GM Q4 and FY 2025 letter to shareholders

To our Shareholders:

I am incredibly proud of our global team, including our dealers and suppliers, for delivering an exceptional 2025 while adapting to significant changes in tax and trade policy.

• GM delivered full-year EBIT-adjusted at the high end of our guidance range, and we are pleased that we delivered a total return of 54% for our investors.
• In the United States, we achieved our highest market share since 2015 with low inventory, low incentives, and strong pricing. It was our fourth consecutive year of market share growth.
• OnStar had a record 12 million global subscribers, including Super Cruise, which grew nearly 80% year over year to more than 620,000 subscribers. OnStar fleet subscriptions reached 2 million, twice as many as our closest OEM competitor.
• The Chevrolet Trax, our full-size SUV family, the Chevrolet Corvette and both Cadillac Blackwing sedans were named to Car and Driver's 10Best list. In addition, the Cadillac Escalade IQ won MotorTrend's prestigious SUV and Technology of the Year awards.

We expect the U.S. new vehicle market will continue to be resilient, and with our compelling vehicles, technology-driven services, and operating discipline, 2026 should be an even better year for GM. We expect our full year EBIT-adjusted margins in North America will be back in the 8-10% margin range.

For several years now, consistently strong cash generation has allowed us to execute all phases of our capital allocation program, from investing in the business and our people, to maintaining a strong balance sheet, and returning capital to shareholders. We believe this is sustainable, so we are increasing our dividend rate by 20% and our Board authorized a new $6 billion share repurchase program.

Looking ahead, we are operating in a U.S. regulatory and policy environment that is increasingly aligned with customer demand. As a result, we continue to onshore more production to meet strong customer demand for our vehicles. Over the next few years, our annual production in the U.S. is expected to rise to an industry-leading 2 million units.

We continue to believe in EVs, and our portfolio brought almost 100,000 new customers to GM in 2025. We know these drivers do not often go back to gas, so we will continue executing our plan to reduce EV-related costs and we remain confident in our path to EV profitability.

This multi-year foundation of product excellence, operating discipline, and resilience sets GM apart, and I believe it will continue to fuel our strong momentum.

Thank you for being a GM shareholder.

Mary Barra

Mary Barra is chair and CEO of General Motors.

RELATED NEWS

• Earnings Press Release
• Earnings Deck

^{Cautionary Note on Forward-Looking Statements: This press release and related comments by management, may include "forward-looking statements" within the meaning of the U.S. federal securities laws. Future declarations of quarterly dividends and the establishment of future record and payment dates are at the discretion of our Board of Directors and will be based on a number of factors, including our future financial performance and other investment priorities. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements represent our current judgment about possible future events and are often identified by words like "aim," "anticipate," "appears," "approximately," "believe," "continue," "could," "designed," "effect," "estimate," "evaluate," "expect," "forecast," "goal," "initiative," "intend," "may," "objective," "outlook," "plan," "potential," "priorities," "project," "pursue," "seek," "should," "target," "when," "will," "would," or the negative of any of those words or similar expressions. In making these statements, we rely on assumptions and analysis based on our experience and perception of historical trends, current conditions and expected future developments as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of important factors, many of which are beyond our control. These factors, which may be revised or supplemented in subsequent reports we file with the SEC, include, among others, the following: (1) our ability to deliver new products, services, technologies and customer experiences; (2) our ability to timely fund and introduce new and improved vehicle models; (3) our ability to profitably deliver a broad portfolio of electric vehicles (EVs); (4) the success of our current line of internal combustion engine vehicles; (5) our highly competitive industry; (6) the unique technological, operational, regulatory and competitive risks related to the timing and commercialization of autonomous vehicles (AVs), including the various regulatory approvals and permits required for operating driverless AVs in multiple markets; (7) risks associated with climate change; (8) global automobile market sales volume; (9) inflationary pressures, persistently high prices, uncertain availability of raw materials and commodities, and instability in logistics and related costs; (10) our business in China, which is subject to unique operational, competitive, regulatory and economic risks; (11) the success of our ongoing strategic business relationships and of our joint ventures; (12) the international scale and footprint of our operations, which exposes us to a variety of unique political, economic, competitive and regulatory risks; (13) any significant disruption at any of our manufacturing facilities; (14) the ability of our suppliers to deliver parts, systems and components without disruption and at such times to allow us to meet production schedules; (15) pandemics, epidemics, disease outbreaks and other public health crises; (16) the possibility that competitors may independently develop products and services similar to ours, or that our intellectual property rights are not sufficient to prevent competitors from developing or selling those products or services; (17) our ability to manage risks related to security breaches and other disruptions to our information technology systems and networked products; (18) our ability to comply with increasingly complex, restrictive and punitive regulations relating to our enterprise data practices; (19) our ability to comply with extensive laws, regulations and policies applicable to our operations and products, including those relating to fuel economy, emissions and AVs; (20) costs and risks associated with litigation and government investigations; (21) the costs and effect on our reputation of product safety recalls and alleged defects in products and services; (22) any additional tax expense or exposure or failure to fully realize available tax incentives; (23) our continued ability to develop captive financing capability through General Motors Financial Company, Inc.; and (24) any significant increase in our pension funding requirements. A further list and description of these risks, uncertainties and other factors can be found in our most recent Annual Report on Form 10-K and our subsequent filings with the SEC. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events or other factors, except where we are expressly required to do so by law.}