General Motors Company · NYSE:GM
General Motors — Q2 2025 Earnings Presentation
37 slides from General Motors's earnings presentation, Jul 22, 2025
Slide 1: Consistent performance in a dynamic environment
Consistent performance in a dynamic environment Q2 2025 Earnings July 22, 2025 General Motors
Slide 2: Table of contents
Table of contents Page 4 Business update Page 11 2025 guidance Page 12 Financial information Page 25 Supplemental financial information Chevrolet Silverado EV General Motors 2
Slide 3: Information relevant to this presentation
Information relevant Cautionary Note on Forward-Looking Statements This communication and related comments by 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
Slide 4: Q2 2025 highlights
Q2 2025 highlights Q2 U.S. market share of 17.4%*, Strong financial results Announced nearly $5B of up 0.7 ppts YoY investment in key U.S. EBIT-Adj. $3.0B manufacturing facilities GM grew more than 2x faster than the Adj. Auto Free Cash Flow $2.8B industry in H1 with market share of EPS-Dil. Adj. $2
Slide 5: Continued discipline on go-to-market strategy
Continued discipline on go-to-market strategy Incentive Spend Per Vehicle % of ATP* Strong portfolio driving consistent pricing and incentives below industry Highest Competitor • Q2 and H1 average ATPs of more than 13% $51K, reflecting robust demand across our portfolio • Q2 incentives as a percenta
Slide 6: GM driving U.S. industry growth
GM driving U.S. industry growth #1 in total sales growth among all major OEMs • Q2 deliveries of 747k and H1 deliveries of 1,440k • #1 in full-size pickup sales for the 6th consecutive year, ~40% market share • #1 in full-size SUV sales for the 51st consecutive year, ~60% market share • Record cross
Slide 7: GM EV portfolio outpacing industry sales growth
GM EV portfolio outpacing industry sales growth Q2 EV sales up 111% YoY, 16% of U.S. EV market • Record GMC EV sales in H1, driven by Hummer and Sierra EV sales up 134% • Expanding current partnership with LG to include production of prismatic battery cells for future EVs, as well as LMR* and LFP* c
Slide 8: Strategic investments in our U.S. manufacturing plants
Strategic investments in our U.S. manufacturing plants $4B investment in the U.S. through 2027, while keeping overall capital spend in the $10–12B range • Orion Assembly, MI will build ICE full-size SUVs and trucks, supplementing existing capacity • Fairfax Assembly, KS will build the ICE Chevrolet
Slide 9: Software is a leading driver in enhancing our core business
Software is a leading driver in enhancing our core business Super Cruise availability continues to expand • Over 500k Super Cruise vehicles on the road at the end of Q2, a more than 100% YoY increase and on track to nearly double the enabled fleet by the end of 2025 • Deferred revenue of $4B from On
Slide 10: Building on industry leading loyalty
Building on industry leading loyalty GM Rewards is poised for growth with the program relaunch and introduction of a new credit card GM Rewards Members spend more at GM and are more engaged than GM customers not enrolled in GM Rewards • Members purchase 8% higher MSRP vehicles, repurchase new vehicl
Slide 11: 2025 guidance unchanged
2025 guidance unchanged Tariff update $10.0–12.5B $8.25–10.00 • Calendar 2025 gross tariff impact unchanged at $4–5B EBIT-adj. EPS-diluted-adj. • Making solid progress to mitigate at least 30% of this impact through manufacturing adjustments, targeted cost initiatives, and consistent pricing • $1.1B
Slide 12: Financial information
Financial information Chevrolet Equinox Chevrolet Silverado General Motors 12 12
Slide 13: Second quarter financial highlights
Second quarter financial highlights $47.1B $3.0B $2.8B Revenue EBIT-adj. Adj. auto FCF 974K 6.4% $2.53 Wholesale units EBIT-adj. margin EPS-diluted-adj. General Motors 13
Slide 14: Second quarter performance
Second quarter performance EPS-diluted-adj. and EBIT-adj. EPS-diluted-adj.1 EBIT-adj.1 ($B) & EBIT-adj. margin1 • EPS-diluted-adj. 17% YoY decrease primarily driven by lower EBIT-adj YoY • EBIT-adj. decreased primarily due to a net tariff impact of $1.1B, with minimal mitigation offsets Adj. auto fr
Slide 15: Second quarter EBIT-adjusted
Second quarter EBIT-adjusted ($B) • GMNA delivered EBIT-adj. margins of 6.1%, which • GMI increase driven by improved profitability included a $1.1B (~3 ppt) tariff impact, highlighting from China resulting from the success of NEV the underlying strength of our business. In addition, products higher
Slide 16: Second quarter EBIT-adjusted performance
Second quarter EBIT-adjusted performance ($B) GMNA: (54)K China Auto JV $0.2B GMI: (15)K FX and Other $0.3B Volume and Mix Price Cost Wholesale volume decreased YoY, reflecting Maintained consistent retail pricing Fixed costs savings of $0.8B were more than the non-repeat of last year’s inventory fu
Slide 17: GMNA performance
GMNA performance Net revenue ($B) EBIT-adj. ($B) Q2 sales growth across all brands; driving U.S. market share up to 17.4%2 • #1 in total sales, with 747k Q2 deliveries and 1.4M H1 deliveries • #1 in retail sales2, up 10% Q2 YoY and up 12% H1 YoY • #1 in truck sales, on track to lead the industry in
Slide 18: GMI performance excluding GM China JV
GMI performance excluding GM China JV Net revenue ($B) EBIT-adj. ($B) Wholesales (000’S) Highlights • Q2 results were in line with expectations, showing sequential growth driven by higher wholesale volumes and pricing actions to protect against FX headwinds General Motors 18
Slide 19: GM China auto JV performance
GM China auto JV performance Net revenue ($B)1 Equity income ($B)2 Wholesales (000’S)1 Highlights • Positive equity income for the 3rd straight quarter and remain on track for full-year profitability • 2nd consecutive quarter of YoY sales growth, up 20% in Q2 • Approximately 50% of deliveries in Chi
Slide 20: GM Financial
GM Financial EBT-adj. ($B) Ending earning assets ($B) Liquidity ($B) Highlights x x x x x • EBT-adj. results stable QoQ; down slightly YoY due to higher provision and interest expenses, partially offset by higher revenue primarily driven by portfolio growth • Sufficient capital and ample liquidity t
Slide 21: Adjusted automotive free cash flow
Adjusted automotive free cash flow Q2 H1 ($B) 2024 2025 2024 2025 Net income 2.9 1.9 5.8 4.7 Income tax and net automotive interest expense 0.7 0.5 1.5 1.2 EBIT adjustments1 0.8 0.7 0.9 0.7 Net loss (income) attributable to noncontrolling interests 0.1 0.0 0.1 (0.1) EBIT-adjusted 4.4 3.0 8.3 6.5 GMF
Slide 22: Automotive liquidity and debt
Automotive liquidity and debt Automotive liquidity ($B) Total automotive debt ($B) • Issued $2.0B of debt this quarter to fund a portion of $1.8B term loan to Ultium Cells LLC, which facilitated the repayment of loans from the U.S. Department of Energy, and partially refinance notes due October 2025
Slide 23: Regional second quarter EBIT-adjusted performance
Regional second quarter EBIT-adjusted performance ($B) GMNA GMI $8.3 $(0.2) $(0.6) $0.6 $(2.8) $0.3 5.7 $0.0 $(0.2) $0.1 $0.2 $(0.1) $0.1 0.2 Year to Date 2025 Year to Date 2025 General Motors 23
Slide 24: Summary
Summary H1 2025 Results What’s to come Strong core business results Positioning the business for long-term profitability • Total company record revenue of over $91B in H1, driven by • $4B of new investment in our U.S. assembly plants will add strong demand, stable vehicle pricing and continued growt
Slide 25: Supplemental financial information
Supplemental financial information GMC Hummer EV General Motors 25
Slide 26: Second quarter GAAP results
Second quarter GAAP results Q2 H1 All amounts in $B except EPS-diluted 2024 2025 2024 2025 Net revenue 48.0 47.1 91.0 91.1 Operating income 3.9 2.1 7.6 5.5 Net income attributed to stockholders 2.9 1.9 5.9 4.7 Net income margin 6.1% 4.0% 6.5% 5.1% EPS-diluted ($/share) $2.55 $1.91 $5.10 $5.28 Net ca
Slide 27: Global deliveries
Global deliveries (000's) Q2 2024 Q3 2024 Q4 2024 CY 2024 Q1 2025 Q2 2025 North America 827 790 889 3,215 819 878 U.S. 696 660 755 2,705 693 747 Asia/Pacific, Middle East and Africa 493 576 736 2,359 545 566 China 373 426 599 1,839 443 448 South America 111 110 119 424 85 95 Brazil 84 82 92 315 56 6
Slide 28: Global market share
Global market share Q2 2024 Q3 2024 Q4 2024 CY 2024 Q1 2025 Q2 2025 North America 15.9% 15.8% 16.6% 15.8% 16.5% 16.4% U.S. 16.7% 16.4% 17.4% 16.5% 17.2% 17.4% Asia/Pacific, Middle East and Africa 4.4% 4.8% 5.3% 4.9% 4.8% 4.8% China 6.3% 6.5% 7.1% 6.9% 7.6% 6.8% South America 11.7% 10.2% 10.6% 10.7%
Slide 29: Reconciliation of EBIT-adjusted
Reconciliation of EBIT-adjusted ($B) Q3 Q4 Q1 Q2 2023 2024 2023 2024 2024 2025 2024 2025 Net income attributable to stockholders 3.1 3.1 2.1 (3.0) 3.0 2.8 2.9 1.9 Income tax expense (benefit) 0.5 0.7 (0.9) 0.3 0.8 0.7 0.8 0.5 Automotive interest expense 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 Automotive int
Slide 30: Impact of special items on GAAP reported earnings
Impact of special items on GAAP reported earnings - second quarter ($B) Q2 2024 Q2 2025 Adjusted Adjusted Reported Special items Reported Special items (Non-GAAP) (Non-GAAP) Total net sales and revenues 48.0 — 48.0 47.1 — 47.1 Costs and expenses 4,5 1,2,3,4,5,6 Automotive and other cost of sales 38.
Slide 31: EPS-diluted-adjusted reconciliation
EPS-diluted-adjusted reconciliation Q2 H1 2024 2025 2024 2025 Diluted earnings per common share $2.55 $1.91 $5.10 $5.28 Adjustments1 0.66 0.68 0.74 0.70 Tax effect on adjustments2 (0.15) (0.07) (0.17) (0.07) Return from preferred shareholders3 — — — (0.60) EPS-diluted-adjusted $3.06 $2.53 $5.68 $5.3
Slide 32: Effective tax rate-adjusted
Effective tax rate-adjusted ($B) Q2 H1 2024 2025 2024 2025 Income Income Effective Income Income Income Income Effective Income Income Effective before tax before tax Effective before tax before tax income expense tax rate income expense tax rate income expense tax rate income expense tax rate taxes
Slide 33: Calculation of ROIC-adjusted
Calculation of ROIC-adjusted ($B) Four quarters ended June 30, 2024 2025 Numerator: EBIT-adjusted 13.6 13.2 Denominator: Average equity1 70.4 66.8 Add: Average automotive debt and interest liabilities (excluding finance leases) 16.2 16.2 Add: Average automotive net pension & OPEB liability 9.3 8.9 L
Slide 34: GM Financial key metrics
GM Financial key metrics Q2 H1 2024 2025 2024 2025 Revenue ($B) 3.9 4.3 7.7 8.4 EBT-adjusted ($B) 0.8 0.7 1.6 1.4 Total retail originations ($B) 13.6 14.9 26.2 29.5 Retail finance delinquencies (>30 days) 2.8% 2.9% 2.8% 2.9% Annualized net charge-offs as % of average retail finance 1.0% 1.1% 1.0% 1.
Slide 35: GM Financial return on equity
GM Financial return on equity Four quarters ended June 30, ($B) 2024 2025 Net income attributable to common shareholder 2.1 1.6 Adjustment - impairment charge1 — 0.3 Net income attributable to common shareholder - adjusted 2.1 1.9 Average equity 15.6 15.6 Less: average preferred equity (2.0) (2.0) A
Slide 36: Guidance reconciliation
Guidance reconciliation ($B) Year Ending Dec 31, 2025 Current Net income attributable to stockholders $7.7 - $9.5 Income tax expense $1.6 - $2.3 Automotive interest income, net (0.0) Adjustments1 $0.7 EBIT-adjusted $10.0 - $12.5 Year Ending Dec 31, 2025 Current Diluted earnings per common share $8.2
Slide 37: For additional information please visit
For additional information please visit: https://investor.gm.com investorrelations@gm.com https://www.gmfinancial.com/en-us/investor-center.html investors@gmfinancial.com GM’s Investor Relations website contains a significant amount of information about GM, including financial and other information
General Motors Company — Q2 2025 Earnings Presentation on 6ix