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]