...NEW YORK (S&P Global Ratings) July 24, 2024--S&P Global Ratings today said that General Motors Co.'s (GM; ###/Stable/--) second-quarter earnings and raised earnings and cash flow guidance indicate the company's strong cost management and stable pricing across its internal combustion engine vehicle portfolio. GM's performance supports our revised expectation for solid EBITDA margins of 10.1% in 2024 (slightly higher than our prior expectation for 9.7%) and in the 9%-10% range in 2025 and 2026. Based on the company's market share and pricing trends, the progress on its $2 billion fixed-cost reduction program, and the ongoing ramp-up of its Ultium platform-based electric vehicles (EVs), we still see greater upside than downside to our forecast for 2024. GM's market share gains from introducing new products in popular segments, including full-size pick-ups and small SUVs, appear sufficient to offset ongoing industry pricing pressure and help it maintain lower incentives than the industry average....
