What the changes say
- Tariff exposure is newly highlighted as U.S. and global trade measures remain unsettled for vehicles, parts, raw materials, and supplier inputs.
- EV adoption risk now specifically reflects U.S. policy changes, including termination of certain consumer purchase tax incentives.
- GM completed Cruise’s ownership acquisition, wound down robotaxi operations, and combined personal autonomous-driving efforts in GMNA.
- China’s risk discussion no longer mentions the previously disclosed material loss in value of certain China joint-venture investments.
What changed since the prior 10-K
New
- NewRisks related to our operations
Tariffs applicable to the automotive industry continue to evolve, including in the U.S., where the government has signaled tariff policy may shift in the future. Such tariffs could have a material adverse effect on our financial condition and results of operations
Evolving U.S. and international tariffs on vehicles, parts, raw materials, and supplier inputs could materially increase GM’s costs and reduce cash flows.
Reworded
- 65% rewrittenRisks related to our competition and strategy
The success of our long-term EV strategy is dependent on consumer adoption of EVs
Adds recent U.S. policy changes and termination of certain EV consumer tax incentives as specific reasons adoption has been slower than expected.
Was: The success of our long-term strategy is dependent on consumer adoption of EVs
- 56% rewrittenRisks related to our intellectual property, cybersecurity, information technology, and data management practices
Security breaches, cyberattacks, and other disruptions to information technology systems and networked products, including connected vehicles, owned or maintained by us, GM Financial, service providers, such as data processors, or third parties, such as vendors or suppliers, could materially compromise our operations and/or sensitive customer data and proprietary information
Mostly clarifies that customer and employee data are respective to GM and GM Financial and that third parties control or maintain networks.
Was: Security breaches, cyberattacks and other disruptions to information technology systems and networked products, including connected vehicles, owned or maintained by us, GM Financial, service providers, such as data processors, or third parties, such as vendors or suppliers, could interfere with our operations and could compromise the confidentiality of private customer data or our proprietary information
- 54% rewrittenRisks related to our competition and strategy
Our long-term EV strategy is dependent upon our ability to profitably deliver a strategic portfolio of EVs
Now states EV manufacturing must scale relative to consumer demand and adds synergies with existing ICE vehicles.
Was: Our long-term strategy is dependent upon our ability to profitably deliver a strategic portfolio of EVs
- 52% rewrittenRisks related to our competition and strategy
We are subject to risks associated with climate change, including evolving regulation of GHG emissions and changing consumer preferences and demand, and the potential increased impacts of severe weather events on our operations and infrastructure
Adds that recent U.S. federal actions reduced emissions and fuel-economy regulatory stringency, while regulations may continue evolving.
Was: We are subject to risks associated with climate change, including increased regulation of GHG emissions, changing consumer preferences and other risks related to our transition to EVs and the potential increased impacts of severe weather events on our operations and infrastructure
- 39% rewrittenRisks related to our competition and strategy
We refocused our AV strategy on personal vehicles and the execution of this strategy is dependent upon our ability to successfully mitigate unique technological, operational, regulatory, and competitive risks
Updates Cruise from majority-owned to wholly owned, confirms robotaxi operations were wound down, and places combined personal-autonomous efforts in GMNA.
Was: We recently announced plans to refocus our AV strategy on personal vehicles and the execution of this strategy is dependent upon our ability to successfully mitigate unique technological, operational and regulatory risks
- 34% rewrittenRisks related to our competition and strategy
Our near-term profitability is dependent upon the success of our current line of vehicles, particularly our full-size ICE SUVs and full-size ICE pickup trucks
Expands the ICE cash-funding rationale to include next-generation ICE vehicles, ADAS, and software-enabled services.
Was: Our near-term profitability is dependent upon the success of our current line of ICE vehicles, particularly our full-size ICE SUVs and full-size ICE pickup trucks
- 34% rewrittenRisks related to our operations
Our business in China subjects us to unique operational, competitive, regulatory, and economic risks
Removes the prior disclosure that competition and operating conditions caused a material loss in value of certain China joint ventures.
Was: Our business in China subjects us to unique operational, competitive and regulatory risks
- 32% rewrittenRisks related to our competition and strategy
We operate in a highly competitive industry that has historically had excess manufacturing capacity, and attempts by our competitors to sell more vehicles could have a significant negative effect on our vehicle pricing, market share, and results of operations
No longer includes the prior discussion of GM’s planned significant investments in EV manufacturing capacity and associated long-term EV-demand risks.
Was: We operate in a highly competitive industry that has historically had excess manufacturing capacity, and attempts by our competitors to sell more vehicles could have a significant negative effect on our vehicle pricing, market share and operating results
- 29% rewrittenRisks related to our competition and strategy
If we do not deliver new products, services, technologies, and customer experiences in response to increased competition and changing consumer needs and preferences, our business could suffer
- 27% rewrittenRisks related to government regulations and litigation
Our operations and products are subject to extensive laws, regulations, and policies, including those related to vehicle emissions and fuel economy standards, which can significantly increase our costs and affect how we do business
- 24% rewrittenRisks related to Automotive Financing - GM Financial
We rely on GM Financial to provide financial services to our customers and dealers
- 24% rewrittenRisks related to government regulations and litigation
We could be materially adversely affected by unusual or significant litigation, governmental investigations, or other proceedings
All 28 risk factors
Headings as the filing states them, in filing order.
Risks related to our competition and strategy
- 01If we do not deliver new products, services, technologies, and customer experiences in response to increased competition and changing consumer needs and preferences, our business could suffer29% rewritten
- 02Our ability to attract and retain talented and highly skilled employees is critical to our success and competitiveness
- 03Our ability to maintain profitability is dependent upon our ability to timely fund and introduce new and improved vehicle models that are able to attract a sufficient number of consumers
- 04Our long-term EV strategy is dependent upon our ability to profitably deliver a strategic portfolio of EVs54% rewritten
- 05The success of our long-term EV strategy is dependent on consumer adoption of EVs65% rewritten
- 06Our near-term profitability is dependent upon the success of our current line of vehicles, particularly our full-size ICE SUVs and full-size ICE pickup trucks34% rewritten
- 07We operate in a highly competitive industry that has historically had excess manufacturing capacity, and attempts by our competitors to sell more vehicles could have a significant negative effect on our vehicle pricing, market share, and results of operations32% rewritten
- 08We refocused our AV strategy on personal vehicles and the execution of this strategy is dependent upon our ability to successfully mitigate unique technological, operational, regulatory, and competitive risks39% rewritten
- 09We are subject to risks associated with climate change, including evolving regulation of GHG emissions and changing consumer preferences and demand, and the potential increased impacts of severe weather events on our operations and infrastructure52% rewritten
Risks related to our operations
- 10Our business is highly dependent upon global automobile market sales volume, which can be volatile
- 11Inflationary pressures and persistently high prices and uncertain availability of commodities, raw materials, or other inputs used by us and our suppliers, or instability in logistics and related costs, could negatively impact our profitability
- 12Tariffs applicable to the automotive industry continue to evolve, including in the U.S., where the government has signaled tariff policy may shift in the future. Such tariffs could have a material adverse effect on our financial condition and results of operationsNew
- 13Our business in China subjects us to unique operational, competitive, regulatory, and economic risks34% rewritten
- 14We benefit from many ongoing joint ventures and other strategic business relationships, particularly with respect to manufacturing EV battery cells and facilitating access to raw materials necessary for the production of EVs, which we cannot operate solely for our benefit and over which we may have limited control
- 15The international scale and footprint of our operations expose us to additional risks
- 16Any significant disruption at one of our manufacturing facilities could disrupt our production schedule
- 17Disruption in our suppliers’ operations have disrupted, and could in the future disrupt, our production schedule
- 18Pandemics, epidemics, disease outbreaks, and other public health crises have disrupted our business and operations, and future public health crises could materially adversely impact our business, financial condition, liquidity, and results of operations
Risks related to our intellectual property, cybersecurity, information technology, and data management practices
- 19Competitors may independently develop products and services similar to ours, and there are no guarantees that GM’s intellectual property rights would prevent competitors from independently developing or selling those products and services
- 20Security breaches, cyberattacks, and other disruptions to information technology systems and networked products, including connected vehicles, owned or maintained by us, GM Financial, service providers, such as data processors, or third parties, such as vendors or suppliers, could materially compromise our operations and/or sensitive customer data and proprietary information56% rewritten
- 21Security breaches and other disruptions of our in-vehicle systems could impact the safety of our customers and reduce confidence in GM and its products
- 22Our enterprise data practices, including the collection, use, sharing, and security of the personal or other information of our customers, employees, and suppliers, are subject to increasingly complex, restrictive, and punitive regulations in all key market regions
Risks related to government regulations and litigation
- 23Our operations and products are subject to extensive laws, regulations, and policies, including those related to vehicle emissions and fuel economy standards, which can significantly increase our costs and affect how we do business27% rewritten
- 24We could be materially adversely affected by unusual or significant litigation, governmental investigations, or other proceedings24% rewritten
- 25The costs and effect on our reputation of product safety recalls and alleged defects in products and services could materially adversely affect our business
- 26We may incur additional tax expense, become subject to additional tax exposure, or fail to fully realize available tax incentives
Risks related to Automotive Financing - GM Financial
- 27We rely on GM Financial to provide financial services to our customers and dealers24% rewritten
Risks related to defined benefit pension plans
- 28Our pension funding requirements could increase significantly due to a reduction in funded status as a result of a variety of factors, including weak performance of financial markets, declining interest rates, changes in the level of benefits provided for by the plans, changes in laws or regulations, or changes in assumptions or investments that do not achieve adequate returns
Other General Motors 10-Ks
- FY2024 10-K risk factors27 risks
EV transition dominates, including profitability, consumer adoption, manufacturing scale and charging constraints.
Filed Jan 28, 2025
About this page
The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.