【文/观察者网 潘昱辰 编辑/高莘】1月27日，通用汽车披露2025年全年财报。其全年营收为1850亿美元 (约合人民币1.28万亿元)，净利润达27亿美元（约合人民币187.5亿元），调整后息税前利润达127亿美 元（约合人民币882亿元）。 政策转变致燃油车复苏 在中国市场，通用汽车正持续完善新能源品牌别克至境家族的产品布局，首款SUV车型至境E7将于第 一季度上市。至境家族旗下车型均基于本土研发的"逍遥"超级融合架构打造，并搭载由别克与Momenta 联合开发的"逍遥智行"辅助驾驶系统。伴随本土创新的不断深化，2026年通用汽车在华推出的所有新产 品都将提供新能源车型选择。 GMCSierra 通用汽车 通用汽车进一步表示，对燃油车更宽松的监管环境，将有助于其在未来几年将更多的生产带回美国。不 过通用汽车首席财务官保罗·雅各布森（Paul Jacobson）在公司电话财报会议上对分析师表示，公司仍面 临着来自外包、供应链转型和软件投资的高达15亿美元的额外成本。 新能源汽车方面，通用汽车2025年全年销量仅次于特斯拉；此外，公司下一代整车智能架构将于2028年 正式亮相。不过，由于电动汽车因特朗普政府的 ...

General Motors closed out 2025 with a spring in its step. The company crossed the finish line with 2.85 million vehicles sold last year, a 5.5% year-over-year increase led by the company's pickup trucks. U.S. 2025 new-vehicle sales forecast GM: 2.83 million vehicles (+5.1% year over year); 17.3% market share Toyota: 2.52 million vehicles (+8.4% YoY); 15.5% market share Ford: 2.18 million vehicles (+5.6% YoY); 13.4% market share Hyundai: 1.84 million vehicles (+7.9% YoY); 11.3% market share Honda: 1. ...

通用汽车公司（纽交所代码：GM）1月27日于底特律发布2025年全年财报。全年净收入达1,850亿 美元。净利润达27亿美元，调整后息税前利润达127亿美元。 "通用汽车拥有长期积累的强大品牌力和卓越的产品组合，配合技术驱动的服务能力和严谨的运营 管理，让我们持续收获稳健充沛的现金流。" 通用汽车董事长兼首席执行官玛丽·博拉（Mary Barra）表 示，"我们相信这一发展模式具备长期可持续性，使我们能够不断加大对业务和人才的投入，维持健康 平衡的资产负债表，并持续回馈股东各方。" 据悉，通用汽车2025年全年净利润达27亿美元，调整后息税前利润达127亿美元；调整后摊薄后每 股收益达10.6美元调整后汽车业务现金流达106亿美元。 预计2026年净利润在103亿美元至117亿美元之间；调整后息税前利润预计在130亿美元至150亿美元 之间；调整后摊薄后每股收益预计在11美元至13美元之间；调整后汽车业务现金流预计在90亿美元至 110亿美元之间。 在燃油车业务稳固增长的同时，公司也在电动智能领域持续发力，2025年全年电动车销量位居全美 第二。全新上市的凯迪拉克VISTIQ与锐歌、傲歌和凯雷德IQ组成的卓越 ...

智通财经APP获悉，得益于跨界SUV和皮卡销量强劲，通用汽车(GM.US)2025年第四季度核心利润实现增长，推动这家底特律 汽车制造商的股价在周二美股盘前涨超4%。财报显示，通用汽车Q4营收同比下降5.1%至452.9亿美元，不及分析师普遍预期的 458亿美元;归属于股东的净亏损33.1亿美元，高于上年同期的净亏损29.6亿美元。调整后的息税前利润为28.4亿美元，同比增长 13.3%;调整后的息税前利润率为6.3%，高于上年同期的5.3%。调整后的每股收益为2.51美元，同比增长30.4%，好于分析师普 遍预期的2.2美元。 | | Final 2025 Guidance | 2025 Results | 2026 Guidance | | --- | --- | --- | --- | | Net income attributable to stockholders | $7.7 billion - $8.3 billion | $2.7 billion | $10.3 billion - $11.7 billion | | EBIT-adjusted | $12.0 billion - $13.0 ...

Financial Performance - GM reported revenue of $185.0 billion for CY 2025[39], and $45.3 billion for Q4 2025[43] - The company's EBIT-adjusted was $12.7 billion for CY 2025[39], with a margin of 6.9%[39], and $2.8 billion for Q4 2025[43], with a margin of 6.3%[43] - Adjusted automotive free cash flow was $10.6 billion for CY 2025[39] and $2.8 billion for Q4 2025[43] - EPS-diluted-adjusted was $10.60 for CY 2025[39] and $2.51 for Q4 2025[43] Sales and Market Share - GM achieved 1 in total U S sales with 2.9 million deliveries in CY 2025, up 6% year-over-year[12, 109] - U S market share grew by 0.6 percentage points to 17.2% in CY 2025[12] - Global deliveries increased by 0.2 million year-over-year to 6.2 million units in CY 2025[47] Strategic Initiatives and Investments - GM invested $9.2 billion in capital projects and repurchased $6.0 billion of stock in CY 2025[13] - Deferred revenue from OnStar services was $5.4 billion at the end of 2025, up 65% year-over-year[22] - The company expects EV losses to improve by $1.0-1.5 billion due to right-sizing EV capacity[34] 2026 Guidance - GM projects EBIT-adjusted to be in the range of $13.0-15.0 billion for 2026[34] - Adjusted automotive free cash flow is expected to be $9.0-11.0 billion for 2026[34] - EPS-diluted-adjusted is guided to be $11.00-13.00 for 2026[34]

Key Points Full-size trucks account for a significant portion of profits for Detroit automakers. General Motors and Ford have long dominated the full-size truck segment. Both GM and Ford ended 2025 on a strong note with sales momentum. 10 stocks we like better than Ford Motor Company › The greatest rivalries eventually find their way into the history books. There are classic sports matchups such as the old-school Lakers and Celtics rivalry, and long-running business tangles between juggernauts li ...

Key Points Some automakers were derailed by trade policy changes, tariffs, and a disappearing EV tax credit. General Motors led the U.S. auto industry in sales for 2025. Part of GM's sales growth was driven by more affordable Chevy and Buick models. 10 stocks we like better than General Motors › The automotive industry has been quite a bumpy ride in 2025. The industry dealt with a rapidly evolving transition to electric vehicles (EVs) that was partially derailed by changing trade policy, tariffs, ...

Core Insights - General Motors (GM) is experiencing significant financial impacts due to a slowdown in its electric vehicle (EV) initiatives, with an expected $6 billion in special charges in Q4 2025 related to its EV rollback [1][10] - The total EV-related charges for GM in 2025 are projected to reach $7.6 billion, which includes $1.8 billion in unused EV equipment and $4.2 billion in supplier settlements and contract cancellations [2][10] Group 1: Financial Impact - GM will incur approximately $6 billion in special charges in the fourth quarter of 2025 due to its reduced EV strategy, which will negatively affect reported net income but not adjusted earnings [1][10] - The total EV-related financial burden for GM in 2025 is estimated at $7.6 billion, which includes a prior $1.6 billion charge in Q3 2025 [2][10] - GM is also expected to record an additional $1.1 billion in charges primarily related to restructuring a Chinese joint venture [2] Group 2: Strategic Shift - The company is scaling back its EV plans in response to changing U.S. policies and declining consumer demand, moving away from aggressive EV targets set during the Biden administration [3][4] - GM is reallocating resources towards higher-margin vehicles, such as pickup trucks, and reducing its exposure to battery production by selling part of its stake in Ultium Cells [5][7] - The Orion plant, initially designated for EV production, will now manufacture profitable pickup trucks like the Cadillac Escalade and Chevrolet Silverado [5] Group 3: Market Context - GM's EV sales have dropped 43% year-over-year in Q4 2025, totaling just over 25,000 vehicles, following the expiration of federal EV tax credits [6] - Other automakers, including Ford and Stellantis, are also reassessing their EV strategies, indicating a broader industry trend towards more cautious and financially disciplined approaches to EV production [9][11][12] - The shift in strategy reflects a prioritization of profitability and flexibility over an aggressive push towards an EV-only future [12] Group 4: Valuation and Performance - GM's stock has increased by 67% over the past year, outperforming the industry average [13] - From a valuation standpoint, GM appears undervalued, trading at a forward price/sales ratio of 0.43 compared to the industry average of 3.27 [14]

Key Takeaways General Motors delivered 703,001 U.S. vehicles in Q4, down 7% Y/Y, with electric vehicle sales dropping 43%.EV weakness followed record Q3 demand ahead of tax credit expiration.General Motors still led the U.S. auto market in 2025, posting 6% full-year sales.General Motors Company (GM) delivered 703,001 vehicles in the United States in the fourth quarter of 2025, representing a 7% year-over-year decline that broadly mirrored overall industry trends. Electric vehicle sales dropped 43% year over ...

Core Points - Taxpayers purchasing new cars in 2025 may qualify for a tax break if the vehicle is made in the US, as per IRS guidance [1][2] - The tax deduction applies to new cars assembled in the US from 2025 through the end of 2028, with buyers needing to verify the final assembly location via the vehicle information label or VIN [2][3] - Some buyers may not qualify for the tax break even if they purchase new vehicles in 2025 due to assembly location [3] Industry Insights - Among the 25 most popular new car models sold domestically in 2024, 14 were assembled solely in the US, including models like Ford F-series trucks and Chevy Silverado [4] - If the deduction had been in effect for 2024, approximately 4 million out of 7 million units sold would have qualified for the deduction, highlighting the potential impact on consumer behavior [5] - The tax break initiative is part of a broader strategy by the administration to support domestic auto production and consumption, although its overall effect on the auto industry remains uncertain due to macroeconomic factors [6][7]