Summary

• General Motors (GM) delivered a strong earnings beat, aided by a $500 million tariff rebate and robust high-margin truck and SUV sales.
• I remain at Hold on GM, citing industry-wide headwinds, global market share erosion, and persistent risks in China despite GM’s solid execution.
• GM’s subscription revenue streams, including Super Cruise and OnStar, are growing, but retention rates and long-term sustainability warrant close monitoring.
• GM’s low reliance on incentives and focus on autonomous features position it well, yet macroeconomic and competitive headwinds temper my near-term enthusiasm.

Sometimes it feels good to get a pick wrong. I grew up in metro-Detroit and am more than familiar with how important the auto industry is for much of the Rust Belt in the United

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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