1. Procter & Gamble (P&G) for cars

2. Walmart for vehicles

3. General Electric (GE) for automobiles

• Passenger Vehicles (Cars, Trucks, SUVs): General Motors designs, manufactures, and sells a wide range of gasoline-powered and hybrid passenger vehicles across various brands, including Chevrolet, GMC, Cadillac, and Buick.
• Electric Vehicles (EVs): GM is expanding its portfolio of all-electric vehicles, leveraging its Ultium battery platform for models across its brands, such as the Chevrolet Silverado EV, Blazer EV, and Cadillac LYRIQ.
• Autonomous Driving Technology (Cruise): Through its subsidiary Cruise, GM develops and deploys self-driving vehicle technology and operates autonomous ride-hailing and delivery services in select cities.
• Vehicle Connectivity and Subscription Services (OnStar): GM provides subscription-based services like OnStar, offering in-vehicle safety, security, navigation, diagnostics, and connectivity features to its customers.
• Automotive Financing (GM Financial): GM Financial provides a comprehensive suite of automotive finance and insurance products and services to customers and dealers, primarily supporting the sale of GM vehicles.

General Motors (symbol: GM) primarily sells its vehicles to a wide range of end-users. While its direct customers are often independent dealerships, the company serves the following major categories of ultimate customers:

1. Individual Consumers

   This category includes private individuals and households who purchase GM vehicles (cars, trucks, and SUVs) for personal transportation and use. This is GM's largest customer segment, with purchasing decisions often driven by factors such as lifestyle, family needs, performance, fuel efficiency, and brand loyalty.

2. Commercial Fleet Operators

   This segment comprises businesses that purchase multiple vehicles for their operational needs. Examples include:

   • Rental Car Companies: Such as Enterprise Holdings, Hertz Global Holdings (symbol: HTZ), and Avis Budget Group (symbol: CAR), which acquire large fleets of vehicles for short-term rental to individuals and businesses.
   • Corporate Fleets: Companies that provide vehicles to their employees for business travel, sales, or service operations.
   • Delivery and Logistics Services: Businesses that utilize vans and trucks for package delivery, last-mile logistics, and other transportation services.
   • Ride-Sharing and Ride-Hailing Services: Companies like Uber (symbol: UBER) and Lyft (symbol: LYFT) that facilitate vehicle usage for passenger transport.

3. Government and Institutional Fleets

   This category includes public sector entities and other institutions that purchase vehicles for official use. This can encompass:

   • Municipalities and Local Governments: For police departments, fire departments, public works, and other city services.
   • State and Federal Agencies: Including various government departments, military branches, and law enforcement agencies.
   • Non-Profit Organizations and Universities: For transport, facilities management, and other operational needs.

• LG Energy Solution (373220.KS)
• Magna International Inc. (MGA)
• Lear Corporation (LEA)
• Aptiv PLC (APTV)
• The Goodyear Tire & Rubber Company (GT)
• Continental AG (CTT.DE)
• BorgWarner Inc. (BWA)
• Michelin (ML.PA)

Mary Barra, Chair and Chief Executive Officer

Mary Barra has served as Chair and Chief Executive Officer of General Motors since January 2014, making history as the first woman to lead a major global automaker. She began her career with GM in 1980 as a co-op student at the Pontiac Motor Division. Throughout her four decades at GM, she has held various engineering and administrative positions, including managing the Detroit/Hamtramck Assembly plant, and serving as 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.

Paul Jacobson, Executive Vice President and Chief Financial Officer

Paul Jacobson joined General Motors as Executive Vice President and Chief Financial Officer in December 2020. Prior to his role at GM, Jacobson served as the Chief Financial Officer of Delta Air Lines, Inc., a company he helped transform into one of Fortune magazine's Top 50 Most Admired Companies for six consecutive years. He began his career with Delta as a financial analyst in 1997 and was recognized eight times as the airline industry's best CFO by Institutional Investor magazine's poll of Wall Street analysts and investors.

Mark Reuss, President

Mark Reuss is the President of General Motors, overseeing the company's regional operations across North America, South America, China, and General Motors International, as well as Global Product Development, Global Design, Global Quality, and Operational Excellence teams. He began his career with GM as a student intern in 1983 and has nearly four decades of experience within the automotive industry. Reuss, a mechanical engineer, has been instrumental in GM's transition to an electric-first company, leading the development efforts for electric vehicles like the Cadillac LYRIQ and Hummer EV.

Gerald Johnson, Executive Vice President, Global Manufacturing

Gerald Johnson serves as the Executive Vice President of Global Manufacturing at General Motors. He began his extensive career with GM as a co-op student through the General Motors Institute (now Kettering University) at the age of 17. Johnson earned a Bachelor's degree in industrial administration and later a Master's in manufacturing operations from MIT. He rose through various leadership positions, including executive director of Assembly and Stamping Operations and President of General Motor Component Holdings. Johnson is also a founding member of GM's Inclusion Advisory Board.

Shilpan Amin, Senior Vice President & President, GM International and Global Chief Procurement and Supply Chain Officer

Shilpan Amin holds the positions of Senior Vice President and President, GM International, as well as Global Chief Procurement and Supply Chain Officer. In these roles, he is responsible for leading GM's business outside of North America, encompassing key international markets such as South America, the Middle East, and Asia-Pacific regions (excluding China). Amin drives profitability, regional strategy, and global vehicle program coordination, and previously served as GM's Vice President of Global Purchasing and Supply Chain, where he was crucial in streamlining procurement operations and enhancing supplier resilience.

Chinese electric vehicle (EV) manufacturers, such as BYD, Nio, and XPeng, are rapidly expanding their global presence, offering highly competitive products at aggressive price points. This emergence threatens to erode General Motors' market share and profitability, particularly in the crucial EV segment where GM is making substantial investments, as these companies aggressively enter new international markets.

The significant operational challenges, safety incidents, and resulting regulatory scrutiny faced by its autonomous driving subsidiary, Cruise, threaten General Motors' substantial investment and long-term competitive position in the autonomous vehicle market. While competitors like Waymo continue to advance, Cruise's setbacks risk leaving GM significantly behind in a potentially transformative future mobility sector.

Automobiles and Trucks (Internal Combustion Engine and Electric Vehicles)

• Global Electric Vehicle (EV) Market: The global electric vehicle market was estimated at USD 1,328.08 billion in 2024 and is projected to reach USD 6,523.97 billion by 2030, demonstrating a Compound Annual Growth Rate (CAGR) of 32.5% from 2025 to 2030. Another estimate valued the global EV market at USD 890.72 billion in 2024, with a projection to reach approximately USD 2,529.10 billion by 2034, growing at a CAGR of 11% from 2025 to 2034.
• North America Electric Vehicle Market: This region is anticipated to experience moderate growth. The EV share in North America is expected to be below 10% in 2025 but could rebound to 22% by 2030.
• Asia Pacific Electric Vehicle Market: Valued at USD 491.90 billion in 2025, this market is expanding at a CAGR of 12.10% during the forecast period and is considered the largest region in the global electric vehicle market.
• Global Internal Combustion Engine (ICE) Market: The global internal combustion engine market was valued at US$ 249.2 billion in 2024 and is expected to reach US$ 372.2 billion by 2031, with a CAGR of 5.9% from 2025 to 2031.
• North America Internal Combustion Engine (ICE) Market: This market was valued at USD 101.02 billion in 2024 and is expected to reach USD 130.39 billion by 2030, growing at a CAGR of 4.35%. The United States holds approximately 60% of this market share.
• Asia Pacific Internal Combustion Engine (ICE) Market: The market value for this region was USD 139.36 billion in 2024, making it a dominating region.

Commercial Vehicles

• Global Commercial Vehicle Market: The global commercial vehicle market was valued at USD 950 billion in 2023 and is expected to reach USD 1,300 billion by 2030, growing at a CAGR of 4.5% from 2024 to 2030. Another report estimated the market size at USD 1.35 trillion in 2022, projected to reach USD 1.85 trillion by 2030, with a CAGR of 3.7% from 2023 to 2030. The market was also valued at USD 848.63 billion in 2024 and is expected to grow to nearly USD 1225.45 billion by 2032 with a CAGR of 4.7% from 2025.
• North America Commercial Vehicle Market: This region held the highest market share of 59.61% in 2022 and is projected to hold around 47.7% share by 2035.
• Asia-Pacific Commercial Vehicle Market: This is the largest and fastest-growing market, accounting for over 40% of the global market share and over 48.7% in 2024.

Autonomous Driving Technology

• Global Autonomous Vehicle Market: The global autonomous vehicle market was valued at USD 109.0 billion in 2024 and is expected to reach USD 1,730.4 billion by 2033, exhibiting a CAGR of 31.85% from 2025 to 2033. Other estimates include a market size of USD 98.2 billion in 2024, projected to reach USD 812.5 billion by 2034 with a CAGR of 23.5%, and USD 124.47 billion in 2024, expected to reach USD 780.80 billion by 2032 with a CAGR of 25.80%.
• North America Autonomous Vehicle Market: This region dominates the market, holding over 40.8% of the market share in 2024 and the largest revenue share of 39.69% in 2024.
• Global Autonomous Driving Software Market: This market was valued at USD 1.8 billion in 2023 and is projected to grow at a CAGR of 13.4% between 2024 and 2032.
• North America Autonomous Driving Software Market: This market accounted for over 35% revenue share in 2023 and is expected to exceed USD 2 billion by 2032. The U.S. market alone is expected to exceed USD 1.5 billion by 2032.

Financial Services (GM Financial)

• U.S. Auto Leasing, Loans & Sales Financing Market: GM Financial holds an estimated 9.5% of the total industry revenue in the U.S. market for Auto Leasing, Loans & Sales Financing. The total market size for this specific industry in the US is not explicitly stated in the provided information.

Share Repurchases

• In November 2023, General Motors announced a $10 billion accelerated share repurchase program.
• The Board of Directors approved a new share repurchase authorization of up to $6 billion in June 2024.
• In February 2025, a new $6 billion share repurchase program was announced, including a $2 billion accelerated share repurchase for the first half of 2025, following the completion of the previous $10 billion program.

Share Issuance

• General Motors has consistently reduced its outstanding common stock through share repurchase programs over the last 3-5 years.
• Shares outstanding decreased from 1.45 billion in 2021 to 963 million by November 2025.

Outbound Investments

• General Motors committed to investing $35 billion in electric vehicles (EVs) and autonomous vehicles (AVs) from 2020 through 2025.
• Significant investments were made in Ultium Cells LLC joint ventures for battery cell production, with plans for four plants.
• In 2025, GM announced a $4 billion investment over two years to expand U.S. manufacturing for both EVs and gas-powered vehicles, aiming to shift some production from Mexico and Canada to the U.S.

Capital Expenditures

• General Motors' capital expenditures averaged $8.769 billion annually from 2020 to 2024, peaking at $10.97 billion in 2023.
• Expected capital expenditures for 2025 are between $10 billion and $11 billion, and $10 billion to $12 billion annually through 2027.
• The primary focus of these expenditures is on establishing manufacturing infrastructure for electric vehicles, including battery cell production, retooling assembly plants, and investing in both EV and traditional internal combustion engine (ICE) vehicle production in the U.S.