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The U.S. Government has introduced new tariffs and tariff-related measures, including tariffs specifically related to the automotive industry, and has indicated that other potential tariff measures and modifications to existing tariffs continue to be under consideration. For example, on October 17, 2025, the U.S. Government announced certain modifications to tariffs relevant to the automotive industry, including tariffs related to imports of heavy-duty trucks and, separately, to parts for passenger vehicles and light-duty trucks. Refer to the "Overview" section in Item 2. MD&A for a description of how we expect these tariff modifications will impact our results of operations. Additionally, certain tariffs are subject to pending legal challenges. In these respects, the U.S. tariff environment remains highly dynamic and the specific tariffs applicable to goods imported by GM and our suppliers into the U.S. continue to evolve. Import tariffs charged by other countries in which GM does business may also change.
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The U.S. Government has introduced new tariffs applicable to the automotive industry and has signaled tariff policy may shift further in the coming months. Such tariffs, and tariffs imposed by other governments, could have a material adverse effect on our financial condition and results of operations.
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Tariffs applicable to the automotive industry continue to evolve, including in the U.S., where the government has signaled tariff policy may shift in the future. Such tariffs could have a material adverse effect on our financial condition and results of operations. The U.S. and other governments have implemented import tariffs and tariff-related measures - including on vehicles, parts, raw materials, and other inputs - and have indicated further measures may be under consideration. New or existing trade agreements, including the ongoing review of the U.S.-Mexico-Canada Agreement, may also impact the tariff rate applicable to goods imported by GM or our suppliers. Additionally, certain tariffs are subject to pending legal challenges. In these respects, the global tariff environment remains highly dynamic, and the specific tariffs applicable to goods imported by GM and its suppliers into the U.S. and other countries where we operate continue to evolve.
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free trade agreements, introduction of new tariffs or changes to announced tariffs directly and indirectly applicable
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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 the imposition of tariffs. Because we believe previously paid amounts regarding tariffs imposed under IEEPA 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.
Read in the filing ↗ Also in 10-Q of Oct 20, 2026, 10-Q of Apr 28, 2026
Over the course of 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. In 2025, impacts to earnings before interest and taxes (EBIT)-adjusted from tariffs were $3.1 billion. Based on the current tariff environment, we estimate that impacts to EBIT-adjusted could range from $3.0 billion to $4.0 billion for the year ending December 31, 2026. Refer to Part I, Item 1A. Risk Factors for a full discussion of the risks associated with the global tariff environment.
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In the first quarter of 2025, the U.S. Government announced new tariffs, inclusive of vehicles and parts imported into the U.S. The tariff environment continues to remain highly dynamic and the specific tariffs applicable to goods imported by GM and its suppliers into the U.S., including under the U.S.-Mexico-Canada Agreement, continue to evolve, as do import tariffs charged by other countries. In October 2025, the U.S. Government announced certain modifications to tariffs relevant to the automotive industry, including tariffs related to imports of heavy-duty trucks and, separately, to parts for passenger vehicles and light-duty trucks. With respect to tariffs on imports of heavy-duty trucks, we do not anticipate that such tariffs will have a material impact on our business results. With respect to the expansion and extension of the import adjustment offset program established pursuant to Presidential Proclamation 10925, and due in part to increased competitiveness of our U.S. produced vehicles, GM anticipates that the recently announced changes will result in a material positive benefit to our fourth quarter 2025 business results, as well as in future quarters. Based on the current tariff environment, we estimate that impacts to EBIT-adjusted could range from $3.5 billion to $4.5 billion for the year ending December 31, 2025. Refer to Part II, Item 1A. Risk Factors for a full discussion of the risks associated with the U.S. tariff environment.
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As government policies have evolved, we have acted with urgency and discipline to maintain strong positioning within the industry. In 2025, the U.S. and other governments implemented new import tariffs impacting GM and our suppliers, including tariffs on vehicles and parts imported into the U.S. The tariff environment is highly dynamic and the specific tariffs applicable to goods imported by GM and its suppliers into the U.S., including under the U.S.-Mexico-Canada Agreement, and other countries are likely to evolve further. We will continue to adapt as appropriate.
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Inventories are reflected net of allowances totaling $ 2.4 billion and $ 2.0 billion, of which $ 1.7 billion and $ 1.4 billion are EV-related, to remeasure inventory on-hand to net realizable value at December 31, 2025 and 2024. Tariffs, less available offsets and deductions, are capitalized into the cost of inventories as incurred. Offset amounts in excess of tariffs incurred will be recognized as a reduction to future tariffs.
Read in the filing ↗ Also in 10-Q of Oct 21, 2025, 10-Q of Apr 28, 2026, 10-Q of Jul 21, 2026, 10-Q of Oct 20, 2026
We cannot predict with complete precision the breadth of tariffs and related costs that will impact GM in the future. As a result, the ultimate impact of tariffs on our business could exceed our current estimates, which could have a material adverse effect on our financial condition, results of operations and cash flows, and our expected financial results. Our efforts to mitigate the impact of tariffs, including, but not limited to, making changes to our U.S. production plan and reducing or pausing certain imports, may not be successful, and we do not expect such actions to fully offset the impact of tariffs in the near term. We have made and may need to make additional changes to our global production footprint and workforce, which could require significant capital expenditures and could result in asset impairments and other charges, including restructuring charges, any of which could be material. Evolving tariffs globally, along with other trade barriers and trade restrictions, may lead to supply chain disruptions, potentially resulting in increased production costs and the inability to receive certain critical parts.
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We believe the tariffs currently in place will have a $3.5 billion to $4.5 billion impact on our 2025 EBIT-adjusted results, but we cannot predict with complete precision the breadth of tariffs and related costs that will ultimately impact GM this year and beyond. As a result, the ultimate impact of tariffs on our business could exceed our current estimates, which could have a material adverse effect on our financial condition, results of operations and cash flows, and our expected financial results. Our efforts to mitigate the impact of tariffs including, but not limited to, making changes to our U.S. production plan and reducing or pausing certain imports, may not be successful, and we do not expect such actions to fully offset the impact of tariffs in the near term. We have made and may need to make additional changes to our global production footprint and workforce, which could require significant capital expenditures and could result in asset impairments and other charges, including restructuring charges, any of which could be material. For example, we recently announced plans to increase vehicle and engine production in the U.S. Evolving tariffs globally, along with other trade barriers and trade restrictions, may lead to supply chain disruptions, potentially resulting in increased production costs and the inability to receive certain critical parts.
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The company is raising its full-year 2026 EBIT adjusted guidance due to a favorable adjustment of approximately $0.5 billion resulting from the U.S. Supreme Court decision regarding certain U.S. tariffs that were paid under the International Emergency Economic Powers Act. The company now expects gross tariff costs of $2.5 billion to $3.5 billion in 2026, down from the original estimate of $3.0 billion to $4.0 billion.
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We achieved solid margins in the nine months ended September 30, 2025 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
Read in the filing ↗ Also in 10-Q of Oct 20, 2026
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.
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Manufacturers in countries that have lower production costs, such as China and India, have become competitors in key emerging markets and have begun offering their products in established markets, as well as low-cost alternatives to established entry-level automobiles. These actions have had, and are expected to continue to have, a significant negative effect on our vehicle pricing, market share, and results of operations in these markets. In addition, foreign governments may decide to implement tax and other policies that favor their domestic manufacturers at the expense of international manufacturers, including GM and its joint venture partners. Introduction or modification of import tariffs or tariff-related measures may lead to further challenges for GM and our global business.
Read in the filing ↗ Also in 10-K of Jan 28, 2025
We achieved solid margins in the year ended December 31, 2025 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% EBIT-adjusted margins as quickly as possible.
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We achieved solid margins in the six months ended June 30, 2026 driven by the strength of our product portfolio and ongoing cost discipline. However, the evolving tariff and policy landscape could continue to 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 earning 8.0-10.0% annualized EBIT-adjusted margins in GMNA on a sustained basis.
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Based on recent reports regarding updates to trade policy, GM Chair and CEO Mary Barra and GM Chief Financial Officer Paul Jacobson will now host a conference call for the investment community at 8:30 a.m. ET Thursday, May 1 instead of Tuesday, April 29 to discuss these results and GM’s updated 2025 full-year guidance. The company's initial full year 2025 financial guidance does not contemplate the potential impact of tariffs.
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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% EBIT-adjusted margins as quickly as possible.
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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.
Read in the filing ↗ Also in 10-Q of Jul 21, 2026, 10-Q of Oct 20, 2026
We expect to sustain relatively strong EBIT-adjusted margins in 2025 on the continuing strength of our product portfolio, improving EV margins and continuing cost discipline, partially offset by pricing moderation with increased incentives and higher depreciation expense. While we expect EV margins to improve in 2025, we may continue to recognize losses to adjust inventory to net realizable value. Our outlook is dependent on continued supply chain availability, EV-related cost reduction and the resiliency of the U.S. economy and overall economic conditions, including the potential imposition of tariffs or other trade restrictions by the U.S. or its trading partners.
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In the three months ended September 30, 2025, increased Cost was primarily due to: (1) charges of $1.6 billion due to the EV strategic realignment; (2) increased material and freight costs of $1.0 billion, including $1.1 billion due to tariffs; (3) increased warranty-related costs of $0.9 billion; and (4) charges of $0.3 billion due to our former OnStar Smart Driver program; partially offset by (5) decreased engineering costs of $0.2 billion, driven primarily by the wind down of Cruise robotaxi operations. In the three months ended September 30, 2025, favorable Other was primarily due to net foreign currency changes in the Mexican peso.
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GMNA EBIT-Adjusted In the three months ended September 30, 2025, EBIT-adjusted decreased primarily due to: (1) unfavorable Cost primarily due to increased material and freight costs of $0.9 billion, including $1.1 billion due to tariffs, and increased warranty-related costs of $0.9 billion, partially offset by decreased advertising, selling and administrative costs of $0.2 billion; and (2) decreased net wholesale volumes; partially offset by (3) favorable Price; (4) favorable Mix associated with decreased sales of cars and increased sales of full-size pickup trucks, partially offset by decreased sales of crossover vehicles; and (5) favorable Other due to net foreign currency changes primarily in the Mexican peso.
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In the nine months ended September 30, 2026, EBIT-adjusted increased primarily due to: (1) favorable Cost primarily due to decreased warranty-related costs of $1.7 billion, decreased net realizable value inventory adjustments, primarily EV-related, of $1.3 billion, and decreased emissions costs of $0.5 billion, partially offset by decreased Ultium Cells Holdings LLC equity earnings of $1.0 billion, increased engineering costs of $0.5 billion, increased employee-related costs of $0.3 billion, increased parts and accessories costs of $0.3 billion, and increased material and freight costs of $0.2 billion, including $0.5 billion net favorable tariffs; (2) favorable Mix associated with increased sales of full-size pickup trucks and decreased sales of crossover vehicles; (3) favorable Price; and (4) favorable Other due to investment gains.
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… or other trade laws or measures, or other key markets; (7) new or evolving non-tariff barriers or domestic preference procurement requirements, or enforcement of, changes to, withdrawals from or impediments to implementing free trade agreements, or preferences of foreign nationals for domestically manufactured products; (8) changes in foreign currency exchange rates and interest rates; (9) economic downturns or significant …
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Many manufacturers, including GM, have relatively high fixed labor costs as well as limitations on their ability to efficiently close facilities and reduce fixed costs, including as a result of collective bargaining agreements. In light of any excess capacity and high fixed costs, many industry participants have attempted to sell more vehicles by providing subsidized financing or leasing programs, offering marketing incentives, or reducing vehicle prices. As a result, we have had, and may in the future need, to offer similar incentives, which may result in vehicle prices that do not offset our costs, including any cost increases or the impact of adverse currency fluctuations or tariffs, which could affect our profitability. Our competitors may also seek to benefit from economies of scale by consolidating or entering into other strategic agreements such as alliances or joint ventures intended to enhance their competitiveness.
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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.
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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.
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In the nine months ended September 30, 2025, EBIT-adjusted decreased primarily due to: (1) unfavorable Cost primarily due to increased material and freight costs of $2.5 billion, including $2.4 billion due to tariffs, increased warranty-related costs of $1.4 billion, unfavorable net realizable value inventory adjustments, primarily EV-related, of $0.4 billion in the nine months ended September 30, 2025 compared to similar favorable inventory adjustments of $0.4 billion in the nine months ended September 30, 2024, and increased manufacturing costs of $0.2 billion, partially offset by decreased advertising, selling and administrative costs of $0.2 billion; (2) decreased net wholesale volumes; and (3) unfavorable Mix associated with increased sales of crossover vehicles, including EVs, partially offset by decreased sales of cars; partially offset by (4) favorable Price; and (5) favorable Other due to net foreign currency changes primarily in the Mexican peso and favorable revaluation of investments.
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In the nine months ended September 30, 2026, increased Cost was primarily due to: (1) charges of $1.5 billion due to the EV strategic realignment; (2) decreased Ultium Cells Holdings LLC equity earnings of $1.0 billion; (3) increased material and freight costs of $0.5 billion, including $0.5 billion net favorable tariffs; (4) increased other employee related costs of $0.3 billion; (5) increased engineering costs of $0.3 billion; (6) increased parts and accessories costs of $0.3 billion; and (7) increased manufacturing costs of $0.2 billion; partially offset by (8) decreased warranty-related costs of $1.7 billion; (9) decreased net realizable value inventory adjustments, primarily EV-related, of $1.3 billion; (10) decreased emissions costs of $0.5 billion; and (11) the absence of charges related to the former OnStar Smart Driver program of $0.3 billion. In the nine months ended September 30, 2026, unfavorable Other was primarily due to net foreign currency changes in the Mexican peso.
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In the year ended December 31, 2025, increased Cost was primarily due to: (1) charges of $7.7 billion due to our EV strategic realignment; (2) increased material and freight costs of $3.3 billion, including $3.1 billion due to tariffs; (3) increased warranty-related costs and campaigns of $1.3 billion; (4) unfavorable net realizable value inventory adjustments, primarily EV-related, of $0.3 billion in the year ended December 31, 2025 compared to similar favorable inventory adjustments of $0.5 billion in the year ended December 31, 2024; (5) charges of $0.5 billion due to legal matters for our former OnStar Smart Driver program; and (6) increased manufacturing costs of $0.5 billion; partially offset by (7) the reduction of charges related to Cruise restructuring of $1.1 billion; and (8) decreased engineering costs of $0.9 billion, driven primarily by the wind down of Cruise robotaxi operations. In the year ended December 31, 2025, favorable Other was primarily due to net foreign currency changes in the Mexican peso.
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In the year ended December 31, 2025, EBIT-adjusted decreased primarily due to: (1) unfavorable Cost primarily due to increased material and freight costs of $3.0 billion, including $3.1 billion due to tariffs, increased warranty-related costs and campaigns of $1.3 billion, unfavorable net realizable value inventory adjustments, primarily EV-related, of $0.3 billion in the year ended December 31, 2025 compared to similar favorable inventory adjustments of $0.5 billion in the year ended December 31, 2024, and increased manufacturing costs of $0.4 billion, partially offset by decreased advertising, selling, and administrative costs of $0.2 billion; and (2) decreased net wholesale volumes; partially offset by (3) favorable Price; (4) favorable Mix associated with increased sales of full-size SUVs and decreased sales of cars and full-size pickup trucks, including EVs, partially offset by increased sales of crossover vehicles and mid-size pickup trucks and vans; and (5) favorable Other due to net foreign currency changes, primarily in the Mexican peso, and favorable revaluation of investments.
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In the nine months ended September 30, 2025, increased Cost was primarily due to: (1) increased material and freight costs of $2.7 billion, including $2.4 billion due to tariffs; (2) charges of $1.6 billion due to the EV strategic realignment; (3) increased warranty-related costs of $1.3 billion; (4) unfavorable net realizable value inventory adjustments, primarily EV-related, of $0.5 billion in the nine months ended September 30, 2025 compared to similar favorable inventory adjustments of $0.4 billion in the nine months ended September 30, 2024; (5) charges of $0.3 billion due to the Ultium Cells Holdings LLC strategic realignment; (6) charges of $0.3 billion due to our former OnStar Smart Driver program; and (7) increased manufacturing costs of $0.2 billion; partially offset by (8) decreased engineering costs of $0.7 billion, driven primarily by the wind down of Cruise robotaxi operations; and (9) the reduction of charges related to Cruise restructuring of $0.6 billion. In the nine months ended September 30, 2025, favorable Other was primarily due to net foreign currency changes in the Mexican peso.
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… or other trade laws or measures, or other key markets; (7) new or evolving non-tariff barriers or domestic preference procurement requirements, or enforcement of, changes to, withdrawals from or impediments to implementing free trade agreements, or preferences of foreign nationals for domestically manufactured products; (8) changes in foreign currency exchange rates and interest rates; (9) economic downturns or significant …
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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 and our subsequent filings with the SEC.
Read in the filing ↗ Also in 10-Q of Apr 28, 2026
… 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 …
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… Processing and extraction of certain EV battery raw materials is currently concentrated in China and may be subject to import or export restrictions, and/or tariffs. Additionally, to grow and thrive in a competitive global environment will require developing a more resilient, scalable, and sustainable North America-focused supply chain, which includes advancing our strategic sourcing initiatives to secure supply …
Read in the filing ↗ Also in 10-K of Jan 28, 2025
… 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 …
Read in the filing ↗ Also in 10-Q of Oct 21, 2025, 10-Q of Apr 28, 2026, 10-Q of Jul 21, 2026