GM

General Motors (NYSE: GM) is the largest automaker in the US and the fourth-largest in the world (GM was dethroned from its US market leadership by Toyota in 2021 but regained its position in 1H 2022). Originally founded in 1908, GM went public through an initial public offering in 1916. GM filed for a government-backed Chapter 11 reorganization on the back of the GFC and a “new company” was established in 2009. GM topped the first ever Fortune 500 list in 1955 and has been featuring among the top-30 ever since. GM generated USD 156.7 billion revenue and sold 5.9 million automobile units worldwide in 2022.

GM (primarily) offers automobiles under four brands: Chevrolet, GMC, Buick, and Cadillac. The first two are positioned as mainstream brands while the latter two are considered to be luxury. The company’s global electric vehicle (EV) sales was around 8% of total unit sales in 2021. GM’s portfolio also includes its global auto-finance arm GM Financial and its Cruise division dedicated to development and commercialization of autonomous driving technologies. GM also offers connected car services through its OnStar platform and auto insurance through OnStar Insurance.

China and the US are GM’s largest markets accounting for ~39% and ~38% of unit sales (2022), respectively. GM carries out its Chinese business operations through multiple JVs with SAIC. GM plans to double its revenue to USD 280 billion and improve its operating margin to 12%-14% by 2030 (6.6% in 2022). The automaker also plans to go all-electric (and completely phase out gasoline vehicles) by 2035.