General Motors Company
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Item 1. Business
General Motors Company (sometimes referred to as we, our, us, ourselves, the Company, General Motors, or GM) was incorporated as a Delaware corporation in 2009. We design, build, and sell trucks, crossovers, cars, and automobile parts and provide software-enabled services and subscriptions worldwide. Our automotive operations meet the demands of our customers through our segments: GM North America (GMNA) and GM International (GMI) with vehicles developed, manufactured, and/or marketed under the Buick, Cadillac, Chevrolet, and GMC brands. We also have equity ownership stakes in entities that meet the demands of customers in other countries, primarily in China, with vehicles developed, manufactured, and/or marketed under the Baojun, Buick, Cadillac, Chevrolet, and Wuling brands. In December 2024, we announced that we would no longer fund Cruise's robotaxi development work and will refocus our autonomous driving strategy on personal vehicles and, in February 2025, we completed the acquisition of the noncontrolling interests in Cruise, began to wind down the Cruise robotaxi operations, and combined the GM and Cruise autonomous technical efforts in our GMNA segment. We provide automotive financing services through our General Motors Financial Company, Inc. (GM Financial) segment. Refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) and Note 23 to our consolidated financial statements for financial information about our segments. Except for per share amounts or as otherwise specified, amounts presented within tables are stated in millions. Certain columns and rows may not sum due to rounding. Forward-looking statements in this Business section are not guarantees of future performance and may involve risks and uncertainties that could cause actual results to differ materially from those projected. Refer to Item 1A. Risk Factors and the "Forward-Looking Statements" section of Part II, Item 7. MD&A for a discussion of these risks and uncertainties.
Our strong product portfolio exemplifies our deep design and engineering expertise, iconic brands, award winning vehicles, and clear outlook for the future, leading the U.S. auto industry in sales. We continue to push the industry forward, with a vision to create the right vehicle for every driver and a world with zero crashes, zero emissions, and zero congestion. Building on a century of innovation, we are leveraging software, hardware, artificial intelligence (AI), and sensors to produce safer, smarter, and more fuel efficient vehicles. We are developing advanced driver assistance and autonomous vehicle (AV) technology to help eliminate human driving error, save lives, and improve mobility for everyone.
Vehicle Portfolio Our internal combustion engine (ICE) portfolio is a key driver of financial and market performance and customer loyalty led by our full-size trucks and sport utility vehicles (SUVs). We maintain a strong presence in both the mainstream and luxury categories of the auto industry. We serve the mainstream market with Chevrolet and GMC trucks, SUVs, and crossover utility vehicles, which are driving volume growth in premium-priced market segments. Our Cadillac brand, which continues to grow, services the global luxury segment, while also maintaining strong market presence in North America.
GM has made significant investments to build a broad portfolio of electric vehicles (EVs) including establishing manufacturing and supply chain capacity for EVs, batteries, and components, in North America. Our EV portfolio has achieved significant market growth with strong positioning in the U.S. market. Our New Energy Vehicles (NEVs) in China have contributed to the turnaround in sales and business performance in China. EVs like the Chevrolet Equinox EV, Cadillac LYRIQ, Cadillac ESCALADE IQ, and the GMC Sierra EV have brought new customers to our brands and helped increase our EV market share.
Despite our recent EV sales growth, U.S. regulatory and economic policy changes have impacted our expectations regarding the pace of EV growth and consumer demand. We have taken actions to strategically realign our EV capacity and manufacturing footprint with the slowing in customer demand for EVs. Due to our broad and diversified portfolio of both ICE and electric vehicles, we believe we are well positioned to respond to changes in demand given our strong market position with ICE vehicles in the U.S. and the success of our Chevrolet, Cadillac, and GMC EVs with customers.
We are prioritizing an overall portfolio that successfully meets customer demand. We continue to invest in ICE vehicles alongside our EVs and plan to introduce new battery chemistries and form factors that will deliver the EV range and performance our customers desire, with even lower pack costs and improved profitability. Our EV portfolio takes advantage of integrated supply chain development, including battery cell production from Ultium Cells Holdings LLC (a joint venture with LG Energy Solution) in plants in Warren, Ohio and Spring Hill, Tennessee.
We continue to build our vehicle portfolio on a foundation of extensive manufacturing capability. We have a network of 50 U.S. manufacturing plants and parts facilities in 19 states, which includes 11 vehicle assembly plants. In 2025, we announced
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our plan to spend approximately $4.0 billion in capital investments to onshore production at plants in Tennessee, Kansas, and Michigan over the next two years and nearly $1.0 billion to build a new generation of advanced, fuel-efficient V8 engines in New York. These investments in U.S. assembly and propulsion plants will enable us to strengthen domestic manufacturing and ensure flexibility for both ICE and electric vehicles.
As government policies have evolved, we have acted with urgency and discipline to maintain strong positioning within the industry. In 2025, the U.S. and other governments implemented new import tariffs impacting GM and our suppliers, including tariffs on vehicles and parts imported into the U.S. The tariff environment is 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, and other countries are likely to evolve further. We will continue to adapt as appropriate.
Software-Enabled Technology Services Our vehicles are equipped with a suite of software-enabled services, aimed at improving the customer experience and creating vehicles that improve and evolve over time, including OnStar services and Super Cruise. With nearly three decades of experience, OnStar is a global leader in enabling connected vehicle services. OnStar is available in more than 20 markets globally. As GM introduces more software-defined vehicles, OnStar will play a key role as an enabler of safety, infotainment, connectivity, and driver assistance features. OnStar provides one ecosystem for retail and fleet customers to use, engage, and shop through a broader set of service offerings available at and after vehicle purchase. Our end-to-end software platform provides customers with software-defined features, apps, and services over-the-air and empowers customers to update their ownership experiences with desirable features, software services, vehicle performance, and Super Cruise, our hands-free driver assistance technology. With an attentive driver and under proper conditions, Super Cruise enables drivers of equipped vehicles to travel hands-free on more than 600,000 miles of compatible roads in the U.S. and Canada. Many of GM's latest ICE vehicles and EVs are employing this software platform as it rolls out across most products in the coming years.
Cruise GM Cruise Holdings LLC (Cruise Holdings), our wholly-owned subsidiary, has refocused from robotaxi development to developing our automated driving systems for personal vehicles. We worked with the Cruise leadership team to restructure Cruise's operations and have combined the GM and Cruise technical efforts to build on the success of Super Cruise and prioritize the development of advanced driver-assistance systems (ADAS) on a path to fully autonomous personal vehicles. Refer to Item 1A. Risk Factors for a further discussion of the risks associated with our AV strategy.
Competitive Position and Vehicle Sales The principal factors that determine consumer vehicle preferences in the markets in which we operate include overall vehicle design, price, quality, available options, safety, reliability, fuel economy or range, and functionality. Market leadership in individual countries in which we compete varies widely.
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 year ended December 31, 2025, 27.5% 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):
| Years Ended December 31, | |||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||
| GMNA | 3,296 | 86.8 | % | 3,464 | 86.4 | % | 3,147 | 83.5 | % | ||||||||||||||||||||||||||
| GMI | 503 | 13.2 | % | 547 | 13.6 | % | 621 | 16.5 | % | ||||||||||||||||||||||||||
| Total | 3,799 | 100.0 | % | 4,010 | 100.0 | % | 3,768 | 100.0 | % | ||||||||||||||||||||||||||
Total vehicle sales data represents: (1) retail sales (i.e., sales to consumers who purchase new vehicles from dealers or distributors); (2) fleet sales (i.e., sales to large and small businesses, governments, and daily rental car companies); and (3) certain vehicles used by dealers in their business, including but not limited to courtesy transportation vehicles previously used by dealers that were sold to the end consumer. Total vehicle sales data includes all sales by joint ventures on a total vehicle basis, not based on our percentage ownership interest in the joint venture, including vehicle sales of non-GM trademarked vehicles, which are included in the total vehicle sales we report for China. While total vehicle sales data does not correlate directly to the revenue we recognize during a particular period, we believe it is indicative of the underlying demand for our vehicles. Total vehicle sales data represents management's good faith estimate based on sales reported by our dealers,
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distributors, and joint ventures; commercially available data sources, such as registration and insurance data; and internal estimates and forecasts when other data is not available.
The following table summarizes industry and GM total vehicle sales and our related competitive position by geographic region (vehicles in thousands):
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Financial statements
data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Basis of Presentation This Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) should be read in conjunction with the accompanying condensed consolidated financial statements and the notes thereto, and the audited consolidated financial statements and notes thereto included in our 2025 Form 10-K.
Forward-looking statements in this MD&A are not guarantees of future performance and may involve risks and uncertainties that could cause actual results to differ materially from those projected. Refer to the "Forward-Looking Statements" section of this MD&A, Part I, Item 1A. Risk Factors of our 2025 Form 10-K, and Part II, Item 1A. Risk Factors of our Quarterly Report on Form 10-Q for the three months ended March 31, 2026 for a discussion of these risks and uncertainties. Except for per share amounts or as otherwise specified, dollar amounts presented within tables are stated in millions. Certain columns and rows may not add due to rounding.
Overview Our vision for the future is a world with zero crashes, zero emissions, and zero congestion. We will adapt to customer preferences while executing our growth-focused strategy to invest in internal combustion engine (ICE) vehicles, EVs, hybrids, personal AV technology, software-enabled services, and other new business opportunities. To support strong margins and cash flow, we continue to prioritize profitable ICE vehicles, such as trucks and SUVs. We plan to execute our strategy with a steadfast commitment to good corporate citizenship through more sustainable operations and a leading health and safety culture.
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 our EV capacity and manufacturing footprint. We are monitoring industry pricing pressures, changing interest rates, inflation, warranty claims, consumer demand trends, geopolitical tensions, and changes to the regulatory environment, including with respect to tariffs, fuel economy standards, and emissions regulations.
In 2025, the U.S. and other governments implemented new tariffs relevant to GM and its suppliers, including tariffs on vehicles and parts imported into the U.S. The tariff environment remains highly dynamic, and the specific tariffs applicable to goods imported by GM and its suppliers continue to evolve, including with respect to imports under the U.S.-Mexico-Canada Agreement and other trade agreements. We have acted with urgency and discipline to maintain strong positioning within the industry. On February 20, 2026, the U.S. Supreme Court concluded that the International Emergency Economic Powers Act (IEEPA) did not authorize the imposition of tariffs. In the nine months ended September 30, 2026, we recorded net favorable adjustments of $0.7 billion primarily due to previously charged IEEPA tariffs that are refundable. Based on the current tariff environment, we estimate that impacts to EBIT-adjusted could range from $2.5 billion to $3.5 billion for the year ending December 31, 2026 and may be subject to change if new tariffs or changes to existing tariffs arise. Refer to Part I, Item 1A. Risk Factors in our 2025 Form 10-K for a full discussion of the risks associated with the global tariff environment.
During the year ended December 31, 2025, we recorded charges of $7.9 billion in GMNA related to our EV strategic realignment. In the three months ended September 30, 2026, we recorded an insignificant amount of additional net charges. For the nine months ended September 30, 2026, net charges were $3.6 billion, primarily related to $2.5 billion for ongoing commercial negotiations with our supply base and joint venture partners, $1.3 billion of losses on supply agreements, and $0.5 billion associated with compliance-related assets, net of $0.7 billion of recoveries under a cost sharing arrangement. Of these charges, $2.7 billion will have a cash impact when paid. We incurred cash outflows of $4.2 billion related to these charges in the nine months ended September 30, 2026. We expect additional charges in the year ending December 31, 2026, and while circumstances may change in the future, we believe we have substantially completed the recognition of material cash charges related to our EV strategic realignment. The charge associated with our compliance-related assets in April 2026 was due to the repeal of the EPA's endangerment finding. At September 30, 2026, the carrying amount of our compliance-related assets was $0.7 billion. Refer to the "Non-GAAP Measures" section of this MD&A for additional information. Our strategic realignment of EV capacity does not impact today's retail portfolio of Chevrolet, GMC, and Cadillac EVs currently in production, and we expect these models to remain available to consumers.
As we continue to assess our performance and the needs of our evolving business, additional restructuring and rationalization actions could be required. These actions could give rise to future asset impairments or other charges, which may have a material impact on our operating results. Refer to the "Consolidated Results" and regional sections of this MD&A for additional information.
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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 emissions standards, labor disruptions, foreign exchange volatility, evolving trade policy, automotive industry supply chains, and political uncertainty. Refer to Part I, Item 1A. Risk Factors in our 2025 Form 10-K and Part II, Item 1A. Risk Factors of our Quarterly Report on Form 10-Q for the three months ended March 31, 2026 for a discussion of these challenges.
For the year ending December 31, 2026, we expect Net income attributable to stockholders of between $8.9 billion and $9.5 billion, EBIT-adjusted of between $14.5 billion and $15.5 billion, EPS-diluted of between $9.72 and $10.72, and EPS-diluted-adjusted of between $12.75 and $13.75. Refer to the "Non-GAAP Measures" section of this MD&A for additional information.
The following table reconciles expected Net income attributable to stockholders to expected EBIT-adjusted (dollars in billions):
| Year Ending December 31, 2026 | |||||||||
| Net income attributable to stockholders | $ 8.9-9.5 | ||||||||
| Income tax expense | 2.0-2.4 | ||||||||
| Automotive interest income, net | (0.1) | ||||||||
| Adjustments(a) | 3.7 | ||||||||
| EBIT-adjusted | $ 14.5-15.5 | ||||||||
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(a)Refer to the reconciliation of Net income (loss) attributable to stockholders to EBIT-adjusted within this MD&A for adjustment details. These expected financial results do not include the potential impact of future adjustments related to special items.
The following table reconciles expected EPS-diluted to expected EPS-diluted-adjusted:
| Year Ending December 31, 2026 | |||||||||
| Diluted earnings per common share | $ 9.72-10.72 | ||||||||
| Adjustments(a) | 3.03 | ||||||||
| EPS-diluted-adjusted | $ 12.75-13.75 | ||||||||
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(a)Refer to the reconciliation of diluted earnings per common share to EPS-diluted-adjusted within this MD&A for adjustment details. These expected financial results do not include the potential impact of future adjustments related to special items.
GMNA Industry sales in North America were 15.3 million units in the nine months ended September 30, 2026, representing a decrease of 1.7% compared to the corresponding period in 2025. U.S. industry sales were 12.3 million units in the nine months ended September 30, 2026, representing a decrease of 2.3% compared to the corresponding period in 2025.
Our total vehicle sales in the U.S., our largest market in North America, were 2.0 million units for a market share of 16.4% in the nine months ended September 30, 2026, representing a decrease of 0.7 percentage points compared to the corresponding period in 2025.
We achieved solid margins in the nine months ended September 30, 2026 driven by the strength of our product portfolio and ongoing cost discipline. However, the evolving tariff and policy landscape could continue to 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 earning 8.0-10.0% annualized EBIT-adjusted margins in GMNA on a sustained basis.
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GMI Industry sales in China were 15.8 million units in the nine months ended September 30, 2026, representing a decrease of 18.2% compared to the corresponding period in 2025. Our total vehicle sales in China were 1.1 million units for a market share of 6.7% in the nine months ended September 30, 2026, representing a decrease of 0.3 percentage points compared to the corresponding period in 2025. Our Automotive China JVs generated equity income of $0.3 billion in the nine months ended September 30, 2026, which includes income of $0.1 billion related to the previously announced restructuring of SAIC General Motors Corp., Ltd (SGM). 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. In the three months ended September 30, 2026, we entered into a joint venture agreement extending the term of SGM, subject to certain conditions, through May 15, 2047, with no change to GM's ownership interest or equity-method accounting, resulting in an insignificant financial impact.
Outside of China, industry sales were 21.2 million units in the nine months ended September 30, 2026, representing an increase of 4.8% compared to the corresponding period in 2025. Our total vehicle sales outside of China were 0.7 million units for a market share of 3.1% in the nine months ended September 30, 2026, representing a decrease of 0.1 percentage points compared to the corresponding period in 2025.
Vehicle Sales The principal factors that determine consumer vehicle preferences in the markets in which we operate include overall vehicle design, price, quality, available options, safety, reliability, fuel economy or range, and functionality. Market leadership in individual countries in which we compete varies widely.
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, 2026, 27.6% 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):
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| GMNA | 870 | 84.6 | % | 840 | 86.0 | % | 2,511 | 86.1 | % | 2,516 | 87.9 | % | ||||||||||||||||||||||||||||||||||||||||||
| GMI | 159 | 15.4 | % | 137 | 14.0 | % | 407 | 13.9 | % | 346 | 12.1 | % | ||||||||||||||||||||||||||||||||||||||||||
| Total | 1,028 | 100.0 | % | 977 | 100.0 | % | 2,917 | 100.0 | % | 2,862 | 100.0 | % | ||||||||||||||||||||||||||||||||||||||||||
Total vehicle sales data represents: (1) retail sales (i.e., sales to consumers who purchase new vehicles from dealers or distributors); (2) fleet sales (i.e., sales to large and small businesses, governments, and daily rental car companies); and (3) certain vehicles used by dealers in their business, including but not limited to courtesy transportation vehicles previously used by dealers that were sold to the end consumer. Total vehicle sales data includes all sales by joint ventures on a total vehicle basis, not based on our percentage ownership interest in the joint venture, including vehicle sales of non-GM trademarked vehicles, which are included in the total vehicle sales we report for China. While total vehicle sales data does not correlate directly to the revenue we recognize during a particular period, we believe it is indicative of the underlying demand for our vehicles. Total vehicle sales data represents management's good faith estimate based on sales reported by our dealers, distributors, and joint ventures; commercially available data sources, such as registration and insurance data; and internal estimates and forecasts when other data is not available.
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The following table summarizes industry and GM total vehicle sales and our related competitive position by geographic region (vehicles in thousands):
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Industry | GM | Market Share | Industry | GM | Market Share | Industry | GM | Market Share | Industry | GM | Market Share | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| North America | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| United States | 4,174 | 671 | 16.1 | % | 4,229 | 710 | 16.8 | % | 12,277 | 2,012 | 16.4 | % | 12,567 | 2,150 | 17.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other | 1,045 | 126 | 12.1 | % | 1,015 | 127 | 12.5 | % | 3,032 | 376 | 12.4 | % | 3,007 | 384 | 12.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total North America | 5,219 | 797 | 15.3 | % | 5,244 | 837 | 16.0 | % | 15,309 | 2,388 | 15.6 | % | 15,574 | 2,534 | 16.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Asia/Pacific, Middle East, and Africa | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| China(a) | 5,403 | 358 | 6.6 | % | 6,934 | 469 | 6.8 | % | 15,816 | 1,065 | 6.7 | % | 19,333 | 1,359 | 7.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other | 5,778 | 115 | 2.0 | % | 5,718 | 149 | 2.6 | % | 17,501 | 329 | 1.9 | % | 17,010 | 369 | 2.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Asia/Pacific, Middle East, and Africa | 11,181 | 474 | 4.2 | % | 12,652 | 618 | 4.9 | % | 33,317 | 1,394 | 4.2 | % | 36,342 | 1,729 | 4.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| South America | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Brazil | 836 | 84 | 10.1 | % | 711 | 72 | 10.1 | % | 2,255 | 225 | 10.0 | % | 1,910 | 192 | 10.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other | 485 | 35 | 7.1 | % | 456 | 35 | 7.7 | % | 1,408 | 103 | 7.3 | % | 1,268 | 95 | 7.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total South America | 1,321 | 119 | 9.0 | % | 1,168 | 107 | 9.2 | % | 3,663 | 328 | 9.0 | % | 3,177 | 287 | 9.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total in GM markets | 17,721 | 1,390 | 7.8 | % | 19,064 | 1,562 | 8.2 | % | 52,288 | 4,111 | 7.9 | % | 55,093 | 4,549 | 8.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Europe | 4,007 | 1 | — | % | 4,002 | 1 | — | % | 13,020 | 1 | — | % | 12,611 | 2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Worldwide(b) | 21,729 | 1,390 | 6.4 | % | 23,066 | 1,563 | 6.8 | % | 65,309 | 4,112 | 6.3 | % | 67,704 | 4,551 | 6.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| United States | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cars | 667 | 12 | 1.7 | % | 649 | 12 | 1.8 | % | 1,991 | 36 | 1.8 | % | 2,076 | 44 | 2.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trucks | 1,159 | 359 | 31.0 | % | 1,142 | 369 | 32.3 | % | 3,343 | 1,061 | 31.7 | % | 3,414 | 1,115 | 32.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Crossovers | 2,348 | 300 | 12.8 | % | 2,437 | 330 | 13.5 | % | 6,943 | 915 | 13.2 | % | 7,076 | 992 | 14.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total United States | 4,174 | 671 | 16.1 | % | 4,229 | 710 | 16.8 | % | 12,277 | 2,012 | 16.4 | % | 12,567 | 2,150 | 17.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| China(a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SGMS | 90 | 130 | 300 | 381 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SGMW | 269 | 339 | 765 | 978 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | 5,403 | 358 | 6.6 | % | 6,934 | 469 | 6.8 | % | 15,816 | 1,065 | 6.7 | % | 19,333 | 1,359 | 7.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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(a)Includes sales by the Automotive China JVs: SAIC General Motors Sales Co., Ltd. (SGMS) and SAIC GM Wuling Automobile Co., Ltd. (SGMW).
(b)Cuba, Iran, North Korea, and Sudan have been subject to broad economic sanctions. Accordingly, these countries are excluded from industry sales data and corresponding calculation of market share.
As discussed above, total vehicle sales and market share data provided in the table above includes fleet vehicles. Certain fleet transactions, particularly sales to daily rental car companies, are generally less profitable than retail sales to end customers. The following table summarizes estimated fleet sales and those sales as a percentage of total vehicle sales (vehicles in thousands):
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||||||||
| GMNA | 160 | 148 | 551 | 498 | ||||||||||||||||||
| GMI | 107 | 113 | 302 | 277 | ||||||||||||||||||
| Total fleet sales | 267 | 261 | 853 | 775 | ||||||||||||||||||
| Fleet sales as a percentage of total vehicle sales | 19.2 | % | 16.7 | % | 20.7 | % | 17.0 | % | ||||||||||||||
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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 nine months ended September 30, 2026 and 34% in the corresponding period in 2025. 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 76% in the nine months ended September 30, 2026 and 80% in the corresponding period in 2025. In the nine months ended September 30, 2026, GM Financial's revenue consisted of leased vehicle income of 46%, retail finance charge income of 41%, and commercial finance charge income of 6%.
GM Financial's leasing program is exposed to residual values, which are heavily dependent on used vehicle prices. 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):
| September 30, 2026 | December 31, 2025 | |||||||||||||||||||||||||||||||||
| Residual Value | Units | Percentage | Residual Value | Units | Percentage | |||||||||||||||||||||||||||||
| Crossovers | $ | 12,380 | 570 | 62.6 | % | $ | 13,145 | 617 | 64.8 | % | ||||||||||||||||||||||||
| Trucks | 9,122 | 268 | 29.4 | % | 8,702 | 254 | 26.6 | |||||||||||||||||||||||||||
Next expected filings
- ~2027-01-26 10-K expected by 2027-02-23 (in 89 days)
- ~2027-04-27 10-Q expected by 2027-05-14 (in 180 days)
- ~2027-07-20 10-Q expected by 2027-08-06 (in 264 days)
- ~2027-10-19 10-Q expected by 2027-11-05 (in 355 days)
Predicted from historical filing cadence; not an SEC commitment.
Recent SEC filings
- 2026-10-27 8-K Delisting Notice; Bylaws/Articles Amended; Regulation FD Disclosure; Financial Statements and Exhibits
- 2026-10-20 8-K Earnings Release; Financial Statements and Exhibits
- 2026-10-20 10-Q Quarterly Report
- 2026-08-11 8-K Material Agreement Entered; Material Financial Obligation; Other Events; Financial Statements and Exhibits
- 2026-07-21 8-K Earnings Release; Financial Statements and Exhibits
- 2026-07-21 10-Q Quarterly Report
- 2026-07-21 S-8 Employee Benefit Plan Registration
- 2026-06-04 8-K Officer/Director Change; Shareholder Vote Results; Financial Statements and Exhibits
- 2026-05-26 8-K Officer/Director Change
- 2026-04-28 8-K Earnings Release; Financial Statements and Exhibits
- 2026-04-28 10-Q Quarterly Report
- 2026-04-20 DEF 14A Proxy Statement
- 2026-03-23 8-K Material Agreement Entered; Material Financial Obligation; Financial Statements and Exhibits
- 2026-01-27 10-K Annual Report
- 2026-01-27 8-K Earnings Release; Financial Statements and Exhibits