Financial Data and Key Metrics Changes - Total company EBIT-adjusted was $3.4 billion, down $700 million year-over-year, impacted by a gross tariff of $1.1 billion [17][18] - Adjusted automotive free cash flow was $4.2 billion, aided by $300 million in cash tariff offset reimbursements [18] - North America delivered Q3 EBIT-adjusted margins of 6.2%, with margins around 9% excluding tariffs [18] Business Line Data and Key Metrics Changes - EV sales reached record levels in Q3 with 67,000 deliveries, capturing a 16.5% share of the U.S. EV market [19] - Warranty expense was a $900 million headwind year-over-year in Q3, indicating a need for improvement [20] - GM Financial posted Q3 EBIT-adjusted of $800 million, continuing to deliver value for customers and dealers [21] Market Data and Key Metrics Changes - GM's U.S. market share increased to 17%, up 50 basis points year-over-year [16] - GM China market share grew 30 basis points year-over-year to 6.8%, with equity income rising to $80 million [21] Company Strategy and Development Direction - The company is focused on returning North America to historical EBIT margins of 8% - 10% by improving EV profitability and managing fixed costs [12][25] - GM is investing $4 billion in capital to onshore production and has decided to double Chevrolet Equinox production at the Fairfax plant [7][8] - The company is transitioning Orion Assembly from EV to ICE production due to lower-than-expected EV adoption [9][10] Management's Comments on Operating Environment and Future Outlook - Management raised full-year guidance based on strong performance and market conditions [5][22] - The company expects EV demand to soften significantly in October and into early 2026, with a focus on building to demand [19][50] - Management is optimistic about 2026 being better than 2025, driven by various operational improvements [22][76] Other Important Information - The company recorded a $1.6 billion special item charge in Q3, primarily related to the transition of Orion Assembly and other capacity reductions [9][10] - GM's deferred revenue was up 14% from Q2 to almost $5 billion, reflecting growth in software and services [12] Q&A Session Summary Question: Can you dive into some of the updated tariff disclosure? - The President's announcement expanded the MSRP tariff offset, allowing for more eligible parts, leading to savings on tariffs [29] Question: What are the preliminary high-level industry or macro factors for 2026? - It is too early to speculate on 2026, but there are tools to lower costs and drive better performance [32] Question: How will shifting emissions regulations affect ICE vehicle sales? - There is potential for increased sales of ICE vehicles due to unmet demand and supply constraints [38] Question: What is the outlook for EV profitability? - The company is focused on improving EV profitability through cost reductions and maintaining discipline in production [51] Question: How does GM view the competition from Chinese OEMs? - GM aims to compete with well-designed vehicles at the right cost, emphasizing the need for a level playing field [82] Question: What is the performance outlook for GM Financial? - The portfolio performance has been resilient, with charge-offs flat year-over-year at 1.2% [75]

Market Performance - The Dow Jones Industrial Average reached a record high, increasing by 0.8% to an intraday all-time high, setting it on track for a record close [1] - The S&P 500 saw a slight increase of 0.1%, while the Nasdaq Composite experienced a decline of 0.2% [1] Earnings Reports - Major earnings reports are being closely monitored, with Netflix and General Motors being highlighted [2] - General Motors raised its full-year profit outlook, leading to a surge in its stock price [2] - Positive earnings reports from Coca-Cola and 3M also contributed to their stock price increases [2] Trade Relations - Concerns regarding US-China trade tensions have diminished as negotiations are set to resume [3] - A rare earths deal was signed between the US and Australia, aimed at countering China's influence [3] - President Trump expressed optimism about reaching a "fair deal" with President Xi of China [3] Government Shutdown - The US government shutdown is now the third-longest in history, with no plans to end it despite growing economic pressures [4] - The situation has heightened interest in Federal Reserve communications regarding interest rates ahead of an upcoming policy meeting [4] Federal Reserve Insights - Fed Governor Christopher Waller is scheduled to speak, coinciding with the release of the September Consumer Price Index report [5] - The inflation data from the report could influence market expectations for a potential quarter-point rate cut [5]

Core Insights - General Motors (GM) stock experienced an 8% increase in pre-market trading following the release of mixed third-quarter earnings and an improved full-year profit outlook [3][4]. Financial Performance - GM revised its full-year EBIT guidance to a range of $12.0 billion to $13.0 billion, up from the previous estimate of $10 billion to $12.5 billion [2] - Adjusted automotive free cash flow is now projected to be between $10.0 billion and $11.0 billion, an increase from the prior range of $7.5 billion to $10 billion [2] - Adjusted earnings per share (EPS) guidance was raised to $9.75 to $10.50 diluted, compared to the previous range of $8.25 to $10.00 [2] - For Q3, GM reported net revenue of $44.26 billion, slightly below the Bloomberg consensus estimate of $45.18 billion, but adjusted EPS was $2.80, exceeding the expected $2.27 [5] Sales and Market Position - GM's Q3 sales reached 710,347 units, marking an 8% increase year-over-year, and the company achieved its best market share in the U.S. since 2017 [6] - The sales growth was driven primarily by gas-powered vehicles, including popular models like the Chevrolet Silverado and GMC Yukon [6] - GM's use of sales incentives was low, averaging 4% of the average transaction price (ATP), compared to the industry average of 6.9% [5] Tariff Impact and Mitigation - GM's full-year tariff exposure is estimated to be between $3.5 billion and $4.5 billion, assuming current levy rates remain unchanged [3] - The company expects tariff mitigations to offset 35% of the costs due to a lower tariff base [4] - GM's CEO expressed confidence in the company's trajectory and acknowledged the positive impact of recent tariff updates from the administration [4] Electric Vehicle (EV) Sales - GM's EV sales surged to a record 66,501 units in Q3, driven by the impending expiration of the $7,500 federal EV tax credit [7] - However, a slowdown in EV sales is anticipated following the expiration of the tax credit [7]

Financial Data and Key Metrics Changes - Total company EBIT adjusted was $3.4 billion, down $700 million year over year [21] - Adjusted automotive free cash flow was $4.2 billion, aided by $300 million in cash tariff offset reimbursements [23] - North America delivered Q3 EBIT adjusted margins of 6.2%, with record crossover deliveries and strong performance of full-size pickups and SUVs [23] Business Line Data and Key Metrics Changes - EV sales reached record levels in Q3 with 67,000 deliveries, solidifying GM's number two position in the U.S. EV market with a 16.5% share [24] - Warranty expense was a $900 million headwind year over year, indicating a need for improvement [25] - GM Financial posted Q3 EBT adjusted of $800 million, continuing to deliver value for customers and dealers [29] Market Data and Key Metrics Changes - In the U.S., GM achieved its highest third-quarter market share since 2017, with a 17% share, up 50 basis points year over year [19] - GM China market share grew 30 basis points year over year to 6.8%, with equity income rising for four consecutive quarters to $80 million [27] Company Strategy and Development Direction - The company is focused on returning North America to historical EBIT margins of 8% to 10% by improving EV profitability, managing fixed costs, and reducing tariff exposure [14][34] - GM plans to maintain capital discipline while investing in new technologies and expanding U.S. manufacturing capacity [8][33] - The company is transitioning from EV to internal combustion engine (ICE) production in certain areas due to changing regulatory environments [10] Management's Comments on Operating Environment and Future Outlook - Management raised full-year guidance based on strong performance and ongoing disciplined execution [6][30] - The company expects EV demand to soften in the near term but remains committed to improving EV profitability through cost reductions and efficiency [24][62] - Management expressed confidence in the resilience of the consumer and the strength of GM's financial position despite potential economic downturns [91] Other Important Information - GM recorded a $1.6 billion special item charge in Q3, primarily related to non-cash impairments and supplier contract cancellations [10] - The company is investing $4 billion in capital projects to onshore production and has plans to produce over 2 million vehicles per year in the U.S. [7][8] Q&A Session Summary Question: Can you dive into some of the updated tariff disclosures? - The President's announcement included the expansion of the MSRP offset, which broadens the scope of parts eligibility, leading to savings on tariffs [39] Question: What are the expectations for demand into 2026? - It is too early to speculate, but there are tools available to lower costs and drive better performance [42] Question: How will shifting emissions regulations affect ICE vehicle sales? - There is potential for increased sales of full-size pickups and SUVs due to unmet demand and supply constraints [48] Question: What is the outlook for EV profitability? - The company is focused on improving EV profitability through cost reductions and maintaining discipline in production and incentives [64] Question: How does GM view the consumer auto loan performance? - The consumer remains resilient, with credit performance as expected, and the company is well-positioned to weather potential economic downturns [91]

Financial Data and Key Metrics Changes - Total company EBIT-adjusted was $3.4 billion, down $700 million year over year, impacted by a gross tariff of $1.1 billion [16][17] - Adjusted automotive free cash flow was $4.2 billion, aided by $300 million in cash tariff offset reimbursements [17] - North America delivered Q3 EBIT-adjusted margins of 6.2%, with record crossover deliveries and strong performance of full-size pickups and SUVs [17][18] Business Line Data and Key Metrics Changes - EV sales reached record levels in Q3 with 67,000 deliveries, securing a 16.5% share in the U.S. EV market [18] - Warranty expense was a $900 million headwind year over year, indicating a need for improvement [19] - GM Financial posted Q3 EBIT-adjusted of $800 million, continuing to deliver value for customers and dealers [20] Market Data and Key Metrics Changes - In the U.S., GM achieved a market share of 17%, up 50 basis points year over year [14] - GM China market share grew 30 basis points year over year to 6.8%, with equity income rising to $80 million [20] Company Strategy and Development Direction - The company is focused on returning North America to historical EBIT margins of 8% to 10% by improving EV profitability and managing fixed costs [11][25] - GM is investing in new battery technologies and expanding U.S. production capacity to enhance competitiveness [5][10] - The company plans to maintain capital discipline while addressing production and creating new jobs in the U.S. [6][25] Management's Comments on Operating Environment and Future Outlook - Management raised full-year guidance based on strong performance and ongoing disciplined execution [4][21] - The company expects EV demand to soften in the near term but remains committed to improving EV profitability [18][46] - Management anticipates 2026 to be even stronger than 2025, driven by various operational improvements [24][22] Other Important Information - A $1.6 billion special item charge was recorded in Q3, primarily related to the transition of Orion Assembly from EV to ICE production [8][9] - The company is actively managing supply chain challenges, particularly concerning chip supply from China [6][64] Q&A Session Summary Question: Can you dive into the updated tariff disclosure? - The President's announcement expanded the MSRP tariff offset, allowing for more eligible parts, leading to savings on tariffs [28] Question: What are the preliminary high-level industry or macro factors for 2026? - It is too early to speculate on 2026, but the company has tools to lower costs and drive better performance [31] Question: How will shifting emissions regulations affect ICE vehicle sales? - The company anticipates being able to sell internal combustion engine vehicles for longer due to changing regulations [35] Question: What is the outlook for EV profitability? - The company sees EVs as a priority and is focused on improving profitability through cost reductions and maintaining discipline in production [46][48] Question: What is the status of GM Financial's portfolio performance? - The portfolio performance remains resilient, with a strong mix of prime customers and stable charge-offs [69]

Financial Data and Key Metrics Changes - Total company EBIT adjusted was $3.4 billion, down $700 million year over year, impacted by a gross tariff of $1.1 billion [18][19] - Adjusted automotive free cash flow was $4.2 billion, aided by $300 million in cash tariff offset reimbursements [20] - North America delivered Q3 EBIT adjusted margins of 6.2%, with margins around 9% excluding tariffs [20] Business Line Data and Key Metrics Changes - EV sales reached record levels in Q3 with 67,000 deliveries, securing a 16.5% share in the U.S. EV market [21] - The company plans to produce over 2 million vehicles per year in the U.S. following significant investments [7] - Warranty expense was a $900 million headwind year over year, indicating a need for improvement [22] Market Data and Key Metrics Changes - GM achieved its highest third quarter market share in the U.S. since 2017, with a 17% share, up 50 basis points year over year [16] - GM China market share grew 30 basis points year over year to 6.8%, with equity income rising for four consecutive quarters to $80 million [24] Company Strategy and Development Direction - The company is focused on maintaining capital discipline while increasing domestic sourcing and manufacturing [6] - GM is transitioning from EV to ICE production in certain plants to address overcapacity and improve profitability [9][11] - The company aims to return North America to historical EBIT margins of 8% to 10% through various initiatives [12][30] Management's Comments on Operating Environment and Future Outlook - Management expects EV demand to soften significantly in the near term but remains committed to improving EV profitability [22][66] - The company anticipates robust double-digit revenue growth through the end of the decade with gross margins of about 70% [14] - Management is optimistic about the future, expecting 2026 to be even better than 2025, driven by various operational improvements [29][30] Other Important Information - The company has invested $4 billion in capital investments to onshore production and plans to build a new generation of advanced fuel-efficient engines [6][7] - GM Financial posted a Q3 EBT adjusted of $800 million, continuing to deliver value for customers and dealers [24] Q&A Session Summary Question: Can you dive into some of the updated tariff disclosure? - The President's announcement expanded the MSRP offset and eligibility for parts, leading to savings on tariffs [34][35] Question: What are the preliminary high-level industry or macro factors for 2026? - It is too early to speculate, but the company has tools to lower costs and drive better performance [38] Question: How do shifting emissions regulations affect ICE full-size pickups and SUVs? - The company anticipates being able to sell ICE vehicles longer due to changing regulations, with demand exceeding supply constraints [46][47] Question: What is the outlook for EV profitability? - The company sees EVs as a priority and is focused on improving costs and maintaining discipline in production and incentives [66][67] Question: What is the current status of the GM Financial portfolio? - The portfolio is performing well, with a resilient consumer base and flat charge-offs year over year [94] Question: What are the expectations for EBIT in 2026? - While specific guidance for 2026 has not been provided, the company expects it to be better than 2025, assuming a similar macro backdrop [97]

新京报贝壳财经讯（记者白昊天）10月21日，通用汽车发布2025年第三季度财报，企业净收入486亿美 元，净利润13亿美元，调整后息税前利润34亿美元，利润率6.9%，调整后摊薄每股收益2.80美元，汽车 业务现金流42亿美元。公司上调全年业绩预期，关税影响预期从40亿-50亿美元调至35亿-45亿美元。 编辑 陈莉 校对 柳宝庆 ...

GM https://t.co/AuFcY7hMMA ...

Core Viewpoint - General Motors has raised its financial outlook for the year while slightly reducing the expected impact from tariffs, amidst a challenging electric vehicle market [1][2]. Financial Outlook - The company now anticipates its annual adjusted core profit to be between $12 billion and $13 billion, an increase from the previous estimate of $10 billion to $12.5 billion [2]. - The updated impact of tariffs on the bottom line is now projected to be between $3.5 billion and $4.5 billion, down from the earlier estimate of $4 billion to $5 billion [2]. Electric Vehicle Strategy - General Motors incurred a $1.6 billion charge due to changes in its electric vehicle strategy, with the removal of a $7,500 tax credit for battery-powered models at the end of September [3]. - CEO Mary Barra indicated that future charges related to electric vehicles are expected, but the company aims to reduce EV losses by addressing overcapacity [3]. Revenue and Sales Performance - Revenue for the quarter ending in September slightly decreased to $48.6 billion compared to the previous year [4]. - Despite tariff uncertainties, US car sales increased by 6% in the third quarter, with consumers opting for more expensive models and features [4]. Tariff Mitigation Efforts - General Motors plans to mitigate 35% of its anticipated tariff impact, aided by a new program allowing credits for US-assembled vehicles [5][6]. - The MSRP offset program is expected to enhance the competitiveness of US-produced vehicles over the next five years [6]. Investment and Market Dynamics - The company is increasing investments in the US to counteract tariffs, with a $4 billion investment announced for three facilities in Michigan, Kansas, and Tennessee [7]. - Other automakers, such as Stellantis, are also planning significant investments in the US, with Stellantis announcing a $13 billion investment over the next four years [8]. Electric Vehicle Market Challenges - Although electric vehicle sales were strong in the third quarter, they still represented less than 10% of General Motors' overall sales [8]. - The company initially planned to offer a program to allow dealers to continue providing tax credits on EV leases but has since retracted this initiative due to political backlash [9].

Group 1: Earnings Performance - General Motors reported quarterly earnings of $2.8 per share, exceeding the Zacks Consensus Estimate of $2.28 per share, but down from $2.96 per share a year ago, representing an earnings surprise of +22.81% [1] - The company posted revenues of $48.59 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 9.76%, compared to revenues of $48.76 billion a year ago [2] Group 2: Stock Performance and Outlook - General Motors shares have increased by approximately 8.9% since the beginning of the year, while the S&P 500 has gained 14.5% [3] - The current consensus EPS estimate for the upcoming quarter is $1.89 on revenues of $42.11 billion, and for the current fiscal year, it is $9.45 on revenues of $176.86 billion [7] Group 3: Industry Context - The Automotive - Domestic industry, to which General Motors belongs, is currently ranked in the bottom 27% of over 250 Zacks industries, indicating potential challenges ahead [8]