPS-diluted-adjusted of between $9.75 and $10.50. Refer to the "Non-GAAP Measures" section of this MD&A for additional information.

Previous wording

GMNA Industry sales in North America were 10.3 million units in the six months ended June 30, 2025, representing an increase of 4.0% compared to the corresponding period in 2024. U.S. industry sales were 8.3 million units in the six months ended June 30, 2025, representing an increase of 3.8% compared to the corresponding period in 2024.

Current wording

GMNA Industry sales in North America were 15.5 million units in the nine months ended September 30, 2025, representing an increase of 4.1% compared to the corresponding period in 2024. U.S. industry sales were 12.5 million units in the nine months ended September 30, 2025, representing an increase of 4.1% compared to the corresponding period in 2024.

Previous wording

Our total vehicle sales in the U.S., our largest market in North America, were 1.4 million units for market share of 17.3% in the six months ended June 30, 2025, representing an increase of 1.2 percentage points compared to the corresponding period in 2024.

Current wording

Our total vehicle sales in the U.S., our largest market in North America, were 2.2 million units for market share of 17.2% in the nine months ended September 30, 2025, representing an increase of 1.0 percentage points compared to the corresponding period in 2024.

Previous wording

We achieved strong margins in the six months ended June 30, 2025 driven by the strength of our product portfolio and ongoing cost discipline. However, the evolving tariff and policy landscape could have a material impact on our profitability going forward. We remain focused on improving our EV profitability while maintaining our focus on cost. In addition, our outlook is dependent on continued supply chain availability, the resiliency of the U.S. economy and overall economic conditions, including the imposition of tariffs, less available offsets and deductions, or other trade restrictions by the U.S. or its trading partners.

Current wording

We achieved solid margins in the nine months ended September 30, 2025 driven by the strength of our product portfolio and ongoing cost discipline. However, the evolving tariff and policy landscape could have a material impact on our profitability going forward. We remain focused on improving our EV profitability while maintaining our focus on cost. In addition, our outlook is dependent on continued supply chain availability, the resiliency of the U.S. economy and overall economic conditions, including the imposition of tariffs, less available offsets and deductions, or other trade restrictions by the U.S. or its trading partners. Looking ahead, our top priority is returning GMNA to its historical 8.0-10.0% EBIT-adjusted margins as quickly as possible.

Previous wording

GMIIndustry sales in China were 12.4 million units in the six months ended June 30, 2025, representing an increase of 7.5% compared to the corresponding period in 2024. Our total vehicle sales in China were 0.9 million units for market share of 7.2% in the six months ended June 30, 2025, representing an increase of 0.1 percentage points compared to the corresponding period in 2024. Our Automotive China JVs generated equity income of $0.1 billion in the six months ended June 30, 2025. We continue to focus on enhancing the competitiveness of our products in the Chinese market and executing restructuring plans. Additional restructuring charges may be incurred going forward.

Current wording

GMIIndustry sales in China were 19.3 million units in the nine months ended September 30, 2025, representing an increase of 6.5% compared to the corresponding period in 2024. Our total vehicle sales in China were 1.4 million units for market share of 7.0% in the nine months ended September 30, 2025, representing an increase of 0.2 percentage points compared to the corresponding period in 2024. Our Automotive China JVs generated equity income of $0.2 billion in the nine months ended September 30, 2025. We continue to focus on enhancing the competitiveness of our products in the Chinese market and executing restructuring plans. Additional restructuring charges may be incurred going forward.

Previous wording

Outside of China, industry sales were 12.9 million units in the six months ended June 30, 2025, representing an increase of 3.3% compared to the corresponding period in 2024. Our total vehicle sales outside of China were 0.4 million units for market share of 3.1% in the six months ended June 30, 2025, representing a decrease of 0.3 percentage points compared to the corresponding period in 2024.

Current wording

Outside of China, industry sales were 19.8 million units in the nine months ended September 30, 2025, representing an increase of 3.2% compared to the corresponding period in 2024. Our total vehicle sales outside of China were 0.7 million units for market share of 3.3% in the nine months ended September 30, 2025, representing a decrease of 0.3 percentage points compared to the corresponding period in 2024.

Previous wording

We present both wholesale and total vehicle sales data to assist in the analysis of our revenue and market share. Wholesale vehicle sales data consists of sales to GM's dealers and distributors as well as sales to the U.S. government, and excludes vehicles sold by our joint ventures. Wholesale vehicle sales data correlates to our revenue recognized from the sale of vehicles, which is the largest component of Automotive net sales and revenue. In the six months ended June 30, 2025, 25.8% of our wholesale vehicle sales volume was generated outside the U.S. The following table summarizes wholesale vehicle sales by our Automotive segments (vehicles in thousands):

Current wording

We present both wholesale and total vehicle sales data to assist in the analysis of our revenue and market share. Wholesale vehicle sales data consists of sales to GM's dealers and distributors as well as sales to the U.S. government, and excludes vehicles sold by our joint ventures. Wholesale vehicle sales data correlates to our revenue recognized from the sale of vehicles, which is the largest component of Automotive net sales and revenue. In the nine months ended September 30, 2025, 26.4% of our wholesale vehicle sales volume was generated outside the U.S. The following table summarizes wholesale vehicle sales by our Automotive operations (vehicles in thousands):

Previous wording

GM Financial We believe that offering a comprehensive suite of financing products will generate incremental sales of our vehicles, drive incremental GM Financial earnings and help support our sales throughout various economic cycles. GM Financial's penetration of our retail sales in the U.S. was 35% in the six months ended June 30, 2025 and 39% in the corresponding period in 2024. Penetration levels vary depending on incentive financing programs available and competing third-party financing products in the market. GM Financial's prime loan originations as a percentage of total loan originations in North America increased to 81% in the six months ended June 30, 2025 from 79% in the corresponding period in 2024. In the six months ended June 30, 2025, GM Financial's revenue consisted of leased vehicle income of 46%, retail finance charge income of 41% and commercial finance charge income of 8%.

Current wording

GM Financial We believe that offering a comprehensive suite of financing products will generate incremental sales of our vehicles, drive incremental GM Financial earnings and help support our sales throughout various economic cycles. GM Financial's penetration of our retail sales in the U.S. was 34% in the nine months ended September 30, 2025 and 39% in the corresponding period in 2024. Penetration levels vary depending on incentive financing programs available and competing third-party financing products in the market. GM Financial's prime loan originations as a percentage of total loan originations in North America were 80% in the nine months ended September 30, 2025 and 2024. In the nine months ended September 30, 2025, GM Financial's revenue consisted of leased vehicle income of 46%, retail finance charge income of 41% and commercial finance charge income of 7%.

Previous wording

GM Financial's leasing program is exposed to residual values, which are heavily dependent on used vehicle prices. Gains on terminations of leased vehicles of $0.2 billion and $0.3 billion were included in GM Financial interest, operating and other expenses for the three and six months ended June 30, 2025, compared to gains of $0.2 billion and $0.4 billion in the corresponding periods in 2024. The decrease in gains is primarily due to fewer terminated leases in 2025. The following table summarizes the estimated residual value based on GM Financial's most recent estimates and the number of units included in GM Financial Equipment on operating leases, net by vehicle type (units in thousands):

Current wording

GM Financial's leasing program is exposed to residual values, which are heavily dependent on used vehicle prices. Gains on terminations of leased vehicles of $0.1 billion and $0.5 billion were included in GM Financial interest, operating and other expenses for the three and nine months ended September 30, 2025, compared to gains of $0.2 billion and $0.6 billion in the corresponding periods in 2024. The decrease in gains is primarily due to fewer terminated leases in 2025. The following table summarizes the estimated residual value based on GM Financial's most recent estimates and the number of units included in GM Financial Equipment on operating leases, net by vehicle type (units in thousands):

Previous wording

In the three months ended June 30, 2025, increased Cost was primarily due to: (1) increased material and freight costs of $1.4 billion, including $1.1 billion due to tariffs; (2) unfavorable net realizable value inventory adjustments, primarily EV-related, of $0.3 billion in the three months ended June 30, 2025 compared to similar favorable inventory adjustments of $0.3 billion in the three months ended June 30, 2024; (3) charges of $0.3 billion due to the Ultium Cells Holdings LLC strategic realignment; and (4) increased campaigns and other warranty-related costs of $0.3 billion; partially offset by (5) the reduction of charges related to Cruise restructuring of $0.6 billion; and (6) decreased engineering costs of $0.4 billion, driven primarily by the wind down of Cruise robotaxi operations. In the three months ended June 30, 2025, favorable Other was primarily due to net foreign currency changes primarily in the Mexican peso.

Current wording

In the three months ended September 30, 2025, increased Cost was primarily due to: (1) charges of $1.6 billion due to the EV strategic realignment; (2) increased material and freight costs of $1.0 billion, including $1.1 billion due to tariffs; (3) increased warranty-related costs of $0.9 billion; and (4) charges of $0.3 billion due to our former OnStar Smart Driver program; partially offset by (5) decreased engineering costs of $0.2 billion, driven primarily by the wind down of Cruise robotaxi operations. In the three months ended September 30, 2025, favorable Other was primarily due to net foreign currency changes in the Mexican peso.

Previous wording

In the six months ended June 30, 2025, increased Cost was primarily due to: (1) increased material and freight costs of $1.6 billion, including $1.3 billion due to tariffs; (2) unfavorable net realizable value inventory adjustments, primarily EV-related, of $0.5 billion in the six months ended June 30, 2025 compared to similar favorable inventory adjustments of $0.2 billion in the six months ended June 30, 2024; (3) increased campaigns and other warranty-related costs of $0.4 billion; (4) charges of $0.3 billion due to the Ultium Cells Holdings LLC strategic realignment; and (5) increased manufacturing costs of $0.3 billion; partially offset by (6) the reduction of charges related to Cruise restructuring of $0.6 billion; and (7) decreased engineering costs of $0.5 billion, driven primarily by the wind down of Cruise robotaxi operations. In the six months ended June 30, 2025, favorable Other was primarily due to net foreign currency changes in the Mexican peso, Brazilian real and other currencies.

Current wording

In the nine months ended September 30, 2025, increased Cost was primarily due to: (1) increased material and freight costs of $2.7 billion, including $2.4 billion due to tariffs; (2) charges of $1.6 billion due to the EV strategic realignment; (3) increased warranty-related costs of $1.3 billion; (4) unfavorable net realizable value inventory adjustments, primarily EV-related, of $0.5 billion in the nine months ended September 30, 2025 compared to similar favorable inventory adjustments of $0.4 billion in the nine months ended September 30, 2024; (5) charges of $0.3 billion due to the Ultium Cells Holdings LLC strategic realignment; (6) charges of $0.3 billion due to our former OnStar Smart Driver program; and (7) increased manufacturing costs of $0.2 billion; partially offset by (8) decreased engineering costs of $0.7 billion, driven primarily by the wind down of Cruise robotaxi operations; and (9) the reduction of charges related to Cruise restructuring of $0.6 billion. In the nine months ended September 30, 2025, favorable Other was primarily due to net foreign currency changes in the Mexican peso.

Previous wording

In the six months ended June 30, 2025, Automotive and other selling, general and administrative expense decreased primarily due to: (1) decreased administrative costs of $0.3 billion; and (2) the absence of charges related to strategic activities to transition certain Buick dealerships of $0.2 billion.

Current wording

In the three months ended September 30, 2025, Automotive and other selling, general and administrative expense decreased primarily due to: (1) decreased advertising, selling and administrative costs of $0.4 billion; and (2) the absence of charges related to strategic activities to transition certain Buick dealerships of $0.2 billion.

Previous wording

In the three and six months ended June 30, 2025, Interest income and other non-operating income, net increased primarily due to $0.2 billion in gains related to revaluation of investments and other individually insignificant items.

Current wording

In the nine months ended September 30, 2025, Interest income and other non-operating income, net increased primarily due to $0.3 billion in gains related to revaluation of investments and other individually insignificant items.

Previous wording

In the three and six months ended June 30, 2025, Income tax expense decreased primarily due to lower pre-tax income and a lower effective tax rate.

Current wording

In the three and nine months ended September 30, 2025, Income tax expense decreased primarily due to lower pre-tax income.

Previous wording

For the three and six months ended June 30, 2025, our effective tax rate-adjusted (ETR-adjusted) was 17.9% and 19.1%. We expect our adjusted effective tax rate to be between 17% and 19% for the year ending December 31, 2025. Refer to the "Non-GAAP Measures" section of this MD&A for additional information.

Current wording

For the three and nine months ended September 30, 2025, our effective tax rate was 8.9% and 18.0% and our effective tax rate-adjusted (ETR-adjusted) was 19.8% and 19.3%. We expect our ETR-adjusted to be between 20% and 21% for the year ending December 31, 2025. Refer to the "Non-GAAP Measures" section of this MD&A for additional information.

Previous wording

GMNA Total Net Sales and Revenue In the three months ended June 30, 2025, Total net sales and revenue decreased primarily due to: (1) decreased net wholesale volumes due to decreased sales of cars and full-size pickup trucks due to lower planned production for product upgrades, partially offset by increased sales of crossover vehicles, including EVs; and (2) unfavorable Price for carryover vehicles; partially offset by (3) favorable Mix associated with decreased sales of cars and increased sales of full-size SUVs.

Current wording

GMNA Total Net Sales and Revenue In the three months ended September 30, 2025, Total net sales and revenue decreased primarily due to: (1) decreased net wholesale volumes due to decreased sales of cars and crossover vehicles, partially offset by increased sales of full-size pickup trucks; partially offset by (2) favorable Mix associated with decreased sales of cars, increased sales of full-size SUVs and decreased sales of crossover vehicles; (3) favorable Price as a result of lean dealer inventory levels due to strong demand for our products; and (4) favorable Other due to increased sales of parts and accessories.

Previous wording

In the six months ended June 30, 2025, Total net sales and revenue increased primarily due to: (1) favorable Mix associated with decreased sales of cars and increased sales of full-size SUVs, partially offset by increased sales of crossover vehicles, including EVs, and decreased sales of full-size pickup trucks; and (2) favorable Price as a result of reduced dealer inventory levels due to strong demand for our products; partially offset by (3) decreased net wholesale volumes due to decreased sales of cars and full-size pick-up trucks due to lower planned production for product upgrades, partially offset by increased sales of crossover vehicles, including EVs, mid-size pickup trucks and vans, and full-size SUVs; and (4) unfavorable Other due to net foreign currency changes primarily in the Mexican peso.

Current wording

In the nine months ended September 30, 2025, Total net sales and revenue decreased primarily due to: (1) decreased net wholesale volumes due to decreased sales of cars and full-size pickup trucks, due to portfolio actions and lower planned production for product upgrades, partially offset by increased sales of crossover vehicles, including EVs, and mid-size pickup trucks and vans; partially offset by (2) favorable Mix associated with decreased sales of cars and increased sales of full-size SUVs, partially offset by increased sales of crossover vehicles, including EVs; and (3) favorable Price as a result of lean dealer inventory levels due to strong demand for our products.

Previous wording

GMNA EBIT-Adjusted In the three months ended June 30, 2025, EBIT-adjusted decreased primarily due to: (1) unfavorable Cost primarily due to increased material and freight costs of $1.4 billion, including $1.1 billion due to tariffs, unfavorable net realizable value inventory adjustments, primarily EV-related, of $0.3 billion in the three months ended June 30, 2025 compared to similar favorable inventory adjustments of $0.3 billion in the three months ended June 30, 2024 and increased warranty-related costs of $0.3 billion, partially offset by decreased other employee-related costs of $0.3 billion; (2) decreased net wholesale volumes; and (3) unfavorable Price; partially offset by (4) favorable Mix; and (5) favorable Other due to net foreign currency changes primarily in the Mexican peso.

Current wording

GMNA EBIT-Adjusted In the three months ended September 30, 2025, EBIT-adjusted decreased primarily due to: (1) unfavorable Cost primarily due to increased material and freight costs of $0.9 billion, including $1.1 billion due to tariffs, and increased warranty-related costs of $0.9 billion, partially offset by decreased advertising, selling and administrative costs of $0.2 billion; and (2) decreased net wholesale volumes; partially offset by (3) favorable Price; (4) favorable Mix associated with decreased sales of cars and increased sales of full-size pickup trucks, partially offset by decreased sales of crossover vehicles; and (5) favorable Other due to net foreign currency changes primarily in the Mexican peso.

Previous wording

In the six months ended June 30, 2025, EBIT-adjusted decreased primarily due to: (1) unfavorable Cost primarily due to increased material and freight costs of $1.5 billion, including $1.3 billion due to tariffs, unfavorable net realizable value inventory adjustments, primarily EV-related, of $0.5 billion in the six months ended June 30, 2025 compared to similar favorable inventory adjustments of $0.2 billion in the six months ended June 30, 2024, increased warranty-related costs of $0.5 billion and increased manufacturing costs of $0.3 billion; (2) unfavorable Mix associated with increased sales of crossover vehicles, including EVs, and decreased sales of full-size pickup trucks, partially offset by decreased sales of cars and increased sales of full-size SUVs; and (3) decreased net wholesale volumes; partially offset by (4) favorable Price; and (5) favorable Other due to net foreign currency changes primarily in the Mexican peso.

Current wording

In the nine months ended September 30, 2025, EBIT-adjusted decreased primarily due to: (1) unfavorable Cost primarily due to increased material and freight costs of $2.5 billion, including $2.4 billion due to tariffs, increased warranty-related costs of $1.4 billion, unfavorable net realizable value inventory adjustments, primarily EV-related, of $0.4 billion in the nine months ended September 30, 2025 compared to similar favorable inventory adjustments of $0.4 billion in the nine months ended September 30, 2024, and increased manufacturing costs of $0.2 billion, partially offset by decreased advertising, selling and administrative costs of $0.2 billion; (2) decreased net wholesale volumes; and (3) unfavorable Mix associated with increased sales of crossover vehicles, including EVs, partially offset by decreased sales of cars; partially offset by (4) favorable Price; and (5) favorable Other due to net foreign currency changes primarily in the Mexican peso and favorable revaluation of investments.

Previous wording

GMI Total Net Sales and Revenue In the three months ended June 30, 2025, Total net sales and revenue increased primarily due to: (1) favorable Mix in Brazil, Argentina and in the Middle East; and (2) favorable Price across multiple vehicle lines in Argentina and in Brazil; partially offset by (3) decreased net wholesale volumes in Brazil primarily due to decreased sales of passenger cars, partially offset by increased wholesale volumes in Argentina and Egypt; and (4) unfavorable Other primarily due to net foreign currency changes in the Brazilian real and Argentine peso.

Current wording

GMI Total Net Sales and Revenue In the three months ended September 30, 2025, Total net sales and revenue increased primarily due to: (1) favorable Mix in Brazil and the Middle East; and (2) favorable Price across multiple vehicle lines in Argentina; partially offset by (3) decreased net wholesale volumes in Brazil and Korea, partially offset by increased wholesale volumes in Argentina and Egypt; and (4) unfavorable Other primarily due to net foreign currency changes in the Argentine peso, partially offset by the Brazilian real.

Previous wording

In the six months ended June 30, 2025, Total net sales and revenue decreased primarily due to: (1) decreased net wholesale volumes in Brazil, Korea and in the Middle East, partially offset by increased volumes in Argentina and Egypt primarily due to increased sales of passenger cars and trucks; and (2) unfavorable Other primarily due to net foreign currency changes in the Brazilian real, Argentine peso and Egyptian pound; partially offset by (3) favorable Mix in Brazil, partially offset by the Middle East; and (4) favorable Price across multiple vehicle lines in Argentina.

Current wording

In the nine months ended September 30, 2025, Total net sales and revenue decreased primarily due to: (1) decreased net wholesale volumes in Brazil, partially offset by increased volumes in Argentina; and (2) unfavorable Other primarily due to net foreign currency changes in the Argentine peso, Brazilian real and Egyptian pound; partially offset by (3) favorable Mix in South America, partially offset by the Middle East; and (4) favorable Price in Argentina, the Middle East and Brazil.

Previous wording

GMI EBIT-Adjusted In the three months ended June 30, 2025, EBIT-adjusted increased primarily due to: (1) favorable Price; (2) favorable Mix in Brazil and Argentina; and (3) favorable Other primarily due to increased Automotive China JVs equity income (loss), partially offset by net foreign currency changes in the Brazilian real and Argentine peso; partially offset by (4) decreased net wholesale volumes in Brazil; and (5) unfavorable Cost primarily due to increased material and logistics costs in Brazil.

Current wording

GMI EBIT-Adjusted In the three months ended September 30, 2025, EBIT-adjusted increased primarily due to: (1) favorable Price; (2) favorable Mix in Brazil and Argentina; and (3) favorable Other primarily due to increased Automotive China JVs equity income (loss), partially offset by net foreign currency changes in the Argentine peso; partially offset by (4) unfavorable Cost primarily due to increased material and logistics costs in Brazil and the Middle East.

Previous wording

In the six months ended June 30, 2025, EBIT-adjusted increased primarily due to: (1) favorable Price; (2) favorable Mix in Brazil and Argentina; partially offset by the Middle East; and (3) favorable Other primarily due to increased Automotive China JVs equity income (loss), partially offset by net foreign currency changes in the Brazilian real and Argentine peso; partially offset by (4) decreased net wholesale volumes in Brazil, partially offset by increased volumes in Argentina; and (5) unfavorable Cost primarily due to increased material and logistics costs in Brazil.

Current wording

In the nine months ended September 30, 2025, EBIT-adjusted increased primarily due to: (1) favorable Price; (2) favorable Mix in Brazil and Argentina, partially offset by the Middle East; and (3) favorable Other primarily due to increased Automotive China JVs equity income (loss), partially offset by net foreign currency changes in the Argentine peso and the Brazilian real;

Previous wording

GM Financial Revenue In the three months ended June 30, 2025, total revenue increased primarily due to: (1) increased finance charge income of $0.2 billion primarily due to growth in the size of the portfolio and an increase in the retail effective yield resulting from higher average interest rates on new loan originations; and (2) increased leased vehicle income of $0.1 billion primarily due to an increase in the average balance of the leased vehicles portfolio.

Current wording

GM Financial Revenue In the three months ended September 30, 2025, total revenue increased primarily due to: (1) increased leased vehicle income of $0.1 billion primarily due to an increase in the average balance of the leased vehicles portfolio; (2) increased finance charge income of $0.1 billion primarily due to growth in the size of the portfolio and an increase in the retail effective yield resulting from higher average interest rates on new loan originations; and (3) increased other income of $0.1 billion primarily due to growth in vehicle protection contract sales, as well as a gain on sale of finance receivables.

Previous wording

In the six months ended June 30, 2025, total revenue increased primarily due to: (1) increased finance charge income of $0.4 billion primarily due to growth in the size of the portfolio and an increase in the retail effective yield resulting from higher average interest rates on new loan originations; and (2) increased leased vehicle income of $0.2 billion primarily due to an increase in the average balance of the leased vehicles portfolio.

Current wording

In the nine months ended September 30, 2025, total revenue increased primarily due to: (1) increased finance charge income of $0.5 billion primarily due to growth in the size of the portfolio and an increase in the retail effective yield resulting from higher average interest rates on new loan originations; (2) increased leased vehicle income of $0.4 billion primarily due to an increase in the average balance of the leased vehicles portfolio; and (3) increased other income of $0.1 billion primarily due to growth in vehicle protection contract sales, as well as a gain on sale of finance receivables.

Previous wording

In the six months ended June 30, 2025, EBT-adjusted decreased primarily due to: (1) increased interest expense of $0.4 billion primarily due to an increase in average debt outstanding, as well as an increase in the effective rate of interest on debt; (2) increased provision for loan losses of $0.3 billion primarily due to increased loan origination volume; and (3) increased leased vehicle expenses of $0.1 billion primarily due to a decrease in lease termination gains resulting from fewer terminated leases in 2025; partially offset by (4) increased finance charge income of $0.4 billion primarily due to growth in the size of the portfolio and an increase in the retail effective yield resulting from higher average interest rates on new loan originations; and

Current wording

GM Financial EBT-Adjusted In the three months ended September 30, 2025, EBT-adjusted increased primarily due to: (1) increased leased vehicle income of $0.1 billion primarily due to an increase in the average balance of the leased vehicles portfolio; and (2) increased finance charge income of $0.1 billion primarily due to growth in the size of the portfolio and an increase in the retail effective yield resulting from higher average interest rates on new loan originations; partially offset by (3) increased interest expense of $0.1 billion primarily due to an increase in average debt outstanding.

Previous wording

GM Financial EBT-Adjusted In the three months ended June 30, 2025, EBT-adjusted decreased primarily due to: (1) increased provision for loan losses of $0.2 billion primarily due to increased loan origination volume; (2) increased interest expense of $0.2 billion primarily due to an increase in average debt outstanding, as well as a slight increase in the effective rate of interest on debt; and (3) increased leased vehicle expenses of $0.1 billion primarily due to increased depreciation resulting from an increase in the average balance of the leased vehicles portfolio; partially offset by (4) increased finance charge income of $0.2 billion primarily due to growth in the size of the portfolio and an increase in the retail effective yield resulting from higher average interest rates on new loan originations; and (5) increased leased vehicle income of $0.1 billion primarily due to an increase in the average balance of the leased vehicles portfolio.

Current wording

In the nine months ended September 30, 2025, EBT-adjusted decreased primarily due to: (1) increased interest expense of $0.5 billion primarily due to an increase in average debt outstanding, as well as a slight increase in the effective rate of interest on debt; (2) increased provision for loan losses of $0.3 billion primarily due to increased loan origination volume, partially offset by the reversal of the allowance for loan losses on finance receivables reclassified to held-for-sale; and (3) increased leased vehicle expenses of $0.2 billion primarily due to a decrease in lease termination gains resulting from fewer terminated leases in 2025 and increased depreciation resulting from an increase in the average balance of the leased vehicles portfolio; partially offset by (4) increased finance charge income of $0.5 billion primarily due to growth in the size of the portfolio and an increase in the retail effective yield resulting from higher average interest rates on new loan originations; and (5) increased leased vehicle income of $0.4 billion primarily due to an increase in the average balance of the leased vehicles portfolio.

Previous wording

Our known current material uses of cash include, among other possible demands: (1) capital spending and our investments in our battery cell manufacturing joint ventures of approximately $10.0 billion to $11.0 billion in 2025; (2) payments for engineering and product development activities, including the development of AV technology and software-enabled services; (3) payments associated with previously announced warranty claims, vehicle recalls and any other recall-related contingencies; (4) payments to service debt and other long-term obligations, including discretionary and mandatory contributions to our pension plans; (5) dividend payments on our common stock that are declared by our Board of Directors; (6) payments to purchase shares of our common stock authorized by our Board of Directors; and (7) payments of emissions-related regulatory compliance costs. Our material future uses of cash, which may vary from time to time based on market conditions and other factors, are focused on the three objectives of our capital allocation program: (1) grow our business at an average target return on invested capital-adjusted (ROIC-adjusted) rate of 20% or greater; (2) maintain a strong investment-grade balance sheet, including a target average automotive cash balance of $18.0 billion; and (3) after the first two objectives are met, return available cash to shareholders. Our senior management evaluates our capital allocation program on an ongoing basis and recommends any modifications to the program to our Board of Directors not less than once annually.

Current wording

Our known current material uses of cash include, among other possible demands: (1) capital spending and our investments in our battery cell manufacturing joint ventures of approximately $10.0 billion to $11.0 billion in 2025; (2) payments for engineering and product development activities, including the development of AV technology and software-enabled services; (3) payments associated with previously announced warranty claims, vehicle recalls and any other recall-related contingencies; (4) payments to service debt and other long-term obligations, including discretionary and mandatory contributions to our pension plans; (5) dividend payments on our common stock that are declared by our Board of Directors; (6) payments to purchase shares of our common stock authorized by our Board of Directors; and (7) if the current regulations in the U.S. are not amended, payments of emissions-related regulatory compliance costs. Our material future uses of cash, which may vary from time to time based on market conditions and other factors, are focused on the three objectives of our capital allocation program: (1) grow our business at an average target return on invested capital-adjusted (ROIC-adjusted) rate of 20% or greater; (2) maintain a strong investment-grade balance sheet, including a target average automotive cash balance of $18.0 billion; and (3) after the first two objectives are met, return available cash to stockholders. Our senior management evaluates our capital allocation program on an ongoing basis and recommends any modifications to the program to our Board of Directors not less than once annually.

Previous wording

We continue to monitor and evaluate opportunities to strengthen our competitive position over the long term while maintaining a strong investment-grade balance sheet. These actions may include opportunistic payments to reduce our long-term obligations, and the possibility of acquisitions, dispositions and investments with joint venture partners, as well as strategic alliances that we believe would generate significant advantages and substantially strengthen our business. To support our transition to EVs, we anticipate making investments in suppliers or providing funding towards the execution of strategic, multi-year supply agreements to secure critical materials. In addition, we have entered, and plan to continue to enter, into offtake agreements that generally obligate us to purchase defined quantities of output. These arrangements could have a short-term adverse impact on our cash and increase our inventory.

Current wording

Following recent U.S. Government policy changes, including the termination of certain consumer tax incentives for EV purchases and the reduction in the stringency of emissions regulations, we expect the adoption rate of EVs to slow. It is reasonably possible that we will recognize additional future material contract cancellation fees and commercial settlements associated with EV-related investments that may adversely affect our cash flows in the period in which they are paid. Furthermore, to support our transition to EVs, we anticipate making investments in suppliers or providing funding towards the execution of strategic, multi-year supply agreements to secure critical materials. In addition, we have entered, and plan to continue to enter, into offtake agreements that generally obligate us to purchase defined quantities of output. These arrangements could have a short-term adverse impact on our cash and increase our inventory. We also continue to monitor and evaluate opportunities to strengthen our competitive position over the long term while maintaining a strong investment-grade balance sheet. These actions may include opportunistic payments to reduce our long-term obligations, and the possibility of acquisitions, dispositions and investments with joint venture partners, as well as strategic alliances that we believe would generate significant advantages and substantially strengthen our business.

Previous wording

In February 2025, our Board of Directors increased the capacity under our existing share repurchase program by $6.0 billion to an aggregate of $6.3 billion and approved an ASR program to repurchase an aggregate amount of $2.0 billion of our common stock. In February 2025, pursuant to the ASR Agreements, we advanced the $2.0 billion and received an initial delivery of approximately 33 million shares of our common stock with a value of $1.6 billion, which were immediately retired. In the three months ended June 30, 2025, we received and retired 10 million additional shares upon settlement of the transactions contemplated under the ASR program. The final number of shares received was based on the average of the daily volume-weighted average prices of our common stock during the term of the ASR Agreements, less a discount pursuant to the terms and conditions of the ASR Agreements.

Current wording

In February 2025, our Board of Directors increased the capacity under our existing share repurchase program by $6.0 billion to an aggregate of $6.3 billion and approved an ASR program to repurchase an aggregate amount of $2.0 billion of our common stock. In the nine months ended September 30, 2025, we received and retired 43 million shares upon settlement.

Previous wording

In the six months ended June 30, 2025, in addition to shares received under the ASR program, we repurchased an insignificant amount of our outstanding common stock. We have $4.3 billion in capacity remaining under our share repurchase program as of June 30, 2025, with no expiration date.

Current wording

In the nine months ended September 30, 2025, in addition to the shares repurchased under the ASR program, we repurchased approximately 27 million shares for $1.5 billion under our existing share repurchase program. We have $2.8 billion in capacity remaining under our share repurchase program as of September 30, 2025, with no expiration date.

Previous wording

In the six months ended June 30, 2025, we paid dividends of $0.3 billion to holders of our common stock. In February 2025, our Board of Directors approved an increase in the quarterly common stock dividend of $0.03 to $0.15 per share beginning with the quarterly dividend declared in April 2025.

Current wording

In the nine months ended September 30, 2025, we paid dividends of $0.4 billion to holders of our common stock. In February 2025, our Board of Directors approved an increase in the quarterly common stock dividend of $0.03 to $0.15 per share beginning with the quarterly dividend declared in April 2025.

Previous wording

Cash flows that occur amongst our Automotive, Cruise and GM Financial operations are eliminated when we consolidate our cash flows. Such eliminations include, among other things, collections by Automotive on wholesale accounts receivables financed by dealers through GM Financial, payments between Automotive and GM Financial for accounts receivables transferred by Automotive to GM Financial, loans to Automotive and Cruise from GM Financial, dividends issued by GM Financial to Automotive, tax payments by GM Financial to Automotive and Automotive Cruise related cash expenditures. The presentation of Automotive liquidity and GM Financial liquidity presented below includes the impact of cash transactions amongst the sectors that are ultimately eliminated in consolidation. Net cash used in operating activities by Cruise was $0.7 billion and $1.3 billion in the six months ended June 30, 2025 and 2024.

Current wording

Cash flows that occur amongst our Automotive, Cruise and GM Financial operations are eliminated when we consolidate our cash flows. Such eliminations include, among other things, collections by Automotive on wholesale accounts receivables financed by dealers through GM Financial, payments between Automotive and GM Financial for accounts receivables transferred by Automotive to GM Financial, loans to Automotive and Cruise from GM Financial, dividends issued by GM Financial to Automotive, tax payments by GM Financial to Automotive and Automotive Cruise related cash expenditures. The presentation of Automotive liquidity and GM Financial liquidity presented below includes the impact of cash transactions amongst the sectors that are ultimately eliminated in consolidation. Net cash used in operating activities by Cruise was $0.8 billion and $1.8 billion in the nine months ended September 30, 2025 and 2024.

Previous wording

We use credit facilities as a mechanism to provide additional flexibility in managing our global liquidity. Our Automotive borrowing capacity under credit facilities totaled $14.4 billion and $14.3 billion at June 30, 2025 and December 31, 2024, which consisted primarily of two credit facilities. Total Automotive borrowing capacity under our credit facilities does not include our 364-day, $2.0 billion facility allocated for exclusive use of GM Financial. We did not have any borrowings against our primary facilities, but had letters of credit outstanding under our sub-facility of $0.6 billion and $0.5 billion at June 30, 2025 and December 31, 2024.

Current wording

We use credit facilities as a mechanism to provide additional flexibility in managing our global liquidity. Our Automotive borrowing capacity under credit facilities totaled $14.4 billion and $14.3 billion at September 30, 2025 and December 31, 2024, which consisted primarily of two credit facilities. Total Automotive borrowing capacity under our credit facilities does not include our 364-day, $2.0 billion facility allocated for exclusive use of GM Financial. We did not have any borrowings against our primary facilities, but had letters of credit outstanding under our sub-facility of $0.5 billion at September 30, 2025 and December 31, 2024.

Previous wording

If available capacity permits, GM Financial continues to have access to our automotive credit facilities. GM Financial did not have borrowings outstanding against any of these facilities at June 30, 2025 and December 31, 2024. We had intercompany loans from GM Financial of $0.3 billion at June 30, 2025 and December 31, 2024, which primarily consisted of commercial loans to dealers we consolidate. We did not have intercompany loans to GM Financial at June 30, 2025 and December 31, 2024. Refer to Note 4 to our condensed consolidated financial statements for additional information.

Current wording

If available capacity permits, GM Financial continues to have access to our automotive credit facilities. GM Financial did not have borrowings outstanding against any of these facilities at September 30, 2025 and December 31, 2024. We had intercompany loans from GM Financial of $0.4 billion and $0.3 billion at September 30, 2025 and December 31, 2024, which primarily consisted of commercial loans to dealers we consolidate. We did not have intercompany loans to GM Financial at September 30, 2025 and December 31, 2024. Refer to Note 4 to our condensed consolidated financial statements for additional information.

Previous wording

In May 2025, we issued $2.0 billion in aggregate principal amount of senior unsecured notes with a weighted average interest rate of 5.7% and maturity dates ranging from 2028 to 2035. The net proceeds from this offering were used for general corporate purposes, including to fund a portion of the $1.8 billion five-year term loan to Ultium Cells LLC and to refinance a portion of our senior notes maturing on October 1, 2025.

Current wording

In May 2025, we issued $2.0 billion in aggregate principal amount of senior unsecured notes with a weighted average interest rate of 5.7% and maturity dates ranging from 2028 to 2035. The net proceeds from this offering were used for general corporate purposes, including to fund a portion of the $1.8 billion five-year term loan to Ultium Cells LLC and to refinance a portion of our senior notes. In September 2025, we exercised our option to redeem at par value the remaining $1.25 billion in aggregate principal balance of our $2.0 billion senior unsecured notes with a maturity date of October 1, 2025.