General Motors (GM) official guidance

We continue to expect commodity inflation, logistics, and higher DRAM costs to be a headwind of $1.5 billion-$2 billion for the full year.

That's approaching seven and a half by the end of the year.

EPS diluted adjusted of $12-$14, up from $11.50-$13.50 per share, and adjusted automotive free cash flow of $9.5 billion-$11.5 billion, up from $9 billion-$11 billion previously.

Turning to EVs, we continue to expect losses to improve by $1 billion-$1.5 billion for the full year, driven by right-sizing our EV capacity and significantly lower volume.

EPS diluted adjusted of $12-$14, up from $11.50-$13.50 per share, and adjusted automotive free cash flow of $9.5 billion-$11.5 billion, up from $9 billion-$11 billion previously.

As Mary mentioned, based on what we know today, we believe we can grow revenue, margins, EBIT, and free cash flow next year.

We continue to expect gross tariff costs of $2.5 billion-$3.5 billion for the full year, which is largely flat year-over-year.

Separately, we are also investing approximately $1 billion-$1.5 billion this year to onshore production to the U.S., strengthen our supply chain, and expand our software capabilities.

We now expect EBIT adjusted of $14 billion-$16 billion, up from $13.5 billion-$15.5 billion.

GM Defense expects 2026 revenue to grow to almost $700 million and is targeting positive results on an EBIT basis for this year, while also building a backlog of future business.

As Mary mentioned, based on what we know today, we believe we can grow revenue, margins, EBIT, and free cash flow next year.

As Mary mentioned, based on what we know today, we believe we can grow revenue, margins, EBIT, and free cash flow next year.

On pricing, we recognized a $600 million year-over-year benefit in the first half and now expect full-year North America pricing to be up around half a percent, which is at the high end of our prior guidance.

We are onshoring significant manufacturing starting next year, which will bring our U.S. production capacity to more than 2 million units and further reduce our tariff exposure.

We continue to expect a full-year benefit of $500 million-$750 million, primarily from lower regulatory credit amortization.

GM Defense expects 2026 revenue to grow to almost $700 million and is targeting positive results on an EBIT basis for this year, while also building a backlog of future business.

At the same time, our high-margin software and services revenues continue to grow rapidly with 1 million new subscriptions expected this year, contributing to more than $3 billion in recognized revenue.

This momentum carries into 2027, where amortization of our existing deferred and subscriber growth is expected to drive double-digit growth in realized revenue, building on our estimated full-year 2026 realized revenue of more than $3 billion.

As Mary mentioned, based on what we know today, we believe we can grow revenue, margins, EBIT, and free cash flow next year.

At the same time, our high-margin software and services revenues continue to grow rapidly with 1 million new subscriptions expected this year, contributing to more than $3 billion in recognized revenue.

We're estimating 160,000 incremental Super Cruise units from this product enhancement strategy.

We continue to assume U.S. total SAAR in the low 16-million-unit range for the full year, consistent with where it is run year-to-date.

North America ICE wholesales were up approximately 1% in the first half. We expect second half year-over-year volumes to be up in a similar range.

Warranty is tracking to a $1 billion-$1.5 billion improvement year-over-year for the full year, above our previous assumption of up $1 billion.

| Adjustments | 3.5 | 1.0 |

| Less: Capital expenditures | 10.0-12.0 | 10.0-12.0 |

The company is raising its full-year 2026 EBIT-adjusted guidance for the second time this year. The company expects net income attributable to stockholders to be $8.4 billion to $9.8 billion; Automotive operating cash flow to be $15.4 billion to $19.4 billion; and EPS-diluted to be $8.98 to $10.98 based on its updated guidance and the impact of adjustments recorded year to date.

| Income tax expense | 2.2-2.8 | 2.6-3.1 |

| Automotive interest (income) expense, net | (0.1) | — |

The company is raising its full-year 2026 EBIT-adjusted guidance for the second time this year. The company expects net income attributable to stockholders to be $8.4 billion to $9.8 billion; Automotive operating cash flow to be $15.4 billion to $19.4 billion; and EPS-diluted to be $8.98 to $10.98 based on its updated guidance and the impact of adjustments recorded year to date.

The company is raising its full-year 2026 EBIT-adjusted guidance for the second time this year. The company expects net income attributable to stockholders to be $8.4 billion to $9.8 billion; Automotive operating cash flow to be $15.4 billion to $19.4 billion; and EPS-diluted to be $8.98 to $10.98 based on its updated guidance and the impact of adjustments recorded year to date.

We are on track to reach 13 million subscribers by the end of 2026, up by 1 million year-over-year, with a monthly average revenue per subscriber of around $20.

GM Financial continues to expect EBT adjusted in the $2.5 billion-$3 billion range, including accelerated depreciation on its EV lease portfolio.

We continue to expect a benefit of $1 billion-$1.5 billion for the calendar year as we rightsize our EV capacity and run at substantially lower EV wholesale volumes.

We expect about $1 billion of this will have a future cash impact.

Relative to our international regions, we expect China to remain profitable and to deliver results consistent with 2025.

We're off to a terrific start to deliver a North American margin in the 8%-10% range for the full-year.

We are on pace to add more than 1 million OnStar subscribers in 2026, with about 30% of our existing customers choosing a premium plan.

On price, we continue to expect to be flat up 0.5% benefiting from model year 2026 price increases.

Our subscription performance is on pace to exceed 850,000 subscribers by the end of the year, with strong renewal trends in the 30%-40% range.

We are on track to reach 13 million subscribers by the end of 2026, up by 1 million year-over-year, with a monthly average revenue per subscriber of around $20.

Our subscription performance is on pace to exceed 850,000 subscribers by the end of the year, with strong renewal trends in the 30%-40% range.

Based on what we know today, and assuming the SAAR remains in the low 16 million unit range, we are raising our overall EBIT-adjusted guidance to $13.5 billion-$15.5 billion, up from $13 billion-$15 billion.

For EVs, we expect volumes to be lower as the market shows early signs of stabilizing around 6% of U.S. industry sales.

ICE volumes are expected to be flat to modestly up, though production is constrained due to the major refresh on full-size pickups as well as the end of production of the Cadillac XT6.

Looking ahead to 2026 and 2027, we expect to invest $10-$12 billion annually, including approximately $5 billion to expand U.S. manufacturing capacity for some of the highest-demand vehicles and further reduce our tariff exposure.

Looking ahead to 2026 and 2027, we expect to invest $10-$12 billion annually, including approximately $5 billion to expand U.S. manufacturing capacity for some of the highest-demand vehicles and further reduce our tariff exposure.

We also expect incremental headwinds in the range of $1-$1.5 billion, driven primarily by recent trends in aluminum, copper, and other key commodities, as well as higher DRAM costs and unfavorable foreign exchange movements.

While some uncertainties remain in the regulatory environment, we are anticipating a benefit in the range of $500-$750 million, primarily related to savings from no longer having to purchase compliance credits.

GM Financial is once again expected to deliver EBIT adjusted in the $2.5-$3 billion range, reflecting a stable credit environment.

For Q1, we expect the gross tariff impact to be in the $750 million-$1 billion range, which is well below the quarterly impact in Q2 and Q3 of 2025, but more than Q4.

Turning to our regions, we expect both China and our international operations outside of China to be profitable and deliver results largely consistent with 2025.

Turning to our regions, we expect both China and our international operations outside of China to be profitable and deliver results largely consistent with 2025.

We expect headwinds in the range of $1-$1.5 billion associated with the onshoring of vehicle production to the U.S., investments to enhance supply chain resiliency, and investments to support our software initiatives.

We expect an increase of around $400 million of high-margin revenue generated from the expansion of OnStar software and services, including Super Cruise.

We expect North America ICE wholesale volumes to be flat to up modestly.

| EBIT-adjusted(a) | $ 13.0-15.0 |

We expect capital expenditures to be at the lower end of our $10 billion - $11 billion guidance range as we recalibrate our plan in light of policy and upcoming footprint changes.

GM Financial is on track to deliver on its guidance of $2.5 billion - $3 billion of EBIT-adjusted for the full year, reflecting continued strong performance.

Based on strong product traction, ongoing disciplined execution, and assuming minimal production disruption from the chip issue Mary mentioned earlier, we are raising our calendar year 2025 guidance to EBIT-adjusted of $12 billion - $13 billion, EPS diluted adjusted of $9.75 - $10.50 per share, and adjusted automotive free cash flow of $10 billion - $11 billion.

Based on strong product traction, ongoing disciplined execution, and assuming minimal production disruption from the chip issue Mary mentioned earlier, we are raising our calendar year 2025 guidance to EBIT-adjusted of $12 billion - $13 billion, EPS diluted adjusted of $9.75 - $10.50 per share, and adjusted automotive free cash flow of $10 billion - $11 billion.

Based on strong product traction, ongoing disciplined execution, and assuming minimal production disruption from the chip issue Mary mentioned earlier, we are raising our calendar year 2025 guidance to EBIT-adjusted of $12 billion - $13 billion, EPS diluted adjusted of $9.75 - $10.50 per share, and adjusted automotive free cash flow of $10 billion - $11 billion.

Our gross tariff exposure for 2025 has improved from the original $4 billion - $5 billion gross impact to a range of $3.5 billion - $4.5 billion, driven by the expansion of the MSRP tariff offset.

We will maintain disciplined production levels and are on track to achieve our year-end inventory target of 50 to 60 days.

We continue to expect the full year to be profitable.

For the full year, we continue to expect North American pricing to be up half a point to 1%.

We expect to offset around 35% of this lower gross tariff impact through go-to-market, cost, and footprint initiatives.

Relative to deliveries, we now expect a calendar year 2025 total vehicle SAR of around 16.5 million units.

| Less: Capital expenditures | 10.0-11.0 | 10.0-11.0 |

| EPS-diluted | $8.30 - $9.05 | $8.22 - $9.97 |

| Income tax expense | 1.8-2.2 | 1.6-2.3 |

| Automotive interest income, net | (0.1) | (0.0) |

| Net income attributable to stockholders | $7.7 billion - $8.3 billion | $7.7 billion - $9.5 billion |

| Automotive operating cash flow | $19.2 billion - $21.2 billion | $17.0 billion - $20.5 billion |

| Adjustments(a) | 2.6 | 0.7 |