Q1 2026 General Motors Co Earnings Call Transcript
Key Points
- General Motors Co (GM) achieved an EBIT adjusted margin of 10.1% in North America for Q1 2026, surpassing their target range of 8% to 10%.
- The company reported its sixth consecutive profitable quarter in China, indicating strong international performance.
- GM's digital services, including OnStar and Super Cruise, are experiencing significant growth, with a projected addition of over 1 million OnStar subscribers in 2026.
- The company is leading the US market in full-size pickup sales with a 42% market share and is number two in EVs, showing strong market positioning.
- GM raised its EBIT adjusted guidance by $500 million to a range of $13.5 billion to $15.5 billion, reflecting confidence in future performance despite external challenges.
- The ongoing conflict in Iran has increased costs and created uncertainty, impacting GM's financial outlook.
- Lower EV wholesale volumes contributed to a year-over-year revenue decline of approximately $400 million in Q1 2026.
- GM incurred $200 million of incremental gross tariff costs in Q1 2026, adding to financial pressures.
- The company is facing challenges in its international operations outside of China, particularly due to the conflict in the Middle East.
- GM's EV business is still facing profitability challenges, with significant restructuring charges and contract cancellations impacting financial results.
Good morning, and welcome to the General Motors Company first quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded on Tuesday, April 28, 2026.
I would now turn the call over to Ashish Kohli, GM's Vice President of Investor Relations.
Thanks, Denise, and good morning, everyone. We appreciate you joining us as we review GM's financial results for the first quarter of 2026. Our conference call materials were issued this morning and are available on GM's Investor Relations website. We are also broadcasting this call via webcast.
Joining us today are Mary Barra, GM's Chair and CEO; along with Paul Jacobson, GM's Executive Vice President and CFO. Susan Sheffield, President and CEO of GM Financial will also be joining us for the Q&A portion.
On today's call, management will make forward-looking statements about our expectations. These statements are subject to risks and uncertainties that could cause our actual
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