General Motors Co

Current report

Geopolitical conflicts and instability in the Middle East and other regions could adversely affect our business. We operate in a global environment that is subject to political and economic instability, armed conflicts, and other geopolitical risks, including in particular, the ongoing and potential conflicts in the Middle East, including those involving Iran and neighboring countries. These regional conflicts and related geopolitical tensions may result in a number of adverse consequences for our operations, including disruptions to our supply chain and logistics networks, restrictions on transactions involving certain territories, entities, or individuals, and increased costs of raw materials, commodities, energy, and other inputs. In addition, the conflicts in the Middle East have caused significant disruption in the normal flow of oil, refined petroleum products, and related commodities, resulting in increases to the price of oil and gasoline. The increased prices of oil and gasoline will increase energy and transportation costs across our supply chain and, if prolonged, could shift consumer preferences toward smaller, more fuel-efficient vehicles, which could weaken the demand for our higher margin vehicles, such as full-size ICE SUVs and pickup trucks. The foregoing risks could have a material adverse effect on our business, results of operations, financial condition, and cash flows.

Current report

(c)In January 2026, our Board of Directors increased the capacity under our existing share repurchase program by $6.0 billion to an aggregate of $6.3 billion, with no expiration date.

Previous report

The U.S. Government has introduced new tariffs applicable to the automotive industry and has signaled tariff policy may shift further in the coming months. Such tariffs, and tariffs imposed by other governments, could have a material adverse effect on our financial condition and results of operations.

Previous report

The U.S. Government has introduced new tariffs and tariff-related measures, including tariffs specifically related to the automotive industry, and has indicated that other potential tariff measures and modifications to existing tariffs continue to be under consideration. For example, on October 17, 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. Refer to the "Overview" section in Item 2. MD&A for a description of how we expect these tariff modifications will impact our results of operations. Additionally, certain tariffs are subject to pending legal challenges. In these respects, the U.S. tariff environment remains highly dynamic and the specific tariffs applicable to goods imported by GM and our suppliers into the U.S. continue to evolve. Import tariffs charged by other countries in which GM does business may also change.

Previous report

We believe the tariffs currently in place will have a $3.5 billion to $4.5 billion impact on our 2025 EBIT-adjusted results, but we cannot predict with complete precision the breadth of tariffs and related costs that will ultimately impact GM this year and beyond. As a result, the ultimate impact of tariffs on our business could exceed our current estimates, which could have a material adverse effect on our financial condition, results of operations and cash flows, and our expected financial results. Our efforts to mitigate the impact of tariffs including, but not limited to, making changes to our U.S. production plan and reducing or pausing certain imports, may not be successful, and we do not expect such actions to fully offset the impact of tariffs in the near term. We have made and may need to make additional changes to our global production footprint and workforce, which could require significant capital expenditures and could result in asset impairments and other charges, including restructuring charges, any of which could be material. For example, we recently announced plans to increase vehicle and engine production in the U.S. Evolving tariffs globally, along with other trade barriers and trade restrictions, may lead to supply chain disruptions, potentially resulting in increased production costs and the inability to receive certain critical parts.