General Motors Company (GM)

General Motors said on 27 October that it will move its stock listing from the New York Stock Exchange to the Nasdaq Global Select Market, keeping the ticker GM 4. The company expects trading on the NYSE to end at the close on 16 November 2026 and to begin on Nasdaq on 17 November 34. Finance chief Paul Jacobson called Nasdaq "a natural home" for the listing, and the release says the move makes GM eligible for possible inclusion in the Nasdaq-100 index 4.

A week earlier GM reported third-quarter revenue of $50.0 billion, up 2.9 percent, and net income of $3.3 billion against $1.3 billion a year before 1. North America's profit margin on the company's adjusted measure, EBIT-adjusted (earnings before interest and taxes, leaving out items GM treats as special), rose to 8.7 percent from 6.2 percent 1. The quarterly report credits lower warranty costs, smaller write-downs on unsold electric vehicles and more full-size pickups sold 2.

The open question is cost 16. Jacobson said commodity, logistics and memory chip costs would weigh about $2 billion on the year 16. He added that a full year of the inflation seen since July would add $1 billion to $1.5 billion of headwind in 2027 16.

Meanwhile the board approved a new $20.0 billion share repurchase program after finishing a $6.0 billion one, and shares outstanding fell to 849 million from 904 million at the end of 2025 1.

Today's General Motors was incorporated in Delaware in 2009 5. That year a bankruptcy court approved the sale of substantially all the assets of the old company, Motors Liquidation Company, to the new GM 11.

The first stretch on this record is a shrinking one 11. Revenue slipped from $149.2 billion in 2016 to $145.6 billion in 2017, and in July 2017 GM sold its European car business, Opel and Vauxhall, to PSA Group 11. The sale and a $7.3 billion tax charge from the US tax reform left a 2017 net loss of $3.9 billion 11.

Revenue then fell from $147.0 billion in 2018 to $137.2 billion in 2019 and $122.5 billion in 2020 12. A UAW strike stopped production in 2019, and in 2020 the COVID-19 pandemic made GM suspend most of its plants until May 12. GM also wound down vehicle sales in Australia, New Zealand and Thailand to put money where returns were higher 12.

The chip shortage reshaped the next two years 13. In 2021 GM sent its scarce semiconductors to its most popular full-size pickups and SUVs, and thin dealer stocks let it cut incentives, so revenue rose to $127.0 billion and net income reached $10.0 billion 13. As supply returned, revenue climbed to $156.7 billion in 2022 and $171.8 billion in 2023 14.

A UAW strike that began on 15 September 2023 cost about $0.8 billion of net income, the company estimated 14. In 2024 revenue reached a record $187.4 billion on more full-size pickups at firm prices 15. Net income still fell to $6.0 billion from $10.1 billion, after a $2.1 billion write-down of GM's stakes in its China joint ventures 155.

In December 2024 GM stopped funding Cruise's robotaxi work, and in February 2025 it bought out Cruise's minority owners and folded the team into its personal-car driving work 5. In 2025 revenue eased 1.3 percent to $185.0 billion and net income dropped to $2.7 billion 5. Tariffs cost $3.1 billion of EBIT-adjusted, and charges for cutting electric vehicle capacity reached $7.9 billion after federal EV tax credits ended 5.

A January current report explains the retreat 9. GM moved its Orion, Michigan assembly plant from electric vehicles to gas full-size SUVs and pickups, and sold its share of Ultium's Lansing battery plant to LG Energy Solution 9.

Through all of it the home market held 5. GM's share of US new vehicle sales was 17.2 percent in 2025, up from 16.5 percent in 2024, and it took 33.0 percent of the US truck segment 5.

Full-size pickups and SUVs

The Chevrolet Silverado and GMC Sierra pickups and the big SUVs are the profit engine; the quarterly report calls them "high margin" 2. In the third quarter of 2026 GM sold 359 thousand trucks in the US, 31.0 percent of the segment 2. Chief executive Mary Barra said light-duty full-size pickup sales rose 9 percent and that GM is on track to lead full-size pickup sales for a seventh year 16.

Car and Driver lists the 2026 Silverado 1500 from $38,645 to $74,895 23. Its verdict: "plenty capable across a wide range of configurations," with "so-so cabin appointments" 23. It notes the Silverado tows more than the Ram 1500 but does not pull quite as much as Ford's F-150 23.

MotorTrend scores it 8.4 out of 10, fourth among full-size trucks, and faults a "cheap interior on entry-level trims" 24.

Crossovers and electric vehicles

GM's crossovers, such as the Equinox, took 12.8 percent of the US crossover market in the third quarter, and its cars only 1.7 percent of theirs 2. GM sells electric versions across its brands, among them the Chevrolet Equinox EV, the Cadillac Lyriq and Escalade IQ and the GMC Sierra EV 5. After federal purchase credits ended, GM cut its EV capacity, taking a further $3.6 billion of charges in the first nine months of 2026 2.

Car and Driver rates the Equinox EV 8.5 out of 10, lists it from $36,795 to $45,895 and gives the front-drive model 319 miles of range 25. MotorTrend praises its "commendable range" but notes "mediocre charging speeds" 26.

The Escalade IQ, a 750-horsepower electric luxury SUV, lists from $130,300 to $154,100 and scores 7.5 27. The Lyriq lists from $60,995 to $80,390 and scores 9 28.

Software, OnStar and Super Cruise

OnStar, the connected-car service, and Super Cruise, GM's hands-free highway driving system, are sold as subscriptions 5. Super Cruise works hands-free on more than 600,000 miles of mapped roads in the US and Canada 5. Jacobson said the two brought in over $800 million in the quarter, up 15 percent, with more than $3 billion on track for 2026 16.

GM Financial

GM Financial lends to GM buyers and dealers and leases cars 5. It financed 35 percent of GM's US retail sales in the first nine months of 2026 2. Its pretax profit on the adjusted measure fell to $668 million in the quarter from $804 million, on higher operating costs and loan loss provisions 12.

International, China and Defense

GM International earned $28 million on the adjusted measure in the quarter, against $226 million 1. In China, where GM sells mostly through joint ventures with SAIC, industry sales fell 18.2 percent in nine months and GM's share was 6.7 percent 2. Barra said GM Defense expects annual sales growth above 30 percent, helped by Army orders for the Infantry Squad Vehicle 16.

Plants and people

GM has 50 US manufacturing plants and parts sites in 19 states, 11 of them vehicle assembly plants, and operations in 33 countries 5. At the end of 2025 it employed about 88,000 hourly and 68,000 salaried workers, with about 47,000 US hourly workers in unions, mostly the UAW 5.

Mary Barra is chair and chief executive, Paul Jacobson is finance chief and Mark Reuss is president 7. In May 2025 GM hired Sterling Anderson, a co-founder of the self-driving truck company Aurora, as chief product officer 7.

Rivals

GM's US share slipped to 16.4 percent in the first nine months of 2026, down 0.7 points 2. The annual report names lower-cost makers from China and India as rivals in emerging markets that are now entering established ones 5. In China it faces strong local brands, which drove the joint ventures' losses 5.

Problems

The quarterly report puts 2026 tariff costs at $2.5 billion to $3.5 billion of EBIT-adjusted, after a Supreme Court ruling of 20 February 2026 made some earlier tariffs refundable 2. GM is still replacing Takata airbag inflators in older full-size pickups and SUVs under a 2020 order from NHTSA, the US road safety regulator 2. Class actions and state lawsuits challenge its collection and use of driver data from its former OnStar Smart Driver product 5.

The umbrella, in words

GM sells under four brands, Buick, Cadillac, Chevrolet and GMC, and its China joint ventures add Baojun and Wuling 5. Its subsidiary list as of 31 December 2025 includes General Motors Financial Company, GM Korea Company, GM Cruise Holdings, OnStar and GM Defense 6.

GM owns 50 percent of SAIC General Motors and 44 percent of SAIC GM Wuling in China 5. It owns half of Ultium Cells Holdings, a battery cell joint venture with LG Energy Solution with plants in Warren, Ohio and Spring Hill, Tennessee 5.

GM has one class of listed stock, common stock with a par value of $0.01 3. The largest holders named in the proxy are BlackRock with 8.3 percent and State Street with 5.2 percent, from their own filings 7. Vanguard Capital Management reported 7.47 percent in its own filing, and directors and officers as a group hold less than 1 percent 87.

The company's stated capital plan is to grow at a return on invested capital of 20 percent or more, keep about $18.0 billion of automotive cash and return the rest to stockholders 2. Motor Illustrated reported from GM Forward that one OnStar app is to replace the four brand apps and OnStar Guardian starting in 2027 19.

The company expects its stock to begin trading on Nasdaq on 17 November 2026 4. For 2026 it guides to net income of $8.9 billion to $9.5 billion, EBIT-adjusted of $14.5 billion to $15.5 billion and adjusted automotive free cash flow of $11.5 billion to $12.5 billion 1. It plans capital spending, including battery joint ventures, of about $10.0 billion to $12.0 billion this year 2.

The board declared a dividend of $0.18 a share, payable on 17 December 2026 to holders at the close on 4 December 1. The new light-duty pickups reach dealers late in the fourth quarter, and the Fort Wayne plant plans four down weeks from mid-December 16. Barra said GM expects to build about as many trucks in 2027 as in 2026, with added capacity in 2028 16.

Barra said GM plans hybrids in several segments from 2027, and Motor Illustrated reported that the Equinox is to be built at Fairfax, Kansas from mid-2027 20. GM plans eyes-off highway driving on the 2028 Cadillac Escalade IQ, using lidar, radar and cameras 17. At GM Forward on 21 October 2026 it said the system would spread to its gas full-size SUVs and light-duty pickups on a new central computer 19.

GM and LG Energy Solution plan to start making lithium manganese-rich battery cells, a cheaper chemistry, at Ultium by 2028, aiming for more than 400 miles of range in an electric truck 22. With Hyundai, GM plans five jointly developed vehicles from 2028, with annual capacity of over 800,000 units 21. In North America the company's stated top priority is an EBIT-adjusted margin of 8 to 10 percent on a sustained basis 2.

Past

General Motors' revenue rose from $149 billion in fiscal 2016 to $185 billion in fiscal 2025, up 2.4% a year over ten filed years, and net income was positive in 9 of 10 of those years. The deepest fall was 18% from fiscal 2016 to fiscal 2020. Over the three fiscal years to 2025, the diluted share count shrank about 12.5% a year, and dividends and buybacks returned about 38% of operating cash flow over those three years. Officers and directors filed 37 sales and 0 purchases of their own stock on the open market in the year to 2026-09-30, with all 37 sales under scheduled plans. 1

Present

In its latest annual figures on file for the fiscal year ended 2025-12-31, General Motors reported revenue of $185 billion and a profit of $2.7 billion. Return on equity was about 4 cents of profit for every dollar of shareholders' money; the company owed about 78 cents per dollar of assets, and its share count shrank 13.8% over the year. Its revenue of $185 billion ranks in the top 8% by size among 27 graded names in its industry family; its net margin of 1.5% ranks in the top 28%; its revenue growth of 5.7% a year over the last three filed years ranks in the bottom 29%. The chief executive is Barra, Mary T, filing under that title since 2014-02-18, 12.7 years; the 17 officers and directors filing in the last fifteen months have been on the record a median of 5.9 years; 6 officer or director changes were reported since 2023-10-21. 21

Future

The annual report for the fiscal year ending 2026-12-31 is due by 2027-03-01. The quarterly report for the quarter ending 2027-03-31 is due by 2027-05-10. Cash of $21 billion against no long-term debt tagged leaves 7.4% of its assets as net cash, in the top 46% of its family; cash from operations less capital spending is 9.5% of revenue, in the top 13%. Revenue grew 5.7% a year over the last three filed years against 2.4% over all ten, speeding up; the newest year grew -1.3%; research spending grew 1.1% a year; capital spending grew 0.2% a year. Revenue of $185 billion in fiscal 2025 came in 9.7% below the $205 billion the prior three years' pace pointed to; net income of $2.7 billion came against a prior three-year average of $8.7 billion; a net margin of 1.5% came against 5.1% before. 31

How the company operates

General Motors reported four lines of business in fiscal 2025: GM North America at $154 billion, GM Financial at $17 billion, GMI at $13 billion, and one more; one of four grew in the latest filed year, and the largest line is 84% of revenue. The company is classed under Motor Vehicles & Passenger Car Bodies and is based in Detroit, MI. 12

New moves

On 2026-08-11, General Motors filed Form 8-K reporting a major agreement signed and new debt or obligation taken on. On 2026-03-23, the company filed Form 8-K reporting a major agreement signed and new debt or obligation taken on. On 2025-10-14, the company reported a write-down of assets. On 2026-10-21, trucks carried the quarter; costs for metals, memory chips and freight are the pressure GM named, along with a pickup changeover through January, and the company raised its 2026 cash forecast and approved a $20 billion buyback. 34

2026-10-21, CNBC and The New York Times: "GM aims to develop vehicles in as little as two years with AI, software push. " 2026-10-02, CNBC: "General Motors Q3 sales drop 5.5%, while Toyota buoyed by EVs, hybrids. " 5