Risk Sleuth
GM · 10-K filed 27 Jan 2026 · year to 31 Dec 2025

General Motors

35 named things its latest annual report says its results depend on, each in the company's own words. 20 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Daily rental car companies

earns from · 17.7 %
Certain fleet transactions, particularly sales to daily rental car companies, are generally less profitable than retail sales to end customers.Business (Item 1)

Suppliers

Two largest suppliers

depends on · approximately 12% of our total purchasesnamed as a risk
Combined purchases from our two largest suppliers overall were approximately 12% of our total purchases in the year ended December 31, 2025, and approximately 11% of our total purchases in each of the years ended December 31, 2024 and 2023.Business (Item 1)

Also named by DG

Raw material offtake agreements

depends onnamed as a risk
If we are unable to utilize or otherwise monetize the raw materials we are obligated to purchase under these offtake agreements, whether as a result of lower than expected EV production volumes, lower than expected rates of consumer adoption, changes in battery technology that reduce the need for certain raw materials, or other reasons, it could materially adversely affect our cash flows and increase our inventory.Risk factors (Item 1A)

Partners and platforms

SAIC GM Wuling Automobile Co., Ltd. (SGMW)

earns from · 1,368
(a)Includes sales by the Automotive China Joint Ventures (Automotive China JVs): SAIC General Motors Sales Co., Ltd. (SGMS) and SAIC GM Wuling Automobile Co., Ltd. (SGMW).Business (Item 1)

SAIC General Motors Corp., Ltd. (SGM)

named as a risk
We expect SAIC General Motors Corp., Ltd. (SGM) will likely incur additional restructuring charges in 2026.Risk factors (Item 1A)

China JV agreement

named as a risk
Our primary joint venture agreement for our China JVs expires in 2027, and we are in negotiations with our partner for a new agreement.Risk factors (Item 1A)

GM Financial

depends onnamed as a risk
Any reduction in GM Financial’s ability to provide such financial services would negatively affect our efforts to support additional sales of our vehicles and expand our market penetration among customers and dealers.Risk factors (Item 1A)

Ultium Cells Holdings LLC (LG Energy Solution joint venture)

depends on
Our EV portfolio takes advantage of integrated supply chain development, including battery cell production from Ultium Cells Holdings LLC (a joint venture with LG Energy Solution) in plants in Warren, Ohio and Spring Hill, Tennessee.Business (Item 1)

Other companies

United Auto Workers (UAW)

approximately 47,000named as a risk
At December 31, 2025, substantially all of our hourly U.S. employees (approximately 47,000) were represented by unions, a majority of which were represented by the International Union, United Automobile, Aerospace, and Agricultural Implement Workers of America (UAW).Business (Item 1)

Also named by BWA, DCH, DE, F, HWM, LEA, OSK

Full-size ICE SUVs and pickup trucks

concentrated innamed as a risk
While we offer a broad portfolio of cars, crossovers, SUVs, and trucks, along with a strategic portfolio of EVs, we currently recognize the highest profit margins on our full-size ICE SUVs and full-size ICE pickup trucks.Risk factors (Item 1A)

Places

China

operates in · $0.6 billionnamed as a risk
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.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

United States

earns from · 17.2%
In the year ended December 31, 2025, 27.5% of our wholesale vehicle sales volume was generated outside the U.S.Business (Item 1)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

Brazil

earns from · 10.3%
In 2018, Brazil approved a set of national emission standards referred to as L7, implemented in 2022 for new vehicles, and L8, implemented in phases beginning in 2025.Business (Item 1)

Also named by ADM, ASO, AZO, BALL, CPAY, CPRT, CTVA, DE and 32 more

China (EV battery raw materials processing)

depends onnamed as a risk
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.Business (Item 1)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Korea

operates innamed as a risk
In addition, many of our operations, primarily in China and Korea as well as certain of our battery manufacturing and raw material sourcing operations in the U.S. and Canada, are carried out by joint ventures.Risk factors (Item 1A)

Also named by AMKR, LRCX

Commodities and inputs

Chinese yuan

exposed to its price · $0.8 billionnamed as a risk
At December 31, 2025, our most significant foreign currency exposures were between the U.S. dollar and the Canadian dollar, Chinese yuan, and Korean won.Market risk (Item 7A)

Also named by ABT, ASO, BEN, CHRW, CROX, CYRX, DORM, ESI and 13 more

Semiconductors

depends onnamed as a risk
These raw material and semiconductor supply agreements may require us to hold higher than normal levels of inventory and to make long-term commitments to purchase materials.Business (Item 1)

Also named by AAPL, AIOT, ARW, AXON, CARR, CAT, CIEN, CSCO and 16 more

Oil

exposed to its pricenamed as a risk
Any near-term shift in consumer preferences toward smaller, more fuel-efficient vehicles, whether as a result of increases in the price of oil or any sustained shortage of oil, including as a result of global political instability (such as related to ongoing conflicts globally), concerns about fuel consumption or GHG emissions, or other reasons, could weaken the demand for our higher margin vehicles.Risk factors (Item 1A)

Also named by AYI, BAX, BSM, GRC, J, JBL, JEF, MHK and 6 more

Rare earth elements

depends onnamed as a risk
In addition, elevated cost, or reduced availability, of critical materials for our EV propulsion systems, including lithium, nickel, cobalt, and certain rare earth metals, may lead to higher production costs for our EVs and could impede our ability to successfully deliver on our EV strategy.Risk factors (Item 1A)

Also named by BBY, ISRG, KLAC, LRCX, MCHP, MU, RTX, VRT

Lithium

exposed to its pricenamed as a risk
In addition, elevated cost, or reduced availability, of critical materials for our EV propulsion systems, including lithium, nickel, cobalt, and certain rare earth metals, may lead to higher production costs for our EVs and could impede our ability to successfully deliver on our EV strategy.Risk factors (Item 1A)

Also named by ALB, SWK, TSLA

Regulators

U.S. Environmental Protection Agency (EPA)

subject to · $0.4 billionnamed as a risk
Our compliance-related costs in the year ended December 31, 2025 include an insignificant charge to write off acquired CAFE credits and $0.4 billion related to the GHG regulations that the EPA has proposed to remove.Business (Item 1)

Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more

California Air Resources Board (CARB)

subject tonamed as a risk
For each model year, we must obtain certification that our vehicles and engines will meet emission requirements of the EPA before we can sell vehicles in the U.S. and Canada, and an executive order from CARB before we can sell vehicles in California and the states that have adopted California emission standards.Business (Item 1)

Also named by CMI, CRC, CVLG, F, FND, GNRC, HTLD, KMI and 11 more

National Highway Traffic Safety Administration (NHTSA)

subject tonamed as a risk
Should we or NHTSA determine a safety defect or noncompliance issue exists with respect to any of our vehicles, the cost of such recall campaigns could be substantial.Business (Item 1)

Also named by CTOS, DORM, F, PATK, PCAR, PII, THO, TSLA

Laws and programs

U.S. EV consumer tax incentives

$7.9 billionnamed as a risk
For the year ended December 31, 2025, we recorded total charges in GMNA of $7.9 billion.Risk factors (Item 1A)

Emissions regulatory credits

depends on · $0.4 billionnamed as a risk
In the years ended December 31, 2025, 2024, and 2023, we paid $0.4 billion, $2.0 billion, and $0.5 billion to purchase credits to facilitate our compliance with regulations.Business (Item 1)

Inflation Reduction Act (IRA)

subject tonamed as a risk
Any unfavorable resolution of these and other uncertainties may have a significant adverse impact on our tax rate and results of operations.Risk factors (Item 1A)

Also named by AEE, AMGN, ARWR, BIIB, BKNG, BMY, CAH, CI and 26 more

U.S. import tariffs

subject tonamed as a risk
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.Business (Item 1)

Also named by AOS, APLD, BJ, BMI, CAVA, CVLG, CVS, DKS and 18 more

U.S.-Mexico-Canada Agreement (USMCA)

subject tonamed as a risk
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.Risk factors (Item 1A)

Also named by GNRC, LII, R, STZ

Corporate Average Fuel Economy (CAFE) standards

subject tonamed as a risk
In the U.S., the National Highway Traffic Safety Administration (NHTSA) promulgates and enforces Corporate Average Fuel Economy (CAFE) standards for three separate fleets: domestic cars, import cars, and light-duty trucks.Business (Item 1)

Also named by F, MUSA

Advanced Clean Cars II (ACC II)

subject tonamed as a risk
In 2022, CARB adopted the Advanced Clean Cars II (ACC II) program, which requires the sale of increasing percentages of light-duty ZEVs for the 2026–2035 model years, ending with a 100% ZEV target, which has been adopted by numerous states.Business (Item 1)

Canada Electric Vehicle Availability Standard (EVAS)

subject tonamed as a risk
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.Business (Item 1)

One Big Beautiful Bill Act

subject to
In July 2025, the One Big Beautiful Bill Act (the Act) set CAFE civil penalties to zero on a going forward basis for all non-finalized model years.Business (Item 1)

Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more

China NEV credit mandate

subject to
In addition, China requires passenger car manufacturers to produce a certain volume of plug-in hybrid, battery electric, and fuel cell vehicles, which are referred to as NEVs, from 2019 and beyond.Business (Item 1)

Brazil MOVER Program

subject to
In 2024, Brazil’s Programa Nacional de Mobilidade Verde e Inovação (MOVER Program) introduced more stringent fuel efficiency and emission requirements between 2024 and 2028.Business (Item 1)

Euro 7

subject to
As part of the EU's desire to accelerate the shift to sustainable mobility, the EU has recently rolled out new regulations which will impose more stringent emissions standards on ICE vehicles (Euro 7), with the aim of a 90% reduction in CO2 tail pipe emissions compared to 2021 levels from new vehicles before 2035.Business (Item 1)