PresentationWell, first of all, I'll just start by saying thanks for having us. It's great to be down here and great to see a full room. I appreciate everybody coming in. We're obviously really excited about the GM story as we've been for the last few years. And I think heading into 2026, I've shared with several people that this feels like the most stable year of the last several.Paul JacobsonExecutive VP & CFO But something will happen. I don't know what it is, but something will happen. And I think as a ...

Summary of General Motors Company (NYSE: GM) 2026 Conference Call Company Overview - **Company**: General Motors Company (GM) - **Date of Conference**: February 17, 2026 - **Key Speakers**: Paul Jacobson (CFO), Ashish Core Industry Insights - **Stability in 2026**: The company feels that 2026 is the most stable year in recent times, despite acknowledging that unexpected events may occur [3][5] - **Tariff Environment**: GM anticipates managing $3 billion to $4 billion in tariffs for the year, which is seen as manageable based on previous experiences [7] - **Inventory Management**: GM is carrying 30%-40% less inventory than in the past, allowing for quicker responses to market demands and improved cash flow [15] Financial Performance and Strategy - **Capital Allocation**: GM's priorities include heavy investment in the business, maintaining a strong balance sheet, and returning cash to shareholders [9] - **Cash Flow Improvement**: The disciplined approach to inventory management has resulted in $3 billion to $4 billion in better cash performance [25] - **Share Buybacks**: The company has been actively buying back shares, indicating confidence in its stock value despite market fluctuations [139][140] Product Development and Market Position - **New Truck Launch**: The launch of new trucks is expected to be significant for GM, with strong demand anticipated [42] - **Electric Vehicles (EVs)**: GM is focused on achieving cost parity between EVs and internal combustion engine (ICE) vehicles, with ongoing improvements in battery technology expected to reduce costs significantly [116][119] - **Consumer Demand**: There is a belief that EV demand will continue to grow, supported by technology advancements and expanding charging infrastructure [65] Cultural and Operational Changes - **Culture of Execution**: A significant cultural shift has occurred within GM, emphasizing proactive decision-making and execution [12][14] - **Supplier Relationships**: GM has improved its relationships with suppliers, focusing on mutually beneficial solutions to navigate supply chain challenges [49] Risks and Challenges - **Geopolitical and Regulatory Risks**: The company acknowledges the need for resilience against geopolitical risks and regulatory changes, particularly concerning tariffs and labor costs [43][44] - **Market Cyclicality**: GM aims to reduce self-induced cyclicality in the auto industry, which has historically led to deeper troughs during downturns [35][39] Future Outlook - **Focus on Technology**: GM is investing in AI and technology to enhance operational efficiency across various functions, including manufacturing and customer experience [98] - **Long-term Growth**: The company is positioning itself to capture the millennial and Gen Z markets by offering a diverse vehicle portfolio that appeals to younger consumers [105][107] Additional Insights - **Deferred Revenue**: GM is seeing growth in deferred revenue from software and services, which is expected to contribute positively to overall margins [82][94] - **Sustainability of EVs**: The company is committed to a balanced approach in EV investments, ensuring that products are competitive and profitable without overextending [75][76] This summary encapsulates the key points discussed during the conference call, highlighting GM's strategic focus, financial performance, and market positioning as it navigates the evolving automotive landscape.

福特汽车 （F） 与相关官员讨论了允许其在美国与中国电动汽车公司建立合作伙伴关系的事宜。与此 同时，通用汽车 （GM） 表示反对，而经销商利西亚汽车 （LAD） 则指出，销售新的中国品牌汽车面 临美国特许经营法规方面的障碍。 责任编辑：张俊 SF065 福特汽车 （F） 与相关官员讨论了允许其在美国与中国电动汽车公司建立合作伙伴关系的事宜。与此 同时，通用汽车 （GM） 表示反对，而经销商利西亚汽车 （LAD） 则指出，销售新的中国品牌汽车面 临美国特许经营法规方面的障碍。 责任编辑：张俊 SF065 ...

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Core Insights - Tariffs continue to pose a significant cost challenge for General Motors (GM), but the company has managed the impact better than anticipated [1] Financial Performance - In 2025, GM incurred $3.1 billion in gross tariff costs, which was lower than the initial forecast of $3.5-$4.5 billion. By the third quarter, the company had incurred $2.4 billion, with an additional $700 million in the fourth quarter [2] - GM offset over 40% of its gross tariff costs through pricing actions, footprint adjustments, and internal cost reductions, which helped maintain margins despite trade pressures [3] Future Outlook - For 2026, GM expects gross tariff costs to be in the range of $3-$4 billion, slightly higher than in 2025 due to an additional quarter of exposure. The first-quarter impact is anticipated to be between $750 million and $1 billion [4] - The company plans to sustain its mitigation efforts through pricing discipline, manufacturing adjustments, and efficiency measures, while also increasing U.S. vehicle production and investing in supply-chain resiliency [5] Competitive Context - Ford faced a net tariff headwind of approximately $2 billion in 2025, with expectations of a $1 billion decline in tariff costs for 2026 as credits take effect [6] - Stellantis estimated its 2025 net tariff impact at around €1.5 billion, significantly affected by 25% tariffs on imports from Canada and Mexico [7] Stock Performance - GM shares have increased by 44% over the past six months, outperforming the industry [8] - GM trades at a forward price-to-earnings ratio of 6.47, which is below the industry average, and carries a Value Score of A [11]

Banking Industry - The European financial landscape is experiencing its most rapid consolidation in nearly two decades, highlighted by Nuveen's £9.9 billion takeover of Schroders, marking the end of the British firm's 222 years of independence [2] - Analysts at RBC Capital downgraded Schroders to Sector Perform from Outperform, raising the target price to 610p, indicating limited remaining upside as shares trade near the implied deal value [2] - EU banking M&A has surged to its highest level since the 2008 financial crisis, with February 2026 deal volume surpassing $60 billion [9] Automotive Industry - American automotive giants, including Ford and General Motors, are concerned about the rapid expansion of Chinese EV manufacturers like BYD and Geely, which are exploring joint ventures to produce cars domestically in the U.S. [4] - Ford CEO Jim Farley expressed mixed feelings about the efficiency of Chinese manufacturing, particularly after Xiaomi's EV success, warning that U.S. manufacturers must adopt similar techniques or face potential bankruptcies [5] Gold Market - The price of gold has reached unprecedented heights, recently exceeding $5,066 per ounce, driven by a "flight to safety" amid geopolitical instability [6] - The surge in gold prices has created challenges for the security industry, as the total value of bullion in vaults now exceeds the maximum limits of their insurance policies [7] Defense Industry - Germany is shifting its €108 billion defense budget towards high-tech autonomous systems and AI, responding to internal pressure to move away from traditional military investments [10] - The German government has approved a record €82.7 billion regular defense budget for 2026, with a focus on increasing funding for defense technology, including AI-powered drones [10] Legal and Regulatory Issues - The founders of Turkish delivery firm Getir have filed a $700 million lawsuit against Mubadala, alleging a breach of agreement during the restructuring of the company's assets [11] - The UK government is advancing plans to ban social media for teenagers under 16, aiming to address mental health concerns, which has drawn criticism from tech platforms [12]

Global EV Sales Overview - Global electric vehicle sales in January 2026 reached 1.2 million units, marking a 3% decrease year-over-year and a 44% drop from December 2025 [2] - The decline in sales is largely attributed to a significant downturn in the Chinese market, which is the largest EV market globally [1][4] Regional Performance - North America faced a challenging start to 2026, with EV sales dropping 33% year-over-year, marking the lowest monthly sales since early 2022 due to the expiration of federal EV tax credits [3][7] - In contrast, Europe demonstrated resilience with over 320,000 EVs sold in January, a 24% increase year-over-year despite a 33% decline from December [6] China's Market Dynamics - In China, EV sales fell 20% year-over-year and 55% from December, driven by new policies including a 5% purchase tax on EVs and changes to trade-in schemes [4] - The policy changes have contributed to a more market-driven environment for China's EV sector in 2026, following a challenging year for Tesla in 2025 [5] Emerging Markets - Outside major regions, EV sales nearly doubled in countries like South Korea, Brazil, and Thailand, indicating growth potential in these markets [6]

We recently published 13 Stocks Jim Cramer Talked About.  General Motors Company (NYSE:GM) is one of the stocks that Jim Cramer talked about. Car manufacturer General Motors Company (NYSE:GM)’s shares are up by 67% over the past year and are flat year-to-date. Cramer discussed the firm after European car manufacturer Stellantis announced a $26.5 billion electric vehicle writedown. He indicated his preference to change the narrative and remarked that General Motors Company (NYSE:GM) CEO Mary Barra had anti ...

关注 「电动车公社」 和我们一起重新思考汽车 随着新能源大潮袭来，全球汽车格局也发生了极大的变化。 中国车企乘势而起，正在跻身全球顶尖的行列；原本的全球巨头，却可能受制于战略转型，面临承压。 这一点，在各家财报上体现得尤为明显。前一年还赚得盆满钵满，下一年却可能因为种种原因"扭盈为亏"。 如此形势下，无论是传统巨头还是新势力，都必须根据自身情况和外部环境，随时调整计划，作出最适合自己的决策。 眼下，就让我们通过8家车企的财报表现，来回顾一下略显严峻 的市场情况吧。 需要注意的是， 由于港股、美股不同上市公司公布年度业绩的时间，主要集中在次年的 2-4 月份，而日本车企的财年计算方法稍有不同（从每年 4 月开始 是新财年） ，所以公社在这里总结的是截至到 2026 年 2 月 12 日，已公开的车企财报或业绩预告。 1 、 特斯拉：切换身份中 特斯拉 2025 年全年财报：营收 948.27 亿美元，同比下降 3% ， 出现史上首次下滑 ；净利 润 37.9 亿美元，同比下降 46%， 和前些年的如日中天不可 同日而语。 | FINANCIAL SUMMARY | | | | | | | | | --- | - ...

Turning around its business in China is important to General Motors and its investors, and there's a little good news in that area.If you only started following or investing in the automotive industry in the past few years, it's probably difficult to believe that General Motors (GM +1.28%) once sold more vehicles in China than it did in its core profit engine, the United States. Despite climbing the mountain and becoming a major player in China, GM has suffered large setbacks as China's domestic automakers ...