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 record crossover deliveries and strong performance of full-size pickups and SUVs [18][19] 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, 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 - In China, market share grew 30 basis points year over year to 6.8%, with equity income rising to $80 million [21] - GM's U.S. market share reached 17%, up 50 basis points year over year, with incentives remaining below the industry average for the 10th consecutive quarter [16][18] 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 [12][25] - GM is investing in new battery chemistries and expanding U.S. production capacity, including a $4 billion investment to onshore production [7][11] - The company is transitioning from EV to ICE production in certain plants 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 ongoing disciplined execution [5][22] - The company expects EV demand to soften in the near term but remains committed to building to consumer demand [19][50] - Management is optimistic about 2026 being better than 2025, assuming a stable macro environment [22][66] Other Important Information - The company recorded a $1.6 billion special item charge in Q3, primarily related to the transition of Orion Assembly and reductions in battery module assembly capacity [9][10] - GM's deferred revenue from software services was up 14% from Q2 to almost $5 billion, indicating growth in software and services [12][13] 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, which contributes to tariff savings [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: Can you unpack the tariff mitigation benefits? - The company expects to maintain pricing discipline and has seen benefits from go-to-market and footprint changes [46] 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 is focused on producing well-designed vehicles with the right technology and aims to compete effectively [82] Question: What milestones can be expected for 2026 on the autonomy journey? - The company is committed to personal autonomy and level four capabilities, with ongoing improvements in Super Cruise [85]

Financial Data and Key Metrics Changes - Total company revenue for Q1 was $44 billion, up 2% year over year, with EBIT adjusted at $3.5 billion and EBIT adjusted margins at 7.9% [26][27] - EPS diluted adjusted was $2.78, with EBIT adjusted slightly down from last year's Q1 performance [26][27] - The company updated its full year EBIT adjusted guidance to a range of $10 billion to $12.5 billion, reflecting a current tariff exposure of $4 billion to $5 billion [8][41] Business Line Data and Key Metrics Changes - U.S. deliveries were up 17% year over year, with market share growing to 17.2%, marking a nearly two-point improvement from the prior year [24][32] - EV sales achieved over 90% year-over-year growth, securing the number two position in the U.S. EV market [28][42] - The margin in North America was 8.8%, well within the target range of 8% to 10% [32][16] Market Data and Key Metrics Changes - The company gained almost two full points of market share year over year in the U.S., with a first-quarter share of the U.S. EV market at 10%, rising to 12% in March [15][32] - Sales of new energy vehicles in China increased by 53% year over year, contributing positively to equity income [33] Company Strategy and Development Direction - The company is focused on increasing U.S. manufacturing capability and supply chains, with a 27% increase in direct purchases in the U.S. for North American production since 2019 [9][10] - GM is moderating EV production to align with consumer demand and avoid heavy discounts, focusing on efficiency and cost reductions across the value chain [12][13] - The company is developing a next-generation software-defined vehicle platform and enhancing Super Cruise capabilities [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in adapting to the new trade policy environment and maintaining strong consumer demand for vehicles [14][40] - The company anticipates a $4 billion to $5 billion impact from tariffs, with expectations to offset at least 30% through self-help initiatives [41][67] - Management highlighted the importance of maintaining cost discipline and focusing on profitable growth despite challenges [30][46] Other Important Information - The company has invested $60 billion in U.S. manufacturing over the last five years and operates a network of 50 manufacturing plants [7][8] - GM Financial performed well with Q1 EBT adjusted of almost $700 million, in line with last year [33] Q&A Session Summary Question: Is there scope for the industry to receive relief on imported vehicle tariffs? - Management expressed hope for continued trade agreements and indicated that implementing offsets will take time [51][52] Question: How does the pace of investments in AV and AI change due to recent disruptions? - Management confirmed ongoing investments in AV and AI, with a focus on personal autonomy and leveraging partnerships to improve efficiency [60][61] Question: Can you clarify the tariff impact and mitigation strategies? - The estimated tariff impact is $4 billion to $5 billion, with a 30% offset from self-help initiatives, not including pricing increases [67][68] Question: How does the company manage vehicles assembled outside the U.S.? - Management stated that they have excess capacity in the U.S. and can adjust production quickly based on market conditions [92] Question: What are the expectations for capital expenditures and potential shifts in production? - The capital expenditure outlook remains unchanged at $10 billion to $11 billion, with decisions on production and capacity being made independently based on returns [95][96]

Financial Data and Key Metrics Changes - Total company revenue for Q1 was $44 billion, up 2% year over year, with EBIT adjusted at $3.5 billion and EBIT adjusted margins at 7.9% [29][36] - EPS diluted adjusted was $2.78, with EBIT adjusted slightly down from last year's Q1 performance [29][36] - U.S. deliveries increased by 17% year over year, with market share growing to 17.2%, marking a nearly two-point improvement from the prior year [26][36] Business Line Data and Key Metrics Changes - EV sales achieved over 90% year-over-year growth, securing the number two position in the U.S. market [31][36] - Sales of redesigned Chevrolet Suburban and GMC Yukon were up more than 30%, with Cadillac Escalade having its best-ever first quarter [19][36] - Fixed costs increased by $400 million year over year due to higher depreciation, warranty pressure, and labor costs [33][36] Market Data and Key Metrics Changes - In Q1, the U.S. EV market share was 10%, rising to 12% in March [17][36] - The company gained almost two full points of market share year over year in the U.S., outpacing every other major automaker [17][36] - Sales of new energy vehicles in China increased by 53% year over year, contributing to positive equity income [36] Company Strategy and Development Direction - The company is focused on increasing U.S. manufacturing capabilities and supply chains, with a 27% increase in direct purchases for North American production since 2019 [11][36] - Plans to moderate EV production to align with consumer demand and avoid heavy discounts offered by competitors [14][36] - Continued investment in battery cell manufacturing and sourcing U.S. materials for EV production [15][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in adapting to the new trade policy environment and maintaining strong consumer demand for vehicles [16][36] - The company expects EBIT adjusted guidance for the full year to be in the range of $10 billion to $12.5 billion, considering tariff impacts [44][36] - Management emphasized the importance of maintaining cost discipline and focusing on profitable growth despite challenges [49][36] Other Important Information - The company has invested $60 billion in the U.S. over the last five years and operates a network of 50 manufacturing plants [9][36] - A 25% vehicle import tariff was imposed, but U.S. content vehicles are not subject to this once administrative processes are implemented [37][36] - The company is continuing to evaluate its capital allocation policy while balancing investments and shareholder returns [49][36] Q&A Session Summary Question: Is there scope for the industry to receive relief on imported vehicle tariffs? - Management indicated that the environment remains fluid and they are hopeful for continued trade agreement discussions [54][56] Question: What is the plan for full mitigation of tariffs? - Management stated it will take time to implement manufacturing and supply chain moves, focusing on pricing discipline and cost reductions [55][57] Question: Can you provide details on the guidance and tariff impact? - The estimated tariff impact is $4 billion to $5 billion, with a 30% offset from self-help initiatives [70][72] Question: How does the company view potential pricing actions going forward? - Management emphasized a disciplined approach to pricing, which has led to market share gains without excessive discounting [73][74] Question: What goes into the 30% offset from self-help? - The offset includes increasing U.S. content, working with suppliers for compliance, and maintaining cost discipline [78][80] Question: What is the impact of potential changes in emissions regulations? - Management is monitoring the regulatory environment but is currently focused on compliance until changes are confirmed [84][86] Question: How has the company improved cash generation? - Strong vehicle demand, disciplined pricing, and effective inventory management have contributed to improved cash generation [110][111]