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General Motors Company
Consumer Discretionary · Automobiles
Legacy Detroit OEM funding an EV/AV transition with high-margin ICE truck cash flow. FY24 adj EBIT $14.9B on $187B revenue; FY25 guide $13.7-15.7B adj EBIT. North America runs ~9% margin, China at break-even, EV portfolio still loss-making at the segment level.
- Truck/SUV franchise (Silverado, Sierra, Tahoe, Escalade) prints ~$14B/yr FCF - funds Ultium capex without dilution
- $16B buyback authorization announced 2025; share count down ~19% over 24 months
- GM Financial contributes ~$3B EBT, smooths cycle
- Ultium platform finally hitting variable-cost profitability on Equinox EV / Silverado EV in 2H25
- Cruise restructured into GM-internal AV unit, opex cut ~50% vs 2023 peak
- China JV (SAIC-GM) volume down >40% from 2017 peak, structural BYD/local-OEM share loss
- EV adoption pace softening - Ultium ramp behind original plan, margin convergence pushed to 2027+
- UAW 2023 contract added ~$1.1B/yr labor cost; next cycle 2027
- Tariff overhang on Mexico/Canada-built trucks (~30% of NA volume)
- AV monetization optionality reset - Cruise no longer a standalone IPO path
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