Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Basis of Presentation This Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) should be read in conjunction with the accompanying condensed consolidated financial statements and the notes thereto, and the audited consolidated financial statements and notes thereto included in our 2025 Form 10-K.

Forward-looking statements in this MD&A are not guarantees of future performance and may involve risks and uncertainties that could cause actual results to differ materially from those projected. Refer to the "Forward-Looking Statements" section of this MD&A, Part I, Item 1A. Risk Factors of our 2025 Form 10-K, and Part II, Item 1A. Risk Factors for a discussion of these risks and uncertainties. Except for per share amounts or as otherwise specified, dollar amounts presented within tables are stated in millions. Certain columns and rows may not add due to rounding.

Overview Our vision for the future is a world with zero crashes, zero emissions, and zero congestion. We will adapt to customer preferences while executing our growth-focused strategy to invest in internal combustion engine (ICE) vehicles, EVs, hybrids, personal AV technology, software-enabled services, and other new business opportunities. To support strong margins and cash flow, we continue to prioritize profitable ICE vehicles, such as trucks and SUVs. We plan to execute our strategy with a steadfast commitment to good corporate citizenship through more sustainable operations and a leading health and safety culture.

Our financial performance continues to be driven by the strength of our vehicle portfolio, including high margin full-size pickup trucks and SUVs, strong consumer demand for our products, and the execution of our core business strategy. We remain focused on maintaining an efficient cost structure and pricing discipline. We continue to prioritize driving down costs to improve profitability and are aligning EV capacity to expected consumer demand. We are monitoring industry pricing pressures, changing interest rates, inflation, warranty claims, consumer demand trends, geopolitical tensions, and changes to the regulatory environment, including with respect to tariffs, fuel economy standards, and emissions regulations.

In 2025, the U.S. and other governments implemented new tariffs relevant to GM and its suppliers, including tariffs on vehicles and parts imported into the U.S. The tariff environment remains highly dynamic, and the specific tariffs applicable to goods imported by GM and its suppliers continue to evolve, including with respect to imports under the U.S.-Mexico-Canada Agreement and other trade agreements. We have acted with urgency and discipline to maintain strong positioning within the industry. On February 20, 2026, the U.S. Supreme Court concluded that the International Emergency Economic Powers Act (IEEPA) did not authorize imposition of tariffs. Because we believe previously paid amounts are refundable, we recorded a net $0.5 billion favorable adjustment primarily due to previously charged IEEPA tariffs in the three months ended March 31, 2026. Based on the current tariff environment, we estimate that impacts to EBIT-adjusted could range from $2.5 billion to $3.5 billion for the year ending December 31, 2026 and may be subject to change if new tariffs or changes to existing tariffs arise. Refer to Part I, Item 1A. Risk Factors in our 2025 Form 10-K for a full discussion of the risks associated with the global tariff environment.

Following U.S. Government policy changes in 2025, including the termination of certain consumer tax incentives for EV purchases and the reduction in the stringency of emissions regulations, industry-wide consumer demand for EVs in North America began to slow. As a result, in 2025, we reassessed our EV capacity and manufacturing footprint to align to expected consumer demand and recorded total charges in GMNA of $7.9 billion. In the three months ended March 31, 2026, we recorded additional charges of $1.1 billion primarily related to the ongoing commercial negotiations with our supply base and joint venture partners associated with our reassessment of our EV capacity. We incurred cash outflows of $2.2 billion in the three months ended March 31, 2026 and $0.4 billion in the year ended December 31, 2025 related to these charges. While we have completed the reassessment of our EV capacity and manufacturing footprint, we expect to recognize additional material cash and non-cash charges in 2026 related to continued commercial negotiations with our supply base and joint venture partners, which we believe will be significantly less than the EV-related charges incurred in 2025. In addition, we expect to record impairment charges of up to $1.0 billion to write off the carrying amount of our acquired emissions credits because the EPA finalized a rule (effective April 20, 2026) repealing its endangerment finding and removing GHG regulations for light-, medium-, and heavy-duty on-highway vehicles on a retrospective and prospective basis. These expected future EV-related charges will be reflected as adjustments in our non-GAAP financial measures. Refer to the "Non-GAAP Measures" section of this MD&A for additional information. Our strategic realignment of EV capacity does not impact today's retail portfolio of Chevrolet, GMC, and Cadillac EVs currently in production, and we expect these models to remain available to consumers.

As we continue to assess our performance and the needs of our evolving business, additional restructuring and rationalization actions could be required. These actions could give rise to future asset impairments or other charges, which may have a material

GENERAL MOTORS COMPANY AND SUBSIDIARIES

impact on our operating results. Refer to the "Consolidated Results" and regional sections of this MD&A for additional information.

We face continuing market, operating, and regulatory challenges in several countries across the globe due to, among other factors, competitive pressures, our product portfolio offerings, heightened emissions standards, labor disruptions, foreign exchange volatility, evolving trade policy, automotive industry supply chains, and political uncertainty. Refer to Part I, Item 1A. Risk Factors in our 2025 Form 10-K and Part II, Item 1A. Risk Factors for a discussion of these challenges.

For the year ending December 31, 2026, we expect Net income attributable to stockholders of between $9.9 billion and $11.4 billion, EBIT-adjusted of between $13.5 billion and $15.5 billion, EPS-diluted of between $10.62 and $12.62, and EPS-diluted-adjusted of between $11.50 and $13.50. Refer to the "Non-GAAP Measures" section of this MD&A for additional information.

The following table reconciles expected Net income attributable to stockholders to expected EBIT-adjusted (dollars in billions):


									Year Ending December 31, 2026
Net income attributable to stockholders									$ 9.9-11.4
Income tax expense									2.6-3.1
Automotive interest expense, net									0.0
Adjustments(a)									1.0
EBIT-adjusted									$ 13.5-15.5

(a)Refer to the reconciliation of Net income (loss) attributable to stockholders to EBIT-adjusted within this MD&A for adjustment details. These expected financial results do not include the potential impact of future adjustments related to special items.

The following table reconciles expected EPS-diluted to expected EPS-diluted-adjusted:


									Year Ending December 31, 2026
Diluted earnings per common share									$ 10.62-12.62
Adjustments(a)									0.88
EPS-diluted-adjusted									$ 11.50-13.50

(a)Refer to the reconciliation of diluted earnings per common share to EPS-diluted-adjusted within this MD&A for adjustment details. These expected financial results do not include the potential impact of future adjustments related to special items.

GMNA Industry sales in North America were 4.7 million units in the three months ended March 31, 2026, representing a decrease of 5.2% compared to the corresponding period in 2025. U.S. industry sales were 3.8 million units in the three months ended March 31, 2026, representing a decrease of 5.9% compared to the corresponding period in 2025.

Our total vehicle sales in the U.S., our largest market in North America, were 0.6 million units for a market share of 16.5% in the three months ended March 31, 2026, representing a decrease of 0.7 percentage points compared to the corresponding period in 2025.

We achieved solid margins in the three months ended March 31, 2026 driven by the strength of our product portfolio and ongoing cost discipline. However, the evolving tariff and policy landscape could have a material impact on our profitability going forward. We remain focused on improving our EV profitability while maintaining our focus on cost. In addition, our outlook is dependent on continued supply chain availability, the resiliency of the U.S. economy, and overall economic conditions, including the imposition of tariffs, less available offsets and deductions, or other trade restrictions by the U.S. or its trading partners. Looking ahead, our top priority is returning GMNA to its historical 8.0-10.0% annualized EBIT-adjusted margins.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

GMI Industry sales in China were 5.1 million units in the three months ended March 31, 2026, representing a decrease of 12.9% compared to the corresponding period in 2025. Our total vehicle sales in China were 0.3 million units for a market share of 6.9% in the three months ended March 31, 2026, representing a decrease of 0.7 percentage points compared to the corresponding period in 2025. Our Automotive China JVs generated equity income of $0.2 billion in the three months ended March 31, 2026, which includes income of $0.1 billion related to the previously announced restructuring of SAIC General Motors Corp., Ltd. (SGM). We continue to focus on enhancing the competitiveness of our products in the Chinese market and executing restructuring plans. Additional restructuring charges may be incurred going forward.

Outside of China, industry sales were 6.9 million units in the three months ended March 31, 2026, representing an increase of 2.7% compared to the corresponding period in 2025. Our total vehicle sales outside of China were 0.2 million units for a market share of 2.9% in the three months ended March 31, 2026, representing an increase of 0.2 percentage points compared to the corresponding period in 2025.

Vehicle Sales The principal factors that determine consumer vehicle preferences in the markets in which we operate include overall vehicle design, price, quality, available options, safety, reliability, fuel economy or range, and functionality. Market leadership in individual countries in which we compete varies widely.

We present both wholesale and total vehicle sales data to assist in the analysis of our revenue and market share. Wholesale vehicle sales data consists of sales to GM's dealers and distributors as well as sales to the U.S. Government, and excludes vehicles sold by our joint ventures. Wholesale vehicle sales data correlates to our revenue recognized from the sale of vehicles, which is the largest component of Automotive net sales and revenue. In the three months ended March 31, 2026, 24.9% of our wholesale vehicle sales volume was generated outside the U.S. The following table summarizes wholesale vehicle sales by our Automotive operations (vehicles in thousands):


	Three Months Ended
	March 31, 2026			March 31, 2025
GMNA	793	88.2	%	827	90.7	%
GMI	106	11.8	%	85	9.3	%
Total	899	100.0	%	912	100.0	%

Total vehicle sales data represents: (1) retail sales (i.e., sales to consumers who purchase new vehicles from dealers or distributors); (2) fleet sales (i.e., sales to large and small businesses, governments, and daily rental car companies); and (3) certain vehicles used by dealers in their business, including but not limited to courtesy transportation vehicles previously used by dealers that were sold to the end consumer. Total vehicle sales data includes all sales by joint ventures on a total vehicle basis, not based on our percentage ownership interest in the joint venture, including vehicle sales of non-GM trademarked vehicles, which are included in the total vehicle sales we report for China. While total vehicle sales data does not correlate directly to the revenue we recognize during a particular period, we believe it is indicative of the underlying demand for our vehicles. Total vehicle sales data represents management's good faith estimate based on sales reported by our dealers, distributors, and joint ventures; commercially available data sources, such as registration and insurance data; and internal estimates and forecasts when other data is not available.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

The following table summarizes industry and GM total vehicle sales and our related competitive position by geographic region (vehicles in thousands):


	Three Months Ended
	March 31, 2026				March 31, 2025
	Industry	GM	Market Share		Industry	GM	Market Share
North America
United States	3,792	626	16.5	%	4,032	693	17.2	%
Other	924	117	12.6	%	941	126	13.4	%
Total North America	4,717	743	15.8	%	4,973	819	16.5	%
Asia/Pacific, Middle East, and Africa
China(a)	5,062	349	6.9	%	5,811	443	7.6	%
Other	5,786	108	1.9	%	5,733	102	1.8	%
Total Asia/Pacific, Middle East, and Africa	10,848	457	4.2	%	11,545	545	4.7	%
South America
Brazil	625	61	9.8	%	552	56	10.1	%
Other	454	33	7.3	%	400	29	7.2	%
Total South America	1,079	95	8.8	%	951	85	8.9	%
Total in GM markets	16,644	1,294	7.8	%	17,469	1,448	8.3	%
Total Europe	4,142	—	—	%	4,238	1	—	%
Total Worldwide(b)	20,786	1,295	6.2	%	21,706	1,449	6.7	%
United States
Cars	627	11	1.8	%	707	17	2.5	%
Trucks	1,010	324	32.1	%	1,053	344	32.7	%
Crossovers	2,155	291	13.5	%	2,272	332	14.6	%
Total United States	3,792	626	16.5	%	4,032	693	17.2	%
China(a)
SGMS		116				119
SGMW		233				324
Total	5,062	349	6.9	%	5,811	443	7.6	%

(a)Includes sales by the Automotive China JVs: SAIC General Motors Sales Co., Ltd. (SGMS) and SAIC GM Wuling Automobile Co., Ltd. (SGMW).

(b)Cuba, Iran, North Korea, and Sudan have been subject to broad economic sanctions. Accordingly, these countries are excluded from industry sales data and corresponding calculation of market share.

As discussed above, total vehicle sales and market share data provided in the table above includes fleet vehicles. Certain fleet transactions, particularly sales to daily rental car companies, are generally less profitable than retail sales to end customers. The following table summarizes estimated fleet sales and those sales as a percentage of total vehicle sales (vehicles in thousands):


	Three Months Ended
	March 31, 2026		March 31, 2025
GMNA	184		172
GMI	82		67
Total fleet sales	266		239

Fleet sales as a percentage of total vehicle sales	20.6	%	16.5	%

GENERAL MOTORS COMPANY AND SUBSIDIARIES

GM Financial We believe that offering a comprehensive suite of financing products will generate incremental sales of our vehicles, drive incremental GM Financial earnings, and help support our sales throughout various economic cycles. GM Financial's penetration of our retail sales in the U.S. was 34% in the three months ended March 31, 2026 and 36% in the corresponding period in 2025. Penetration levels vary depending on incentive financing programs available and competing third-party financing products in the market. GM Financial's prime loan originations as a percentage of total loan originations in North America were 74% in the three months ended March 31, 2026 and 81% in the corresponding period in 2025. In the three months ended March 31, 2026, GM Financial's revenue consisted of leased vehicle income of 46%, retail finance charge income of 40%, and commercial finance charge income of 6%.

GM Financial's leasing program is exposed to residual values, which are heavily dependent on used vehicle prices. The following table summarizes the estimated residual value based on GM Financial's most recent estimates and the number of units included in GM Financial Equipment on operating leases, net by vehicle type (units in thousands):


	March 31, 2026					December 31, 2025
	Residual Value		Units	Percentage		Residual Value		Units	Percentage
Crossovers	$	12,918	604	63.9	%	$	13,145	617	64.8	%
Trucks	8,936		261	27.7	%	8,702		254	26.6	%
SUVs	2,593		54	5.8	%	2,619		56	5.9	%
Cars	502		25	2.6	%	515		26	2.7	%
Total	$	24,950	944	100.0	%	$	24,981	952	100.0	%

Consolidated Results We review changes in our results of operations under five categories: Volume, Mix, Price, Cost, and Other. Volume measures the impact of changes in wholesale vehicle volumes driven by industry volume, market share, and changes in dealer stock levels. Mix measures the impact of changes to the regional portfolio due to product, model, trim, country, and option penetration in current year wholesale vehicle volumes. Price measures the impact of changes related to Manufacturer’s Suggested Retail Price and various sales allowances. Cost primarily includes: (1) material and freight; (2) manufacturing, engineering, advertising, administrative and selling, and warranty expenses; and (3) non-vehicle related activity. Other primarily includes foreign exchange and non-vehicle related automotive revenues as well as equity income or loss from our nonconsolidated affiliates. Refer to the regional sections of this MD&A for additional information.

Total Net Sales and Revenue


	Three Months Ended					Favorable/ (Unfavorable)		%			Variance Due To
March 31, 2026			March 31, 2025					Volume		Mix			Price			Other
											(Dollars in billions)
GMNA	$	36,401		$	37,388	$	(987)	(2.6)	%		$	(1.4)		$	(0.1)		$	—	$	0.6
GMI	2,859			2,427		432		17.8	%		$	0.5		$	(0.2)		$	0.1	$	—
Corporate	90			46		44		96.4	%					$	—				$	—
Automotive	39,349			39,860		(511)		(1.3)	%		$	(0.9)		$	(0.3)		$	0.1	$	0.6
Cruise	—			1		(1)		n.m.											$	—
GM Financial	4,276			4,164		113		2.7	%										$	0.1
Eliminations/reclassifications	(1)			(5)		4		76.2	%					$	—				$	—
Total net sales and revenue	$	43,624		$	44,020	$	(395)	(0.9)	%		$	(0.9)		$	(0.3)		$	0.1	$	0.8

n.m. = not meaningful

Refer to the regional sections of this MD&A for additional information on Volume, Mix, Price, and Other.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

Automotive and Other Cost of Sales


	Three Months Ended				Favorable/ (Unfavorable)		%			Variance Due To
	March 31, 2026		March 31, 2025						Volume	Mix		Cost		Other
										(Dollars in billions)
GMNA	$	32,297	$	32,680	$	383	1.2	%		$	1.0	$	0.2	$	(0.7)	$	(0.1)
GMI	2,647		2,271		(376)		(16.5)	%		$	(0.4)	$	0.1	$	—	$	(0.1)
Corporate	84		78		(6)		(7.3)	%				$	—	$	—	$	—
Cruise	—		163		163		n.m.							$	0.2
Eliminations	1		(1)		(1)		n.m.					$	—	$	—
Total automotive and other cost of sales	$	35,028	$	35,191	$	164	0.5	%		$	0.6	$	0.3	$	(0.6)	$	(0.2)

n.m. = not meaningful

In the three months ended March 31, 2026, increased Cost was primarily due to: (1) charges of $1.1 billion due to the EV strategic realignment; (2) decreased Ultium Cells Holdings LLC equity earnings of $0.3 billion; and (3) increased material and freight costs of $0.2 billion, including $0.2 billion net unfavorable tariffs inclusive of a $0.5 billion favorable adjustment; partially offset by (4) decreased warranty-related costs of $0.4 billion; (5) decreased manufacturing and emissions costs of $0.4 billion; and (6) favorable net realizable value inventory adjustments, primarily EV-related, of $0.1 billion in the three months ended March 31, 2026 compared to similar unfavorable inventory adjustments of $0.1 billion in the three months ended March 31, 2025. In the three months ended March 31, 2026, unfavorable Other was primarily due to net foreign currency changes.

Refer to the regional sections of this MD&A for additional information on Volume and Mix.

Automotive and Other Selling, General, and Administrative Expense


	Three Months Ended				Favorable/ (Unfavorable)
	March 31, 2026		March 31, 2025				%
Automotive and other selling, general, and administrative expense	$	2,069	$	1,985	$	(84)		(4.3)	%

Interest Income and Other Non-operating Income, net


	Three Months Ended				Favorable/ (Unfavorable)
	March 31, 2026		March 31, 2025				%
Interest income and other non-operating income, net	$	307	$	310	$	(3)		(1.0)	%

Income Tax Expense


	Three Months Ended				Favorable/ (Unfavorable)
	March 31, 2026		March 31, 2025				%
Income tax expense	$	642	$	719	$	76		10.6	%

In the three months ended March 31, 2026, Income tax expense decreased primarily due to lower pre-tax income.

For the three months ended March 31, 2026, our effective tax rate was 19.2% and our effective tax rate-adjusted (ETR-adjusted) was 19.0%. We expect our ETR-adjusted to be between 20% and 21% for the year ending December 31, 2026. Refer to the "Non-GAAP Measures" section of this MD&A for additional information.

Refer to Note 14 to our condensed consolidated financial statements for additional information related to Income tax expense.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

GM North America


	Three Months Ended						Favorable/ (Unfavorable)			%			Variance Due To
	March 31, 2026			March 31, 2025								Volume	Mix		Price		Cost		Other
													(Dollars in billions)
Total net sales and revenue	$	36,401		$	37,388		$	(987)		(2.6)	%		$	(1.4)	$	(0.1)	$	—			$	0.6
EBIT-adjusted	$	3,661		$	3,286		$	375		11.4	%		$	(0.4)	$	0.1	$	—	$	0.4	$	0.3
EBIT-adjusted margin	10.1		%	8.8		%	1.3		%
	(Vehicles in thousands)
Wholesale vehicle sales	793			827			(34)			(4.1)	%

GMNA Total Net Sales and Revenue In the three months ended March 31, 2026, Total net sales and revenue decreased primarily due to: (1) decreased net wholesale volumes due to decreased sales of crossover vehicles and mid-size pickup trucks and vans; partially offset by (2) favorable Other due to net foreign currency changes and increased revenue of software-enabled services and subscriptions.

GMNA EBIT-Adjusted In the three months ended March 31, 2026, EBIT-adjusted increased primarily due to: (1) favorable Cost primarily due to decreased manufacturing and emissions costs of $0.4 billion, decreased warranty-related costs of $0.4 billion, and favorable net realizable value inventory adjustments, primarily EV-related, of $0.1 billion in the three months ended March 31, 2026 compared to similar unfavorable inventory adjustments of $0.1 billion in the three months ended March 31, 2025, partially offset by decreased Ultium Cells Holdings LLC equity earnings of $0.3 billion, increased material and freight costs of $0.2 billion, including $0.2 billion net unfavorable tariffs inclusive of a $0.5 billion favorable adjustment, and increased advertising, selling, and administrative costs of $0.1 billion; and (2) favorable Other due to net foreign currency changes and investment income; partially offset by (3) decreased net wholesale volumes.

GM International


	Three Months Ended						Favorable/ (Unfavorable)							Variance Due To
	March 31, 2026			March 31, 2025						%			Volume			Mix			Price			Cost			Other
														(Dollars in billions)
Total net sales and revenue	$	2,859		$	2,427		$	432			17.8	%		$	0.5		$	(0.2)		$	0.1					$	—
EBIT-adjusted	$	123		$	30		$	94			n.m.			$	0.1		$	(0.1)		$	0.1		$	(0.1)		$	—
EBIT-adjusted margin	4.3		%	1.2		%	3.1		%
Equity income (loss) — Automotive China	$	165		$	45		$	120			n.m.
EBIT (loss)-adjusted — excluding Equity income (loss)(a)	$	37		$	(15)		$	52			n.m.
	(Vehicles in thousands)
Wholesale vehicle sales	106			85			21				25.3	%

n.m. = not meaningful

(a)Excludes adjustments related to Automotive China JVs restructuring recorded in GMI.

The vehicle sales of our Automotive China JVs are not recorded in Total net sales and revenue. The results of our joint ventures are recorded in Equity income (loss), which is included in EBIT-adjusted above.

GMI Total Net Sales and Revenue In the three months ended March 31, 2026, Total net sales and revenue increased primarily due to: (1) increased net wholesale volumes in Brazil primarily due to increased sales of passenger cars and crossover vehicles, partially offset by decreased wholesale volumes in the Middle East; and (2) favorable Price across multiple vehicle lines in Argentina and Brazil; partially offset by (3) unfavorable Mix primarily in Brazil.

GMI EBIT-Adjusted In the three months ended March 31, 2026, EBIT-adjusted increased primarily due to: (1) increased net wholesale volumes in Brazil; and (2) favorable Price; partially offset by (3) unfavorable Mix; and (4) unfavorable Cost primarily due to decreased parts and accessories sales in Africa, the Middle East, and Korea.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

The following table summarizes certain key operational and financial data for the Automotive China JVs (vehicles in thousands):


	Three Months Ended
	March 31, 2026		March 31, 2025
Wholesale vehicle sales, including vehicles exported to markets outside of China	428		454
Total net sales and revenue	$	5,692	$	5,065
Net income (loss)	$	339	$	70

GM Financial


	Three Months Ended						Increase/ (Decrease)			%
	March 31, 2026			March 31, 2025
Total revenue	$	4,276		$	4,164		$	113		2.7	%
Provision for loan losses	$	267		$	328		$	(61)		(18.7)	%
EBT-adjusted	$	688		$	685		$	4		0.5	%

Average debt outstanding (dollars in billions)	$	114.5		$	115.5		$	(1.0)		(0.9)	%
Effective rate of interest paid	5.4		%	5.6		%	(0.2)		%

GM Financial Revenue In the three months ended March 31, 2026, total revenue increased primarily due to: (1) increased other income of $0.1 billion primarily due to an increase in earned premiums and fees on vehicle protection contracts; and (2) increased leased vehicle income of $0.1 billion primarily due to an increase in the average balance of the leased vehicles portfolio; partially offset by (3) decreased finance charge income of $0.1 billion primarily due to a decrease in the average balance of the portfolio.

GM Financial EBT-Adjusted In the three months ended March 31, 2026, EBT-adjusted increased by an insignificant amount.

Liquidity and Capital Resources We believe our current levels of cash, cash equivalents, marketable debt securities, available borrowing capacity under our credit facilities, and other liquidity actions currently available to us are sufficient to meet our liquidity requirements in the short- and long-term. We also maintain access to the capital markets and may issue debt or equity securities, which may provide an additional source of liquidity. We have substantial cash requirements going forward, which we plan to fund through our total available liquidity, cash flows from operating activities, and additional liquidity measures, if determined to be necessary.

Our known current material uses of cash include, among other possible demands: (1) capital spending and our investments in our battery cell manufacturing joint ventures of approximately $10.0 billion to $12.0 billion in 2026; (2) payments for engineering and product development activities, including the development of AV technology and software-enabled services; (3) payments associated with previously announced EV-related cash charges, warranty claims, vehicle recalls, and any other recall-related contingencies; (4) payments to service debt and other long-term obligations, including discretionary and mandatory contributions to our pension plans; (5) dividend payments on our common stock that are declared by our Board of Directors; and (6) payments to purchase shares of our common stock authorized by our Board of Directors. Our material future uses of cash, which may vary from time to time based on market conditions and other factors, are focused on the three objectives of our capital allocation program: (1) grow our business at an average target return on invested capital-adjusted (ROIC-adjusted) rate of 20% or greater; (2) maintain a strong investment-grade balance sheet, including a target average automotive cash balance of $18.0 billion; and (3) after the first two objectives are met, return available cash to stockholders. Our senior management evaluates our capital allocation program on an ongoing basis and recommends any modifications to the program to our Board of Directors not less than once annually.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

equipment to its nominal salvage value. In the three months ended March 31, 2026, we recorded additional charges of $1.1 billion primarily related to $1.0 billion for the ongoing commercial negotiations with our supply base and joint venture partners associated with our reassessment of our EV capacity that will have a cash impact when paid. We incurred cash outflows of $2.2 billion in the three months ended March 31, 2026 and $0.4 billion in the year ended December 31, 2025 related to these charges. It is reasonably possible that we will recognize additional future material contract cancellation fees and commercial settlements associated with EV-related investments that may adversely affect our cash flows in the period in which they are paid. In addition, we have entered, and plan to continue to enter, into offtake agreements that generally obligate us to purchase defined quantities of output. These arrangements could have a short-term adverse impact on our cash and increase our inventory. We also continue to monitor and evaluate opportunities to strengthen our competitive position over the long term while maintaining a strong investment-grade balance sheet. These actions may include opportunistic payments to reduce our long-term obligations, and the possibility of acquisitions, dispositions, and investments with joint venture partners, as well as strategic alliances that we believe would generate significant advantages and substantially strengthen our business.

Our liquidity plans are subject to a number of risks and uncertainties, including those described in the "Forward-Looking Statements" section of this MD&A, Part I, Item 1A. Risk Factors of our 2025 Form 10-K, and Part II, Item 1A. Risk Factors, some of which are outside of our control.

In January 2026, our Board of Directors increased the capacity under our existing share repurchase program by $6.0 billion to an aggregate of $6.3 billion, with no expiration date. In the three months ended March 31, 2026, we repurchased 11 million shares for $0.8 billion. As of March 31, 2026, we have $5.5 billion in capacity remaining under our share repurchase program.

In the three months ended March 31, 2026, we paid dividends of $0.2 billion to holders of our common stock. In January 2026, our Board of Directors approved an increase in the quarterly common stock dividend of $0.03 to $0.18 per share beginning with the quarterly dividend declared in January 2026.

Cash flows that occur amongst our Automotive, Cruise, and GM Financial operations are eliminated when we consolidate our cash flows. Such eliminations include, among other things, collections by Automotive on wholesale accounts receivables financed by dealers through GM Financial, payments between Automotive and GM Financial for accounts receivables transferred by Automotive to GM Financial, loans to Automotive and Cruise from GM Financial, dividends issued by GM Financial to Automotive, tax payments by GM Financial to Automotive, and Automotive Cruise related cash expenditures. The presentation of Automotive liquidity and GM Financial liquidity presented below includes the impact of cash transactions amongst the sectors that are ultimately eliminated in consolidation. The Cruise restructuring activities are substantially complete as of December 31, 2025. Net cash used in operating activities by Cruise was $0.5 billion in the three months ended March 31, 2025.

Automotive Liquidity Total available liquidity includes cash, cash equivalents, marketable debt securities, and funds available under credit facilities. The amount of available liquidity is subject to seasonal fluctuations and includes balances held by various business units and subsidiaries worldwide that are needed to fund their operations. We have not significantly changed the management of our liquidity, including our allocation of available liquidity, our portfolio composition and our investment guidelines since December 31, 2025. Refer to Part II, Item 7. MD&A of our 2025 Form 10-K.

In March 2026, we renewed our 364-day, $2.0 billion revolving credit facility allocated for the exclusive use of GM Financial, which now matures March 22, 2027.

We use credit facilities as a mechanism to provide additional flexibility in managing our global liquidity. Our Automotive borrowing capacity under credit facilities totaled $14.4 billion at March 31, 2026 and December 31, 2025, which consisted primarily of two credit facilities. Total Automotive borrowing capacity under our credit facilities does not include our 364-day, $2.0 billion facility allocated for exclusive use of GM Financial. We did not have any borrowings against our primary facilities, but had letters of credit outstanding under our sub-facility of $0.5 billion at March 31, 2026 and December 31, 2025.

If available capacity permits, GM Financial continues to have access to our automotive credit facilities. GM Financial did not have borrowings outstanding against any of these facilities at March 31, 2026 and December 31, 2025. We had intercompany loans from GM Financial of $0.4 billion at March 31, 2026 and December 31, 2025, which primarily consisted of commercial loans to dealers we consolidate. We did not have intercompany loans to GM Financial at March 31, 2026 and December 31, 2025. Refer to Note 4 to our condensed consolidated financial statements for additional information.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

Several of our loan facilities, including our credit facilities, require compliance with certain financial and operational covenants as well as regular reporting to lenders. We have reviewed our covenants in effect as of March 31, 2026 and determined we are in compliance and expect to remain in compliance in the future.

GM Financial's Board of Directors declared and paid dividends of $0.7 billion on its common stock in the three months ended March 31, 2026. Future dividends from GM Financial will depend on several factors including business and economic conditions, its financial condition, earnings, liquidity requirements, and leverage ratio.

The following table summarizes our Automotive available liquidity (dollars in billions):


	March 31, 2026		December 31, 2025
Automotive cash and cash equivalents	$	14.7	$	15.1
Marketable debt securities	4.6		6.7
Automotive cash, cash equivalents, and marketable debt securities	19.2		21.7



Available under credit facilities(a)	14.0		13.9
Total Automotive available liquidity	$	33.2	$	35.7

(a)We had letters of credit outstanding under our sub-facility of $0.5 billion at March 31, 2026 and December 31, 2025.

The following table summarizes the changes in our Automotive available liquidity (dollars in billions):


	Three Months Ended March 31, 2026
Operating cash flow	$	0.5
Capital expenditures	(1.5)
Shares repurchased and dividends paid	(1.0)

Financing lease purchase option	(0.2)
Investment in nonconsolidated affiliates	(0.1)
Other non-operating	(0.3)
Total change in automotive available liquidity	$	(2.5)

Automotive Cash Flow (dollars in billions)


	Three Months Ended				Change
	March 31, 2026		March 31, 2025
Operating Activities
Net income	$	2.2	$	2.7	$	(0.5)
Depreciation, amortization, and impairment charges	1.7		1.7		—
Pension and OPEB activities	(0.2)		(0.2)		—
Working capital	(1.1)		(1.5)		0.5
Accrued and other liabilities and income taxes	(2.3)		(1.4)		(0.9)
Other(a)	0.3		1.1		(0.9)
Net automotive cash provided by (used in) operating activities(b)	$	0.5	$	2.4	$	(1.9)

(a)Includes $0.7 billion and $0.4 billion in dividends received from GM Financial in the three months ended March 31, 2026 and 2025; $0.8 billion in dividends received from our nonconsolidated affiliates in the three months ended March 31, 2025; and changes in other assets and liabilities in the three months ended March 31, 2026 and 2025.

(b)Includes $(0.8) billion and $(2.3) billion in the three months ended March 31, 2026 and 2025, which are eliminated within the condensed consolidated statements of cash flows. Amounts eliminated primarily relate to purchases of, and collections on, wholesale finance receivables provided by GM Financial to our dealers and dividends issued by GM Financial to us.

GENERAL MOTORS COMPANY AND SUBSIDIARIES


	Three Months Ended				Change
	March 31, 2026		March 31, 2025
Investing Activities
Capital expenditures	$	(1.5)	$	(1.8)	$	0.3
Acquisitions and liquidations of marketable securities, net	2.1		0.4		1.7
Other(a)	0.1		(1.1)		1.2
Net automotive cash provided by (used in) investing activities(b)	$	0.7	$	(2.4)	$	3.2

(a)Includes $0.1 billion loan repayments from Ultium Cells LLC in the three months ended March 31, 2026; $(0.3) billion of GM's investment in nonconsolidated affiliates in the three months ended March 31, 2025; and $(0.7) billion of funding to wind down Cruise robotaxi operations in the three months ended March 31, 2025.

(b)Includes $(0.7) billion of funding to wind down Cruise robotaxi operations in the three months ended March 31, 2025, which are eliminated within the condensed consolidated statements of cash flows.


	Three Months Ended				Change
	March 31, 2026		March 31, 2025
Financing Activities
Net proceeds (payments) from short-term debt	$	(0.2)	$	(0.1)	$	(0.2)

Other(a)	(1.3)		(2.3)		1.0
Net automotive cash provided by (used in) financing activities	$	(1.5)	$	(2.3)	$	0.8

(a)Includes $(0.8) billion for payments to purchase common stock in the three months ended March 31, 2026; $(2.0) billion in payments related to the ASR in the three months ended March 31, 2025; and $(0.2) billion and $(0.1) billion for dividends paid in the three months ended March 31, 2026 and 2025.

Adjusted Automotive Free Cash Flow We measure adjusted automotive free cash flow as automotive operating cash flow from operations less capital expenditures adjusted for management actions. In the three months ended March 31, 2026, net automotive cash provided by operating activities was $0.5 billion, capital expenditures were $1.5 billion, and adjustments for management actions were $2.2 billion. In the three months ended March 31, 2025, net automotive cash provided by operating activities was $2.4 billion, capital expenditures were $1.8 billion, and adjustments for management actions were $0.2 billion.

Status of Credit Ratings We receive ratings from four independent credit rating agencies: DBRS Limited, Fitch Ratings, Moody's Investor Service, and Standard & Poor's. All four credit rating agencies currently rate our corporate credit at investment grade. As of April 21, 2026, all credit ratings remained unchanged since December 31, 2025.

Automotive Financing – GM Financial Liquidity GM Financial's primary sources of cash are finance charge income, leasing income, and proceeds from the sale of terminated leased vehicles, net proceeds from credit facilities, securitizations, secured and unsecured borrowings, and collections and recoveries on finance receivables. GM Financial's primary uses of cash are purchases and funding of finance receivables and leased vehicles, repayment or repurchases of secured and unsecured debt, funding credit enhancement requirements in connection with securitizations, and secured credit facilities, interest costs, operating expenses, income taxes, and dividend payments. GM Financial continues to monitor and evaluate opportunities to optimize its liquidity position and the mix of its debt between secured and unsecured debt.

The following table summarizes GM Financial's available liquidity (dollars in billions):


	March 31, 2026		December 31, 2025
Cash, cash equivalents, and marketable debt securities	$	5.2	$	5.9
Available capacity under secured credit facilities	25.8		25.9
Available under committed unsecured credit facilities	1.0		1.0
Available under revolving credit facility, exclusive to GM Financial	2.0		2.0
Total GM Financial available liquidity	$	34.0	$	34.8

GM Financial's available liquidity varies quarterly based on factors including near-term debt issuances and maturities, as well as changes in its earning assets. GM Financial generally targets liquidity levels to support at least six months of GM Financial's expected net cash outflows, including new originations, without access to new debt financing transactions or other capital markets activity. At March 31, 2026, available liquidity exceeded GM Financial's liquidity targets.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

GM Financial Cash Flow (dollars in billions)


	Three Months Ended				Change
	March 31, 2026		March 31, 2025
Net cash provided by (used in) operating activities	$	1.6	$	1.9	$	(0.2)
Net cash provided by (used in) investing activities(a)	$	1.4	$	0.3	$	1.1
Net cash provided by (used in) financing activities(b)	$	(2.8)	$	1.4	$	(4.3)

(a)Includes $1.4 billion and $2.6 billion in the three months ended March 31, 2026 and 2025 primarily driven by purchases of, and collections on, wholesale finance receivables, and collection of intercompany loans to Cruise in the three months ended March 31, 2025, which are eliminated within the condensed consolidated statements of cash flows.

(b)Includes $(0.7) billion and $(0.4) billion in the three months ended March 31, 2026 and 2025 for dividends to GM, which are eliminated within the condensed consolidated statements of cash flows.


	Three Months Ended				Change
	March 31, 2026		March 31, 2025
Operating Activities
Net income (loss)	$	0.5	$	0.5	$	—
Depreciation and amortization	1.4		1.3		0.1
Accretion and amortization of loan and leasing fees	(0.4)		(0.4)		—
Provision for loan losses	0.3		0.3		(0.1)
Other non-cash income	(0.1)		(0.3)		0.1
Changes in assets and liabilities	(0.1)		0.3		(0.5)
Deferred income taxes	0.1		0.1		—
Net cash provided by (used in) operating activities	$	1.6	$	1.9	$	(0.2)

Credit Facilities In the normal course of business, in addition to using its available cash, GM Financial utilizes borrowings under its credit facilities, which may be secured or unsecured, and GM Financial repays these borrowings as appropriate under its cash management strategy. At March 31, 2026, secured and unsecured credit facilities totaled $27.8 billion and $3.5 billion, with advances outstanding of $1.9 billion and $2.4 billion.

GM Financial did not have any borrowings outstanding against our credit facility designated for their exclusive use or the remainder of our revolving credit facilities at March 31, 2026 and December 31, 2025. Refer to the "Automotive Liquidity" section of this MD&A for additional details.

Critical Accounting Estimates The condensed consolidated financial statements are prepared in conformity with U.S. GAAP, which requires the use of estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses in the periods presented. We believe the accounting estimates employed are appropriate and the resulting balances are reasonable; however, due to the inherent uncertainties in developing estimates, actual results could differ from the original estimates, requiring adjustments to these balances in future periods. The critical accounting estimates that affect the condensed consolidated financial statements and the judgments and assumptions used are consistent with those described in the MD&A in our 2025 Form 10-K.

Non-GAAP Measures We use both GAAP and non-GAAP financial measures for operational and financial decision making, and to assess Company and segment business performance. Our non-GAAP measures include: EBIT-adjusted, presented net of noncontrolling interests; EBT-adjusted for our GM Financial segment; EPS-diluted-adjusted; ETR-adjusted; ROIC-adjusted, and adjusted automotive free cash flow. Our calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures.

These non-GAAP measures allow management and investors to view operating trends, perform analytical comparisons, and benchmark performance between periods and among geographic regions to understand operating performance without regard to items we do not consider a component of our core operating performance. Furthermore, these non-GAAP measures allow

GENERAL MOTORS COMPANY AND SUBSIDIARIES

investors the opportunity to measure and monitor our performance against our externally communicated targets and evaluate the investment decisions being made by management to improve ROIC-adjusted. Management uses these measures in its financial, investment, and operational decision-making processes, for internal reporting, and as part of its forecasting and budgeting processes. Further, our Board of Directors uses certain of these and other measures as key metrics to determine management performance under our performance-based compensation plans. For these reasons, we believe these non-GAAP measures are useful for our investors.

EBIT-adjusted (Most comparable GAAP measure: Net income attributable to stockholders) EBIT-adjusted is presented net of noncontrolling interests and is used by management and can be used by investors to review our consolidated operating results because it excludes automotive interest income, automotive interest expense, and income taxes as well as certain additional adjustments that are not considered part of our core operations. Examples of adjustments to EBIT include, but are not limited to, impairment charges on long-lived assets and other exit costs resulting from strategic shifts in our operations or discrete market and business conditions, and certain costs arising from legal matters. For EBIT-adjusted and our other non-GAAP measures, once we have made an adjustment in the current period for an item, we will also adjust the related non-GAAP measure in any future periods in which there is an impact from the item. Our corresponding measure for our GM Financial segment is EBT-adjusted because interest income and interest expense are an integral part of its financial performance.

EPS-diluted-adjusted (Most comparable GAAP measure: Diluted earnings per common share) EPS-diluted-adjusted is used by management and can be used by investors to review our consolidated diluted EPS results on a consistent basis. EPS-diluted-adjusted is calculated as net income attributable to common stockholders-diluted less adjustments noted above for EBIT-adjusted and certain income tax adjustments divided by weighted-average common shares outstanding-diluted. Examples of income tax adjustments include the establishment or release of significant deferred tax asset valuation allowances.

ETR-adjusted (Most comparable GAAP measure: Effective tax rate) ETR-adjusted is used by management and can be used by investors to review the consolidated effective tax rate for our core operations on a consistent basis. ETR-adjusted is calculated as Income tax expense less the income tax related to the adjustments noted above for EBIT-adjusted and the income tax adjustments noted above for EPS-diluted-adjusted divided by Income before income taxes less adjustments. When we provide an expected adjusted effective tax rate, we cannot provide an expected effective tax rate without unreasonable efforts because the U.S. GAAP measure may include significant adjustments that are difficult to predict.

ROIC-adjusted (Most comparable GAAP measure: Return on equity) ROIC-adjusted is used by management and can be used by investors to review our investment and capital allocation decisions. We define ROIC-adjusted as EBIT-adjusted for the trailing four quarters divided by ROIC-adjusted average net assets, which is the average equity balances adjusted for average automotive debt and interest liabilities, exclusive of finance leases; average automotive net pension and OPEB liabilities; and average automotive net income tax assets during the same period.

Adjusted automotive free cash flow (Most comparable GAAP measure: Net automotive cash provided by operating activities) Adjusted automotive free cash flow is used by management and can be used by investors to review the liquidity of our automotive operations and to measure and monitor our performance against our capital allocation program and evaluate our automotive liquidity against the substantial cash requirements of our automotive operations. We measure adjusted automotive free cash flow as automotive operating cash flow from operations less capital expenditures adjusted for management actions. Management actions can include voluntary events such as discretionary contributions to employee benefit plans or nonrecurring specific events such as a closure of a facility that are considered special for EBIT-adjusted purposes. Refer to the "Liquidity and Capital Resources" section of this MD&A for additional information.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

The following table reconciles Net income (loss) attributable to stockholders to EBIT-adjusted:


	Three Months Ended
	March 31,				December 31,				September 30,				June 30,
	2026		2025		2025		2024		2025		2024		2025		2024
Net income (loss) attributable to stockholders	$	2,627	$	2,784	$	(3,310)	$	(2,961)	$	1,327	$	3,056	$	1,895	$	2,933
Income tax expense (benefit)	642		719		(989)		318		127		709		481		767
Automotive interest expense	158		152		167		215		209		206		198		206
Automotive interest income	(173)		(191)		(242)		(279)		(220)		(274)		(200)		(229)
Adjustments
EV strategic realignment(a)	1,077		—		5,992		—		1,592		—		330		—
China restructuring actions(b)	(78)		—		702		4,010		—		—		140		—
Legal matters(c)	—		—		357		—		300		—		—		—
Cruise restructuring(d)	—		—		133		520		25		—		65		583
GMI exit costs(e)	—		—		28		4		—		43		33		103
Headquarters relocation(f)	—		26		5		30		16		34		8		—
Separation costs(g)	—		—		—		10		—		190		87		—
Buick dealer strategy(h)	—		—		—		643		—		150		—		75















Total adjustments	999		26		7,217		5,217		1,933		417		663		761
EBIT-adjusted	$	4,253	$	3,490	$	2,843	$	2,509	$	3,376	$	4,115	$	3,037	$	4,438

(a)These adjustments were excluded because they relate to our strategic realignment of our EV capacity and manufacturing footprint, including Ultium's strategic realignment.

(b)These adjustments were excluded because they relate to restructuring activities associated with our operations in China, including an other-than-temporary impairment and restructuring charges recorded in equity earnings associated with our Automotive China JVs.

(c)These adjustments were excluded because they relate to investigations and litigation associated with our former OnStar Smart Driver product and an indemnification charge for a European-wide Takata related recall.

(d)These adjustments were excluded because they relate to restructuring charges resulting from the plan to combine the Cruise and GM technical efforts to advance autonomous and assisted driving and the indefinite delay of the Cruise Origin. The adjustments primarily consist of non-cash restructuring charges, supplier-related charges, and employee separation costs.

(e)These adjustments were excluded because they primarily relate to the wind down of our manufacturing operations in Colombia and Ecuador.

(f)These adjustments were excluded because they relate to the GM headquarters relocation, primarily consisting of accelerated depreciation and other relocation expenditures.

(g)These adjustments were excluded because they relate to employee separation charges.

(h)These adjustments were excluded because they relate to strategic activities to transition certain Buick dealers out of our dealer network as part of Buick’s EV strategy.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

The following table reconciles diluted earnings per common share to EPS-diluted-adjusted:


	Three Months Ended
	March 31, 2026				March 31, 2025
	Amount		Per Share		Amount		Per Share
Diluted earnings per common share	$	2,614	$	2.82	$	3,361	$	3.35
Adjustments(a)	999		1.08		26		0.03
Tax effect on adjustments(b)	(183)		(0.20)		(6)		(0.01)

Return from preferred shareholders(c)	—		—		(593)		(0.59)
EPS-diluted-adjusted	$	3,430	$	3.70	$	2,789	$	2.78

(a)Refer to the reconciliation of Net income (loss) attributable to stockholders to EBIT-adjusted within this section of MD&A for adjustment details.

(b)The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.

(c)This adjustment consists of a return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders in the three months ended March 31, 2025.

The following table reconciles our effective tax rate to ETR-adjusted:


	Three Months Ended
	March 31, 2026						March 31, 2025
	Income before income taxes		Income tax expense (benefit)		Effective tax rate		Income before income taxes		Income tax expense (benefit)		Effective tax rate
Effective tax rate	$	3,347	$	642	19.2	%	$	3,572	$	719	20.1	%
Adjustments(a)	999		183				26		6

ETR-adjusted	$	4,346	$	825	19.0	%	$	3,598	$	725	20.1	%

(a)Refer to the reconciliation of Net income (loss) attributable to stockholders to EBIT-adjusted within this section of MD&A for adjustment details. These adjustments include Net income attributable to noncontrolling interests where applicable. The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.

We define return on equity (ROE) as Net income (loss) attributable to stockholders for the trailing four quarters divided by average equity for the same period. Management uses average equity to provide comparable amounts in the calculation of ROE. The following table summarizes the calculation of ROE (dollars in billions):


	Four Quarters Ended
	March 31, 2026			March 31, 2025
Net income attributable to stockholders	$	2.5		$	5.8
Average equity(a)	$	64.1		$	67.9
ROE	4.0		%	8.6		%

(a)Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in Net income attributable to stockholders.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

The following table summarizes the calculation of ROIC-adjusted (dollars in billions):


	Four Quarters Ended
	March 31, 2026			March 31, 2025
EBIT-adjusted(a)	$	13.5		$	14.6
Average equity(b)	$	64.1		$	67.9
Add: Average automotive debt and interest liabilities (excluding finance leases)	16.3			16.0
Add: Average automotive net pension and OPEB liability	8.3			9.1

Less: Average automotive net income tax asset	(23.7)			(22.7)
ROIC-adjusted average net assets	$	65.0		$	70.2
ROIC-adjusted	20.8		%	20.7		%

(a)Refer to the reconciliation of Net income (loss) attributable to stockholders to EBIT-adjusted within this section of MD&A.

(b)Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in EBIT-adjusted.

Forward-Looking Statements This report and the other reports filed by us with the SEC from time to time, as well as statements incorporated by reference herein and related comments by our management, may include "forward-looking statements" within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements represent our current judgment about possible future events and are often identified by words like “aim,” “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “priorities,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,” or the negative of any of those words or similar expressions. In making these statements, we rely on assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of important factors, many of which are beyond our control. These factors, which may be revised or supplemented in subsequent reports we file with the SEC, include, among others, the following: (1) our ability to deliver new products, services, technologies, and customer experiences in response to increased competition and changing consumer needs and preferences; (2) our ability to attract and retain talented and highly skilled employees; (3) our ability to timely fund and introduce new and improved vehicle models, that are able to attract a sufficient number of consumers; (4) our ability to profitably deliver a strategic portfolio of EVs; (5) adoption of EVs by consumers; (6) the success of our current line of ICE vehicles, particularly our full-size ICE SUVs and full-size ICE pickup trucks; (7) our highly competitive industry, which has been historically characterized by excess manufacturing capacity and the use of incentives, and the introduction of new and improved vehicle models by our competitors; (8) the unique technological, operational, regulatory, and competitive risks related to our refocused AV strategy on personal vehicles; (9) risks associated with climate change, including evolving regulation of GHG emissions, changing consumer preferences and demand, and the potential increased impacts of severe weather events; (10) global automobile market sales volume, which can be volatile; (11) inflationary pressures and persistently high prices and uncertain availability of commodities, raw materials, and other inputs used by us and our suppliers, and instability in logistics and related costs; (12) our business in China, which is subject to unique operational, competitive, regulatory, and economic risks; (13) the success of our ongoing strategic business relationships, particularly with respect to facilitating access to raw materials necessary for the production of EVs, and of our joint ventures, which we cannot operate solely for our benefit and over which we may have limited control; (14) the international scale and footprint of our operations, which expose us to a variety of unique political, economic, competitive, and regulatory risks, including the risk of changes in government leadership and laws (including labor, trade, tax, and other laws), political uncertainty or instability and economic tensions between governments and changes in international trade policies, new barriers to entry and changes to or withdrawals from free trade agreements, introduction of new tariffs or changes to announced tariffs directly and indirectly applicable to our industry, changes in foreign exchange rates and interest rates, economic downturns in the countries in which we operate, differing local product preferences and product requirements, changes to and compliance with U.S. and foreign countries' export controls and economic sanctions, differing labor regulations, requirements, and union relationships, differing dealer and franchise regulations and relationships, difficulties in obtaining financing in foreign countries, and public health crises, including the occurrence of a contagious disease or illness; (15) any significant disruption, including any work stoppages, at any of our manufacturing facilities; (16) the ability of our suppliers to deliver parts, systems, components, and raw materials without disruption and at such times to allow us to meet production schedules; (17) pandemics, epidemics, disease outbreaks, and other public health crises; (18) the possibility that competitors may independently develop products and services similar to ours, or that our intellectual property rights are not sufficient to prevent competitors from developing or selling those products or services; (19) our ability to manage risks related to security breaches, cyberattacks, and other disruptions to our information technology systems and networked products, including connected

GENERAL MOTORS COMPANY AND SUBSIDIARIES

vehicles; (20) our ability to manage security breaches and other disruptions to our in-vehicle systems; (21) our ability to comply with increasingly complex, restrictive, and punitive regulations relating to our enterprise data practices, including the collection, use, sharing, and security of the personal information of our customers, employees, or suppliers; (22) our ability to comply with extensive laws, regulations, and policies applicable to our industry, operations, and products, including those in the One Big Beautiful Bill Act and/or relating to fuel economy, emissions, and AVs; (23) costs and risks associated with litigation, governmental investigations, and other proceedings; (24) the costs and effect on our reputation of product safety recalls and alleged defects in products and services; (25) any additional tax expense or exposure or failure to fully realize available tax incentives; (26) our continued ability to develop captive financing capability through GM Financial; (27) any significant increase in our pension funding requirements; and (28) uncertainties regarding the IEEPA tariff refunds, including the timing and extent of these refunds. A further discussion of these risks, uncertainties, and other factors can be found in Part I, Item 1A. Risk Factors of our 2025 Form 10-K, Part II, Item 1A. Risk Factors, and our subsequent filings with the SEC.

We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors, except where we are expressly required to do so by law.

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