This report does not constitute a rating action. NEW YORK (S&P Global Ratings) May 5, 2025--S&P Global Ratings today said that General Motors Co.'s (GM; BBB/Stable/--) first-quarter earnings and lowered earnings and cash flow guidance (including a tariff exposure of $4 billion-$5 billion) imply narrowed ratings headroom relative to our prior assumptions. We now expect the company?s EBITDA margins to be in the 7.5%-8.5% range (compared to our prior 9%-10% range) earlier with free operating cash flow (FOCF) to sales of at or around 3%--still roughly in line with the median for investment-grade automakers. As noted in our report ( General Motors Co., Nov. 19, 2024), our prior forecasts and ratings had upside given the progress in the company's market
