General Motors (GM) FY2025 results: revenue $185.0 billion, down 1.3% on the year

General Motors designs, builds and sells trucks, crossovers, cars and parts, sells software-enabled services and subscriptions alongside them, and finances the vehicles through GM Financial. It was incorporated in Delaware in 2009. The brands are Buick, Cadillac, Chevrolet and GMC, and the reporting segments are GM North America, GM International and GM Financial. In China it holds equity stakes in joint ventures rather than operating directly, selling Baojun, Buick, Cadillac, Chevrolet and Wuling vehicles through SAIC General Motors Sales and SAIC GM Wuling Automobile.

What it sells and where

Full-size trucks and sport utility vehicles are the centre of the internal combustion range. Chevrolet and GMC cover the mainstream market with trucks, SUVs and crossovers, while Cadillac is the luxury brand. On the electric side it names the Chevrolet Equinox EV, Cadillac LYRIQ, Cadillac ESCALADE IQ and GMC Sierra EV, plus New Energy Vehicles in China. The filing states that U.S. policy changes have altered its view of how fast electric demand will grow, and that it has realigned electric capacity and manufacturing to slower demand while still investing in combustion vehicles. Battery cells come from Ultium Cells Holdings, a joint venture with LG Energy Solution, from plants in Warren, Ohio and Spring Hill, Tennessee.

The volumes

GM sold 6,184 thousand vehicles worldwide in 2025 out of industry volume of 90,730 thousand, a 6.8 percent share. In the U.S. it sold 2,853 thousand into a 16,631 thousand market, a 17.2 percent share against 16.5 percent in 2024, with trucks at a 33.0 percent share, crossovers 13.7 percent and cars 2.1 percent. In China the joint ventures sold 1,880 thousand for a 7.1 percent share. Fleet sales were 1,094 thousand, or 17.7 percent of total vehicle sales. Of GM's own wholesale volume, 3,296 thousand or 86.8 percent came through GM North America and 503 thousand through GM International.

Making them

There are 50 plants and parts facilities across 19 American states, 11 of them vehicle assembly plants. During 2025 it announced approximately $4.0 billion to bring production onshore in Tennessee, Kansas and Michigan over two years, and nearly $1.0 billion for a new generation of fuel-efficient V8 engines in New York. It reports new U.S. and other import tariffs on vehicles and parts during 2025, affecting GM and its suppliers, in a tariff environment it describes as still changing.

Software in the vehicle

OnStar is the connected-services business, nearly three decades old and in more than 20 markets, covering safety, infotainment, connectivity and driver assistance for retail and fleet customers. Super Cruise is the hands-free driver assistance system, which with an attentive driver and in the right conditions works on more than 600,000 miles of road in the U.S. and Canada. Features, apps and services are sent to vehicles over the air. In December 2024 it said it would stop funding Cruise's robotaxi work; in February 2025 it bought out Cruise's minority holders, began winding the robotaxi operation down, and folded GM and Cruise autonomous engineering into GM North America.

Dealers and development spending

Vehicles and parts go out through independent authorised dealers, who also handle maintenance, repairs, accessories and extended warranties, and arrange credit, leasing and insurance for buyers. There were 4,566 authorised dealerships in GM North America and 6,276 in GM International at the end of 2025. Dealers are contracted for specified product lines at wholesale prices from an approved location, often selling more than one GM brand from one site, and warranty repairs use GM parts almost exclusively. Incentives to dealers, retail buyers and fleets, including rebates and finance rate support, move product, and the level depends on competition and demand. Research and development cost $8.5 billion in 2025, $9.2 billion in 2024 and $9.9 billion in 2023. The vehicle architecture team is based at the Technical Center in Warren, Michigan.

GM Financial

GM Financial lends to retail buyers and lessees across the credit spectrum, and to dealers through floorplan financing on vehicle inventory and loans for dealership improvements, working capital and real estate. It also lends to commercial vehicle upfitters and advances money to certain GM subsidiaries. It funded 33 percent of GM's retail sales in the U.S. in 2025, down from 39 percent in 2024, with prime loans at 80 percent of North American originations. Funding is raised locally in each country to limit currency and country risk, through secured and unsecured facilities, securitisations and unsecured debt.

People

At the end of 2025 there were approximately 88,000 hourly employees, 56 percent of the total, and approximately 68,000 salaried. Substantially all of the roughly 47,000 hourly employees in the U.S. are represented by unions, a majority of them by the UAW.

From General Motors' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 27 January 2026: read the full 10-K.