General Motors Co.

Overview Key strengths Key risks Solid competitive position in profitable full-size trucks and sport utility vehicle (SUV) segments in North America. Higher pricing pressure and labor costs may offset the company's fixed cost reduction. Low S&P Global Ratings-adjusted leverage (debt to EBITDA under 1x as of Sept. 30, 2024) and strong free cash flow generation of over 3% of sales. Increasing competition and potential for cost overruns on electric vehicles (EVs). Strong liquidity with automotive cash, cash equivalents and marketable securities of $26.6 billion and revolver availability of $13.6 billion. Higher exposure to residual risks versus peers given larger size of leased-assets portfolio. The company?s earnings through the third quarter of 2024 indicate strong cost management and stable pricing across

...We expect General Motors Co. to maintain EBITDA margins near 9%-10% through 2026 despite high labor costs and increasing pricing pressure. The company's earnings through the third quarter of 2024 indicate strong cost management and stable pricing across its internal combustion engine (ICE) vehicle portfolio. GM's market share gains from new products in popular segments, including full-size pick-ups and small SUVs, have so far offset ongoing industry pricing pressure and help it maintain lower incentives than the industry average. GM remains disciplined in keeping inventory levels steady...

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