General Motors Co - Quarter Report: 2025 June (Form 10-Q)

Net income (loss) Net loss (income) attributable to noncontrolling interests () Net income (loss) attributable to stockholders$ $ $ $ Net income (loss) attributable to common stockholders$ $ $ $

Earnings per share (Note 18)

Basic earnings per common share$ $ $ $ Weighted-average common shares outstanding – basic Net cash provided by (used in) operating activities Cash flows from investing activitiesExpenditures for property()()Available-for-sale marketable securities, acquisitions()()Available-for-sale marketable securities, liquidations Purchases of finance receivables()()Principal collections and recoveries on finance receivables Purchases of leased vehicles()()Proceeds from termination of leased vehicles Other investing activities()()Net cash provided by (used in) investing activities()()Cash flows from financing activitiesNet increase (decrease) in short-term debt Proceeds from issuance of debt (original maturities greater than three months) Payments on debt (original maturities greater than three months)()()

Payments to purchase common stock (Note 17)

()()

Issuance (redemption) of subsidiary stock (Note 17)

() Dividends paid()()Other financing activities()()Net cash provided by (used in) financing activities Effect of exchange rate changes on cash, cash equivalents and restricted cash ()Net increase (decrease) in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash at beginning of period Cash, cash equivalents and restricted cash at end of period$ $ Significant non-cash investing and financing activityNon-cash property additions$ $

Reference should be made to the notes to condensed consolidated financial statements.

Amounts may not add due to rounding.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1.

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GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

Note 2.

$ $ $ $— $— $ $ Used vehicles — — Services and other — Automotive net sales and revenue — Leased vehicle income— — — — — Finance charge income— — — — — Other income— — — — — () GM Financial net sales and revenue— — — — — () Net sales and revenue$ $ $ $ $ $ $()$

Three Months Ended June 30, 2024

GMNA

GMI

Corporate

Total Automotive

Cruise

GM Financial

Eliminations/Reclassifications

Total

Vehicle, parts and accessories

—

Used vehicles

—

Services and other

—

()

Automotive net sales and revenue

—

()

Leased vehicle income

—

Finance charge income

—

()

Other income

—

()

GM Financial net sales and revenue

—

()

Net sales and revenue

()

Six Months Ended June 30, 2025

GMNA

GMI

Corporate

Total Automotive

Cruise

GM Financial

Eliminations/Reclassifications

Total

Vehicle, parts and accessories

—

Used vehicles

—

Services and other

—

Automotive net sales and revenue

—

Leased vehicle income

—

Finance charge income

—

()

Other income

—

()

GM Financial net sales and revenue

—

()

Net sales and revenue

()

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

$ $ $ $— $— $ $ Used vehicles — — Services and other — () Automotive net sales and revenue — () Leased vehicle income— — — — — Finance charge income— — — — — () Other income— — — — — () GM Financial net sales and revenue— — — — — () Net sales and revenue$ $ $ $ $ $ $()$

Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Adjustments to sales incentives for previously recognized sales were insignificant and increased revenue by $ million in the three months ended June 30, 2025 and 2024.

billion and $ billion at June 30, 2025 and December 31, 2024, which are included in Accrued liabilities and Other liabilities. We recognized revenue of $ million and $ billion related to contract liabilities in the three and six months ended June 30, 2025 and $ million and $ million in the three and six months ended June 30, 2024. We expect to recognize revenue of $ billion in the six months ending December 31, 2025 and $ billion, $ billion and $ billion in the years ending December 31, 2026, 2027 and thereafter related to contract liabilities at June 30, 2025.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

Note 3.

$ Available-for-sale debt securitiesU.S. government and agencies2 Corporate debt2 Sovereign debt2 Total available-for-sale debt securities – cash equivalents Money market funds1 Total cash and cash equivalents$ $ Marketable debt securitiesU.S. government and agencies2$ $ Corporate debt and other2 Mortgage and asset-backed2 Total available-for-sale debt securities – marketable securities$ $ Restricted cashCash and cash equivalents $ $ Money market funds1 Total restricted cash$ $ Available-for-sale debt securities included above with contractual maturities(a)Due in one year or less$ Due between one and five years Total available-for-sale debt securities with contractual maturities$

__________

million

Proceeds from the sale of available-for-sale debt securities sold prior to maturity were $ million and $ million in the three months ended June 30, 2025 and 2024 and $ billion and $ billion in the six months ended June 30, 2025 and 2024. Net unrealized gains on available-for-sale debt securities were insignificant in the three and six months ended June 30, 2025 and 2024. Cumulative unrealized losses on available-for-sale debt securities were insignificant at June 30, 2025 and December 31, 2024.

Restricted cash included in Other current assets Restricted cash included in Other assets Total$

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

Note 4.

$ $ $ $ $ Less: allowance for loan losses()()()()()()GM Financial receivables, net$ $ $ $ $ $ Fair value of GM Financial receivables utilizing Level 2 inputs$ $ Fair value of GM Financial receivables utilizing Level 3 inputs$ $

__________

(a)Commercial finance receivables include dealer financing of $ billion and $ billion, and other financing of $ million and $ million at June 30, 2025 and December 31, 2024. Commercial finance receivables are presented net of dealer cash management balances of $ billion and $ billion at June 30, 2025 and December 31, 2024. Under the cash management program, subject to certain conditions, a dealer may choose to reduce the amount of interest on its floorplan line by making principal payments to GM Financial in advance.

$ $ $

__________

(a)Floorplan advances comprise % of the total revolving balance. Dealer term loans are presented by year of origination.

Percent

__________

(a)Floorplan advances comprise % of the total revolving balance. Dealer term loans are presented by year of origination.

There were commercial finance receivables on nonaccrual status at June 30, 2025 and December 31, 2024.

$ Subvention receivable from GM(b)$ $ Commercial loan funding payable to GM$ $

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

$ $ $ Leased vehicle subvention earned$ $ $ $

__________

(a)All balance sheet amounts are eliminated upon consolidation.

(b)Our Automotive segments made cash payments to GM Financial for subvention of $ million and $ million in the three months ended June 30, 2025 and 2024 and $ billion and $ billion in the six months ended June 30, 2025 and 2024.

GM Financial's Board of Directors declared and paid dividends of $ million and $ million on its common stock in the three months ended June 30, 2025 and 2024 and $ million and $ million in the six months ended June 30, 2025 and 2024.

Note 5.

$ Finished product, including service parts Total inventories$ $

Inventories are reflected net of allowances totaling $ billion and $ billion, of which $ billion and $ billion are EV-related, to remeasure inventory on-hand to net realizable value at June 30, 2025 and December 31, 2024. Tariffs, less available offsets and deductions, are capitalized into the cost of inventories as incurred. Offset amounts in excess of tariffs incurred will be recognized as a reduction to future tariffs.

Note 6.

$ Less: accumulated depreciation()()Equipment on operating leases, net$ $

The estimated residual value of our leased assets at the end of the lease term was $ billion and $ billion at June 30, 2025 and December 31, 2024.

Depreciation expense related to Equipment on operating leases, net was $ billion in the three months ended June 30, 2025 and 2024 and $ billion in the six months ended June 30, 2025 and 2024.

$ $ $ $ $ $

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

Note 7.

$()$ $()Ultium Cells Holdings LLC equity income (loss)(a) Other joint ventures equity income (loss) Total Equity income (loss)$ $ $ $

__________

(a)Equity earnings related to Ultium Cells Holdings LLC, an equally owned joint venture with LG Energy Solution (LGES), are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our EVs.

There have been significant ownership changes in our Automotive China joint ventures (Automotive China JVs) or Ultium Cells Holdings LLC since December 31, 2024.

$ $ $ Automotive China JVs' net income (loss)$ $()$ $()

Dividends declared but not paid from our nonconsolidated affiliates were $ billion and $ million at June 30, 2025 and December 31, 2024. Dividends received from our nonconsolidated affiliates were $ million and $ million in the three and six months ended June 30, 2025 and insignificant and $ million in the three and six months ended June 30, 2024. We had net undistributed losses from our nonconsolidated affiliates of $ million, including $ billion of undistributed losses offset by $ billion of undistributed earnings at June 30, 2025 and insignificant undistributed earnings at December 31, 2024.

In May 2025, we loaned $ billion to Ultium Cells LLC to facilitate full voluntary prepayment of loans Ultium Cells LLC received under the U.S. Department of Energy's (DOE) Advanced Technology Vehicles Manufacturing program. Our loan to Ultium Cells LLC accrues interest at a rate of % per year, matures in April 2030 and is prepayable without penalties. This loan is presented in Other investing activities in the condensed consolidated statements of cash flows.

In the three months ended June 30, 2025, in connection with Ultium Cells Holdings LLC’s strategic realignment of manufacturing and cell capacity to meet EV demand, we recorded charges of $ million.

Note 8.

billion consisted of $ billion in GM Financial at June 30, 2025 and December 31, 2024, and $ million and an insignificant amount in GMNA at June 30, 2025 and December 31, 2024 and an insignificant amount and $ million in Cruise at June 30, 2025 and December 31, 2024. During the three months ended March 31, 2025, $ million of goodwill recorded in the Cruise segment was reallocated to the GMNA segment. The reallocation of the goodwill reflects the wind down of the Cruise robotaxi operations and combination of the GM and Cruise technical efforts in our GMNA Automotive segment 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. We performed goodwill impairment tests prior to and after the reallocation and determined that the goodwill was not impaired.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

Note 9.

$ Restricted cash – non-current$ $ GM Financial receivables – current$ $ GM Financial receivables – non-current$ $ GM Financial equipment on operating leases, net$ $ GM Financial short-term debt and current portion of long-term debt$ $ GM Financial long-term debt$ $

GM Financial recognizes finance charge, leased vehicle and fee income on the Securitized Assets and interest expense on the secured debt issued in a securitization transaction and records a provision for loan losses to recognize loan losses expected over the remaining life of the finance receivables.

billion and $ billion and liabilities were insignificant related to our nonconsolidated VIEs at June 30, 2025 and December 31, 2024. Our maximum exposure to loss as a result of our involvement with these VIEs was approximately $ billion and $ billion, inclusive of approximately $ billion and $ billion in committed capital contributions to our battery cell manufacturing joint ventures, at June 30, 2025 and December 31, 2024. Our maximum exposure to loss, and required capital contributions, could vary depending on our battery cell manufacturing joint ventures' requirements and access to capital. We currently lack the power through voting or similar rights to direct the activities of these entities that most significantly affect their economic performance.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

Note 10.

$$ $Unsecured debt(a) Finance lease liabilities Total automotive debt(b)$ $$ $Fair value utilizing Level 1 inputs$$Fair value utilizing Level 2 inputs$$Available under credit facility agreements(c)$$Weighted-average interest rate on outstanding short-term debt(d) % %Weighted-average interest rate on outstanding long-term debt(d) % %

__________

(a)Primarily consists of senior notes.

(b)Includes net discount and debt issuance costs of $ million and $ million at June 30, 2025 and December 31, 2024.

(c)Excludes our -day, $ billion facility allocated for exclusive use by GM Financial.

(d)Includes coupon rates on debt denominated in various foreign currencies and interest free loans.

In March 2025, we renewed our , $ billion facility, which now matures March 25, 2030. We also renewed our , $ billion facility, which now matures March 25, 2028, and renewed our -day, $ billion revolving credit facility allocated for the exclusive use of GM Financial, which now matures March 24, 2026.

In May 2025, we issued $ billion in aggregate principal amount of senior unsecured notes with a weighted average interest rate of % 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 $ billion term loan to Ultium Cells LLC and to refinance a portion of our senior notes maturing on October 1, 2025.

$ $ $ Unsecured debt Total GM Financial debt$ $ $ $ Fair value utilizing Level 2 inputs$ $ Fair value utilizing Level 3 inputs$ $

Secured debt consists of revolving credit facilities and securitization notes payable. Most of the secured debt was issued by VIEs and is repayable only from proceeds related to the underlying pledged assets. Refer to Note 9 for additional information on GM Financial's involvement with VIEs. In the six months ended June 30, 2025, GM Financial renewed revolving credit facilities with total borrowing capacity of $ billion and issued $ billion in aggregate principal amount of securitization notes payable with an initial weighted-average interest rate of % and maturity dates ranging from 2027 to 2037.

Unsecured debt consists of senior notes, credit facilities and other unsecured debt. In the six months ended June 30, 2025, GM Financial issued $ billion in aggregate principal amount of senior notes with an initial weighted-average interest rate of % and maturity dates ranging from 2027 to 2035.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

Note 11.

$ $ $ $ $ Cash flow hedgesInterest rate swaps2 Foreign currency swaps(c)2 Derivatives not designated as hedges(a)Interest rate contracts2 Total derivative financial instruments(d)$ $ $ $ $ $

__________

(a)The gains/losses included in our condensed consolidated income statements and statements of comprehensive income for the three and six months ended June 30, 2025 and 2024 were insignificant, unless otherwise noted. Amounts accrued for interest payments in a net receivable position are included in Other assets. Amounts accrued for interest payments in a net payable position are included in Other liabilities.

(b)The effect of fair value hedges in the condensed consolidated income statements includes insignificant losses for the three and six months ended June 30, 2025 and 2024.

(c)The effect of foreign currency cash flow hedges recognized in Accumulated other comprehensive loss in the condensed consolidated statements of comprehensive income includes gains of $ million and insignificant losses for the three months ended June 30, 2025 and 2024, and gains of $ million and losses of $ million for the six months ended June 30, 2025 and 2024. The effect of foreign currency cash flow hedges reclassified from Accumulated other comprehensive loss in the condensed consolidated statements of comprehensive income into income includes gains of $ million and insignificant losses for the three months ended June 30, 2025 and 2024 and gains of $ million and losses of $ million for the six months ended June 30, 2025 and 2024. During the next 12 months, we expect insignificant gains will be reclassified into pre-tax earnings from foreign currency cash flow hedges designated for hedge accounting.

(d)The fair value of derivative instruments that are classified as assets or liabilities available for offset was $ million at June 30, 2025 and $ million at December 31, 2024. GM Financial held $ million and $ million of collateral from counterparties available for netting against GM Financial's asset positions and posted $ million and $ billion of collateral to counterparties available for netting against GM Financial's liability positions at June 30, 2025 and December 31, 2024.

The fair value for Level 2 instruments was derived using the market approach based on observable market inputs including quoted prices of similar instruments and foreign exchange and interest rate forward curves.

$ $ $()Long-term unsecured debt GM Financial unsecured debt$ $ $ $

__________

(a)Includes $ million and $ million of unamortized losses remaining on hedged items for which hedge accounting has been discontinued at June 30, 2025 and December 31, 2024.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

Note 12.

$ $ $ Warranties issued and assumed in period – recall campaigns Warranties issued and assumed in period – product warranty Payments()()()()Adjustments to pre-existing warranties Effect of foreign currency and other () ()Warranty balance at end of period Less: Supplier recoveries balance at end of period(a) Warranty balance, net of supplier recoveries at end of period$ $ $ $

For estimates related to reasonably possible losses in excess of amounts accrued for recall campaigns, refer to Note 14 for additional information.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

Note 13.

$ $ $ $ $ Interest cost Expected return on plan assets()() ()() Amortization of prior service cost (credit) ()Amortization of net actuarial (gains) losses () Net periodic pension and OPEB (income) expense$()$ $ $()$ $

) )))

Six Months Ended June 30, 2025

Six Months Ended June 30, 2024

Pension Benefits

Global OPEB Plans

Pension Benefits

Global OPEB Plans

U.S.

Non-U.S.

U.S.

Non-U.S.

Service cost

Interest cost

Expected return on plan assets

()

Amortization of prior service cost (credit)

()

Amortization of net actuarial (gains) losses

()

__________

(a)The noncontrolling interests were insignificant in the three and six months ended June 30, 2025 and 2024.

(b)The reclassification adjustment was insignificant in the three and six months ended June 30, 2025 and 2024.

(c)The income tax effect was insignificant in the three and six months ended June 30, 2025 and 2024.

(d)Primarily consists of unamortized actuarial loss on our defined benefit plans. Refer to Note 2. Significant Accounting Policies of our 2024 Form 10-K for additional information.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

Note 18.

$ $ $ Adjustments(a)()() ()Net income (loss) attributable to common stockholders$ $ $ $ Weighted-average common shares outstanding Basic earnings per common share$ $ $ $ Diluted earnings per shareNet income (loss) attributable to common stockholders – diluted$ $ $ $ Weighted-average common shares outstanding – basic Dilutive effect of awards under stock incentive plans Weighted-average common shares outstanding – diluted Diluted earnings per common share$ $ $ $ Potentially dilutive securities(b)

__________

(a)Includes a $ million return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders in the six months ended June 30, 2025.

(b)Potentially dilutive securities attributable to outstanding stock options, Performance Stock Units and Restricted Stock Units (RSUs) at June 30, 2025 and stock options and RSUs at June 30, 2024, were excluded from the computation of diluted earnings per share (EPS) because the securities would have had an antidilutive effect.

Note 19.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

$ $ $ $ $ $ $()$ Segment expenses and other items(a)()()() () () ()Adjustments(b) Earnings (loss) before interest and taxes-adjusted$ $ $()$ $ $ $ $ $ Adjustments(b)()Automotive interest income Automotive interest expense()Net income (loss) attributable to noncontrolling interests()Income (loss) before income taxes Income tax benefit (expense)()Net income (loss) Net loss (income) attributable to noncontrolling interests Net income (loss) attributable to stockholders$ Equity in net assets of nonconsolidated affiliates$ $ $ $ $ $ $ $ $ Goodwill and intangibles$ $ $ $ $ $ $ $ $ Total assets$ $ $ $()$ $ $ $()$ Expenditures for property$ $ $ $ $ $ $ $ $ Depreciation and amortization$ $ $ $ $ $ $ $ $ Impairment charges$ $ $ $ $ $ $ $ $ Equity income (loss)(c)$ $ $()$ $ $ $ $ $

__________

(a)Segment expenses and other items for Automotive segments primarily include material and logistics; manufacturing; equity income; selling, general and administrative people-related costs; advertising; information technology; engineering; professional services; and policy, campaign and warranty. GM Financial items primarily consist of GM Financial interest expense; leased vehicle depreciation; people-related costs; provision for loan losses and gains and losses on termination of leased vehicles.

(b)Consists of charges for Ultium Cells Holdings LLC strategic realignment and Cruise restructuring in GMNA; charges related to restructuring activities and manufacturing operations wind down in GMI; and headquarters relocation in Corporate.

(c)Equity earnings related to Ultium Cells Holdings LLC are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our EVs. Refer to Note 7 for additional information.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

$ $ $ $ $ $ $()$ Segment expenses and other items(a)()()() ()()() ()Adjustments(b) Earnings (loss) before interest and taxes-adjusted$ $ $()$ $ $()$ $()$ Adjustments(b)()Automotive interest income Automotive interest expense()Net income (loss) attributable to noncontrolling interests()Income (loss) before income taxes Income tax benefit (expense)()Net income (loss) Net loss (income) attributable to noncontrolling interests Net income (loss) attributable to stockholders$ Equity in net assets of nonconsolidated affiliates$ $ $ $ $ $ $ $ $ Goodwill and intangibles$ $ $ $ $ $ $ $ $ Total assets$ $ $ $()$ $ $ $()$ Expenditures for property$ $ $ $ $ $()$ $ $ Depreciation and amortization$ $ $ $ $ $ $ $ $ Impairment charges$ $ $ $ $ $ $ $ $ Equity income (loss)(c)$ $()$ $ $ $ $ $ $

__________

(b)Consists of charges for strategic activities related to Buick dealerships in GMNA, charges related to manufacturing operations wind down in GMI and charges related to Cruise restructuring.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

$ $ $ $ $ $ $()$ Segment expenses and other items(a)()()() ()()() ()Adjustments(b) Earnings (loss) before interest and taxes-adjusted$ $ $()$ $ $()$ $()$ Adjustments(b)()Automotive interest income Automotive interest expense()Net income (loss) attributable to noncontrolling interests Income (loss) before income taxes Income tax benefit (expense)()Net income (loss) Net loss (income) attributable to noncontrolling interests()Net income (loss) attributable to stockholders$ Expenditures for property$ $ $ $ $ $ $ $ $ Depreciation and amortization$ $ $ $ $ $ $ $ $ Impairment charges$ $ $ $ $ $ $ $ $ Equity income (loss)(c)$ $ $()$ $ $ $ $ $

__________

For the Six Months Ended June 30, 2024

GMNA

GMI

Corporate

Eliminations

Total Automotive

Cruise

GM Financial

Eliminations/Reclassifications

Total

Net sales and revenue

()

Segment expenses and other items(a)

()

Adjustments(b)

Earnings (loss) before interest and taxes-adjusted

()

Adjustments(b)

()

Automotive interest income

Automotive interest expense

()

Net income (loss) attributable to noncontrolling interests

()

Income (loss) before income taxes

Income tax benefit (expense)

()

Net income (loss)

Net loss (income) attributable to noncontrolling interests

Net income (loss) attributable to stockholders

100.0 %1,938 100.0 %

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) sales of courtesy transportation vehicles (i.e., 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. Certain joint venture agreements in China allow for the contractual right to report vehicle sales of non-GM trademarked vehicles by those joint ventures, 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								Six Months Ended
	June 30, 2025				June 30, 2024				June 30, 2025				June 30, 2024
	Industry	GM	Market Share		Industry	GM	Market Share		Industry	GM	Market Share		Industry	GM	Market Share
North America
United States	4,297	747	17.4	%	4,181	696	16.7	%	8,329	1,440	17.3	%	8,026	1,290	16.1	%
Other	1,051	131	12.5	%	1,007	131	13.0	%	1,991	257	12.9	%	1,899	246	13.0	%
Total North America	5,348	878	16.4	%	5,188	827	15.9	%	10,321	1,697	16.4	%	9,925	1,537	15.5	%
Asia/Pacific, Middle East and Africa
China(a)	6,592	448	6.8	%	5,883	373	6.3	%	12,403	890	7.2	%	11,538	814	7.1	%
Other	5,277	118	2.2	%	5,234	120	2.3	%	10,908	220	2.0	%	10,734	233	2.2	%
Total Asia/Pacific, Middle East and Africa	11,869	566	4.8	%	11,117	493	4.4	%	23,312	1,110	4.8	%	22,273	1,047	4.7	%
South America
Brazil	647	64	9.9	%	629	84	13.4	%	1,199	120	10.0	%	1,143	141	12.3	%
Other	411	31	7.6	%	318	27	8.4	%	811	60	7.4	%	627	54	8.6	%
Total South America	1,058	95	9.0	%	947	111	11.7	%	2,010	180	8.9	%	1,770	195	11.0	%
Total in GM markets	18,275	1,539	8.4	%	17,252	1,431	8.3	%	35,642	2,987	8.4	%	33,968	2,778	8.2	%
Total Europe	4,387	—	—	%	4,486	1	—	%	8,639	1	—	%	8,855	1	—	%
Total Worldwide(b)	22,662	1,539	6.8	%	21,738	1,432	6.6	%	44,281	2,988	6.7	%	42,823	2,779	6.5	%
United States
Cars	709	15	2.1	%	769	53	6.9	%	1,416	32	2.3	%	1,476	103	7.0	%
Trucks	1,226	401	32.8	%	1,112	359	32.3	%	2,279	746	32.7	%	2,044	650	31.8	%
Crossovers	2,362	330	14.0	%	2,300	284	12.4	%	4,634	662	14.3	%	4,507	538	11.9	%
Total United States	4,297	747	17.4	%	4,181	696	16.7	%	8,329	1,440	17.3	%	8,026	1,290	16.1	%
China(a)
SGMS		132				120				251				275
SGMW		315				253				639				539
Total	6,592	447	6.8	%	5,883	373	6.3	%	12,403	890	7.2	%	11,538	814	7.1	%

June 30, 2025June 30, 2024VolumeMixPriceOther

Refer to the regional sections of this MD&A for additional information on Volume, Mix, Price and Other.

Automotive and Other Cost of Sales


	Three Months Ended				Favorable/ (Unfavorable)		%		Variance Due To
	June 30, 2025		June 30, 2024						Volume		Mix		Cost		Other
									(Dollars in billions)
GMNA	$	35,945	$	34,552	$	(1,393)	(4.0)	%	$	1.6	$	(0.8)	$	(2.6)	$	0.5
GMI	3,295		3,020		(274)		(9.1)	%	$	0.2	$	(0.2)	$	(0.3)	$	—
Corporate	50		21		(29)		n.m.				$	—	$	—	$	—
Cruise	—		1,023		1,023		n.m.						$	1.0
Eliminations	(1)		—		—		32.8	%			$	—	$	—
Total automotive and other cost of sales	$	39,289	$	38,615	$	(674)	(1.7)	%	$	1.8	$	(1.1)	$	(1.9)	$	0.5

__________

n.m. = not meaningful



	Six Months Ended				Favorable/ (Unfavorable)		%		Variance Due To
	June 30, 2025		June 30, 2024						Volume		Mix		Cost		Other
									(Dollars in billions)
GMNA	$	68,625	$	65,317	$	(3,307)	(5.1)	%	$	0.5	$	(1.2)	$	(3.4)	$	0.8
GMI	5,566		5,824		258		4.4	%	$	0.6	$	(0.2)	$	(0.2)	$	0.1
Corporate	128		48		(80)		n.m.				$	—	$	(0.1)	$	—
Cruise	163		1,422		1,259		88.5	%					$	1.3
Eliminations	(1)		(1)		1		62.3	%			$	—	$	—
Total automotive and other cost of sales	$	74,480	$	72,611	$	(1,869)	(2.6)	%	$	1.1	$	(1.5)	$	(2.4)	$	0.9

__________

n.m. = not meaningful

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.

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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.

Refer to the regional sections of this MD&A for additional information on Volume and Mix.

Automotive and Other Selling, General and Administrative Expense


	Three Months Ended				Favorable/ (Unfavorable)				Six Months Ended				Favorable/ (Unfavorable)
	June 30, 2025		June 30, 2024				%		June 30, 2025		June 30, 2024				%
Automotive and other selling, general and administrative expense	$	2,139	$	2,372	$	232	9.8	%	$	4,124	$	4,547	$	422	9.3	%

In the three months ended June 30, 2025, Automotive and other selling, general and administrative expense decreased primarily due to several insignificant items.

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.

Interest Income and Other Non-operating Income, net


	Three Months Ended				Favorable/ (Unfavorable)			Six Months Ended				Favorable/ (Unfavorable)
	June 30, 2025		June 30, 2024				%	June 30, 2025		June 30, 2024				%
Interest income and other non-operating income, net	$	366	$	60	$	306	n.m.	$	676	$	362	$	314	86.8	%

__________

n.m. = not meaningful

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.

Income Tax Expense


	Three Months Ended				Favorable/ (Unfavorable)				Six Months Ended				Favorable/ (Unfavorable)
	June 30, 2025		June 30, 2024				%		June 30, 2025		June 30, 2024				%
Income tax expense	$	481	$	767	$	286	37.3	%	$	1,199	$	1,529	$	330	21.6	%

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.

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.

Refer to Note 15 to our condensed consolidated financial statements for additional information related to Income tax expense.

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GM North America


	Three Months Ended						Favorable/ (Unfavorable)			%		Variance Due To
	June 30, 2025			June 30, 2024								Volume		Mix		Price		Cost		Other
												(Dollars in billions)
Total net sales and revenue	$	39,486		$	40,725		$	(1,239)		(3.0)	%	$	(2.2)	$	1.2	$	(0.2)			$	—
EBIT-adjusted	$	2,415		$	4,433		$	(2,018)		(45.5)	%	$	(0.6)	$	0.3	$	(0.2)	$	(2.0)	$	0.5
EBIT-adjusted margin	6.1		%	10.9		%	(4.8)		%
	(Vehicles in thousands)
Wholesale vehicle sales	849			903			(54)			(6.0)	%


	Six Months Ended						Favorable/ (Unfavorable)			%		Variance Due To
	June 30, 2025			June 30, 2024								Volume		Mix		Price		Cost		Other
												(Dollars in billions)
Total net sales and revenue	$	76,873		$	76,824		$	49		0.1	%	$	(0.8)	$	0.7	$	0.6			$	(0.5)
EBIT-adjusted	$	5,702		$	8,273		$	(2,571)		(31.1)	%	$	(0.2)	$	(0.6)	$	0.6	$	(2.8)	$	0.3
EBIT-adjusted margin	7.4		%	10.8		%	(3.4)		%
	(Vehicles in thousands)
Wholesale vehicle sales	1,676			1,695			(19)			(1.1)	%

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.

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.

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.

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.

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GM International


	Three Months Ended						Favorable/ (Unfavorable)					Variance Due To
	June 30, 2025			June 30, 2024						%		Volume		Mix		Price		Cost		Other
												(Dollars in billions)
Total net sales and revenue	$	3,326		$	3,298		$	28		0.9	%	$	(0.3)	$	0.3	$	0.1			$	(0.1)
EBIT-adjusted	$	204		$	50		$	154		n.m.		$	(0.1)	$	0.1	$	0.1	$	(0.1)	$	0.1
EBIT-adjusted margin	6.1		%	1.5		%	4.6		%
Equity income (loss) — Automotive China	$	71		$	(104)		$	176		n.m.
EBIT-adjusted — excluding Equity income (loss)(a)	$	136		$	154		$	(18)		(12.0)	%
	(Vehicles in thousands)
Wholesale vehicle sales	125			140			(15)			(10.8)	%

__________

n.m. = not meaningful

(a)Excludes adjustments related to Automotive China JVs restructuring recorded in GMI.



	Six Months Ended						Favorable/ (Unfavorable)					Variance Due To
	June 30, 2025			June 30, 2024						%		Volume		Mix		Price		Cost		Other
												(Dollars in billions)
Total net sales and revenue	$	5,753		$	6,380		$	(627)		(9.8)	%	$	(0.8)	$	0.3	$	0.2			$	(0.4)
EBIT-adjusted	$	234		$	40		$	194		n.m.		$	(0.2)	$	0.1	$	0.2	$	(0.1)	$	0.1
EBIT-adjusted margin	4.1		%	0.6		%	3.4		%
Equity income (loss) — Automotive China	$	116		$	(210)		$	327		n.m.
EBIT-adjusted — excluding Equity income (loss)(a)	$	120		$	250		$	(130)		(52.0)	%
	(Vehicles in thousands)
Wholesale vehicle sales	209			243			(34)			(14.1)	%

__________

n.m. = not meaningful

(a)Excludes adjustments related to Automotive China JVs restructuring recorded in GMI.

The vehicle sales of our Automotive China JVs are not recorded in Total net sales and revenue. The results of our joint ventures are recorded in Equity income (loss), which is included in EBIT-adjusted above.

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.

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.

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.

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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.

The following table summarizes certain key operational and financial data for the Automotive China JVs (vehicles in thousands):


	Three Months Ended				Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Wholesale vehicle sales, including vehicles exported to markets outside of China	521		422		975		744
Total net sales and revenue	$	6,084	$	4,677	$	11,149	$	8,788
Net income (loss)	$	127	$	(214)	$	197	$	(442)

GM Financial


	Three Months Ended						Increase/ (Decrease)			%		Six Months Ended						Increase/ (Decrease)			%
	June 30, 2025			June 30, 2024								June 30, 2025			June 30, 2024
Total revenue	$	4,255		$	3,918		$	337		8.6	%	$	8,419		$	7,730		$	689		8.9	%
Provision for loan losses	$	354		$	174		$	180		n.m.		$	682		$	378		$	304		80.4	%
EBT-adjusted	$	704		$	822		$	(118)		(14.4)	%	$	1,389		$	1,559		$	(170)		(10.9)	%

Average debt outstanding (dollars in billions)	$	117.7		$	107.7		$	10.0		9.3	%	$	116.6		$	106.5		$	10.1		9.5	%
Effective rate of interest paid	5.6		%	5.5		%	0.1		%			5.6		%	5.4		%	0.2		%

__________

n.m. = not meaningful

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.

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.

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.

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

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(5) increased leased vehicle income of $0.2 billion primarily due to an increase in the average balance of the leased vehicles portfolio.

Liquidity and Capital Resources We believe our current levels of cash, cash equivalents, marketable debt securities, available borrowing capacity under our credit facilities and other available liquidity actions are sufficient to meet our liquidity requirements in the short- and long-term. We also maintain access to the capital markets and may issue debt or equity securities, which may provide an additional source of liquidity. We have substantial cash requirements going forward, which we plan to fund through our total available liquidity, cash flows from operating activities and additional liquidity measures, if determined to be necessary.

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.

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.

Our liquidity plans are subject to a number of risks and uncertainties, including those described in the "Forward-Looking Statements" section of this MD&A, Part I, Item 1A. Risk Factors of our 2024 Form 10-K and Part II, Item 1A. Risk Factors, some of which are outside of our control.

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.

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.

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.

In May 2025, we loaned $1.8 billion to Ultium Cells LLC to facilitate full voluntary prepayment of loans Ultium Cells LLC received under the DOE's Advanced Technology Vehicles Manufacturing program. Our loan to Ultium Cells LLC accrues interest at a rate of 5.7% per year, matures in April 2030 and is prepayable without penalties.

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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.

Automotive Liquidity Total available liquidity includes cash, cash equivalents, marketable debt securities and funds available under credit facilities. The amount of available liquidity is subject to seasonal fluctuations and includes balances held by various business units and subsidiaries worldwide that are needed to fund their operations. We have not significantly changed the management of our liquidity, including our allocation of available liquidity, our portfolio composition and our investment guidelines since December 31, 2024. Refer to Part II, Item 7. MD&A of our 2024 Form 10-K.

In March 2025, we renewed our five-year, $10.0 billion facility, which now matures March 25, 2030. We also renewed our three-year, $4.1 billion facility, which now matures March 25, 2028, and renewed our 364-day, $2.0 billion revolving credit facility allocated for the exclusive use of GM Financial, which now matures March 24, 2026.

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.

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.

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.

Several of our loan facilities, including our revolving credit facilities, require compliance with certain financial and operational covenants as well as regular reporting to lenders. We have reviewed our covenants in effect as of June 30, 2025 and determined we are in compliance and expect to remain in compliance in the future.

GM Financial's Board of Directors declared and paid dividends of $0.7 billion on its common stock in the six months ended June 30, 2025. Future dividends from GM Financial will depend on several factors including business and economic conditions, its financial condition, earnings, liquidity requirements and leverage ratio.

The following table summarizes our Automotive available liquidity (dollars in billions):


	June 30, 2025		December 31, 2024
Automotive cash and cash equivalents	$	13.9	$	14.5
Marketable debt securities	7.0		7.3
Automotive cash, cash equivalents and marketable debt securities	20.8		21.7
Available under credit facilities(a)	13.8		13.8
Total Automotive available liquidity	$	34.7	$	35.5

__________

(a)We 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.

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The following table summarizes the changes in our Automotive available liquidity (dollars in billions):


	Six Months Ended June 30, 2025
Operating cash flow	$	7.1
Capital expenditures	(3.9)
ASR and dividends paid	(2.3)
Issuance of senior unsecured notes	2.0
Loan to Ultium Cells LLC	(1.8)
Cruise robotaxi operations wind down	(0.9)
Investment in nonconsolidated affiliates	(0.5)
Payment of senior unsecured notes	(0.5)
Total change in automotive available liquidity	$	(0.8)

Automotive Cash Flow (dollars in billions)


	Six Months Ended				Change
	June 30, 2025		June 30, 2024
Operating Activities
Net income	$	4.0	$	6.1	$	(2.0)
Depreciation, amortization and impairment charges	3.5		3.2		0.3
Pension and OPEB activities	(0.3)		(0.4)		0.1
Working capital	(2.1)		(0.2)		(1.9)
Accrued and other liabilities and income taxes	0.1		2.4		(2.3)
Other(a)	1.8		0.3		1.6
Net automotive cash provided by (used in) operating activities(b)	$	7.1	$	11.3	$	(4.3)

__________

(a)Includes $1.0 billion in dividends received from our nonconsolidated affiliates in the six months ended June 30, 2025; $0.7 billion and $0.9 billion in dividends received from GM Financial in the six months ended June 30, 2025 and 2024; and changes in other assets and liabilities in the six months ended June 30, 2025 and 2024.

(b)Includes $(2.6) billion and $4.2 billion in the six months ended June 30, 2025 and 2024, which are eliminated within the condensed consolidated statements of cash flows. Amounts eliminated primarily relate to purchases of, and collections on, wholesale finance receivables provided by GM Financial to our dealers and dividends issued by GM Financial to us.


	Six Months Ended				Change
	June 30, 2025		June 30, 2024
Investing Activities
Capital expenditures	$	(3.9)	$	(5.3)	$	1.3
Acquisitions and liquidations of marketable securities, net	0.5		(0.7)		1.2
Other(a)	(3.3)		(1.7)		(1.6)
Net automotive cash provided by (used in) investing activities(b)	$	(6.8)	$	(7.7)	$	0.9

__________

(a)Includes $(1.8) billion term loan to Ultium Cells LLC in the six months ended June 30, 2025; $(0.5) billion of GM's investment in nonconsolidated affiliates in the six months ended June 30, 2025 and 2024; $(0.9) billion funding to wind down Cruise robotaxi operations in the six months ended June 30, 2025; and $(1.2) billion investment in Cruise which is inclusive of $(0.9) billion convertible note issued by Cruise to us in the six months ended June 30, 2024.

(b)Includes $(0.9) billion funding to wind down Cruise robotaxi operations in the six months ended June 30, 2025; and $(1.2) billion investment in Cruise which is inclusive of $(0.9) billion convertible note issued by Cruise to us in the six months ended June 30, 2024, which are eliminated within the condensed consolidated statements of cash flows.

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	Six Months Ended				Change
	June 30, 2025		June 30, 2024
Financing Activities
Net proceeds (payments) from short-term debt	$	(0.5)	$	—	$	(0.5)
Issuance of senior unsecured notes	2.0		—		2.0
Other(a)	(2.5)		(1.7)		(0.8)
Net automotive cash provided by (used in) financing activities	$	(1.1)	$	(1.7)	$	0.6

__________

(a)Includes $(2.0) billion in payments related to the ASR in the six months ended June 30, 2025 and $(1.3) billion for payments to purchase common stock in the six months ended June 30, 2024; and $(0.3) billion for dividends paid in the six months ended June 30, 2025 and 2024.

Adjusted Automotive Free Cash Flow We measure adjusted automotive free cash flow as automotive operating cash flow from operations less capital expenditures adjusted for management actions. In the six months ended June 30, 2025, net automotive cash provided by operating activities was $7.1 billion, capital expenditures were $3.9 billion and adjustments for management actions were $0.5 billion. In the six months ended June 30, 2024, net automotive cash provided by operating activities was $11.3 billion, capital expenditures were $5.3 billion and adjustments for management actions were $0.3 billion.

Status of Credit Ratings We receive ratings from four independent credit rating agencies: DBRS Limited, Fitch Ratings, Moody's Investor Service and Standard & Poor's. All four credit rating agencies currently rate our corporate credit at investment grade. As of July 15, 2025, all credit ratings remained unchanged since December 31, 2024.

Automotive Financing – GM Financial Liquidity GM Financial's primary sources of cash are finance charge income, leasing income and proceeds from the sale of terminated leased vehicles, net proceeds from credit facilities, securitizations, secured and unsecured borrowings and collections and recoveries on finance receivables. GM Financial's primary uses of cash are purchases and funding of finance receivables and leased vehicles, repayment or repurchases of secured and unsecured debt, funding credit enhancement requirements in connection with securitizations and secured credit facilities, interest costs, operating expenses, income taxes and dividend payments. GM Financial continues to monitor and evaluate opportunities to optimize its liquidity position and the mix of its debt between secured and unsecured debt.

The following table summarizes GM Financial's available liquidity (dollars in billions):


	June 30, 2025		December 31, 2024
Cash and cash equivalents	$	8.4	$	5.1
Borrowing capacity on unpledged eligible assets	25.7		21.5
Borrowing capacity on committed unsecured lines of credit	0.9		0.7
Borrowing capacity on revolving credit facility, exclusive to GM Financial	2.0		2.0
Total GM Financial available liquidity	$	37.0	$	29.3

GM Financial Cash Flow (dollars in billions)


	Six Months Ended				Change
	June 30, 2025		June 30, 2024		Change
Net cash provided by (used in) operating activities	$	4.1	$	3.2	$	0.9
Net cash provided by (used in) investing activities(a)	$	(1.6)	$	(5.8)	$	4.1
Net cash provided by (used in) financing activities(b)	$	1.1	$	4.8	$	(3.6)

__________

(a)Includes $3.7 billion in the six months ended June 30, 2025 driven primarily by purchases of, and collections on, wholesale finance receivables and collection of intercompany loans to Cruise; and $(3.3) billion in the six months ended June 30, 2024 driven primarily by purchases of, and collections on, wholesale finance receivables, which are eliminated within the condensed consolidated statements of cash flows.

(b)Includes $(0.7) billion and $(0.9) billion in the six months ended June 30, 2025 and 2024 for dividends to GM, which are eliminated within the condensed consolidated statements of cash flows.

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	Six Months Ended				Change
	June 30, 2025		June 30, 2024
Operating Activities
Net income (loss)	$	1.0	$	1.1	$	(0.1)
Depreciation and amortization	2.6		2.6		—
Accretion and amortization of loan and leasing fees	(0.8)		(0.7)		(0.1)
Provision for loan losses	0.7		0.4		0.3
Other non-cash income	(0.5)		(0.5)		—
Changes in assets and liabilities	0.9		—		0.9
Deferred income taxes	0.2		0.3		(0.1)
Net cash provided by (used in) operating activities	$	4.1	$	3.2	$	0.9

GM Financial structures liquidity to support at least six months of GM Financial's expected net cash flows, including new originations, without access to new debt financing transactions or other capital markets activity. At June 30, 2025, available liquidity exceeded GM Financial's liquidity targets.

GM Financial did not have any borrowings outstanding against our credit facility designated for their exclusive use or the remainder of our revolving credit facilities at June 30, 2025 and December 31, 2024. Refer to the "Automotive Liquidity" section of this MD&A for additional details.

Credit Facilities In the normal course of business, in addition to using its available cash, GM Financial utilizes borrowings under its credit facilities, which may be secured or unsecured, and GM Financial repays these borrowings as appropriate under its cash management strategy. At June 30, 2025, secured, committed unsecured and uncommitted unsecured credit facilities totaled $27.5 billion, $0.9 billion and $2.1 billion with advances outstanding of $1.6 billion, an insignificant amount and $2.1 billion.

Critical Accounting Estimates The condensed consolidated financial statements are prepared in conformity with U.S. GAAP, which requires the use of estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses in the periods presented. We believe the accounting estimates employed are appropriate and the resulting balances are reasonable; however, due to the inherent uncertainties in developing estimates, actual results could differ from the original estimates, requiring adjustments to these balances in future periods. The critical accounting estimates that affect the condensed consolidated financial statements and the judgments and assumptions used are consistent with those described in the MD&A in our 2024 Form 10-K.

Non-GAAP Measures We use both GAAP and non-GAAP financial measures for operational and financial decision making, and to assess Company and segment business performance. Our non-GAAP measures include: EBIT-adjusted, presented net of noncontrolling interests; EBT-adjusted for our GM Financial segment; EPS-diluted-adjusted; ETR-adjusted; ROIC-adjusted and adjusted automotive free cash flow. Our calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures.

These non-GAAP measures allow management and investors to view operating trends, perform analytical comparisons and benchmark performance between periods and among geographic regions to understand operating performance without regard to items we do not consider a component of our core operating performance. Furthermore, these non-GAAP measures allow investors the opportunity to measure and monitor our performance against our externally communicated targets and evaluate the investment decisions being made by management to improve ROIC-adjusted. Management uses these measures in its financial, investment and operational decision-making processes, for internal reporting and as part of its forecasting and budgeting processes. Further, our Board of Directors uses certain of these and other measures as key metrics to determine management performance under our performance-based compensation plans. For these reasons, we believe these non-GAAP measures are useful for our investors.

EBIT-adjusted (Most comparable GAAP measure: Net income attributable to stockholders) EBIT-adjusted is presented net of noncontrolling interests and is used by management and can be used by investors to review our consolidated operating

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results because it excludes automotive interest income, automotive interest expense and income taxes as well as certain additional adjustments that are not considered part of our core operations. Examples of adjustments to EBIT include, but are not limited to, impairment charges on long-lived assets and other exit costs resulting from strategic shifts in our operations or discrete market and business conditions, and certain costs arising from legal matters. For EBIT-adjusted and our other non-GAAP measures, once we have made an adjustment in the current period for an item, we will also adjust the related non-GAAP measure in any future periods in which there is an impact from the item. Our corresponding measure for our GM Financial segment is EBT-adjusted because interest income and interest expense are an integral part of its financial performance.

EPS-diluted-adjusted (Most comparable GAAP measure: Diluted earnings per common share) EPS-diluted-adjusted is used by management and can be used by investors to review our consolidated diluted EPS results on a consistent basis. EPS-diluted-adjusted is calculated as net income attributable to common stockholders-diluted less adjustments noted above for EBIT-adjusted and certain income tax adjustments divided by weighted-average common shares outstanding-diluted. Examples of income tax adjustments include the establishment or release of significant deferred tax asset valuation allowances.

ETR-adjusted (Most comparable GAAP measure: Effective tax rate) ETR-adjusted is used by management and can be used by investors to review the consolidated effective tax rate for our core operations on a consistent basis. ETR-adjusted is calculated as Income tax expense less the income tax related to the adjustments noted above for EBIT-adjusted and the income tax adjustments noted above for EPS-diluted-adjusted divided by Income before income taxes less adjustments. When we provide an expected adjusted effective tax rate, we do not provide an expected effective tax rate because the U.S. GAAP measure may include significant adjustments that are difficult to predict.

ROIC-adjusted (Most comparable GAAP measure: Return on equity) ROIC-adjusted is used by management and can be used by investors to review our investment and capital allocation decisions. We define ROIC-adjusted as EBIT-adjusted for the trailing four quarters divided by ROIC-adjusted average net assets, which is the average equity balances adjusted for average automotive debt and interest liabilities, exclusive of finance leases; average automotive net pension and OPEB liabilities; and average automotive net income tax assets during the same period.

Adjusted automotive free cash flow (Most comparable GAAP measure: Net automotive cash provided by operating activities) Adjusted automotive free cash flow is used by management and can be used by investors to review the liquidity of our automotive operations and to measure and monitor our performance against our capital allocation program and evaluate our automotive liquidity against the substantial cash requirements of our automotive operations. We measure adjusted automotive free cash flow as automotive operating cash flow from operations less capital expenditures adjusted for management actions. Management actions can include voluntary events such as discretionary contributions to employee benefit plans or nonrecurring specific events such as a closure of a facility that are considered special for EBIT-adjusted purposes. Refer to the "Liquidity and Capital Resources" section of this MD&A for additional information.

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The following table reconciles Net income (loss) attributable to stockholders to EBIT-adjusted:


	Three Months Ended
	June 30,				March 31,				December 31,				September 30,
	2025		2024		2025		2024		2024		2023		2024		2023
Net income (loss) attributable to stockholders	$	1,895	$	2,933	$	2,784	$	2,980	$	(2,961)	$	2,102	$	3,056	$	3,064
Income tax expense (benefit)	481		767		719		762		318		(857)		709		470
Automotive interest expense	198		206		152		219		215		222		206		229
Automotive interest income	(200)		(229)		(191)		(186)		(279)		(308)		(274)		(322)
Adjustments
Ultium strategic realignment(a)	330		—		—		—		—		—		—		—
China restructuring actions(b)	140		—		—		—		4,010		—		—		—
Restructuring actions(c)	87		—		—		—		10		—		190		—
Cruise restructuring(d)	65		583		—		—		520		478		—		—
GMI plant wind down(e)	33		103		—		—		4		—		43		—
Headquarters relocation(f)	8		—		26		—		30		—		34		—
Buick dealer strategy(g)	—		75		—		96		643		131		150		93
Voluntary separation program(h)	—		—		—		—		—		130		—		30
GM Korea wage litigation(i)	—		—		—		—		—		(30)		—		—
India asset sales(j)	—		—		—		—		—		(111)		—		—











Total adjustments	663		761		26		96		5,217		598		417		123
EBIT-adjusted	$	3,037	$	4,438	$	3,490	$	3,871	$	2,509	$	1,757	$	4,115	$	3,564

__________

(a)These adjustments were excluded because they relate to Ultium Cells Holdings LLC charges from a strategic realignment to have the right manufacturing and cell capabilities in place to meet EV demand and expected growth.

(b)These adjustments were excluded because they relate to restructuring activities associated with our operations in China, including an other-than-temporary impairment and restructuring charges recorded in equity earnings associated with our Automotive China JVs.

(c)These adjustments were excluded because they relate to employee separation charges.

(d)These adjustments were excluded because they relate to restructuring charges resulting from the plan to combine the Cruise and GM technical efforts to advance autonomous and assisted driving, the indefinite delay of the Cruise Origin and the voluntary pausing in 2023 of Cruise's driverless, supervised and manual AV operations in the U.S. The adjustments primarily consist of non-cash restructuring charges, supplier-related charges and employee separation costs.

(e)These adjustments were excluded because they relate to the wind down of our manufacturing operations in Colombia and Ecuador.

(f)These adjustments were excluded because they relate to the GM headquarters relocation, primarily consisting of accelerated depreciation.

(g)These adjustments were excluded because they relate to strategic activities to transition certain Buick dealers out of our dealer network as part of Buick’s EV strategy.

(h)These adjustments were excluded because they relate to the acceleration of attrition as part of the cost reduction program announced in January 2023, primarily in the U.S.

(i)These adjustments were excluded because they relate to the partial resolution of subcontractor matters in Korea.

(j)These adjustments were excluded because they relate to an asset sale resulting from our strategic decision in 2020 to exit India.

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The following table reconciles diluted earnings per common share to EPS-diluted-adjusted:


	Three Months Ended								Six Months Ended
	June 30, 2025				June 30, 2024				June 30, 2025				June 30, 2024
	Amount		Per Share		Amount		Per Share		Amount		Per Share		Amount		Per Share
Diluted earnings per common share	$	1,865	$	1.91	$	2,919	$	2.55	$	5,224	$	5.28	$	5,889	$	5.10
Adjustments(a)	663		0.68		761		0.66		689		0.70		857		0.74
Tax effect on adjustments(b)	(64)		(0.07)		(170)		(0.15)		(70)		(0.07)		(194)		(0.17)

Return from preferred shareholders(c)	—		—		—		—		(593)		(0.60)		—		—
EPS-diluted-adjusted	$	2,464	$	2.53	$	3,510	$	3.06	$	5,250	$	5.31	$	6,552	$	5.68

__________

(a)Refer to the reconciliation of Net income (loss) attributable to stockholders to EBIT-adjusted within this section of MD&A for the details of each individual adjustment.

(b)The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.

(c)This adjustment consists of a return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders in the six months ended June 30, 2025.

The following table reconciles our effective tax rate to ETR-adjusted:


	Three Months Ended												Six Months Ended
	June 30, 2025						June 30, 2024						June 30, 2025						June 30, 2024
	Income before income taxes		Income tax expense (benefit)		Effective tax rate		Income before income taxes		Income tax expense (benefit)		Effective tax rate		Income before income taxes		Income tax expense (benefit)		Effective tax rate		Income before income taxes		Income tax expense (benefit)		Effective tax rate
Effective tax rate	$	2,375	$	481	20.2	%	$	3,643	$	767	21.0	%	$	5,946	$	1,199	20.2	%	$	7,359	$	1,529	20.8	%
Adjustments(a)	663		64				828		170				689		70				924		194

%

__________

(a)Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in Net income attributable to stockholders.

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The following table summarizes the calculation of ROIC-adjusted (dollars in billions):


	Four Quarters Ended
	June 30, 2025			June 30, 2024
EBIT-adjusted(a)	$	13.2		$	13.6
Average equity(b)	$	66.8		$	70.4
Add: Average automotive debt and interest liabilities (excluding finance leases)	16.2			16.2
Add: Average automotive net pension & OPEB liability	8.9			9.3
Less: Average automotive and other net income tax asset	(22.8)			(22.1)
ROIC-adjusted average net assets	$	69.1		$	73.8
ROIC-adjusted	19.0		%	18.5		%

__________

(a)Refer to the reconciliation of Net income (loss) attributable to stockholders to EBIT-adjusted within this section of MD&A.

(b)Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in EBIT-adjusted.

Forward-Looking Statements This report and the other reports filed by us with the SEC from time to time, as well as statements incorporated by reference herein and related comments by our management, may include "forward-looking statements" within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements represent our current judgment about possible future events and are often identified by words like “aim,” “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “priorities,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,” or the negative of any of those words or similar expressions. In making these statements, we rely on assumptions and analysis based on our experience and perception of historical trends, current conditions and expected future developments as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of important factors, many of which are beyond our control. These factors, which may be revised or supplemented in subsequent reports we file with the SEC, include, among others, the following: (1) our ability to deliver new products, services, technologies and customer experiences in response to increased competition and changing consumer needs and preferences; (2) our ability to attract and retain talented and highly skilled employees; (3) our ability to timely fund and introduce new and improved vehicle models, including EVs, that are able to attract a sufficient number of consumers; (4) our ability to profitably deliver a strategic portfolio of EVs; (5) adoptions of EVs by consumers; (6) the success of our current line of ICE vehicles, particularly our full-size SUVs and full-size pickup trucks; (7) our highly competitive industry, which has been historically characterized by excess manufacturing capacity and the use of incentives, and the introduction of new and improved vehicle models by our competitors; (8) the unique technological, operational, regulatory and competitive risks related to our refocused AV strategy on personal vehicles; (9) risks associated with climate change, including increased regulation of GHG emissions, our transition to EVs and the potential increased impacts of severe weather events; (10) global automobile market sales volume, which can be volatile; (11) inflationary pressures and persistently high prices and uncertain availability of raw materials and commodities used by us and our suppliers, and instability in logistics and related costs; (12) our business in China, which is subject to unique operational, competitive, regulatory and economic risks; (13) the success of our ongoing strategic business relationships, particularly with respect to facilitating access to raw materials necessary for the production of EVs, and of our joint ventures, which we cannot operate solely for our benefit and over which we may have limited control; (14) the international scale and footprint of our operations, which expose us to a variety of unique political, economic, competitive and regulatory risks, including the risk of changes in government leadership and laws (including labor, trade, tax and other laws), political uncertainty or instability and economic tensions between governments and changes in international trade policies, new barriers to entry and changes to or withdrawals from free trade agreements, introduction of new or changes to announced tariffs directly and indirectly applicable to our industry, changes in foreign exchange rates and interest rates, economic downturns in the countries in which we operate, differing local product preferences and product requirements, changes to and compliance with U.S. and foreign countries' export controls and economic sanctions, differing labor regulations, requirements and union relationships, differing dealer and franchise regulations and relationships, difficulties in obtaining financing in foreign countries, and public health crises, including the occurrence of a contagious disease or illness; (15) any significant disruption, including any work stoppages, at any of our manufacturing facilities; (16) the ability of our suppliers to deliver parts, systems and components without disruption and at such times to allow us to meet production schedules; (17) pandemics, epidemics, disease outbreaks and other public health crises; (18) the possibility that competitors may independently develop products and services similar to ours, or that our intellectual property rights are not sufficient to prevent competitors from developing or selling those products or services; (19) our ability to manage risks related to security breaches, cyberattacks and other disruptions to our information technology systems and networked products, including connected vehicles; (20) our ability to

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manage security breaches and other disruptions to our in-vehicle systems; (21) our ability to comply with increasingly complex, restrictive and punitive regulations relating to our enterprise data practices, including the collection, use, sharing and security of the personal information of our customers, employees or suppliers; (22) our ability to comply with extensive laws, regulations and policies applicable to our industry, operations and products, including those in the Act and/or relating to fuel economy, emissions and AVs; (23) costs and risks associated with litigation and government investigations; (24) the costs and effect on our reputation of product safety recalls and alleged defects in products and services; (25) any additional tax expense or exposure or failure to fully realize available tax incentives; (26) our continued ability to develop captive financing capability through GM Financial; and (27) any significant increase in our pension funding requirements. A further discussion of these risks, uncertainties and other factors can be found in Part I, Item 1A. Risk Factors of our 2024 Form 10-K, Part II, Item 1A. Risk Factors and our subsequent filings with the SEC.

We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events or other factors, except where we are expressly required to do so by law.

* * * * * * *

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There have been no significant changes in our exposure to market risk since December 31, 2024. For further discussion on market risk, refer to Part II, Item 7A. of our 2024 Form 10-K.

* * * * * * *

Item 4. Controls and Procedures

Disclosure Controls and Procedures We maintain disclosure controls and procedures designed to provide reasonable assurance that information required to be disclosed in reports filed under the Securities Exchange Act of 1934, as amended (Exchange Act), is recorded, processed, summarized and reported within the specified time periods and accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures.

Our management, with the participation of our CEO and CFO, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) promulgated under the Exchange Act) as of June 30, 2025 as required by paragraph (b) of Rules 13a-15 or 15d-15. Based on this evaluation, our CEO and CFO concluded that our disclosure controls and procedures were effective as of June 30, 2025.

Changes in Internal Control over Financial Reporting There have not been any changes in our internal control over financial reporting during the three months ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II

Item 1. Legal Proceedings

SEC regulations require us to disclose certain information about environmental proceedings if a governmental authority is a party to such proceedings and such proceedings involve potential monetary sanctions that we reasonably believe will exceed a stated threshold. Pursuant to the SEC regulations, the Company will use a threshold of $1 million for purposes of determining whether disclosure of any such proceedings is required.

The discussion under Note 14 to our condensed consolidated financial statements is incorporated by reference into this Part II, Item 1.

* * * * * * *

Item 1A. Risk Factors

We face a number of significant risks and uncertainties in connection with our operations. Our business and the results of our operations and financial condition could be materially adversely affected by these risk factors. There have been no material changes to the Risk Factors disclosed in our 2024 Form 10-K, other than as set forth below in this Item 1A.

The U.S. Government has introduced new tariffs applicable to the automotive industry, and signaled additional tariffs may be implemented in August 2025. Such tariffs, and tariffs imposed by other governments, could have a material adverse effect on our financial condition and results of operations. The U.S. Government has introduced new tariffs and tariff-related measures, including tariffs specifically related to the automotive industry, and has indicated that tariff rates may increase or additional tariffs may be introduced in the coming months. The U.S. Government has also identified other potential tariff measures under consideration. 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. We believe the tariffs currently in place will have a $4.0 billion to $5.0 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. We are taking various actions 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, but 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. Tariffs could also cause supply chain disruptions globally, potentially resulting in increased production costs and the inability to receive certain critical parts.

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Purchases of Equity Securities The following table summarizes our purchases of common stock in the three months ended June 30, 2025:


	Total Number of Shares Purchased(a)(b)	Weighted Average Price Paid per Share (b)(c)		Total Number of Shares Purchased Under Announced Programs(b)	Approximate Dollar Value of Shares That May Yet be Purchased Under Announced Programs(b)
April 1, 2025 through April 30, 2025
Final settlement of ASR(b)	4,890,748	$	—	4,890,748
Other shares purchased	30,952	$	46.39	—	$4.3 billion
May 1, 2025 through May 31, 2025	112,259	$	45.24	—	$4.3 billion
June 1, 2025 through June 30, 2025
Final settlement of ASR(b)	5,159,608	$	—	5,159,608
Other shares purchased	—	$	—	—	$4.3 billion
Total	10,193,567	$	45.49	10,050,356

__________

(a)Shares purchased include shares delivered by employees or directors to us for the payment of taxes resulting from the issuance of common stock upon the vesting of RSUs relating to compensation plans. Refer to our 2024 Form 10-K for additional details on employee stock incentive plans.

(b)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, with no expiration, 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 and immediately retired 33 million shares of our common stock worth $1.6 billion (80% of the aggregate purchase price based on a $48.46 per share closing share price of our common stock on February 26, 2025). In the three months ended June 30, 2025, upon the final settlement of the transactions contemplated under the ASR Agreements, we received approximately 10 million additional shares, which were immediately retired. The final number of shares received under the ASR program 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.

(c)The weighted-average price paid per share excludes broker commissions.

* * * * * * *

Item 5.

a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K: (1) on , , , a trading plan intended to satisfy Rule 10b5-1(c) to sell up to shares of GM common stock and the exercise of vested stock options and the associated sale of up to shares of GM common stock between August 5, 2025 and , subject to certain conditions; and (2) on , , , a trading plan intended to satisfy Rule 10b5-1(c) to sell up to shares of GM common stock and the exercise of vested stock options and the associated sale of up to shares of GM common stock between August 28, 2025 and , subject to certain conditions.

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Item 6. Exhibits

Exhibit Number

Exhibit Name

3.1

Amended and Restated Certificate of Incorporation of General Motors Company dated June 3 , 20 25 , incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of General Motors Company filed June 5 , 20 25

Incorporated by Reference

3.2

General Motors Company Amended and Restated Bylaws, as amended October 4, 2024, incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of General Motors Company filed October 9, 2024

Incorporated by Reference

4.1

Eighth Supplemental Indenture, dated as of May 7, 2025, to the Indenture, dated as of September 27, 2013, between General Motors Company, as issuer, and The Bank of New York Mellon, as Trustee, incorporated by reference to Exhibit 4.3 to the Current Report on Form 8-K of General Motors Company filed May 7, 2025

Incorporated by Reference

31.1

Section 302 Certification of the Chief Executive Officer

Filed Herewith

31.2

Section 302 Certification of the Chief Financial Officer

Filed Herewith

Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Furnished with this Report

101

The following financial information from the Company’s Quarterly Report on Form 10-Q for the three months ended June 30, 2025, formatted in Inline Extensible Business Reporting Language (Inline XBRL) includes: (i) the Condensed Consolidated Income Statements, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows, (v) the Condensed Consolidated Statements of Equity and (vi) Notes to the Condensed Consolidated Financial Statements

Filed Herewith

104

The cover page from the Company's Quarterly Report on Form 10-Q for the three months ended June 30, 2025, formatted as Inline XBRL and contained in Exhibit 101

Filed Herewith

* * * * * * *

Table of Contents

GENERAL MOTORS COMPANY AND SUBSIDIARIES

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

GENERAL MOTORS COMPANY (Registrant)

By:

/s/ CHRISTOPHER T. HATTO

Christopher T. Hatto, Vice President, Global Business Solutions and Chief Accounting Officer

Date:

July 22, 2025

General Motors Co - Quarter Report: 2025 June (Form 10-Q)

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