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Analyst
Mike Ward
Period: Reporting periods mapped to calendar 2025 Q1 – 2026 Q2 (6 quarters).
- Questions
- 16on tracked calls
- Challenge rate
- 0%none of 16 questions
- Companies
- 3questioned at least once
- Reporting periods
- 6with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 16 of 16 questions from 3 companies
GMGeneral Motors12 questions · 6 reporting periods · 0 of 12 challenging
Calendar 2026 Q2
how hard is it, if you have a compelling product, how hard is it to turn them on if they wanted to join the subscription
Show response
Barra said activation depends on hardware generation; about 22 million vehicles just received an over-the-air Gemini update, with millions more upgradable.
the financial contribution is going to probably be at or above that you're currently getting from GM Financial
Show response
Jacobson wouldn't size the new businesses but pointed to a revenue base already over $3 billion with software-like OnStar margins around 70%.
Calendar 2026 Q1
the actual change takes place in the second half, 4Q, specifically. Is that right
Show response
Mary confirmed ramp starts Q3 and accelerates, with potential small inventory impact in late year given lean current levels, but strong demand for current-gen trucks supports smooth changeover.
you expect margins to be in line with other software companies. When will we see those types of margins
Show response
Paul explained Super Cruise hardware is expensed upfront while revenue defers over 3 years, yielding sizable margins; growing deferred revenue base will increasingly impact overall company margins.
Calendar 2025 Q4
this announcement by the industrial bank, and I think FDIC approval the other day, that seems like a bigger deal than it just on the outset
Show response
Susan Sheffield said industrial bank will offer high-yield savings accounts and broker deposits. Complementary to existing funding, not a replacement. Will lower cost of funds by meaningful but less than 100 basis points over time.
Is that inventory discipline is that going to continue? And are the implications for cash flow?
Show response
Paul said ended year at 48 days below 50-60 target due to strong December. No big inventory buildup planned. Discipline has driven more consistent cash generation. Truck transition will reduce production temporarily.
Calendar 2025 Q3
it seems like there's been a pretty significant cultural shift at General Motors to move fast. And I'm just curious, does that make GM less capital intensive
Show response
Mary cited team agility through COVID, semiconductor shortage, regulatory changes and tariffs. Maintaining capital discipline within $10-11B range as proof point. Paul added leaner inventory and supply discipline since COVID enables faster response.
the surplus cash, you're just going to keep buying back the stock until we see otherwise. Is that the right way to read it?
Show response
Paul said balanced capital allocation with $2B invested in business, $1.3B debt retired, and $1.5B stock repurchased in Q3. Mary added software and services represent upside growth opportunity with attractive margins.
Calendar 2025 Q2
just as it relates to tariffs, you're taking as the world sits today and you talked about the input $4 to $5 billion mitigation, What would be the best case scenario?
Show response
Mary said trade deal resolutions would have immediate tariff relief. The $4B US investment adds capacity in 18 months with unmet demand upside. Positioned for worst case with potential upside from trade agreements.
I wonder if you could walk through the accounting for the $600 million you called out on the delta with the EVs
Show response
Paul explained the LCNM adjustment reflects marking potential losses on EV finished goods inventory due to expected future pricing pressure and demand shifts from removal of government incentives. Expects it to improve as inventory comes down.
Calendar 2025 Q1
if USMCA is renegotiated a year early, what impact does that have on you
Show response
Mary said GM quickly complied with NAFTA-to-USMCA requirements last time and will be well situated. All NA-produced vehicles are USMCA compliant with over 80% compliant parts.
What are some of the things you've done that have stepped up your ability to generate cash?
Show response
Paul attributed cash generation to vehicle portfolio, disciplined go-to-market, and stable CapEx near 2017-2018 levels. Said presidential actions resolve tariff uncertainty and ASR counterparties still in market.
LCIDLucid Group, Inc.3 questions · 2 reporting periods · 0 of 3 challenging
Calendar 2026 Q2
are those annualized savings, cash savings, or a run rate? Is it all going to occur in the second half?
Show response
Boussaid clarified the $1.4 billion is a 2026 in-year impact, partly structural and partly phasing, with some spend pushed to next year.
Calendar 2026 Q1
Can you share any volume targets for M2 for 2027? It sounds like it's going to be a gradual type launch
Show response
Winterhoff deferred to unchanged Investor Day volume targets and emphasized focus on the ramp, without giving a new number.
are the volume deliveries to Uber depending on them getting certified? Or is there some sort of a schedule
Show response
Winterhoff clarified certification rests with Nuro and said development and certifications are moving as expected.
FFord Motor Company1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q2
in the next 2 years we could see these things subscription revenues adding a half a point to margin
Show response
House said integrated services could add about half a point of company margin and remain very profitable, with paid subscriptions of 1.6M spanning retail, Pro and BlueCruise.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| GM General Motors | 12 | 0%none of 12 questions |
| LCID Lucid Group, Inc. | 3 | 0%none of 3 questions |
| F Ford Motor Company | 1 | —Rate withheld: fewer than 3 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2025 Q1 | 2 | 0%none of 2 questions | 1 |
| 2025 Q2 | 2 | 0%none of 2 questions | 1 |
| 2025 Q3 | 2 | 0%none of 2 questions | 1 |
| 2025 Q4 | 2 | 0%none of 2 questions | 1 |
| 2026 Q1 | 4 | 0%none of 4 questions | 2 |
| 2026 Q2 | 4 | 0%none of 4 questions | 3 |
- 2025 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q22 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q42 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2026 Q14 questions · challenge rate 0% (none of 4 questions) · 2 companies
- 2026 Q24 questions · challenge rate 0% (none of 4 questions) · 3 companies
Topics
Topics tagged on this analyst’s questions.
- Capital Allocation5
- Product Launch4
- Subscriber Growth3
- Margin3
- Innovation & R&D2
- Cost Pressure2
- Capex Investment2
- Regulation Policy2
- Trade Tariffs2
- Revenue Growth1
Show all 14 topics
- Supply Chain1
- Credit1
- Inventory1
- Competitive Dynamics1