通用汽车 2025年度报告

Form 10-K ☑ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 GENERAL MOTORS COMPANY Securities registered pursuant to Section12 (g)of the Act: NoneIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes☑No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Act.Yes☐No☑ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90days.Yes☑No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☑No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of theExchange Act. Large accelerated filer☑Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ The aggregate market value of the voting stock held by non-affiliates of the registrant (assuming only for purposes of this computation that directors and executiveofficers may be affiliates) was approximately $47.0 billion as of June30, 2025. As of January15, 2026 there were 903,967,853 shares of common stock outstanding. DOCUMENTS INCORPORATED BY REFERENCEPortions of the registrant's definitive Proxy Statement related to the Annual Stockholders Meeting to be filed subsequently are incorporated by reference into Part III of TABLE OF CONTENTS GENERAL MOTORS COMPANY AND SUBSIDIARIES PART I Item1. Business General Motors Company (sometimes referred to as we, our, us, ourselves, the Company, General Motors, or GM) was incorporated asa Delaware corporation in 2009. We design, build, and sell trucks, crossovers, cars, and automobile parts and provide software-enabledservices and subscriptions worldwide. Our automotive operations meet the demands of our customers through our segments: GM NorthAmerica (GMNA) and GM International (GMI) with vehicles developed, manufactured, and/or marketed under the Buick, Cadillac,Chevrolet, and GMC brands. We also have equity ownership stakes in entities that meet the demands of customers in other countries,primarily in China, with vehicles developed, manufactured, and/or marketed under the Baojun, Buick, Cadillac, Chevrolet, and Wulingbrands. In December 2024, we announced that we would no longer fund Cruise's robotaxi development work and will refocus ourautonomous driving strategy on personal vehicles and, in February 2025, we completed the acquisition of the noncontrolling interests inCruise, began to wind down the Cruise robotaxi operations, and combined the GM and Cruise autonomous technical efforts in ourGMNA segment. We provide automotive financing services through our General Motors Financial Company, Inc. (GM Financial)segment. Refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) andNote 23 to our consolidated financial statements for financial information about our segments. Except for per share amounts or asotherwise specified, amounts presented within tables are stated in millions. Certain columns and rows may not sum due to rounding.Forward-looking statements in this Business section are not guarantees of future performance and may involve risks and uncertaintiesthat could cause actual results to differ materially from those projected. Refer to Item 1A. Risk Factors and the