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GM is like the Volkswagen Group, a global automotive giant managing a portfolio of vehicle brands from luxury to mass-market, and heavily investing in future vehicle technology.

GM is like Toyota, a global automotive powerhouse that manufactures a wide variety of cars, trucks, and SUVs, while also providing financing and developing advanced vehicle tech.

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• Vehicles: General Motors designs, builds, and sells a wide range of trucks, crossovers, and cars under various brand names.
• Automobile Parts and Accessories: The company provides a variety of parts and accessories for its vehicles.
• Safety and Security Services: GM offers subscription services that include features like automatic crash response, roadside assistance, and stolen vehicle assistance.
• Connected Services: These services provide in-vehicle connectivity, navigation, remote vehicle control via mobile apps, and other digital functionalities.
• Autonomous Vehicle Technology: GM develops and commercializes advanced autonomous vehicle technology, notably through its Cruise segment.
• Automotive Financing and Insurance Services: The company provides financing options and insurance coverage to support vehicle sales and ownership.
• Software-enabled Services and Subscriptions: This category encompasses various digital services and subscription offerings, enhancing the vehicle ownership experience.

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General Motors (GM) primarily sells its vehicles and related services to other companies rather than directly to individual consumers. Its major direct customers fall into two primary categories:

• Automotive Dealerships: These are independent businesses that purchase a wide range of vehicles (trucks, crossovers, cars) from General Motors. They then sell these vehicles, along with parts and accessories, to individual consumers and local fleet customers. GM operates a vast global network of thousands of dealerships, and while no single dealership group represents a disproportionate share of GM's overall sales, this channel collectively forms the largest direct purchasing group for GM.
• Fleet Operators: General Motors sells vehicles in volume to various types of fleet customers for their operational needs. This category includes:
  • Daily Rental Car Companies: Large corporations that maintain extensive fleets of vehicles for short-term rental. Major public companies in this sector that are significant buyers of new vehicles from automakers like GM include:
    • Hertz Global Holdings (HTZ)
    • Avis Budget Group (CAR)
  • Commercial Fleet Customers: Diverse businesses that acquire vehicles for their operations, such as utility companies, delivery services, and corporate transportation. Given the broad nature of this category, specific major public companies that would be consistent top customers for GM are not individually identifiable without further detailed sales data.
  • Leasing Companies: Entities that purchase vehicles from manufacturers to lease them long-term to businesses or individuals.
  • Government Agencies: Federal, state, and local governmental bodies that procure vehicles for public service, law enforcement, and administrative use.

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• LG Energy Solution (373220.KS)
• Magna International Inc. (MGA)
• Aptiv PLC (APTV)
• American Axle & Manufacturing Holdings, Inc. (AXL)
• Lear Corporation (LEA)

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Mary T. Barra, Chair and Chief Executive Officer

Mary T. Barra has served as the Chair and Chief Executive Officer of General Motors since January 15, 2014, making her the first female CEO of a "Big Three" automaker. She began her career with General Motors in 1980 at the age of 18 as a co-op student, inspecting fender panels and hoods to help pay for her college tuition. Throughout her extensive career at GM, she has held various engineering and administrative positions, including managing the Detroit/Hamtramck Assembly plant, and served as Vice President of Global Manufacturing Engineering, Vice President of Global Human Resources, and Executive Vice President of Global Product Development. Under her leadership, GM has committed to a future focused on electric vehicles, autonomous innovation, and carbon neutrality. There is no information indicating she founded or managed other companies, sold companies, or has a pattern of managing private equity-backed companies; her entire career has been with General Motors.

Paul Jacobson, Executive Vice President and Chief Financial Officer

Paul Jacobson was appointed Executive Vice President and Chief Financial Officer of General Motors, effective December 1, 2020. Before joining GM, Jacobson served as the Chief Financial Officer of Delta Air Lines Inc. from 2012 to 2020. During his tenure at Delta, he was recognized multiple times as the airline industry's best CFO by Institutional Investor magazine and played a key role in transforming the company. He originally joined Delta as a financial analyst in 1997. No information suggests he founded or managed other companies, sold companies he was involved with, or has a pattern of managing companies backed by private equity firms.

Mark Reuss, President

Mark Reuss was promoted to President of General Motors in January 2019. A mechanical engineer, he began his career with GM as a student intern in 1983. He has held numerous engineering and management positions across GM brands, including chief engineer of GM's large luxury vehicles, and in 2001, he founded and led the GM Performance Division. Reuss also served as president of GM North America from 2009 to 2013 and as executive vice president of Global Product Development, Purchasing and Supply Chain from 2013 to 2018. His father, Lloyd E. Reuss, also held the position of GM President from 1990 to 1992.

Rory Harvey, Executive Vice President and President, Global Markets

Rory Harvey was appointed Executive Vice President and President, Global Markets for General Motors in January 2024. In this role, he leads GM's commercial strategy to deliver a leading purchase and ownership experience across North America, China, and international markets. Harvey has over 30 years of experience with GM and its brands, having previously served as Executive Vice President and President of GM North America and as Vice President (Global) Cadillac, overseeing its day-to-day operations and sales forecasting. His career also includes significant leadership roles at Vauxhall Motors Ltd and Opel in Europe.

Shilpan Amin, Global Chief Procurement and Supply Chain Officer

Shilpan Amin was appointed Global Chief Procurement and Supply Chain Officer for General Motors in April 2025. In this position, he is responsible for developing and implementing GM's long-term purchasing and supply chain strategy, focusing on innovation, efficiency, and integration with the company's industrial footprint. Amin joined GM in 1996 as a product engineer in Advanced Product Development. Prior to his current role, he served as Senior Vice President and President, GM International, where he was responsible for profitable growth in GM's operations outside of North America and China. He has held various leadership positions within GM's Vehicle Engineering and Global Purchasing and Supply Chain operations.

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Key Risks to General Motors (GM)

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The aggressive market penetration and fundamentally different business models of pure-play electric vehicle manufacturers and technology companies in autonomous driving and software-defined vehicles. These new entrants prioritize software-centric vehicle architecture, direct-to-consumer sales, and recurring subscription services, which challenge General Motors' traditional manufacturing, dealership network, and its ability to capture future high-margin revenue streams.

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General Motors (GM) operates within several large addressable markets for its main products and services:

• Trucks, Crossovers, Cars, and Automobile Parts and Accessories:
  • The global automotive industry's manufacturing reached nearly 76 million units in 2023.
  • The global automotive industry size was valued at approximately USD 4,070.19 billion in 2023.
  • In North America, the automotive market was estimated at USD 874.9 billion in 2024, with projections to reach USD 1,258.2 billion by 2035.
  • China's automotive market recorded total vehicle sales of 30.094 million units in 2023.
  • The global auto parts and accessories market size was approximately USD 1.5 trillion in 2023.
• Connected Services (including safety and security services):
  • The global connected car market size was valued at USD 115.8 billion in 2023 and is projected to grow to USD 501.8 billion by 2033.
• Autonomous Vehicle Technology (Cruise):
  • The global autonomous vehicle market size was approximately USD 64.3 billion in 2024 and is projected to reach USD 337.2 billion by 2033.
• Automotive Financing and Insurance services (GM Financial):
  • The global automotive finance market size was valued at USD 323.3 billion in 2023 and is projected to grow to USD 554.1 billion by 2032.
• Software-enabled services and subscriptions:
  • The global automotive software market size was estimated at USD 19.0 billion in 2023 and is projected to reach USD 32.3 billion by 2030.

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1. Growth in High-Margin Software and Services: GM is actively expanding its in-vehicle software and services, such as OnStar and Super Cruise, which offer significantly higher profit margins than vehicle sales. The company reported deferred revenue from these services reached $5.4 billion by the end of 2025, a 65% year-over-year increase, with an estimated rise to $7.5 billion in 2026. OnStar subscribers reached a record 12 million in 2025 and are projected to exceed 13 million by the end of 2026, while Super Cruise subscribers were over 620,000 in 2025, representing an 80% year-over-year growth. GM expects nearly $400 million in Super Cruise revenue in 2026.
2. Sustained Demand and Strong Pricing for High-Margin Internal Combustion Engine (ICE) Trucks and SUVs: Despite the shift towards electrification, GM's highly profitable ICE trucks and SUVs continue to be a significant revenue driver. The company has maintained strong pricing and disciplined incentive spending on these popular models, such as the Chevrolet Silverado, GMC Sierra, and Cadillac Escalade, which contribute substantially to its overall profitability. GM achieved the #1 position in total U.S. sales in 2025, driven by strong performance across its brands.
3. Scaling and Achieving Profitability in Electric Vehicles (EVs): While General Motors has adjusted its near-term EV production targets due to slower market adoption, it remains committed to scaling its Ultium EV platform and reducing battery costs to achieve profitability in this segment. The company plans to launch new EV models, including the Chevrolet Blazer EV, Equinox EV, and Silverado EV for retail in 2024-2025. GM anticipates that its EV portfolio will approach or achieve positive variable margins as scale improves, with the goal of reducing EV losses in 2026 and beyond. In 2025, GM remained the #2 EV seller in the U.S., with EV sales rising 48% year-over-year.
4. Improved Performance in International Markets, particularly China: GM International (GMI) is expected to contribute positively to revenue, with the China joint venture achieving four consecutive quarters of profitable equity income through successful restructuring actions. New Energy Vehicle (NEV) sales in China reached nearly 1 million units in 2025, accounting for over half of total deliveries in the region and demonstrating profitability across various price points. GM aims for its international operations outside of China to deliver results largely consistent with 2025.

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Share Repurchases

• General Motors authorized a new $6 billion share repurchase program on January 27, 2026.
• The company executed $6 billion in share repurchases in 2025, leading to an approximate 18% reduction in its outstanding share count.
• Since late 2023, General Motors has returned $23 billion to shareholders through share repurchases, reducing its share count by nearly 35%.

Outbound Investments

• General Motors Ventures' most recent investment was in Oculii, a company in the Automotive industry, on September 21, 2021.
• GM Ventures focuses on strategic investments in startups aligned with GM's vision for zero emissions, zero crashes, and zero congestion, covering areas like electrification, connected customer experiences, autonomous technology, and digital enterprise.
• General Motors acquired Tooling & Equipment International in November 2023.

Capital Expenditures

• General Motors expects its annual capital spending to be in a range of $10 billion to $12 billion through 2027.
• Approximately $5 billion of the planned capital expenditures are allocated to expanding U.S. manufacturing capacity for high-demand gas and electric vehicles to mitigate tariff exposure.
• In June 2021, GM increased its commitment to EV and AV investments from 2020 through 2025 to $35 billion; however, in January 2026, the company announced a $6 billion charge due to adjustments in planned future EV production and investments.