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What Changed
Risk factors · Jan 28, 2025 → Jan 27, 2026
117 added · 105 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.
Newly disclosed
As a result of certain restructuring actions previously announced in December 2024, we recorded an other-than-temporary impairment of our equity interests of $2.1 billion and additional equity losses of $2.0 billion in the year ended December 31, 2024, and we recorded charges of $0.6 billion in the year ended December 31, 2025.
The work spans advanced driver assistance and autonomy, connected vehicle platforms, and OnStar’s evolution into an intelligent, always-on services layer, combining software, AI, and vehicle platforms to continuously improve the customer experience over time.
Similarly, our ability to execute on our strategic plans could also be adversely affected if we are unable to successfully integrate new technology, including AI, in a timely, cost-effective, compliant, and reasonable manner, or if the methods and processes we use to develop, deploy, or otherwise use such new technology are found to not be in compliance with rapidly evolving regulatory standards.
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.
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.
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.
In 2025, we announced 1 Table of Contents GENERAL MOTORS COMPANY AND SUBSIDIARIES our plan to spend approximately $4.0 billion in capital investments to onshore production at plants in Tennessee, Kansas, and Michigan over the next two years and nearly $1.0 billion to build a new generation of advanced, fuel-efficient V8 engines in New York.
The following table summarizes industry and GM total vehicle sales and our related competitive position by geographic region (vehicles in thousands): Years Ended December 31, 2025 2024 2023 Industry GM Market Share Industry GM Market Share Industry GM Market Share North America United States 16,631 2,853 17.2 % 16,356 2,705 16.5 % 16,022 2,595 16.2 % Other 4,027 507 12.6 % 3,904 510 13.1 % 3,590 460 12.8 % Total North America 20,658 3,361 16.3 % 20,260 3,215 15.9 % 19,612 3,055 15.6 % Asia/Pacific, Middle East, and Africa China(a) 26,412 1,880 7.1 % 26,408 1,839 7.0 % 24,967 2,099 8.4 % Other 22,368 538 2.4 % 21,876 522 2.4 % 22,189 577 2.6 % Total Asia/Pacific, Middle East, and Africa 48,780 2,418 5.0 % 48,284 2,360 4.9 % 47,156 2,676 5.7 % South America Brazil 2,688 276 10.3 % 2,634 315 12.0 % 2,307 328 14.2 % Other 1,679 126 7.5 % 1,347 109 8.1 % 1,419 128 9.0 % Total South America 4,367 403 9.2 % 3,981 424 10.7 % 3,726 456 12.2 % Total in GM markets 73,805 6,182 8.4 % 72,524 6,000 8.3 % 70,494 6,187 8.8 % Total Europe 16,925 2 — % 16,765 2 — % 16,526 2 — % Total Worldwide(b) 90,730 6,184 6.8 % 89,289 6,003 6.7 % 87,020 6,189 7.1 % United States Cars 2,719 57 2.1 % 2,946 178 6.0 % 3,070 224 7.3 % Trucks 4,592 1,517 33.0 % 4,336 1,383 31.9 % 4,249 1,303 30.7 % Crossovers 9,320 1,280 13.7 % 9,074 1,144 12.6 % 8,702 1,068 12.3 % Total United States 16,631 2,853 17.2 % 16,356 2,705 16.5 % 16,022 2,595 16.2 % China(a) SGMS 512 524 870 SGMW 1,368 1,315 1,229 Total 26,412 1,880 7.1 % 26,408 1,839 7.0 % 24,967 2,099 8.4 % __________ (a) Includes sales by the Automotive China Joint Ventures (Automotive China JVs): SAIC General Motors Sales Co., Ltd.
The EVAS requires a specified percentage of manufacturer's new light-duty vehicles offered for sale in Canada to be ZEV, beginning with model year 2026 and increasing each year to 100% by model year 2035, and potential enforcement actions for non-compliance.
China is evaluating a transition of these regulations to a carbon system from 2028. 9 Table of Contents GENERAL MOTORS COMPANY AND SUBSIDIARIES In Brazil, the National Institute of Metrology, Quality, and Technology, in collaboration with relevant agencies, promulgates and enforces fuel efficiency standards that are comparable to the U.S.' CAFE standards for light-duty and mid-size trucks and SUVs, including diesel vehicles.
Government policy changes, we have reassessed our EV capacity and manufacturing footprint and completed a strategic realignment to expected consumer demand, and have recorded charges of $1.6 and $6.0 billion in the three months ended September 30, 2025 and December 31, 2025.
In June 2025, NHTSA published an interpretive rule indicating that it would revisit its medium- and heavy-duty fuel efficiency program, including related civil penalties, to ensure it is consistent with the agency’s governing statutes.
No longer disclosed
We are pursuing the acquisition of the noncontrolling interests in Cruise, and as of December 31, 2024, we owned approximately 97% of Cruise.
As a result, we recorded an other-than-temporary impairment of our equity interests of $2.4 billion in the year ended December 31, 2024.
We are pursuing the acquisition of the noncontrolling interests in Cruise, and as of December 31, 2024, we owned about 97% of Cruise.
Following the acquisition of the noncontrolling interests and subject to approval of the Cruise Board of Directors, we expect to work with the Cruise leadership team to restructure Cruise's operations and combine the GM and Cruise technical efforts to build on the success of Super Cruise, our ADAS technology, and prioritize the development of ADAS on a path to fully autonomous personal vehicles.
The following table summarizes industry and GM total vehicle sales and our related competitive position by geographic region (vehicles in thousands): Years Ended December 31, 2024 2023 2022 Industry GM Market Share Industry GM Market Share Industry GM Market Share North America United States 16,385 2,705 16.5 % 16,022 2,595 16.2 % 14,242 2,274 16.0 % Other 3,909 510 13.1 % 3,590 460 12.8 % 3,066 406 13.2 % Total North America 20,294 3,215 15.8 % 19,612 3,055 15.6 % 17,308 2,680 15.5 % Asia/Pacific, Middle East and Africa China(a) 26,567 1,839 6.9 % 24,967 2,099 8.4 % 23,489 2,303 9.8 % Other 21,727 520 2.4 % 22,058 577 2.6 % 20,259 505 2.5 % Total Asia/Pacific, Middle East and Africa 48,293 2,359 4.9 % 47,025 2,676 5.7 % 43,748 2,808 6.4 % South America Brazil 2,634 315 12.0 % 2,307 328 14.2 % 2,103 291 13.8 % Other 1,347 109 8.1 % 1,419 128 9.0 % 1,563 160 10.3 % Total South America 3,980 424 10.7 % 3,726 456 12.2 % 3,666 451 12.3 % Total in GM markets 72,568 5,998 8.3 % 70,362 6,187 8.8 % 64,722 5,939 9.2 % Total Europe 16,816 2 — % 16,596 2 — % 14,236 2 — % Total Worldwide(b)(c) 89,383 6,001 6.7 % 86,958 6,189 7.1 % 78,958 5,941 7.5 % United States Cars 2,939 178 6.0 % 3,070 224 7.3 % 2,815 214 7.6 % Trucks 4,345 1,383 31.8 % 4,249 1,303 30.7 % 3,974 1,246 31.4 % Crossovers 9,101 1,144 12.6 % 8,702 1,068 12.3 % 7,454 814 10.9 % Total United States 16,385 2,705 16.5 % 16,022 2,595 16.2 % 14,242 2,274 16.0 % China(a) SGMS 524 870 1,037 SGMW 1,315 1,229 1,266 Total China 26,567 1,839 6.9 % 24,967 2,099 8.4 % 23,489 2,303 9.8 % __________ (a) Includes sales by the Automotive China Joint Ventures (Automotive China JVs): SAIC General Motors Sales Co., Ltd.
(c) As of March 2022, GM is no longer importing vehicles or parts to Russia, Belarus and other sanctioned provinces in Ukraine. 3 Table of Contents GENERAL MOTORS COMPANY AND SUBSIDIARIES As discussed above, total vehicle sales and market share data provided in the table above includes fleet vehicles.
In December 2023, the Canadian federal government announced the ZEV Availability Standard as a new requirement within the existing light-duty GHG emission standard, which requires a specified percentage of manufacturer's new light-duty vehicles offered for sale in Canada to be ZEV, beginning with model year 2026 and increasing each year to 100% by model year 2035, and potential enforcement actions for non-compliance in accordance with the existing GHG standards.
In Brazil, the Secretary of Industry and Development promulgates and enforces CAFE standards and has enforced a CAFE program for the period October 2020–September 2026 for light-duty and mid-size trucks and SUVs, including diesel vehicles.
Over the last year, we have engaged and actively cooperated with certain federal and state agencies who opened investigations or made inquiries to us and Cruise in connection with an accident involving a Cruise robotaxi in October 2023.
In September 2024, Cruise and NHTSA executed a Consent Order, which imposed a $1.5 million fine on Cruise and requires enhanced reporting and engagement with NHTSA for two years (with an optional third year at NHTSA's discretion).
In October 2024, the British Columbia government announced amendments to British Columbia's existing ZEV sales requirements, which would require ZEVs to comprise 100% of new light-duty sales in British Columbia by model year 2035.
We also recorded additional equity losses of $2.0 billion resulting from the implementation of these restructuring actions, which includes plant closures and portfolio optimization, in the year ended December 31, 2024.